Topic: CRASH?! (not) For all the 'nay sayers' - page 2. (Read 4666 times)

Didn't it hit 2 billions the other day? And how do you know when bitcoins gets unstable?

I thinks it adoption not a bubble if its a bubble it has a long way to go before it bursts.  Still only 1 billion into it not enough money for it to be unstable or burst i think it can take a lot more money and traffic for it to be considered a bubble.

Yeah except Bitcoins aren't tulips. They're not comparable like that.

If Satoshi decided there would be 42M Bitcoin then the value of each Bitcoin would be half of what it is right now. It's totally arbitrary.

A Bitcoin bubble is the least of the problems to come, which could elevate Bitcoin to the top in a hurry.

Go look at http://www.thebubblebubble.com/ (one of the same that predicted with accuracy the 2008 disaster), the world's economy is at the brink of a complete and total meltdown, in what could very well be the Great World Depression of 2015 (or so) where China finally melts and takes the commodities market with it that it has only sustained by faking it economically, rife with corruption and no plan to fix it. The US will soon be bankrupted by out of control medical expense, and most top nations including the US in the world can look forward to a massive housing bust at the same time.

The US is also poised to see its out of control college system burn down as a result of a complete default on over $1 Trillion in rising student debt, making it pretty much impossible for anyone of lower class to go to school after that. Add to the massive layoffs and budget cuts of the medical system once pops, they will be joined in the unemployment line with college professors and support staff. Way to many glut industries exist where trained workers outsupply the demand for them.  The unemployment rise world wide will be detrimental.

 I am convinced it is only a matter of time before the entire world suffers and starts looking for a fast way out, and there is no hope to save our current financial model. How can we with the same idiots in charge when the last bubble burst. These new ones make the 2008 Housing Crash look like a trip to Space Mountain in comparison.

The 2008 Recession was only a taster of whats to come as the US and the rest of the world ride out the current bubblecovery before an epic world financial crush.


Bitcoin could very well be the last hope as the only viable alternative when all others fail. We are right on the forefront of a fire storm that will be unprecedented in history. Bitcoin may just save the world afterall as a chance to reset our entire economy to a new system, and we'll be ready for it when it does.

At least part of this is driven by market uncertainty. There's somewhat of a negative correlation between global stock markets and BTC's price at the moment.

This is insane. I bought a few bitcoins two weeks ago and they have now doubled in value.

Bubble or not, this extreme quick rise in price doesn't look sustainable to me.

That was short term uncertainty. I mean a large correction to at least around $90.

As I said in another thread, £200 by the end of this week. But recently I learned some new things, and can fairly say if this pace continues then on Thursday/Friday we should see some very interesting things with price/spike increase.

I was already wrong about today though, was saying to a friend £120 at least.. and i wake up and it's already £124 .. and climbing.

So, ye, the evolutionary cross over is probably more likely Thursday than Friday.

Think we'll hit $200 in the next 24 hours?

Or will some idiot DDOS MtGox first?

We have a 20%-40% flash crash about every once or week or so. NBD.

You mean the one we had like a week ago? 

Time for another rally. Looks like it's started....

Bitcoin itself is not a bubble, however, I do think the price is in for a correction.

I can only speak for myself but in my opinion the Bitcoins impact on the market will be impressive when the price goes to $1000 or even $5000 for one BTC.

I'm sick of the silly posts linking the bitcoin's price to the success of bitcoin. They are two completely separate things.

You can think "Wow, bitcoin is the future" a day after a massive crash where it's worth $1.
It can reach $1,000,000 a coin and think "Wow, this is totally a bubble".
It can reach $1,000,000 a coin and think "Wow, bitcoin is undervalued".


Bubble or not is determined by whether you believe the value is derived from core principles (people wishing to use it as a currency - trading / receiving / using BTC) or if you believe the value is derived from people speculating (I'm going to buy now because the price will rise, then I can sell and make money).

These are two independent things. The value of bitcoin could be rising by an uptake in people using it as a currency, but at the same time even more people could be speculating causing a bubble. That doesn't mean bitcoin isn't getting stronger and showing it's a currency of the future.

Personally I think you're silly if you think that the vast majority of people at the moment aren't purchasing for speculative reasons.

The devil makes a good point - either way we have to assume that people spend deflationary currencies (at least enough to sustain economic activity) or assume that they don't.
I can only speak for myself; I spend my bitcoins on stuff, and I know plenty of other people that do. I think the stores making bitcoin sales would tell you that the deflationary hoarding theory is bullshit based on their sales records, but who knows. I don't have figures, I just have a seive in my hand leaking water at an alarming rate, and it's labeled "theory that bitcoins are not spent because deflation because Krugman and the mass media said..."

For many people that will be true initially. They buy their first bitcoins to make a quick profit. But I think that once they have bought a few, they will start watching the price, read about it, talk to others about it, begin to notice bitcoin in the news/magazines etc and gradually gain the insight of what is so great about the whole concept. And I hope that will convert a lot of them into true bitcoin enthousiasts.

Well, look, c'mon, bunch of 'nay sayers', and you're all to scared to give an amount that would make you go "ohh, I was wrong.."

http://www.youtube.com/watch?v=_G-K7-QOaA4

Like this dude here 

There are some that say that all economic activity is a bubble of some sort.

The question is whether there is residual value left over after 'x' pops.

I would actually agree with you that far. But then:
No, it is based on speculators' belief that the value of this commodity will go up. No assumption as to their beliefs about why (if they even have any) can be made. Most of them are most likely uninterested in any vision of future digital money; they just see a get-rich-quick opportunity, and that is that.

Until this year it was quite hard to perform actual transactions - buying BTC in the first place was hard, and not that many places accepted them. That is starting to change though. I've done about half a dozen small BTC transactions in the past couple of months.

The massive amount of recent press coverage aside, the total number of users can't be more than a few tens of thousands of people (see blockchain.info), which is very small indeed.

We'll know that it has hit the mainstream when you can buy groceries or pay your utility bill using BTC.