Topic: How Low Does Bitcoin's Price Need Get to Make People Stop Believing? - page 5. (Read 6918 times)

Many people seem to think a break below the earlier 2013 high of around $250 would be really bad as that is a key support level.  While I think technical analysis is mostly voodoo retrospective sense making, $250 would be such a pullback from the end of the year high that I think it would convince people that there isn't much future in bitcoin at this time.

Sort of a negative there and back again type story.

Then buy more and bring your average entry down. When it hits 200 buy even more.

If this last dip makes you pissed then you should rather sell at the first available opportunity and get out. Investing for the longer term will involve many such dips. Also, bitcoin, like with any other currency, is at best a speculative investment and a large dip like this should be expected. This will not be the last.

With all that said, if you can hold do. I'm pretty sure you will be the one smiling in a year from now, maybe even less.

WTB 1000 BTC at that price.

I bought most of my BTC about 6 months ago when the price was about 400 GBP.
The price is 209 GBP as I type this so yeah I'm pretty pissed off right now.

Hahaha I remember when bitcoin first reached $1, and it made many people START believing.

I will stop believe in it only when it hits 0. If it will be 1 cent Im buying.

but where do you think it will stop this time, looks pretty bad right now

I think Bitcoin has passed the stage where it would've been possible for it to get deleted from the world like it never existed. Bitcoin offers a number of advantages over fiat that cannot be ignored. To answer your question, I don't think people will ever stop believing even if it were to drop to a dollar or less. It is highly unlikely something like that will happen anyway. I believe we will see a trend reversal soon enough  

When it hits 1$ i will stop believing

Price really doesnt matter. Just look at infrastructure, merchant support, userbase, media coverage. This mean huge Bitcoin success so far.

People usually don't think rationally but emotionally (when they think about finance).
So, if value of bitcoin is going down at the moment, most people will try to sell bitcoin, afraid that they may loose more.
Because of this mentality, bitcoin will loose more value before this trend stop and its value raise again. 

The price is irrelevant. It distracts and paradoxically miscasts the long-term prospects for bitcoin.
Ignore. Make your play in the ecosystem. Don't check price every day.

The OP got it wrong. Price doesn't matter.

If it goes to a dollar, I'd be happy to stop believing and then buy three hundred Bitcoins then. It would be truly glorious - don't you think so?

Just my two cents....

The price can go all the way down to $1 and I'll still be a bitcoin junky/fan. I think the problem with bitcoin is that to many see it as an investment and not as the currency its supposed to be. Yes it does offer an investment angle due to the price expectations within a couple of years and because of that I do hold a bit in storage but other than that I use it as a currency and will do so for as long its around as there is no equal.

I can zip thousands around the world without leaving my desk, without standing in line and essentially begging to send my own money somewhere else. Ever been in a country with draconian exchange controls? If not then you will not understand the freedom bitcoin brings.

So as said, it can hit $1 and I'll still be a fan. Yes I might lose on its value but then again, I'm presently saving thousands in bank fees for transfers.

If you want to be an investor then be one and learn to ride the ebbs and the flows and stop complaining about every dollar bitcoin goes down. If you cannot stomach this then go back to fiat and or buy some stocks.

Back in 1996 I bought 18 rookie cards for $49 each.
(all of my paper route savings)

They went up to $58 and I bought special hard plastic cases and put them in a secret stash above my closet.
I totally forgot about the until last summer.

I looked them up.
They are now worth $3 each.

Screw football cards.

$0.00 Because at that point you couldn't use it.
Of course I won't sell you my bitcoin for that money, I will prefer to keep them for collection

bitcoins value is not down. just sheeples belief that following exchanges price, where only 200 coins can send the market cap from $5billion-$6billion is the failing.

once proper exchanges such as the ETF's start running, then with the transparency of accounting and the ability of whales to buy publicly. the price will jump.

as for how low will it go. well at the moment with the sheeple perception of crappy php exchanges.. it can go anywhre. all i know is that when people start buying bread, milk and bakd beans at $1000 a shot (FIAT crash Zimbabwe style) bitcoins will still buy me many loaves of bread as oppose to hoarding value in a bank in the form of fiat. which loses true value

Every just says bitcoin will hit 10000$ but it would gonna happen.

Price is down, yes. Things aren't quite right and I posted why elsewhere but this is all growing pains.

In the end I think it'll be fine. I'm still believing here.

Was he there to dispel fears, or was he there because they wanted to ask him what he's doing with his money?


By "talking up" do you mean "explaining why he bought"?


Because he believes it and because he understands economics?


That's the impression I get.


I don't think he called up Fox News and said, "Put me on the air, I need to pump up the price of BTC."  I think they contacted him and said, "We'd like to ask you on air about your bitcoin purchase."

What do you mean by a "sizeable stake"?  What's his net worth?  Is BTC 1% of his portfolio?  What happens if people don't agree with him?  Does he lose 1% of his portfolio?  You do realize that BTC has had these volatile price swings in the past, right?  This is nothing new.

He's a venture capitalist.  He's not afraid of taking a calculated risk.


Does he?  You think he's gonna be wiped out and living under a bridge if Bitcoin fails?


You mean convert sound, honest money back into fiat?  Do you not understand how the fiat scam works?

Regardless, I don't think the "diehards" have bet everything on Bitcoin.


I don't think Draper is as short-sighted as you seem to think he is.  I think he bought with the intention to hold them for a few years, regardless of what happens in a few weeks.

"...Make a little money..."?  Bitcoin is money.


Certainly a possibility.  But has there ever been a better form of money in human history?

I've already sold some.  It's a free ride from here on out, and no I will be holding BTC until the day I die and will pass them on to my posterity.  Furthermore, I don't care what the price does over the short term.  I'm looking 10, 20, and 30 years down the road.

If bitcoins go back to pennies, I'll happily buy thousands of them, but that doesn't mean 100% of my money will be BTC, just a fraction that I'm comfortable with.  That fraction is different for everyone.  For some it's over 50% of their assets, for others it's 0%.


I'm pretty sure he understands the risks involved with Bitcoin.  Those who invest with him also understand they are investing in risky ventures.



Bitcoin could also go to $1,000,000.  It all depends on supply and demand.

Yes, unless some fatal flaw is discovered with Bitcoin.



No thanks, probably nothing intelligent going on there.