And the crash continues

[1Referee]

Traders are securing their profits.

It's a normal reaction, it went up from under $160 to over $300...

[Torque]

Not necessarily...a much greater proportion of people can afford to buy in the lower the price gets. The wealthy can buy that many more. Once the price makes enough of a sharp rise people panic buy and then it just takes off.

Not to mention the block halving in 2016 will cut the number of new bitcoins produced per day in half...

It's just as easy and affordable to buy btc at $5000/btc as it is at $5/btc, you just get more or less btc depending..

It's basic human psychology, or psych 101...people are going to buy more of something when it is cheaper.

Not true.  If Gold were $0.000001/ounce, no one would want it or care.

[kwukduck]

@unsoindovo

mostly scaling issues..

- max of 7tps due to block size limitation, increasing the blocksize has some negative effects too and just moves the problem to the future, removing it adds more problems.
- ever exponentially growing blockchain size, other coins have developed a solution to this issue, regardless of cheap bandwith and storage, it's highly inefficient to store a full history of decades or centuries and increases centralization (and i like the initial decentralized aspect of bitcoin a lot..)
- 10 minute confirmation time, i don't think i have to say anything about this, quite a problem in real life transactions where you're not interacting with the other party for half an hour...

- not anonymous, fully traceable and possible to make very good correlations.
- no multi-sig implementation that's usable for the average Joe.

[flipstyle]

Not necessarily...a much greater proportion of people can afford to buy in the lower the price gets. The wealthy can buy that many more. Once the price makes enough of a sharp rise people panic buy and then it just takes off.

Not to mention the block halving in 2016 will cut the number of new bitcoins produced per day in half...

It's just as easy and affordable to buy btc at $5000/btc as it is at $5/btc, you just get more or less btc depending..

It's basic human psychology, or psych 101...people are going to buy more of something when it is cheaper.

Not true.  If Gold were $0.000001/ounce, no one would want it or care.

While I get what you're trying to say, that's not entirely true.

Gold is still a physical object and has intrinsic value whether it be decoration or industrial purposes in electronics or as a heat conductor (many supercars use it to line the engine bay).

Bitcoin, on the other hand, has no 'intrinsic' value if it crashes.  You can't extract a bitcoin out of your harddrive and play with it, or use it as a jacket when it's cold outside.  It's sole value stems from its purchasing power, nothing more.  It's value is its life support.

[Torque]

Bitcoin, on the other hand, has no 'intrinsic' value if it crashes.  You can't extract a bitcoin out of your harddrive and play with it, or use it as a jacket when it's cold outside.  It's sole value stems from its purchasing power, nothing more.  It's value is its life support.

But so are company stocks.  When a company goes bankrupt, you can't 'turn in' your stock certs and get something in return.  They are literally worthless.  You can wipe your butt with them, or hang them on your wall so you can periodically cry while looking at them.  (actually you can't even get physical stock certs anymore, but that is a different story...)

Same with fiat paper and fiat coins.  They are worthless unless they are 'valued' by people, or a government simply says they have value.  Otherwise they are literally worthless.

[homo homini lupus]

Too bad, too sad bitcoin reward schedule was made by some apes apparently.

Bitcoin like: "we are groundbreaking new tech in moneytoken but you can't use it before 2028 because that's how long distribution will take"

Man, i don't get my head around how people can create this technology and then screw up the economic part like that. Some real apes.

[bytezero]

[traderCJ]

Bitcoin, on the other hand, has no 'intrinsic' value if it crashes.  You can't extract a bitcoin out of your harddrive and play with it, or use it as a jacket when it's cold outside.  It's sole value stems from its purchasing power, nothing more.  It's value is its life support.

But so are company stocks.  When a company goes bankrupt, you can't 'turn in' your stock certs and get something in return.  They are literally worthless.  You can wipe your butt with them, or hang them on your wall so you can periodically cry while looking at them.  (actually you can't even get physical stock certs anymore, but that is a different story...)

Same with fiat paper and fiat coins.  They are worthless unless they are 'valued' by people, or a government simply says they have value.  Otherwise they are literally worthless.

Getting into philosophical territory here, but technically all that matters is future convertibility.  Nothing has intrinsic value if you are not using it that very moment.  A delicious, piping hot Taco Bell chilli cheese burrito comes to mind .. versus a bar of gold.  The intrinsic value of a bar of gold is the expectation that someone else will find it equally valuable at some point in the future.

[homo homini lupus]

Miners you slow derp
And maybe a couple of those early adopters from the ninjamine/flashmine in the beginning who are hyping here a lot so you think it's cheap while they mined hundreds of thousands on their laptops CPU in the beginning. (protip: it's those with the bitcoinfoundation memberships)

[flipstyle]

Bitcoin, on the other hand, has no 'intrinsic' value if it crashes.  You can't extract a bitcoin out of your harddrive and play with it, or use it as a jacket when it's cold outside.  It's sole value stems from its purchasing power, nothing more.  It's value is its life support.

