Topic: $55 - really? Really? Really? - page 6. (Read 11854 times)
Clearly too much reliance is placed on dodgy exchanges like Gox, which may very well be part of the market manipulation in the first place. For all I know, Gox shut down trading to protect their own position, or to encourage more panicking. I have difficulty accepting the purity of their motives.
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
A non fungible commodity like gold or oil cannot drop below their price of production. I am uncertain as to why you apply this same logic to bitcoins, which are simply one of many fiat based mediums of exchange. The fact that you decide to waste CPU cycles to mine bitcoins does not somehow confer any underlying economic validity on that activity; when bitcoin crashes you can't exchange those wasted cpu cycles for something useful. When the tulip market crashed tulips fell well below their cost of production because one the speculative bubble burst their commodity value was deemed to be effectively zero.
things like silver & uranium are and have dropped and remain at prices below the cost of production
somebody accidentally triggered a massive bot panic, that's all.
please sell me cheap coins, I'm buying. =)
i'd rather lose my money on bitcoins than make profit with centralized privately owned bank notes.
but in the end, those with the stomach to endure the swings will prevail victorious. it's not every day that a massive infrastructure for processing currency transactions is deployed internationally.... nobody will break it. =)
please sell me cheap coins, I'm buying. =)
i'd rather lose my money on bitcoins than make profit with centralized privately owned bank notes.
but in the end, those with the stomach to endure the swings will prevail victorious. it's not every day that a massive infrastructure for processing currency transactions is deployed internationally.... nobody will break it. =)
Don't mind the ponzi troll. The price drop is deliberate market manipulation, whether its an attack or just a speculator manipulating the market for his own gain is debatable but whats certain is anyone selling at these prices is playing into his hands.
Crashes like this have happened multiple times and the only people who win are the people who cash out at the point before it drops. Everyone else effectively loses. As with a ponzi scheme the only people who "win" are the people who put money in early and get money out early before the entire thing becomes uneconomical.
Screaming "UGH TROLL!! TROLL!" just because you don't agree with someone doesn't make you smart or correct, either, by the way.
Wait Wait Wait.
MtGox tells me the current price is $124.
Where is everyone getting $55 from?
Is MTGox actually down and posting a false price to placate anyone not in the know?
MtGox tells me the current price is $124.
Where is everyone getting $55 from?
Is MTGox actually down and posting a false price to placate anyone not in the know?
MTGox has shut up shop to try and protect the bitcoin price, but price discovers is occurring on other exchanges down to sub $50
Oh really? So nobody involved in speculative market activity every accepts a loss eh; tell me how that works out for you.
Well, it would work out pretty bad, actually. If I had product X and it was costing me more to produce it than it was to sell it, I would stop producing product X. Since Unacceptable is producing them at a cost of $23.80 per coin, he would attempt to sell them preferably above this price. If not, he wouldn't sell them until the cost went back up.
Now, somebody who bought product X might see the use in selling it to prevent further loss. But if he didn't know what it was costing to make it, he could sell it to you for a nickel and wouldn't know the difference.
Some exchanges display that low price but not many are actually selling btc for that price.
Wait Wait Wait.
MtGox tells me the current price is $124.
Where is everyone getting $55 from?
Is MTGox actually down and posting a false price to placate anyone not in the know?
MtGox tells me the current price is $124.
Where is everyone getting $55 from?
Is MTGox actually down and posting a false price to placate anyone not in the know?
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
I have 3.2GH mining @ .18BTC per 24hrs @ .12kwh.My bill is approx $150 more while mining,so $150/6.3BTC per month=$23.80 per BTC.Thats what its worth to me
Hmm! And the price of BTC just happens to be right around here; wonder if it'll drop further than $23? Miners aren't going to sell at a loss, after all.
Oh really? So nobody involved in speculative market activity every accepts a loss eh; tell me how that works out for you.
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
I have 3.2GH mining @ .18BTC per 24hrs @ .12kwh.My bill is approx $150 more while mining,so $150/6.3BTC per month=$23.80 per BTC.Thats what its worth to me
Hmm! And the price of BTC just happens to be right around here; wonder if it'll drop further than $23? Miners aren't going to sell at a loss, after all.
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
A non fungible commodity like gold or oil cannot drop below their price of production. I am uncertain as to why you apply this same logic to bitcoins, which are simply one of many fiat based mediums of exchange. The fact that you decide to waste CPU cycles to mine bitcoins does not somehow confer any underlying economic validity on that activity; when bitcoin crashes you can't exchange those wasted cpu cycles for something useful. When the tulip market crashed tulips fell well below their cost of production because one the speculative bubble burst their commodity value was deemed to be effectively zero.
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
I have 3.2GH mining @ .18BTC per 24hrs @ .12kwh.My bill is approx $150 more while mining,so $150/6.3BTC per month=$23.80 per BTC.Thats what its worth to me
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
That's interesting. So bitcoin was a lot more profitable than it was supposed to be?
Bitcoin is a giant ponzi scheme and the only winners are the ones that get out first. After that, it crashes.
Your definition of a ponzi scheme would apply to any commodity/stock that sees a large swell then crash. I think you're looking for the term, pump-and-dump. It's not clear what exactly happened here and everyone is trying make predictions about what is next. This is so unprecedented that I have to admit, nothing will surprise me now.
Either way its not a ponzi scheme.
Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
$38 is the new $2 
Don't take the price seriously at the moment, MtGox (the largest exchange by far, at one point handled 80% of BTC trade) has stopped trading due to massive volume from new users. The price will recover, perhaps not as high as it was before though.
do you really think after gox is open people will rush and buy coins? goood luck Bitcoin is a giant ponzi scheme and the only winners are the ones that get out first. After that, it crashes.
Rubbish - provided that Bitcoin ultimately becomes a proven mass-adopted tool for exchange, then it has a clear value and is not a ponzi scheme.
However it's value as it was traded far exceeded it's current requirement or justification and a correction was inevitable. Where it's long term value goes will depend on it's success at it's main function. In the short-term fear is the driver (fear of losing everything by the holders and recent buyers vs fear of not owning the upside).
The dog ate my homework?
It's worth alot more than $55 per coin, simple as. It's value as an exchange coin for the illegal drugs market alone makes it worth 10x that.
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