Topic: Bitcoin big correction..... (Read 2855 times)

years from now you will look back at this post with your last remaining Bitcoin worth $1 million+ and you'll wonder why the hell you sold them all away for ridiculousness lol.

I don't think we will be caught by surprise. My feeling is that if a government is planning to forbid a currency they will first stage a terrorist attack, killing some of their citizens. Later it will be announced that the attack was funded by BTC. If you see this happen, then you know it's about to happen.

um maybe the fact that you cant buy anything with it. kinda the point of currency. businesses will not except it.

prohibition.....relay? people just want to get drunk and party so that didnt make it go away. does bitcoin make you feel good?

war on drugs? people will always find a way for there substances.

bitcoin is not s substance, it is a currency.....surprised you didn't know that.

governments want taxes, this lets them have less, thus it is more than probable that at some point they will shut it down. but intill then ill ride the wave

So you're saying that USD used to trade at thousandths of a bitcoin? I don't remember anything like that.

That's what we are talking about: USD value is experiencing a long-delayed correction towards the true miliBTC range.

And this is not a joke. Most probably bitcoin will rise up at least at 10 times.

Buy up all the bitcoins on gox?

Oh wait.

And how would a bitcoin confiscation be performed? I guess the government could shut down the internet. Short of that nothing can stop bitcoin.

E-Gold is well an good. Its just named Liberty Reserve now. 

I bought 100 coins at around 13$.  I sold 65 of them for BFL pre-order (that was 1333$ at the time) .  I bought approx 45 at around 45$, just before exponential growth.
Sold 20 BTC at 110$ to recover my last 2000$ I put in (not bad, considering that it more than doubled).  Just sold 60 at 132$.

So, total investment 3300$.  Total return, approx 10000$.

Take from that maybe 600~700$ I invested in mining hardware...  Custom FPGA hardware array, running at 2.2GH/s total @ 450W.  The FPGA did not cost me anything, they are telecom cards we have at our job that don't sell .  I adapted them, reverse engineered (easy since we made those, and have all the hardware specs), designed backplane PCB, PC interface, custom PC miner software interface, etc.  So, there's a lot of fun involved in the process too  Mined about 20 BTC since January.

Of course, gained and lost a few BTC betting on the exchanges, trading LTC, BTC, PPC, etc.  So I learned there too!

I still have that last 60BTC worth in fiat at the exchange, in case there's a weekend dip  But for now, it's way too volatile to risk it.  It may raise to 150~160, sure, but what the heck...  I made a lot in a few month and more than happy

And of course, some penny change BTC (2 or 3), plus my mining hardware that still run 24/24 popping .16BTC/day (that's still ~20$/day), although I now mine PPC which is worth 2~3 times more at the moment.

And...  I'm waiting for the correction now!  Well, if it happen

Eh, I disagree with number 2. It's impossibiru. Anytime the government gets involved and starts regulating stuff, prices go up.
Do you think alcohol got CHEAPER during prohibition?
Do you think the "War On Drugs" hasn't made drugs more expensive?
What about ObamaCare, is healthcare getting more affordable for Americans?
The only reason they were able to take down liberty whatever and e-Gold is because they were centralized.

The concept of alcohol, drugs, or bitcoin is (relatively) decentralized. Healthcare isn't but it's controlled by government cronies (or government cronies are controlled by healthcare biz) either way.

I don't understand how people fear that government crackdown could lower the price of Bitcoins. The government isn't exactly known for making things cheaper.

Ooh you tease with your ellipsis and turnaround!

I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying

Have you not yet detected that Number Nine is one of our few resident bears?

Edit: Also, either none of you cones know what "correction" means, or I've had the wrong definition in my head all this time (the reversion to the mean when market exuberance goes past the "true"/"sustainable" price).

There will be correction to $1000/BTC

Why would you sell? The real fun will happen at 5:00-ish PST.

Me too.
I sold already though.  

Volatility FTW!

Incorrect.
I bought in at $110 on MTGOX crash. 

Translation: I bought in at 140.