Price drop below $10 will set back bitcoin one year or more

jgraham

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Quote from: DrYe5 on July 04, 2011, 09:06:22 PM

Quote from: jgraham on July 04, 2011, 08:50:13 PM

Quote from: toddbethell on July 04, 2011, 02:20:37 PM

. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all.

It's my professional opinion that predictions like this are barely lucid when they aren't overly broad. Is it my imagination or does it seem that everyone assumes that anyone who posts here are either a) What they claim to be or b) What they claim to be actually has significance (MBA has to be one of the most moronically broad graduate degrees).

OPs previous posts seem legit. If I were running a bitcoin business I'd be stressed by the present decline.
.

Here is my problem all that tells me is he is sincere. The number of people who are sincerely wrong is myriad . ;-)

DrYe5

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Quote from: jgraham on July 04, 2011, 08:50:13 PM

Quote from: toddbethell on July 04, 2011, 02:20:37 PM

. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all.

It's my professional opinion that predictions like this are barely lucid when they aren't overly broad. Is it my imagination or does it seem that everyone assumes that anyone who posts here are either a) What they claim to be or b) What they claim to be actually has significance (MBA has to be one of the most moronically broad graduate degrees).

OPs previous posts seem legit. If I were running a bitcoin business I'd be stressed by the present decline.

The problem is that mining has basically failed as a method of automating currency supply. Instead it has blown a speculative bubble and put the power to inflate in the hands of a small class of technocratic elite. The thin trading we see between the swings is the real bitcoin economy and it is tiny. Serious logistical issues, systematic lack of trust in trading institutions and imminent government meddling suggest the present price is not worth the risk.

jgraham

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all.

It's my professional opinion that predictions like this are barely lucid when they aren't overly broad. Is it my imagination or does it seem that everyone assumes that anyone who posts here are either a) What they claim to be or b) What they claim to be actually has significance (MBA has to be one of the most moronically broad graduate degrees).

shads

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If it's really a cashed up miner manipulating the price down the MO isn't hard to work out. Drive price down gradually accumulating USD on the way. Push a heap of miners out of the market, get a much bigger chunk of the mining booty. Then later use previously aquired USD to drive price back up. Just hope in the meantime liquidity hasn't improved a lot or they won't have the reserves to move the price back upwards.

MikesMechanix

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I wonder if people realize that in the stock market a 10 % profit per annum is considered good?

Currently, the average GPU mining rig is producing something like $10 per day for $2.70 worth of electricity. That's a whopping 270 % profit. Given the competitive nature of mining, it's really unrealistic to expect your $2.70 daily investment to eventually produce more than it would in any other market, which would be somewhere around $.27. In fact, it's probably going to be less than that, unless you are investing in effiecency and looking into things such as producing your own inexpensive energy.

I can't help but feel that crying about miners selling their coins is short-sighted. If you are a miner, not only you should sell or spend most if not almost all of your mined coins as soon as you mined them, but also pray that everyone else does the same, in order to keep the exchange rates down. That's the only way to discourage mining, and thus slow down the increase of difficulty. (Though I think it's only a matter of time until it's all about specialized hardware, only available to those with the capital, anyway.)

mjoz

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

It is my professional opinion that bitcoin prices are being systematically walked down by a miner or an early adapter. I am not so concerned by the reckless sells of large chunks of coins as I am about that being followed by the placement of large amount of coins to hold the price down and discourage new money. I am having a difficult time imagining what they hope to gain by this effort. This person is clearly not thinking economically. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all. The individual that is selling large amounts of coins in single chunks then placing large amounts of coins in very obvious ceiling positions is causing new investors of high net worth to take pause. I personally know a half dozen high net worth individuals who are on the cusp of large investments in bitcoin related businesses as well as bitcoins. These persons will not proceed if bitcoin is manipulated down much further. They are not investing because bitcoin advances liberty and privacy, they are investing for profit. To the individual that is doing this, and I know you are one individual, I am not asking you to hold your coins; go ahead, sell all you want, but what do you gain by preventing new money from coming into the market with these ceilings?

You mistaken believe that whoever is manipulating the market gives a shit. For all you know it could be PayPal coughing up a few $100k to buy up enough coins so that it can stagger huge asks and drive the price down in an attempt to kill bitcoin. Shocked

Mission Accomplished.

Now bring on the black helicopters.

TheShoura

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Testing

Quote from: gonzas144 on July 04, 2011, 05:45:35 PM

I really laught about the idea that are miners that control the price rise or fall ... really nowdays miners are just only people crying for profit, the real price is driven by the speculators, and how much they're willing to pay for.

I disagree with this, but hey, its an open market.

gonzas144

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I really laught about the idea that are miners that control the price rise or fall ... really nowdays miners are just only people crying for profit, the real price is driven by the speculators, and how much they're willing to pay for.

TheShoura

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Testing

Its the dumbfucks who don't get how a market works, and keep undercutting the majority.. that are causing the price of bitcoin to drop like this

What needs to happen is all these fucks who keep selling lower need to go away, or learn that if you sell AT market price, the market will healthily improve

Right now at $15 each, I don't know how the fuck you idiot miners are okay with such low profits. Realistically at this difficulty, it should be at $30 again, instead we have all these niggers just selling at half off thinking it will benefit them. Little do they know, its actually hurting themselves, and everyone else.

Grant

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

Price drop below $10 will set back bitcoin one year or more

Have you ever seen the charts ?

Price below $10 was a MONTH, not a YEAR ago!

