At $.01/coin just a few of us could buy every outstanding Bitcoin and all created coins over time.
No you could not. As you purchase them, their price would increase until you could no longer afford them. Supply and demand, my friend.
Topic: We have seen the bottom (Read 2092 times)
No you could not. As you purchase them, their price would increase until you could no longer afford them. Supply and demand, my friend.
Bitcoin is about to become very easy to use as its intended purpose as a currency. I was in the same boat as others who see the amount of mining outpacing the amount of Bitcoin users but that will soon change.
We will never see $6.12 again.
We will never see $6.12 again.
At $.01/coin just a few of us could buy every outstanding Bitcoin and all created coins over time. It's not going to go that low again for you naysayers.
Several others on here have said the same thing and I would echo it now, the problem with Bitcoin was that it became wayyy too profitable to mine, so people started dropping $10k-$100k on equipment to do so, we had an influx of too many miners who started mining intending to make a profit right away.
The MtGox withdrawl limit being what it is, we have seen a slow and steady decline as every day the miners transfer $1k worth of Bitcoin over, sell it, and withdraw it.
I would have to echo the sentiments of the others and say, that this slump is a good thing, it will serve as a warning to those who come into Bitcoin looking to profit off of mining that a huge investment is not going to have an immediate payout. This slump is keeping Bitcoins more about fun and less about profit.
Several others on here have said the same thing and I would echo it now, the problem with Bitcoin was that it became wayyy too profitable to mine, so people started dropping $10k-$100k on equipment to do so, we had an influx of too many miners who started mining intending to make a profit right away.
The MtGox withdrawl limit being what it is, we have seen a slow and steady decline as every day the miners transfer $1k worth of Bitcoin over, sell it, and withdraw it.
I would have to echo the sentiments of the others and say, that this slump is a good thing, it will serve as a warning to those who come into Bitcoin looking to profit off of mining that a huge investment is not going to have an immediate payout. This slump is keeping Bitcoins more about fun and less about profit.
While I don't think it is headed to 0, I can see the price dropping to around $4 in the near future and maybe a little more than that. There will still be enough demand to keep the price from going extremely low.
The bottom is 0, and that's where we're headed. Sometimes we go fast, then a few people jump in to make a quick buck, and then we slide slowly for a while.
It's very hard to say if the price has bottomed or not. I still see a possibility of a small decline within the next 2 months, but it will be a much slower one with the price maybe bottoming at $5.xx. This is the worst case scenario. In a good scenario we get good boost this month in form of announcements of new services and good media coverage which will start an uptrend sooner.
Regardless, looking at the transaction count chart (http://pi.uk.com/bitcoin/charts/n-transactions) it will take at the most 3 months for the economic decline to run its course and after that it's entirely up to the Bitcoin community and the media to decide where it will go. From there we have basically two options, a further decline and possible true death of Bitcoin and what I think is far more likely, the flourishing of Bitcoin's potential.
Bitcoin is still fundamentally just as magnificent as it ever was. I can't see how the doomsday-bears have ever contributed anything to Bitcoin itself, they have simply been here to make easy money and now that the option of making that money from a soaring bubble price is not available they have turned to whining. Pathetic.
Regardless, looking at the transaction count chart (http://pi.uk.com/bitcoin/charts/n-transactions) it will take at the most 3 months for the economic decline to run its course and after that it's entirely up to the Bitcoin community and the media to decide where it will go. From there we have basically two options, a further decline and possible true death of Bitcoin and what I think is far more likely, the flourishing of Bitcoin's potential.
Bitcoin is still fundamentally just as magnificent as it ever was. I can't see how the doomsday-bears have ever contributed anything to Bitcoin itself, they have simply been here to make easy money and now that the option of making that money from a soaring bubble price is not available they have turned to whining. Pathetic.
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$1B Credit Union signs with Dwolla to offer FiSync services to members
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
http://www.dwolla.org/blog/welcome-to-the-family-veridian-credit-union/
Quote
$1B Credit Union signs with Dwolla to offer FiSync services to members
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
Well they just announced:
Quote
$1B Credit Union signs with Dwolla to offer FiSync services to members
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
MtGox still accepts Dwolla.
So now, there is a $1 billion Credit Union with easy access to transfer money to BTC.
Stupid move.
Bitcoin is going to die.
Remember dwolla? The place that shafted bitcoin?
Well they just announced:
Dwolla has blown up to half the size of paypal from total obscurity in 3 months.
