Topic: How Low Does Bitcoin's Price Need Get to Make People Stop Believing? - page 6. (Read 6918 times)
October 04, 2014, 02:59:13 AM
1 BTC = 1 USD
October 04, 2014, 02:52:40 AM
i would be sad at 1 USD 
October 04, 2014, 02:47:03 AM
Not a matter of belief, it's a matter of how low does it need to get for businesses to notice that nobody is spending their devalued BTC anymore, and stop immediately converting to fiat (which devalues BTC with every market dump).
Will people still keep spending their BTC they bought for $1000 when the exchange rate drops to fucking $0.01? If so, why not just send it to 1BitcoinEaterAddressDontSendf59kuE right now?
Will people still keep spending their BTC they bought for $1000 when the exchange rate drops to fucking $0.01? If so, why not just send it to 1BitcoinEaterAddressDontSendf59kuE right now?
I thought the problem was epic daily miner dumps and decreasing difficulty?
October 04, 2014, 02:27:30 AM
For me... Bitcoin is just showing it's resilience... It's not a matter of price... Just utter gut to stay in the market.
October 04, 2014, 02:15:44 AM
Not a matter of belief, it's a matter of how low does it need to get for businesses to notice that nobody is spending their devalued BTC anymore, and stop immediately converting to fiat (which devalues BTC with every market dump).
Will people still keep spending their BTC they bought for $1000 when the exchange rate drops to fucking $0.01? If so, why not just send it to 1BitcoinEaterAddressDontSendf59kuE right now?
Will people still keep spending their BTC they bought for $1000 when the exchange rate drops to fucking $0.01? If so, why not just send it to 1BitcoinEaterAddressDontSendf59kuE right now?
October 04, 2014, 02:00:05 AM
One thing we do know for sure is eventually all fiat currencies go to 0 , I for one strongly believe Bitcoin will always be worth more than that =)
October 04, 2014, 01:56:15 AM
Now matter how low the price is, there are always some persistent believers who are holding positive views of bitcoin.
October 04, 2014, 01:52:18 AM
Believing in what? ... that Bitcoin works as advertised? FYI... Bitcoin works long as the price is greater than 0!!!!!
But at 0, it loses function to move value around easily... at which point someone will buy some up or it will go down in history as pehaps one of greatest inventions regarding currency this decade and past century by a small group of the only smart people left in this world. LOL...
But at 0, it loses function to move value around easily... at which point someone will buy some up or it will go down in history as pehaps one of greatest inventions regarding currency this decade and past century by a small group of the only smart people left in this world. LOL...
October 04, 2014, 01:50:23 AM
Tell the inside traders to stop messing around with the price and you would get many non-believers coming back very quickly, when the price hits $1000 again.
It's only the price watchers, that turns non-believer, many of us, look at the possibilities the protocol offer and build your wealth around that.
If you derive income from millions of micro transactions, even at a low price, you still making millions. You could have made Billions at a better price, but then you would have simply, just been greedy.
Most people buy BTC wait a few months and expect a massive return. {When the price stay low, they get out, and flame the currency}
Look for opportunities to invest in business, where the upturn would eventually make you rich, and forget about short term gains.
It's only the price watchers, that turns non-believer, many of us, look at the possibilities the protocol offer and build your wealth around that.
If you derive income from millions of micro transactions, even at a low price, you still making millions. You could have made Billions at a better price, but then you would have simply, just been greedy.
Most people buy BTC wait a few months and expect a massive return. {When the price stay low, they get out, and flame the currency}
Look for opportunities to invest in business, where the upturn would eventually make you rich, and forget about short term gains.
October 04, 2014, 01:38:57 AM
On October 3 the price of bitcoin touched $360, marking a low for 2014. The week before, venture capitalist Tim Draper – the winner of the giant government bitcoin auction that saw Draper come into possession of 0.25 percent of all BTC – went on Fox Business to dispel any fears that the ride was over. Well, not only that the ride wasn’t over. That it was just beginning.
In talking up the currency, he said “I am still predicting, Bitcoin, $10,000 in three years. It is a hedge against a lot of fiat currency, because it is a new way of transferring cash throughout the world in a much more efficient way. And Bitcoin has a created a whole infrastructure of many, many companies some of which came out of Boost the incubator. And those companies are creating this whole new culture, and this whole new way of thinking.”
