Topic: Is it possible for us to get the price back up - page 3. (Read 4730 times)

People just need to buy about 80,000 BTC to get the price to 4 $. I would then consider this a technical breakout and then BTCUSD would likely rise much further. Ideally, also 5 $ is cleared soon thereafter.

^ THIS

$15 makes NO sense. The current hashing power is overkill, and a waste of electricity. Mining right now is a zero sum game. It's ridiculous to think that bitcoin has to be valued above $10 to have value.

Sure, buy Bitcoins.  But why do you want it that high?

If it's to be able to sell Bitcoins, you're going to have a hard time convincing people that they should buy against market sentiment (IE, they lose money) so you can make a profit.

If it's because you think that Bitcoin will be perceived better if the people who bought high make their money back, feel free to bid it up, but understand that you're going to be losing money the whole time you do it.  It's a nice enough cause, but IMO a foolish one - I think the market is healthiest when supported by fundamentals, which I believe is currently well under a buck.



1) I do not want to reward the foolish speculators who have run the price up without any regard to economic reality.

2) I believe Bitcoin will be more stable when supported by fundamentals rather than price manipulation.

3) We collectively pay miners 7200 BTC per day to secure the network.  At $3, that's over $20,000 per day.  At $30, that's $200,000 per day.  That money has to come from somewhere - and if you're the one manipulating the market to keep it that high, you're the one who ends up paying for it.  Unless you have a really good reason why the price needs to be that high, that's wasted money.  (A price boom creates a mining boom, which creates a hashrate boom until mining profits reach about current levels; once it settles out most of that $200,000/day gets spent on electricity.)  The current level of economic activity does not justify that level of blockchain security.

What's the difference between 10 bitcoins for $2.50 and 1 bitcoin for $25 when it comes to trading / speculating? You like it higher from a financial standpoint because you purchased bitcoin at $15, or because you're emotionally driven by a higher, more volatile price?

So instead of 1000 bitcoins at $15, now you hold/trade/speculate with 6000 bitcoins at $2.5 ...

-Jon

Legally or illegally, it's a tall order.  The only way you're going to get the price up in a hurry is by having access to at least a million dollars and buying up all the bids.

There have been various ideas floated before, such as asking sellers to retract their asks and 'force' bids upwards.  It never works.  If only one person doesn't cooperate and acts against the herd in their own interests then the entire manipulation fails.

The other question is, why does the value of a bitcoin have to go up?  It's just as useful at $3 as it is at $30.  If people are buying them up to speculate on the value rising in the future through sitting on their behinds and doing nothing, are they any better than the Wall Street 1%?

I just liked it higher from a financial standpoint on my end. But why is that though? Why have it lower?

yeah man go buy a couple thou and ill be right there to sell

Does a shovel's color determine how well it works as a tool?  Nope.  Neither does the price of a Bitcoin.

I think you're well meaning, but why would we want the price to be 15-30? There's no fundamentals to support that price. I (and others) would like to see $1 - $1.50 and slow growth from there, which includes real commerce and not just speculation.

-Jonathan

Is it possible for us to work together to get the price back up to about 15-30?
Legally that is.