The fact that BTC has suffered one "crash" in 2011 and recovered back to full heath is a very good indication that BTC will not be dying anytime soon (unless global EMPs happen).
We may see exponential rises and fast drops down to the support. Support seems to be rising linearly at the moment ~$20 is rock solid support IMHO.
This spunky eager behaviour, and getting up to run again after falling on its face (even when volume was low) is a sign of very good health.
BTC behaviour after the "crash" of 2011 makes it all the more attractive to me when considering it as an investment. Had that crash not happened it would not be as attractive to me.
To know a system it is good to see it's "impulse response" we have witnessed this and its response was healthy.
The current "Bubble" will only be harmful to those whose stop losses kick in on the next correction.
I'm suprised there are no big cats doing large sell orders to invoke mini avalanche and then buying up the bottom. If they are and this is explaining current intraday volatility then that is a phenomenal display of health from BTC.
Topic: Is the current bubble harmful to Bitcoin? (Read 3931 times)
Sorry but when I See the price of BTC rise from around $10 to $50 in a short period of time, accombied by the panic buying we've been seeing for a few weeks I get nervous, there has to be a pullback... This is sheer madness, I've practically cashed out completely.
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
Silk Road was down for almost a month late last year. The effect on Bitcoin was non-existent
Also other sites would come about. This is a non-issue, and the bitcoin economy is much bigger than SR these days.
These last two posts are just flat out wrong...
1) When exactly was it down for a month? Hint: It wasn't.
2) At THIS point there is nothing that people purchase with btc that comes close to the millions of dollars per month spent on SR for actual goods. Unless you include the SPECULATION as something driving the btc economy, SR is pretty much the whole thing. But by all means, if you can find another business that has even 1/20th the amount of money spent on it in btc ON ACTUAL GOODS AND SERVICES, please point it out.
Throughout November and December it was impossible to log into SR for 90% of the time. Check the SR forum history for yourself and you'll find dozens of apologies for DPR for the issues.
I was monitoring it closely out of concern for the potential impact on BTC price.
Now show your data that proves otherwise champ.
Sorry but when I See the price of BTC rise from around $10 to $50 in a short period of time, accombied by the panic buying we've been seeing for a few weeks I get nervous, there has to be a pullback... This is sheer madness, I've practically cashed out completely.
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
Silk Road was down for almost a month late last year. The effect on Bitcoin was non-existent
Also other sites would come about. This is a non-issue, and the bitcoin economy is much bigger than SR these days.
These last two posts are just flat out wrong...
1) When exactly was it down for a month? Hint: It wasn't.
2) At THIS point there is nothing that people purchase with btc that comes close to the millions of dollars per month spent on SR for actual goods. Unless you include the SPECULATION as something driving the btc economy, SR is pretty much the whole thing. But by all means, if you can find another business that has even 1/20th the amount of money spent on it in btc ON ACTUAL GOODS AND SERVICES, please point it out.
If it's a bubble depends, whether Bitcoin can satisfy the expectations of the buyers. McDonalds, Walmart or Amazon accepts Bitcoin in the future? -> not a bubble. New secure issues appear or other issues (like max block size) get not solved? -> bubble.
Nobody can't say for sure, whether it is a bubble (because of that we have the discussion), because noone can predict the future for sure. "Predicting" the past is much easier. No matter what will happen it will seem for quite everybody look plausible ("Donkey! It was clear, everybody knew it!"). Like other economic crashes like the dotcom-bubble.
Nobody can't say for sure, whether it is a bubble (because of that we have the discussion), because noone can predict the future for sure. "Predicting" the past is much easier. No matter what will happen it will seem for quite everybody look plausible ("Donkey! It was clear, everybody knew it!"). Like other economic crashes like the dotcom-bubble.
While i agree that the large picture is important, we just cannot simply remove fiat as the defacto reference for bitcoins value.
I kinda half agree. But economists have been known to use a "Big Mac" index - Bitcoiners could adopt a pizza index to measure value.
2010: BTC5k per pizza -> BTC1 = 0,0002 pizzas
Now: BTC0,4 per pizza (say) -> BTC1 = 2,5 pizzas
Tomorrow: ?
And so on.
I just think it should be something more general, like bread.
There are several ways the current situation could end up being harmful to Bitcoin. But, in general, no there is little possibility of this bubble being as severe, and as destructive, as the last.
While i agree that the large picture is important, we just cannot simply remove fiat as the defacto reference for bitcoins value.
I kinda half agree. But economists have been known to use a "Big Mac" index - Bitcoiners could adopt a pizza index to measure value.
2010: BTC5k per pizza -> BTC1 = 0,0002 pizzas
Now: BTC0,4 per pizza (say) -> BTC1 = 2,5 pizzas
Tomorrow: ?
And so on.
I don't think so. Bitcoins strengths are in it's utility. That is not harmed by unbridled amateur speculation.
I buy a krugerrand for $1600. I have a piece of yellowish shiny metal.
