I'm happy Bitcoin is tanking because I love it - page 2.

williamevanl

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It's not going to happen, nearly all crypto have and will continue to scale down linearly with Bitcoin (if not worse). I feel terrible for the majority of alt traders these days. If I had invested in Mastercoin or Auroracoin I'd have jumped off a building by now.

I'm not spamming for the purpose of lowing the price, this is just a BC discussion board, this shouldn't affect the price at all. Crazy to think a couple posts could throw it one direction or the other.

My main point is who cares how cheap Bitcoin gets, we know it will someday be something huge, might take 20 years but we have the benefit of watching all others lose confidence around us and piling up Bitcoin in the mean time.

Hyena

legendary

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OP you're missing one thing --- other cryptos. Bitcoin may eventually go to 20$ while PeerCoin reaches 1000$ for example. Then you'd be a stupid fuck for buying into a dying asset Cheesy

. Anyway, market confidence sets a limit to this downfall. However, I can understand OP's logic --- he got out and now it only profits him if many other people get out too. I did similarly just before PeerCoin's last parabolic rise. I quickly bought in and started spamming the crap out of the trollbox and forums telling everyone about Nubits. Made me quite a nice profit but such propagation is very subjective and thus should only be taken with a grain of salt.

williamevanl

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Bitcoin isn't a stock and it's not a traditional investment. It's certainly not a company turning over dividends and profits every month.

It's just an idea, a 20$ Bitcoin still makes it a 500 Million dollar idea. (for f's sakes!) Somehow I'm the crazy one.

Someone basically figured out how to maintain an online ledger, basically a spreadsheet with 25 million rows that are divisible to 8 decimal points. They spent processing power to generate these rows and they sell them.

That's all it is folks, just an idea. Facebook is an operating entity that returns a profit like a machine, Bitcoin is not.

Torque

legendary

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Quote from: Undefeatable on September 30, 2014, 08:28:17 AM

Cheap Bitcoin eh? Everyone will hate it if it still continue to drop..

Yep, OP has stupid logic for wanting to see $20 coins again. There's something that you are forgetting here, it's called 'market confidence'.

For example: If Facebook's stock fell from $79/share (today) to say $3/share in 10 months, investor confidence in Facebook as a company would be completely shattered. NO ONE would be buying Facebook shares at $3. NO ONE. Except maybe you OP. And there you'd be sitting, with your huge pile of $3 shares that you'd never be able to sell back to anyone, or even for a profit of any kind. No one would care about Facebook any more as an investment, and they would move on to something else.

If the bitcoin price went to $30 or even $20, it would probably take a full 5+ years to recover to where we are today. Or maybe never. Is that what you are hoping for OP?

But... but... you cry, the bitcoin market went from $30 --> $2 in 2011, and it eventually recovered! Yes, but market confidence was so shattered that it took nearly 2 years to recover from that. So 2 years from now, will the OP still even have the bitcoin that he bought today? Somehow I highly doubt it.

Undefeatable

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Cheap Bitcoin eh? Everyone will hate it if it still continue to drop..

Amph

legendary

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Quote from: JLynn171 on September 30, 2014, 01:20:06 AM

if BTC ever drops to this $20 like you say it would be the end of BTC, would not be worth the price in electricity to mine it and the networkwould shut down.......

lol it won't reach such a value evr, nearly impossible without being death, that value mean dead

at around 100(if will ever go to that value) a super panic buy will start, you can't even imagines

Hunyadi

legendary

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☑ ♟ ☐ ♚

Quote from: williamevanl on September 29, 2014, 11:38:20 PM

I sold at ~600 realizing that there's no place for BC to go but down for quite some time.

Bullshit! Blackcoin has never been 600.

Dalmar

hero member

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Life is short, practice empathy in your life

Highly unlikely that it will drop below $200.

The trend line that started from the $2 low in 2011 is currently hovering at about the high 100s and soon will be over 200.

Wandererfromthenorth

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Merit: 500

Quote from: piramida on September 30, 2014, 12:28:34 AM

Quote from: williamevanl on September 29, 2014, 11:38:20 PM

$30 dollars is too much for a Bitcoin right now.

No, you simply have no idea. If it dips below $300 for even one second, the buyback will be like you never seen yet. So the market does not agree with you; it's either everybody who has alot of money is stupid and you are smart, or the other way around. Unfortunately for you.

You don't know that.
Perma-bulls would have said (they probably did) what you just said about the $400s when we were at $1200-$800

And look at it now, high $400s are now resistance.

yokosan

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Bitcoin will not go below $300.

JLynn171

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if BTC ever drops to this $20 like you say it would be the end of BTC, would not be worth the price in electricity to mine it and the networkwould shut down.......

TeeBone

sr. member

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You dont want BTC at $20, it would be game over at that point. Upper 100's is realistic, but still an outside shot.

RejiDevsa

newbie

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Quote from: piramida on September 30, 2014, 12:28:34 AM

Quote from: williamevanl on September 29, 2014, 11:38:20 PM

$30 dollars is too much for a Bitcoin right now.

