Topic: The single digits believers thread - page 3. (Read 4599 times)

I believe Bitcoin will hits single digits in few months (most likely in a month).

Crash is already started, and we only need avalanche of bad news to keep it going.

There are some worrying things already:
0. bitcoin price goes up because of speculation that more and more people will want it. it worked for a while, when price was going up all the time. who would not want something that only goes up in value like crazy. however now people see how volatile and risky bitcoin is, new people will less likely to come.
1. mtgox performance issues. people should realise by now that in event of sudden crash, they may not be able to sell their coins until it hits bottom, because of lags and outages.
2. bitcoin 24 (biggest euro market) fuck up. something tells me this will end very bad.
3. bfl delays, which most likely make their miners unprofitable when they finally deliver (asumming price will keep dropping)
4. soon probably we will get some negative media coverage that are result on recent crash. we got one in poland already:
http://waluty.onet.pl/bitcoin-najwieksza-farsa-internetu,18892,5465415,news-detal
this was no 1 news story on biggest polish news site.
5. cyprus fiasco. that was most stupid speculation ever. somebody notices that few obscure iOS ranked up in spain, no context is given (how those apps performed in longer term, or are they new?), and concluded that people in cyprus want to go into bitcoin. story got even to media. some people in cyprus lost their savings and others got their money frozen, why you expect them to buy bitcoin? probably some will want their money out of banks but that's it. if you lost money at bank why would you throw them at something far more risky
6. nobody will want to hold money in bitcoin if they will be losing value every day.

Never ? Of course they will, bitcoin will never reach the 21 million coins. It's obvious that for 2130 bitcoin won't be used, and better designed cryptocurrencies will.
The BTC/USD never going to hit 40$ again ?, they almost hit that yesteday(in some exchanges even 30$ no ?), so..   
The volatility of the market is pretty high, from 120 to 60 or even 40-20$ now is just a matter of hours, as It has been seen. If this is a bull trap, and I'm confident It's, we will see 50$-40$ for sure, at least for some time.

So called spike ($260) and so called chrash ($55) was just a manipulation done by very same people. I strongly believe that manipulation directly or indirectly connected to ASICs sellers. If we are able to get last two weeks BFL and AVALON filled orders for their ASICs, we will be able to know more about this two weeks spike and chrash. And I don't believe that BTC/USD prices will ever hit $40 again.

Single digits?
No, nay never!

Without any kind of legal problems due to the goverments, a new better cryptocurrency, or a exploitable vulnerability at the protocol itself, I dont think we are gonna see single digits again.
Maybe if this is a big bull trap we are gonna see prices like 20$, or 15$.. But I don't think we are gonna see anything lower than that. Or It would be a big bear trap, with a speedy correction to the range of the 20-60$.

I was actually attempting to rank them in order of most catastrophic to least

anyone else find it ironic these two are right next to each other?

It's one thing to argue for a crash (many make compelling arguments and well, I guess they were right). But to argue for an almost fatal crash is another. IMO numerical probability alone won't cut it.

There has to be a reason for it to occur. They few things I could think of which could cause such a catastrophic event:

1 A glitch in the bitcoin code which is exploited, rendering the currency untrustable

2 Complete ban by major governments

3 Closure of SR for whatever reason

4 Gox disappears/fails overnight with no refunds to account holders

5 Proudhon is appointed 'chief price strategist' by the bitcoin foundation

Any of these events are no doubt a possibility, but certainly not something one could say has a significant likelihood of occuring?

 

This thread is only for those that genuinely believe that Bitcoin will hit single digits again at some point in the future.

Short term or long term, it doesn't matter. Get your predictions in here.

I'll start: If people genuinely believe Bitcoin is going to reach $1mil/BTC then it is statistically almost 100% likely that we would hit single digits. The current high is $266, that's only $256 away from singles. $1mil is $999,734 away. Bitcoin has already proven that it works in hype cycles, it makes sense that once a big enough bubble comes along where $1k+ moves in 1 day are the norm we would very likely hit rock bottom. This concept applies no matter where you place the ultimate value of Bitcoin, single digits are an inevitability.