It’s a lot of justification for the big headline: bitcoin will hit $10,000 in three years. Why would Draper say this? He certainly might believe bitcoin is going to be the future, to be sure.
But the reason he’s going on Fox Business to make this claim is because he has a sizable stake in it. He needs people to believe bitcoin will increase 30 times in value. Or people will lose interest and sell, and he’ll lose even more millions (in USD) than he already has – Draper bought in when bitcoin was worth almost twice as much, and is on the hook for roughly $9 million in losses in just four months.
This is not to point out the obvious, the Draper is a businessman and he needs his investment to make money. Rather, it raises a question indirectly that a lot of bitcoin diehards need to ask themselves: is there any price point that would cause you to pull your money out of bitcoin?
A lot of people, even ideologues invested in bitcoin as an entirely new paradigm that can upset the accepted fiat currency system, are simultaneously hoping to make a little money with their bitcoin stake. While they might not spend a lot of time thinking about price, the major players like Draper certainly care. As does a large swath of the market. Because there’s the possibility of BTC going to $10,000 in three years.
And there’s also the possibility of it going to $1. Many of bitcoin’s ideological adherents tend to hold no matter what. But does that mean there is literally no point from which to cut losses and sell out? What if bitcoin goes back to that penny trading range? What if it stays there for a year? For five years? How long will you buy and buy and buy at a continual loss? Until you die?
People like Draper can talk a big game, but they are beholden to their investors, same as any business. And make no mistake, Draper has a point where he will cut his losses and move on.
Bitcoin could go to $10,000 and stay there, though it’s highly unlikely. It could also go to five cents and stay there (also highly unlikely). But one way or another, bitcoin players need to answer the question: am I willing to go down with the ship even if Draper doesn’t?
- See more at: http://www.equities.com/editors-desk/currencies-forex/how-low-could-bitcoin-get-to-make-people-stop-believing#sthash.FB78KwkH.dpuf
In talking up the currency, he said “I am still predicting, Bitcoin, $10,000 in three years. It is a hedge against a lot of fiat currency, because it is a new way of transferring cash throughout the world in a much more efficient way. And Bitcoin has a created a whole infrastructure of many, many companies some of which came out of Boost the incubator. And those companies are creating this whole new culture, and this whole new way of thinking.”
It’s a lot of justification for the big headline: bitcoin will hit $10,000 in three years. Why would Draper say this? He certainly might believe bitcoin is going to be the future, to be sure.
But the reason he’s going on Fox Business to make this claim is because he has a sizable stake in it. He needs people to believe bitcoin will increase 30 times in value. Or people will lose interest and sell, and he’ll lose even more millions (in USD) than he already has – Draper bought in when bitcoin was worth almost twice as much, and is on the hook for roughly $9 million in losses in just four months.
This is not to point out the obvious, the Draper is a businessman and he needs his investment to make money. Rather, it raises a question indirectly that a lot of bitcoin diehards need to ask themselves: is there any price point that would cause you to pull your money out of bitcoin?
A lot of people, even ideologues invested in bitcoin as an entirely new paradigm that can upset the accepted fiat currency system, are simultaneously hoping to make a little money with their bitcoin stake. While they might not spend a lot of time thinking about price, the major players like Draper certainly care. As does a large swath of the market. Because there’s the possibility of BTC going to $10,000 in three years.
And there’s also the possibility of it going to $1. Many of bitcoin’s ideological adherents tend to hold no matter what. But does that mean there is literally no point from which to cut losses and sell out? What if bitcoin goes back to that penny trading range? What if it stays there for a year? For five years? How long will you buy and buy and buy at a continual loss? Until you die?
People like Draper can talk a big game, but they are beholden to their investors, same as any business. And make no mistake, Draper has a point where he will cut his losses and move on.
Bitcoin could go to $10,000 and stay there, though it’s highly unlikely. It could also go to five cents and stay there (also highly unlikely). But one way or another, bitcoin players need to answer the question: am I willing to go down with the ship even if Draper doesn’t?
- See more at: http://www.equities.com/editors-desk/currencies-forex/how-low-could-bitcoin-get-to-make-people-stop-believing#sthash.FB78KwkH.dpuf
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