Topic: How Low Does Bitcoin's Price Need Get to Make People Stop Believing? - page 4. (Read 6918 times)

Well all the sandwich boarders are right bitcoin is a bubble and all I seen for the past couple of weeks is a slow and steady decrease in its price... I do believe a lot of people are jumping ship... I think $100 seems reasonable making it available to the masses.

One week+ with single digit and I will begin doubt in Bitcoin future. How likely is that? I believe very slim chance

I'm going to hold all of my coins just incase BTC goes to the moon but the price is going down seemingly every day.
I think BTC is dying.

It's not going to be that easy. BTC is the most widely spread coin. Stability is achieved by having a vast number of people use a coin. BTC has got such a massive fan base because it was the first, people didn't have any choice. Nowadays you've got dozen of new coins coming out every day. And every new coin has to have amazing features to be able to attract believers and even then, it's only until a 'trendier' coin comes along. There is too much competition for a single altcoin to win the world like Bitcoin did. It could happen but chances are slim.

Bitcoin will be dethroned in near future....BTC obsolete, there are better projects based around blockchain technology...just needs time get more recognition.

No, it is not. It has been estimated that the network can handle about 7 transactions per second. If it gets "mass adoption" before the network migrates to larger blocks, it will only have a niche essentially replacing wire transfers. The fees would be too high for buying coffee or porn.

Block halving time frame for Bitcoin needs to be shortened.
Otherwise the slide will continue.
Either that or Proof of Stake in some variation.

This can be implemented with some balls on the part of the community.

Bitcoin is ready for mass adoption so it's now time to end the madness of non-stop mining dumps.

Should have bought cards with utility instead... like Magic cards.  Best investment of my life ... If only Mt.Gox was what it was supposed to be in the first place!

SELL! SELL! SELL!!!

Must sell low!!! Must buy high!!!

The miners are taking way too much money out of this system anyway.

To maintain a healthy market, we need the miners to get compensated fairly, sure, but the drastic increase of efficiency in mining gear has made producing bitcoins much cheaper.  A high bitcoin price does nothing but compensate those miners for the risks they took, and whoever happens to be on the winning side of that trade (and hodlers ofc)  Most mining gear from Bitmain and other companies should be close, or have already ROI'd by now, if purchased at an appropriate time.  Institutional miners can stop the dumpfest and wait for the price to recover and get enthusiasm up again (because this is a permabull market, need I remind everyone here, that at this point, the bulls remain unshaken, and the people with large stakes of coins can't afford to be bears anymore, and where the hell else is the downward pressure going to come from?  Miners will stop selling, bears are ready to jump off the bandwagon, they are already setting their SL's closer and closer together....

At some point, for all those invested in bitcoin, even if it means climbing on razor thin volume, the dumping will stop.  You can bet on that.  After all, miners have millions of dollars worth of hardware, they aren't going to just shut the shit off....

Hell yea! Even if everyone else has stopped believing, I sure would buy a whole bunch at that price I got into Bitcoin late and have never owned more than 5 BTC.
Being able to say that I have a couple of thousand Bitcoin in my wallet would be pretty awesome   I'm sticking with Bitcoin to the bitter end no matter what.

I think you are confused as to how mining and changes to difficulty works. if more miners try to mine on the network then the difficulty will increase and the average number of blocks found per hour will remain constant at 6 (on average).

2013 saw a huge price increase and was potentially higher then it really should have gone and the price is adjusting downward but is still much higher then it was in the beginning of 2013

Time will tell who is right

Ya price matters all over the place. On what world would price not matter? It's MONEY!

If you are losing your ass it matters.


So the Bitcoin flaw nobody saw coming was OVER SUPPLY BY MINING --LEADING TO A PRICE DROP and opening the door for the next truly viable coin.

Yeah, let's go back to physical currency, covered in Ebola! Sell! Sell! Sell! Human race extinct!

I think I may be convinced Bitcoin is a market failure if the price drops below $32. That is not to say it would be a total failure. It is a very important computing science experiment.

Keep in mind it is not about how much money you should be making, it should be look at the potential of this technology.

If you think the latter you shouldn't be in Bitcoin IMHO.

edit: also, I blame the price drop on Ebola. My dark horse theory 

You could make Bitcoin go on forever by just developing a game around it like second life or WoW. It's impossible at this point for Bitcoin to have no value. Anyone that spent money, time, resources on Bitcoin isn't going to quit even at a penny per Bitcoin.

I wanted to add earlier for all those who are in a panic about the price.

Just remember that any bear market is always more ferocious, if I can use that word, than a bull (upward) market. The main reason being that initial selling leads to more selling and eventually panic selling which, I think, is what we are seeing now. In an upward market you do not get 'panic' buying.

So a downward market can and will often go into a sort of dump mode and during this time many a weak hand will be shaken from the market. I expect the price to dip even further before it will find support. That support will come from people buying back into bitcoin after the weak hands have been shaken out. I know I'll be buying in as much as I can over the next couple of weeks.

Also, as some have already mentioned countless times, this is not unique to bitcoin. The dollar is giving must other currencies a beating now. Just go look at the Australian dollar vs the dollar for the past couple of weeks. Its down a big big stretch, almost in a straight line. So its not bitcoin failing.....its the market at work.