Topic: I am predicting a spike above $3 - page 7. (Read 10622 times)

We might see $3.  After each big drop, there's been some recovery. But each top was lower than the last, and each recovery lasted no more than three days.

2.7  ... seems like the guy was right... but where is the support now?

BOOM!  the gun just went off!

If you have to point out your sarcasm, you didn't do it properly.

Well, there was a huge purchase a little while ago, so who knows?  You could be right.

I said 24 hours. Give me at least 12 before you start calling me wrong. And just in case it was unclear, I was being sarcastic to Mcjmurfy. I hope it is clear at least to others how ironic it is that he claims to have insight into the "true" purpose of bitcoin and advocates regulation over how it is traded, all within the context of a web forum called "speculation".

I hope your predictions come through, but till now no signs of it

What I am saying is people should stop trying to speculate on the future price of a currency in order to realize profit. Speculate all you want on assets for all I care, because I won't buy any of your over-inflated assets. But when you inflate and deflate the actual currency with speculation, it pisses me off, because I have to conduct business with the stuff. You don't have that issue to worry about.

Speculation is not productive, causes boom-bust cycles, and detracts from the real purpose of the bitcoin project. I.e an alternative monetary system. NOT the same one again, packaged slightly differently with a techno-ribbon perched on top.


I'm glad I have convinced you. We don't need people who have no use for bitcoin other than speculation. Now I can go to sleep happy.

If you realize in the future that there are many purposes for bitcoin other than speculation, remember that you can still earn those coins in a productive way by providing goods or services in exchange for them without breaking your promise not to speculate any more.

So you are saying that individuals should not pursue personal gain, but rather they should refuse to exchange money for other valued items at a variable exchange rate because it hurts the market.

Ok, you have convinced me that I should no longer speculate on the value of bitcoin. Since I have no other use for a virtual currency, I will be getting out of bitcoins alltogether. I will continue to buy my groceries with dollars because that's what I'm paid in and that's what the supermarket accepts.

Look at the housing market in the US, the dot-com crash in the 90's, see what is happening in Europe, just open your eyes a bit. Speculative asset bubbles destroy markets and bankrupt nations. We patch over the problems, and create new bubbles so the speculators can make more profit without anyone realizing the devastation left in their wake.

You think bitcoin is so special that it cannot be harmed by the same processes? The PR damage caused by the deflating bubble alone could be enough to set the project back for years. I had hope that bitcoin was going to save us from this global speculative madness, but it seems like the exact same irrational psychology dominates. There has been no shift in people's mindset, no elevation of their thinking, just the same old bullshit. We certainly have a ways to go before people get it in their thick skulls.

No moral issue? Whatever helps you sleep at night my friend.
If you put a blindfold on then punch a child in the face, is it ok as long as you can't see what you are doing?

Maybe I am over-reacting, but there is just so much nonsense touted around it's hard to keep a cool composure.
Anyway, like I said, I am done with this subforum. There is nothing worth reading in here.

I stopped mining recently when the price dropped below $3. I'm interested in the price speculation thread because I want to gain whatever insight I can into when price/difficulty will make mining feasible again. It's not about making a quick buck, it's about not wasting electricity for me.

Also, if the bitcoin economy can be fatally damaged by speculation it has no hope of widespread adoption in the future. There's no moral issue here, so settle down.

How the fuck is talking about "Hey, how much you guys think x will be worth by y" destroying bitcoin?

Speculation is the name of the game for anything.  Guessing what is gonna happen tomorrow is what everyone bases their lives around - and plan accordingly. Sometimes they work out - sometimes they don't.  But 'lambasting' people for doing what any other rational or curious person does is silly.

Your "speculation" is destroying the long term feasibility of bitcoin. We are just coming out of a massive speculative bubble and you all just keep going without batting an eyelid. How many times do you have to get burned before you learn that speculation is not going to get you anywhere? It contributes ABSOLUTELY NOTHING to the bitcoin economy, it is a simple matter of spinning numbers around all day, and getting lucky when you serendipitously manage to spin your numbers that little bit better than others. And for what? A measly 0.5% or thereabouts? It's a joke.

I have the right to come in here and point out how stupid your behavior is, because you are ruining this project for the rest of us with your greed and short term profit motives. You have no idea what you are talking about, yet still manage to spew an endless supply of bullshit and misinformation.

Forget MtGox, forget tradehill. Get your bitcoins by mining them or providing goods/services in return for them. That is the only productive way to grow the bitcoin economy. Speculation is a zero sum game, and taking money from unsuspecting, gullible people is not morally justifiable. Therefore, I have ZERO time for speculators, except of course to lambast them.

The sad thing is, I see very little evidence of anybody here making decent returns from it. Why are you all so willing to hand your money over to people who are much smarter than you? These people couldn't even be bothered to post here and thank all you all for being such good lemmings.

You people contribute absolutely nothing. All you want is short term gains, and you don't give a shit how you get there.
If it means you take the whole bitcoin project down with you, so be it.

I need to get a life? Take a long hard look in the mirror.

I want to see a rally because I support bitcoin, but if this is the capitulation part of the correction then I think there is much more way down to go before we come back up for air.

People know price of bitcoin does not effect bitcoin's functionality as a currency in any way. They can still do everything they were doing with bitcoin regardless if the prices were at $32 or $1. Just means it's too volatile to put your money in it as an investment right now which is exactly why people are and have been pulling out for a long time. Why would anyone invest in bitcoins on a downtrend when you can put the same money into something with the trend in your favor? Only if you need to use bitcoin as a form of currency to do something with it in the near terms, would someone buy some at current volatile downward climate.
 
Your observation of every tiny rally getting killed is very true because more and more people are realizing the very same thing and adding to it.

If this drop is to be the opposite of the rise to $32 then we haven't even started sadly. It doesn't mean we won't come back to $2 to stabilize after it's over, but I would suspect we will go down below the actually bottom before coming back up to finding it as the bitcoin economy demands push the price back up where it belongs.

We've had these strong support levels at any psychological number.  Every single one breaks because someone sells out into it, or is cancelled. 
It'll be going down today, I can feel it.

$2 has been a very strong support level so far. I also think that it's fairly likely we'll see a short term bounce soon.

If you're going to speculate though, speculate.  Don't sit on the fence and say 'it could do this or it could do that'.  Which is it?  Pick something and defend it.

Right; sort of like walking into a tavern and asking everyone to please stop drinking and get a life... lol

... he clicked on  Speculation, and he doesn't want to see anyone Speculate. hmmmm..... interesting NOT

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