No, you simply have no idea. If it dips below $300 for even one second, the buyback will be like you never seen yet. So the market does not agree with you; it's either everybody who has alot of money is stupid and you are smart, or the other way around. Unfortunately for you.

Why $300? Sure, there is probably a lot of money ready to buy back in, but wouldn't most have already started buying since the price is so low anyway? Or is that price just a psychological barrier of some sort everyone is waiting for?

alexeft

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Quote from: williamevanl on September 29, 2014, 11:38:20 PM

There are so many of these 'buy Bitcoin now, it's so cheap' threads but they simply aren't true. I can't believe though there aren't more posts about how awesome this slow crash to oblivion is. We might actually get a second chance at this thing back at prices that were seen before. We might see 20$ Bitcoin in the future.

We all know it's going to be big some day and we should all realize it's been hyped well beyond what it probably should be at. I'll be buying Bitcoin probably around 20$. I hope the majority of bs investors do completely lose faith in Bitcoin just so I can buy in where we were a couple years ago.

I sold at ~600 realizing that there's no place for BC to go but down for quite some time. I think it's going to surprise people just how low it goes, remember though, it's still just as amazing as it ever was, it just got too big too fast. Everyone at some point is going to be afraid of it but not us. $30 dollars is too much for a Bitcoin right now.

It hasn't really started tanking yet, but there will be a tipping point where it will flash crash well below 100$. (My guess is probably right around the time that people realize this is a very likely possibility!)

And what exactly is it to make you think that it'll come back up from $20?

Darkmatter12

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Quote from: piramida on September 30, 2014, 12:28:34 AM

Quote from: williamevanl on September 29, 2014, 11:38:20 PM

$30 dollars is too much for a Bitcoin right now.

No, you simply have no idea. If it dips below $300 for even one second, the buyback will be like you never seen yet. So the market does not agree with you; it's either everybody who has alot of money is stupid and you are smart, or the other way around. Unfortunately for you.

+1
Op is retarded

Chuckee

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OP, based on your sound logic, you should be buying all the beanie babies right now. This is a second shot at striking it rich, since we all know beanie babies will skyrocket in value again someday!

piramida

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Borsche

Quote from: williamevanl on September 29, 2014, 11:38:20 PM

$30 dollars is too much for a Bitcoin right now.

No, you simply have no idea. If it dips below $300 for even one second, the buyback will be like you never seen yet. So the market does not agree with you; it's either everybody who has alot of money is stupid and you are smart, or the other way around. Unfortunately for you.

jasonjm

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Buzz App - Spin wheel, farm rewards

Quote from: Dilla on September 30, 2014, 12:05:10 AM

People who think this forget the cost of mining. That cost is bottom. If people shut down mining, the supply will go down, and price will go up, and they will start mining again. Think of the impact of stopping that 3600 btc supply everyday, and what that would do to the price, with a current 24hr volume of $31mil. All this posts of people losing faith is just a scam. Bitcoin is evolving and becoming widely accepted. All these bear accounts are probably just the same group of people, spreading fud, driving the price down, and becoming the 1% buying up the supply in the process. So many people are already using and accepting Bitcoin in its short life so far as a currency. It's been exponential, and always will be exponential.

you do not understand bitcoin

every 2 weeks the difficulty will drop until mining becomes easy if almost everyone turned off their mining rigs

no one using or speculating in bitcoin really cares what the mining cost is, that is for the miners to worry about.

williamevanl

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Quote from: Dilla on September 30, 2014, 12:05:10 AM

People who think this forget the cost of mining. That cost is bottom. If people shut down mining, the supply will go down, and price will go up, and they will start mining again. Think of the impact of stopping that 3600 btc supply everyday, and what that would do to the price, with a current 24hr volume of $31mil. All this posts of people losing faith is just a scam. Bitcoin is evolving and becoming widely accepted. All these bear accounts are probably just the same group of people, spreading fud, driving the price down, and becoming the 1% buying up the supply in the process. So many people are already using and accepting Bitcoin in its short life so far as a currency. It's been exponential, and always will be exponential.

I"m not forgetting about mining at all, I realize right now it's very expensive but what I feel like you and others are missing is that we made it that way. It's not inherently expensive, it's just an arms race that is dictated by the cost of bitcoin not the other way around. If Bitcoin drops tremendously people won't be able to take such huge losses mining it and the difficulty will decrease which will cheapen the cost of mining.

It's only because of this insane hype cycle that's falling apart that it's so expensive to mine in the first place. I'm not scamming, it's just too much too soon.

Dilla

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Activity: 588

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People who think this forget the cost of mining. That cost is bottom. If people shut down mining, the supply will go down, and price will go up, and they will start mining again. Think of the impact of stopping that 3600 btc supply everyday, and what that would do to the price, with a current 24hr volume of $31mil. All this posts of people losing faith is just a scam. Bitcoin is evolving and becoming widely accepted. All these bear accounts are probably just the same group of people, spreading fud, driving the price down, and becoming the 1% buying up the supply in the process. So many people are already using and accepting Bitcoin in its short life so far as a currency. It's been exponential, and always will be exponential.

Topic: I'm happy Bitcoin is tanking because I love it - page 2. (Read 4689 times)