But so are company stocks.  When a company goes bankrupt, you can't 'turn in' your stock certs and get something in return.  They are literally worthless.  You can wipe your butt with them, or hang them on your wall so you can periodically cry while looking at them.  (actually you can't even get physical stock certs anymore, but that is a different story...)

Same with fiat paper and fiat coins.  They are worthless unless they are 'valued' by people, or a government simply says they have value.  Otherwise they are literally worthless.

Agreed.  But the 'coins' sentiment needed some clarification.  Silver and gold coins will always hold intrinsic value beyond just their face value.  Most modern day alloy coins are pretty much worthless in this regard, however (which is exactly why the government started going away from silver).

[maranello1561]

Not buying a single bitcoin until price hits $20-30 dollar. For the current transactions, a 300M market cap should be sufficient, so the price needs to fall by another 10x ...

[maranello1561]

Traders are securing their profits.

It's a normal reaction, it went up from under $160 to over $300...

Excuses, excuses. Thats all there is. Wake up and hear the music for once. Bitcoin is dying. I'm gonna sell some and diversify into Ripple which seems to be the only one with ACTUAL dev work going on instead of old nerds fapping and calling themselves Bitcoin Core Devs

[kwukduck]

Not buying a single bitcoin until price hits $20-30 dollar. For the current transactions, a 300M market cap should be sufficient, so the price needs to fall by another 10x ...

I don't think it will go that low this current ongoing crash, we'll probably bounce around 120-130, back to around 180-200, then decline again to 60-80 before returning upwards a little again...
You could wait for a 3rd crash that goes lower but that could take a while. These are the indicators for the upcoming period, they were there before the coinbase trickery, and they are still valid now.
There's still a risk of complete collapse of course, so the safe bet would be to invest in proper smart and fair digital currency like ripple or things like that.

[tabnloz]

Bitcoin is dying

Ridiculous.

So it's dying @230 yet you're going to buy in @30 when, by your reasoning, rigor mortis should have set in.

[tabnloz]

Not buying a single bitcoin until price hits $20-30 dollar. For the current transactions, a 300M market cap should be sufficient, so the price needs to fall by another 10x ...

I don't think it will go that low this current ongoing crash, we'll probably bounce around 120-130, back to around 180-200, then decline again to 60-80 before returning upwards a little again...
You could wait for a 3rd crash that goes lower but that could take a while. These are the indicators for the upcoming period, they were there before the coinbase trickery, and they are still valid now.
There's still a risk of complete collapse of course, so the safe bet would be to invest in proper smart and fair digital currency like ripple or things like that.

Come on.

Havin' a larf aren't ya?

[DoubleTrouble]

Bitcoin is dying

Ridiculous.

So it's dying @230 yet you're going to buy in @30 when, by your reasoning, rigor mortis should have set in.

230 is still not that bad.

[the joint]

Not necessarily...a much greater proportion of people can afford to buy in the lower the price gets. The wealthy can buy that many more. Once the price makes enough of a sharp rise people panic buy and then it just takes off.

Not to mention the block halving in 2016 will cut the number of new bitcoins produced per day in half...

It's just as easy and affordable to buy btc at $5000/btc as it is at $5/btc, you just get more or less btc depending..

It's basic human psychology, or psych 101...people are going to buy more of something when it is cheaper.

It's not as simple as that.  You should know this by your own experience, i.e. I'm guessing you aren't buying all the alt-coins that have fallen off a cliff. 

The factor you are missing is demand.  Demand increases when perceived utility (not necessarily the same as price value) increases.  For example, you aren't rushing to buy all the alts because they yield little utility if you are the only one using them.

[dinofelis]

Too bad, too sad bitcoin reward schedule was made by some apes apparently.

Bitcoin like: "we are groundbreaking new tech in moneytoken but you can't use it before 2028 because that's how long distribution will take"

Man, i don't get my head around how people can create this technology and then screw up the economic part like that. Some real apes.

I think that is exactly what is good about it.  If it takes so long, it will get spread out a lot.  The seigniorage will be everywhere and nowhere. 

Bitcoin is not going to become a main currency (if ever) before several decades in any case, so just as well take that time to distribute it.  Bitcoin is a century-long project.  As fiat money has been.

[HarmonLi]

Things are getting faster, I give you that. I'm actually quite grateful about that, because that way we're done with this bearfest even faster. I know, bears and shorters like to push it as far as they can, but at some point it 'breaks' and the price goes up.

[homo homini lupus]

Not buying a single bitcoin until price hits $20-30 dollar. For the current transactions, a 300M market cap should be sufficient, so the price needs to fall by another 10x ...

that's congruent with my calculcations to. But you need to take in account all the mad people and believers who buy for higher. So i think taken those people into account 50$ to 60$ is realistic.

But ripple is some serious cowshit too.