A year ago we were at around 0.06$

Oldminer

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Clearly in holding pattern lol

DrYe5

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Quote from: S3052 on July 04, 2011, 04:03:35 PM

Quote from: toddbethell on July 04, 2011, 02:20:37 PM

It is my professional opinion that bitcoin prices are being systematically walked down by a miner or an early adapter. I am not so concerned by the reckless sells of large chunks of coins as I am about that being followed by the placement of large amount of coins to hold the price down and discourage new money. I am having a difficult time imagining what they hope to gain by this effort. This person is clearly not thinking economically. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all. The individual that is selling large amounts of coins in single chunks then placing large amounts of coins in very obvious ceiling positions is causing new investors of high net worth to take pause. I personally know a half dozen high net worth individuals who are on the cusp of large investments in bitcoin related businesses as well as bitcoins. These persons will not proceed if bitcoin is manipulated down much further. They are not investing because bitcoin advances liberty and privacy, they are investing for profit. To the individual that is doing this, and I know you are one individual, I am not asking you to hold your coins; go ahead, sell all you want, but what do you gain by preventing new money from coming into the market with these ceilings?

What's your evidence that 1 single person is causing this?

On the technical side you make a good point. There is no reason to buy at current levels for investors. Bitcoin is in a midterm bearmarket.

OP is clearly holding.

S3052

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

It is my professional opinion that bitcoin prices are being systematically walked down by a miner or an early adapter. I am not so concerned by the reckless sells of large chunks of coins as I am about that being followed by the placement of large amount of coins to hold the price down and discourage new money. I am having a difficult time imagining what they hope to gain by this effort. This person is clearly not thinking economically. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all. The individual that is selling large amounts of coins in single chunks then placing large amounts of coins in very obvious ceiling positions is causing new investors of high net worth to take pause. I personally know a half dozen high net worth individuals who are on the cusp of large investments in bitcoin related businesses as well as bitcoins. These persons will not proceed if bitcoin is manipulated down much further. They are not investing because bitcoin advances liberty and privacy, they are investing for profit. To the individual that is doing this, and I know you are one individual, I am not asking you to hold your coins; go ahead, sell all you want, but what do you gain by preventing new money from coming into the market with these ceilings?

What's your evidence that 1 single person is causing this?

On the technical side you make a good point. There is no reason to buy at current levels for investors. Bitcoin is in a midterm bearmarket.

Oldminer

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

It is my professional opinion that bitcoin prices are being systematically walked down by a miner or an early adapter. I am not so concerned by the reckless sells of large chunks of coins as I am about that being followed by the placement of large amount of coins to hold the price down and discourage new money. I am having a difficult time imagining what they hope to gain by this effort. This person is clearly not thinking economically. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3.

Maybe thats what they want? Buy for a pittance and reap huge profits later?

Sometimes trading's not rocket science.

RodeoX

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The revolution will be monetized!

Quote from: ?? on ??

Quote from: RodeoX on July 04, 2011, 03:08:44 PM

Todd speaks the truth. I have a large investor who is watching for the right signs but is hesitant to go in when we see how easy it is to manipulate the market.

It is still a tiny market, and needs market makers.

Chicken and egg right there.

Your 'large' investor can make a difference if he/she chooses to.

That's my opinion also. Be a market maker! But you know how conservative real investors can be.

cryptoanarchist

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

It is my professional opinion that bitcoin prices are being systematically walked down by a miner or an early adapter. I am not so concerned by the reckless sells of large chunks of coins as I am about that being followed by the placement of large amount of coins to hold the price down and discourage new money. I am having a difficult time imagining what they hope to gain by this effort. This person is clearly not thinking economically. If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3. From here it will take a year or more for bitcoin to recover, if at all. The individual that is selling large amounts of coins in single chunks then placing large amounts of coins in very obvious ceiling positions is causing new investors of high net worth to take pause. I personally know a half dozen high net worth individuals who are on the cusp of large investments in bitcoin related businesses as well as bitcoins. These persons will not proceed if bitcoin is manipulated down much further. They are not investing because bitcoin advances liberty and privacy, they are investing for profit. To the individual that is doing this, and I know you are one individual, I am not asking you to hold your coins; go ahead, sell all you want, but what do you gain by preventing new money from coming into the market with these ceilings?

*facepalm*

I had my knee high boots on by the time I got through this BS

RodeoX

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The revolution will be monetized!

Todd speaks the truth. I have a large investor who is watching for the right signs but is hesitant to go in when we see how easy it is to manipulate the market.

YoYa

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Always verify deals with me through my public key!

Quote from: jed on July 04, 2011, 02:46:35 PM

YoYa: you can't seriously trade on a market with a 1/10th the liquidity of the main market. You are just throwing money away if you do.

You are right, the other exchanges have yet to catch up, none the less liquidity is only generated by having people trade on the platform, and should you have enough capital......you could generate enough swings to start things moving.....highly unlikely scenario tho.

error

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The people who make these boneheaded moves either are not on the forum (most likely) or do not want to talk about it.

DrYe5

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Quote from: toddbethell on July 04, 2011, 02:20:37 PM

If bitcoin prices approach $10, there will be a panic sale taking the prices to $2-$3.

I personally know a half dozen high net worth individuals who are on the cusp of large investments in bitcoin related businesses as well as bitcoins.

Unsupported conjecture + Ambiguous Rumor

Topic: Price drop below $10 will set back bitcoin one year or more (Read 3355 times)