Topic: Mass panic buy when reaches $1? - page 2. (Read 5918 times)
bump... someone is buying right now.
well the way for it to recover is to pump more money into it, thats what i hope will happen when it reaches $1 and I'm putting my money on it.
I think many realize this time around that bitcoin is and should be used more like a currency and less like an investment for now due to the speculation volatility.
Because of this I think we will be much less likely to create another pump and dump like situation now.
Today whenever mtgox sees any type of price spike even a tiny one, people sell their coins to take profit. Why? because they know now not to hold for eternity and lose their speculative/mining profits to someone else that will sell first. When it reaches $1, I don't think much of this behavior will change unless we see something that causes a surge in demand for bitcoin use. Saying it's cheap because it's only a $1 isn't reason enough for speculators build a bitcoin bubble with anymore imo.
If the entire bitcoin economy has a demand for bitcoin over $1 to sustain it's economy, then it will be bought up to keep it above parity, but it won't be because of mass panic buy.
The bounce back certainly won't be like what we've seen this year. It won't be anything resembling a panic since there is simply very little demand for bitcoin right now as an investment.
At least not right away until it's proven itself more stable and on the rise again.
well the way for it to recover is to pump more money into it, thats what i hope will happen when it reaches $1 and I'm putting my money on it.
Do you notice an interesting change in sentiment? There now seems to be an assumption that the price will reach $1.
Yeah, people used to bet on when it will reach $100. Now, the sentiment is becoming when it will reach $1.00
Anyway, I doubt there is any possibility of a rally. All the people buying in the last half year can't have much cash left. And those of us who have been cashing out probably put their money away or spent it.
I was thinking of buying in at $1.7, but now that I see all this, yeah, $0.7. I'll wait until I need some BTC for Christmas presents.
It's feeling more like it's going to go all the way down to $0.10. Bitcoin continues to exceed my expectations for drops, so I don't see why not. So I wouldn't buy until it's at least below $1 - maybe even wait longer.
Or more that the price can reach $1. It could fall lower and when I was considering this yesterday thought $0.10 would be a fair price to bottom out.
Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero. Plus, it doesn't cost too much to just leave the coins in a wallet.
Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero. Plus, it doesn't cost too much to just leave the coins in a wallet.
+1
If I had bought in at $30, and witnessed a fall of $28, recovering 6% of my investment by selling at $2 would not seem worth it. It may be illogical, but I would much prefer to lose that 6% than give my coins back, probably to the very people that lured me into the trap in the first place. And if I wasn't willing to sell as I witnessed the long slide down from $30, I sure as hell would not sell now at $2, let alone $1 for that matter. The logical thing to do is sell and take the 6% left, but that is the logical conclusion ONLY if you believe bitcoin is done-for. I don't think that. The exchange of bitcoin for fiat currency is stupid, and the valuation of bitcoin in terms of fiat currency is equally so.
Luckily, I was not gullible enough to buy bitcoin as an investment. I do have some pity for those who have been lured into the speculative trap, and I regret all the negative press bitcoin is getting because of the deflating speculative bubble, but at the end of the day investing in currency to realize profit from exchange differentials is moronic. But there seems to be no end to the number of people who are suckered into it. Forex is big business.
Or more that the price can reach $1. It could fall lower and when I was considering this yesterday thought $0.10 would be a fair price to bottom out.
Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero. Plus, it doesn't cost too much to just leave the coins in a wallet.
Because people are illogical, selling at $1 when you buy at $10, people will probably hold in the *hope* it might be worth something, but not too pissed that they've lost another $1/coin as it falls to zero. Plus, it doesn't cost too much to just leave the coins in a wallet.
The fact that you're wanting to plan for a mass "panic" is quite amusing (:
+1
Was just about the post the exact same sentiment.
I will be buying 7 million BTC at 1 dollar each.
STFU!
lol really Elwar? That's a lot. Are you planning on buying outside of the exchanges?There aren't even that many bitcoins for sale.
I will be buying 7 million BTC at 1 dollar each.
STFU!
lol really Elwar? That's a lot. Are you planning on buying outside of the exchanges? 
Will everyone panic buy the coins when the prices get lower?
I am thinking of buying 10,000 coins when i see the price drop to $1. If everyone urged everyone else to do the same, the price will rise, and sharply! everyone will be a winner!
is $1 too high / too low?
I am thinking of buying 10,000 coins when i see the price drop to $1. If everyone urged everyone else to do the same, the price will rise, and sharply! everyone will be a winner!
is $1 too high / too low?
The fact that you're wanting to plan for a mass "panic" is quite amusing (:
I will be buying 7 million BTC at 1 dollar each.
Looks like a set up for another bubble...the market is so small that it is easy to manipulate... 
There will be large buys, then prices will spike followed by dumping... Fear and fraud will plague the market until better information becomes available...
P2P Exchanges, More secure wallet, and independent audit sites would help strengthen the market.
There will be large buys, then prices will spike followed by dumping... Fear and fraud will plague the market until better information becomes available...P2P Exchanges, More secure wallet, and independent audit sites would help strengthen the market.
I think 1 dollar will trigger the bull trap we've been waiting for. A bunch of people start buying them up, but since the volume isn't there the price rises sharply, people see this, assume it's the rally they've been waiting for, lots start to buy, then it stagnates, crashes, recovers a bit, stagnates, crashes some more. Should be interesting at least.
Watching this subforum in particular should be fun for the intermittent waves of elation and despair go up and down every few minutes.
I think 1 dollar will trigger the bull trap we've been waiting for. A bunch of people start buying them up, but since the volume isn't there the price rises sharply, people see this, assume it's the rally they've been waiting for, lots start to buy, then it stagnates, crashes, recovers a bit, stagnates, crashes some more. Should be interesting at least.
Panic buys do seem to be happening around round numbers here often, and I fully expect one to happen when 1 BTC = $1, since it sounds like something most people will try to justify in their heads. Trying to profit off that could get ugly though, be careful and don't get too greedy.
Who the £¢€$ is still holding on to bitcoins today and thinking "as long as it doesn't crash lower than $1, I'll hang in there"? I believe, though have no evidence but for the deliciously gloomy sentiment in this forum and in the press, that the only people holding onto bitcoin either truly care not what the exchange price is and those lesser fools who are rapidly trading amongst themselves in the Mt. Gox Casino.
Hitting $1 would cause me to spend some of my profits for buying more coins.
the bigger question is ..... at want price to we stop buying!
so lets say it hits 1$
everyone gose nuts and buys bitcoins in mass
10,000coins sold the price is now 5$ a coin.
wtf do we do now!?
so lets say it hits 1$
everyone gose nuts and buys bitcoins in mass
10,000coins sold the price is now 5$ a coin.
wtf do we do now!?
This is exactly the problem. It won't bottom out at 1 or whatever and magically recover. The price will be driven up by believers, people will sell into those rallies because they want to get out before it crashes again, hence causing a crash, it will dip near the low again after some time, a few more will buy in, rinse and repeat. There will be lots of turmoil, but it isn't necessarily going to go back up. Going all in at the bottom is a bad idea, because you don't know if its really going to be the bottom. It may just bounce a couple times and head right back down again.
Proudhon is Theft!
ROFL!!!
Anyway, I'm also interested in buying at $1 outside the exchanges. Send me a PM.
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