Topic: Bitcoin drop to $60 - page 2. (Read 3701 times)

Looks like prediction $200+ and correction to $60 done. :-) (faster than expected ... only few weeks)  ... next target $1000+ and correction to $300

There are at least two problems with this statement.

1. BFL might never ship, or by the time they do the competition might have made their technology irrelevant

2. There will be no "more BTC generated," as network adjusts difficulty every 2016 blocks to maintain an average of 10 blocks generated per hour, or 150 coins mined per hour.  If BFL ever ships, much like any other vendor their shipments will gradually start arriving to miners over weeks and months - assembly, testing, shipping, customs, holidays, etc.

You comment would only make sense in the universe where BFL rigs magically show up in everybody's homes on the same day and start hashing, while most of GPUs, FPGA, and ASICMINER and Avalon ASICs mysteriously stop hashing at the same moment. Even then, BFL rigs would only manage to mine for a few days before they cause difficulty to jump)...

The only reason it will fail is if we don't get enough computing power behind it before a government entity tries to take it over with obscene expenditures.   Bitcoin is built upon a distributed network with a combined computing power...as long as that gets to a point in excess of reasonable overload by an influx of tech from a government it will be around for a long time.

You don't to be kicking yourself wishing you'd thrown a couple hundred bucks at some microsoft stock back in the day (looking in mirror). It's a risk especially with the asic influx but looks like the asic manufacturers are spreading the wealth enough to prevent devaluing (a basic premise of bitcoin)

i hope price will be $50 in the summer 

the more people actively use bitcoin the more fast the price will go up.

price would only fall from now on if there was a flaw found in the system, i guess.

would be nice to see it go up to 60, but that wouldn't be the top i think

I stood around doing a lot of hand-wringing that I hadn't got in under $5 ... watched it all the way up to about $26 then finally started accumulating.  I gained a little more confidence every day but the waiting was more excruciating than actually buying in and risking it.

There are plenty of situations where this may or may not make sense.

In most cases it absolutely does not make sense to trade USD -> BTC -> SILVER for an example.

In my specific case, I had been mining BTC for a few months prior to 2013, and all of 2013.  I also put a few paychecks directly into BTC just to hold.  In this time BTC had soared.  Rather than converting my BTC to USD and waiting a few days to receive my money, also paying the transfer fees and commissions to trade on Mt. Gox, I decided to directly trade BTC for silver.  The mark up isn't as drastic as you say, and there are many sites which will mark up physical silver less than $2.  Although silver eagles are relatively expensive, silver buffalo's can trade within this range I mention (currently sub $30 if buying more than a particular amount, only a $1.30 premium to spot).  At the time of this posting, 1 oz silver eagles can be bought for ~ $32 . . . $33, while BTC is trading at BTC1 > $34.

So in short, I've never owned more physical silver in my life.  I'll plan to make a seperate post about this later.  This is one of the best opportunities anyone who holds BTC to get into silver.

Agreed.

Know anywhere to buy silver with prices close to spot? Buying with BTC's are great and all, but if the margin is much higher than when buying with dollars, it doesn't really make sense.

You are right for a very temporary and shortlived window which doesn't really affect the big picture you're talking about. The network adjusts to keep bitcoin generation at a near constant rate, so no, the introduction to ASIC to the market does not have the effect of any higher rate of bitcoin generation than we have today save a short period of time for the network to adjust to a suddenly increased hash rate.

Speculation is not wrong - but when a large number of individuals are speculating the way they are now, it leads to bubbles - like the recent '07-'08 crisis.  People freak out and sell off and it causes serious instability.  The kind of speculation bitcoin is experiencing is not good for the community as a whole.

Bitcoin needs more adoption - but not from speculators.  It needs larger scale adoption from more retailers and people who want to accept bitcoin as a method of payment.  It needs adoption from individuals who want to use it as a better method of transferring funds overseas.  With how unstable things are now, and the upcoming inevitable pullback - it'll only hurt bitcoin's reputation.

Of course these are my views, and I have a bias in the long term success in bitcoin.  But the closer this resembles a currency, the better.

So far we are seeing all other fiat currencies outperform bitcoin in terms of stability, (except for a few notable exceptions like the Japanese Yen).

Now, I'm not saying bitcoin hasn't appreciated in value more - but this is not stability.

Putting things into perspective, less than a year ago 2 . . . 2.5 BTC bought 1 oz of silver.

Today, 1 BTC buys more than an oz of silver.  This is just phenomenal in one sense, (it's providing one of the best opportunities that have existed in the history in BTC -> to buy silver with your BTC). 

That previous example won't stick though.  Just my 2 satoshis.

Getting in last year would have been a great time. The way it is now, though with an all time high just reached, it would take a bit of faith to buy in now. Though if one really believed and was willing to hold on to them a while I think they would still make big money

Using "Trends" to speculate future price is never a guarantee. People tried that with US Airways, it went bankrupt obviously. This is years ago, but still.

600$ would be even better 

60 would be fine with me.

Why? What's wrong with speculation?

I first heard and "got involved" in June 2010 I was set to make a mint if I hadn't been an idiot and thought it was a fad. I don't have that wallet anymore and am trying to get back into the game, but feel like I may have been passed by on this. Getting in at $.10/BTC made sense. Getting in now feels like a major battle. I don't see any reason why there should be a $60 ceiling. BTC commerce is based on its own market and imho, the offline market value is strictly there for reference purposes. At some point when the entire financial system goes bust BTC will still act as a form of payment for digital goods and services, thus giving it a value of its own. I love that it is ~$30 because it is essentially money that has been created from thin air, and the world will start taking note because of this. When it hits $60, they will have to stand up and take note. It will be interesting to watch, but I trust we will see it shoot past 60 with ease.

I've been watching bitcoins since sub $6, being aussie though its difficult to get bitcoins. Finally got my mtgox account verified, had to watch the price climb from $14 to $30 in that time though

Just keep in mind that the exchange rate may not continue to climb exponentially. Recent prices fluctuated with the release of ASIC miners. Everyone buying in to purchase Avalon miners. Once BFL labs start shipping, we will see more BTC generated and this price could go down.
If though during this time more people continue to adopt bitcoin as was also seen this last few months: Reddit, Mega. We could see this stabilise prices wherever they may be. Either way, if you brought in at $6 you will make a profit any time in the next 24months.

I bought 320 BTC for $6/BTC, hope the rate will be $60 and up

Bitcoin will fail at some time in future, nothing exist forever and do not forget bitcoin is the first crypto-currency but not nessearily the fittest either