Market price of krugerrands falls to $1400. I do nothing; I still have a piece of yellowish shiny metal.
I buy one BTC for $40. I have one BTC.
Market price of BTC falls to $20 per BTC. I do nothing; I still have one BTC.
Market price in terms of fiat bankster paper does matter to a point, but it is not the be all and end all. At last year's Bitcoin conference, investment guru Charles Vollum reminded us in the audience not to be heavily focused on fiat price, but the whole picture.
Market price of krugerrands falls to $1400. I do nothing; I still have a piece of yellowish shiny metal.
I buy one BTC for $40. I have one BTC.
Market price of BTC falls to $20 per BTC. I do nothing; I still have one BTC.
Market price in terms of fiat bankster paper does matter to a point, but it is not the be all and end all. At last year's Bitcoin conference, investment guru Charles Vollum reminded us in the audience not to be heavily focused on fiat price, but the whole picture.
While i agree that the large picture is important, we just cannot simply remove fiat as the defacto reference for bitcoins value.
This cannot change unless bitcoin becomes bigger than the fiats it is referenced against.
And in any case, you cannot completely divorce these money systems when they act in our global economy.
The only situation you could consider bitcoin as not relating to other value representations is to have the bitcoin economy have nothing to do with them.
ITT
A BEAR WHO
[1] STOOD OUT OF THE MARKET WAITING FOR IT TO CRASH
[2] COULD NOT AND STILL CANNOT DRAW A STRAIGHT LINE ON A LOG GRAPH
A BEAR WHO
[1] STOOD OUT OF THE MARKET WAITING FOR IT TO CRASH
[2] COULD NOT AND STILL CANNOT DRAW A STRAIGHT LINE ON A LOG GRAPH
+1
Sorry but when I See the price of BTC rise from around $10 to $50 in a short period of time, accombied by the panic buying we've been seeing for a few weeks I get nervous, there has to be a pullback... This is sheer madness, I've practically cashed out completely.
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
Silk Road was down for almost a month late last year. The effect on Bitcoin was non-existent
Also other sites would come about. This is a non-issue, and the bitcoin economy is much bigger than SR these days.
which bubble? can you even define what you mean by that? there is no bubble.
/thread Sorry but when I See the price of BTC rise from around $10 to $50 in a short period of time, accombied by the panic buying we've been seeing for a few weeks I get nervous, there has to be a pullback... This is sheer madness, I've practically cashed out completely.
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
BTC could end up $100 in a few days and I would have 'lost' a lot of money but I feel safe where I'm standing right now. Made a real nice profit either way.
Now, imagine if the Silk Road went down or was offline for a few months... What do you think would happen to the price of BTC?
Silk Road was down for almost a month late last year. The effect on Bitcoin was non-existent
which bubble? can you even define what you mean by that? there is no bubble.
My view is that BitCoin, or a successor currency built along the same lines, will change the world --- and the implications for banks, regulators payments systems and their vendors are what really fascinate me.
In socialising the concept with colleagues and clients, the *appearance* of a bubble (and hysterical articles on Business Insider) is decidedly unhelpful..... but I consider the price leaps and falls to be inevitable growing pains.
I'm sure the price will continue to vary wildly and hope those who are so unimaginative as to see this as nothing more than an esoteric speculation game are wiped out....!
In socialising the concept with colleagues and clients, the *appearance* of a bubble (and hysterical articles on Business Insider) is decidedly unhelpful..... but I consider the price leaps and falls to be inevitable growing pains.
I'm sure the price will continue to vary wildly and hope those who are so unimaginative as to see this as nothing more than an esoteric speculation game are wiped out....!
I buy a krugerrand for $1600. I have a piece of yellowish shiny metal.
Market price of krugerrands falls to $1400. I do nothing; I still have a piece of yellowish shiny metal.
I buy one BTC for $40. I have one BTC.
Market price of BTC falls to $20 per BTC. I do nothing; I still have one BTC.
Market price in terms of fiat bankster paper does matter to a point, but it is not the be all and end all. At last year's Bitcoin conference, investment guru Charles Vollum reminded us in the audience not to be heavily focused on fiat price, but the whole picture.
Market price of krugerrands falls to $1400. I do nothing; I still have a piece of yellowish shiny metal.
I buy one BTC for $40. I have one BTC.
Market price of BTC falls to $20 per BTC. I do nothing; I still have one BTC.
Market price in terms of fiat bankster paper does matter to a point, but it is not the be all and end all. At last year's Bitcoin conference, investment guru Charles Vollum reminded us in the audience not to be heavily focused on fiat price, but the whole picture.
If it stays here for a while and then crashes down to 20ish and the new businesses that have started excepting bitcoin take a financial hit then YES it will be harmful and may prevent other companies who are watching to see how things go before they decide to get on board by accepting bits. If it just floats around the 35-45 price for a while before it goes back up then it should not hurt bits reputation.
its not a bubble!! its a balloon!! 
Oh bears, you try so hard to sound relevant.
It wasn't a real crash, people were just confused due to the mtgox lag
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