Bitcoin should have done the same thing, but it's sitting in the corner.
Bitcoin is going to die.
Remember dwolla? The place that shafted bitcoin?
Well they just announced:
Quote
$1B Credit Union signs with Dwolla to offer FiSync services to members
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
Dwolla has blown up to half the size of paypal from total obscurity in 3 months.
Bitcoin should have done the same thing, but it's sitting in the corner.
Right, Genius, if Dwolla had just announced it has shrunk by 80 percent you'd be hailing that as Bitcoin's success by comparison, right? No??? I'm shocked...
That's 162 thousand more people with access to Bitcoin through Dwolla. Not bad for a Wednesday afternoon.
Stupid move.
Bitcoin is going to die.
Remember dwolla? The place that shafted bitcoin?
Well they just announced:
Dwolla has blown up to half the size of paypal from total obscurity in 3 months.
Bitcoin should have done the same thing, but it's sitting in the corner.
Bitcoin is going to die.
Remember dwolla? The place that shafted bitcoin?
Well they just announced:
Quote
$1B Credit Union signs with Dwolla to offer FiSync services to members
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
We are extremely happy to announce Veridian Credit Union has released that they will be integrating with Dwolla's FiSync services.
The 162,000 member, $1B+ financial institution represents our largest integration to date!
Dwolla has blown up to half the size of paypal from total obscurity in 3 months.
Bitcoin should have done the same thing, but it's sitting in the corner.
I disagree. Price did not bottom.
We recently broke a long-term trend line. Likely we will stay below it (i.e. $10.50 highest value to be reached).
Hmm - I have just bought some coins - if the price reaches $10.50 in a week or something - then this would be 50% up not too shabby gain. We recently broke a long-term trend line. Likely we will stay below it (i.e. $10.50 highest value to be reached).
I disagree. Price did not bottom.
We recently broke a long-term trend line. Likely we will stay below it (i.e. $10.50 highest value to be reached).
We recently broke a long-term trend line. Likely we will stay below it (i.e. $10.50 highest value to be reached).
so how many BTC did you buy? full disclosure ;-)
I came in with my $10k investment at $14.25. I have been jumping in and out as I saw things coming and going.
I have 866 BTC (was hoping for 1k before I held long but I see it going up quite a bit at this point).
Heh, I was just happy to break 500 last month. Wish I had 1k, too
Not disclosing any exact numbers but I've been "in" since before the peak and just recently sold everything at $9 and bought back @ $7. Bought back a little too early but I'm still very happy with the result.
Now I'm going to hold for long term unless there is a very clear trend pattern to take advantage of. The same plan as before.
My mining cashout plan has changed a bit though, I used to sell 50% and add the other 50% as extra investment. Now I think I have invested enough and will add the 50% to a "spending wallet". I'm trying to get my friends to use the mobile Android wallet and handle some small payments from there, which is very convenient.
My plans right now are to build a Bitcoin-startup, a kind of portal for Finnish Bitcoin users. One of the main services will be an up-to-date list of all locations in Finland that accept Bitcoin and the startup itself will try to convert as many places as possible to accept Bitcoin. I will create a "package" for small merchants to adopt very easily, make it as easy as possible so they will be on board easier.
That is very important if we want to see the price soar as well. Need an easy way for both regular people and merchants to get on board the Bitcoin train.
Now I'm going to hold for long term unless there is a very clear trend pattern to take advantage of. The same plan as before.
My mining cashout plan has changed a bit though, I used to sell 50% and add the other 50% as extra investment. Now I think I have invested enough and will add the 50% to a "spending wallet". I'm trying to get my friends to use the mobile Android wallet and handle some small payments from there, which is very convenient.
My plans right now are to build a Bitcoin-startup, a kind of portal for Finnish Bitcoin users. One of the main services will be an up-to-date list of all locations in Finland that accept Bitcoin and the startup itself will try to convert as many places as possible to accept Bitcoin. I will create a "package" for small merchants to adopt very easily, make it as easy as possible so they will be on board easier.
That is very important if we want to see the price soar as well. Need an easy way for both regular people and merchants to get on board the Bitcoin train.
so how many BTC did you buy? full disclosure ;-)
I came in with my $10k investment at $14.25. I have been jumping in and out as I saw things coming and going.
I have 866 BTC (was hoping for 1k before I held long but I see it going up quite a bit at this point).
Some big announcement that will send Bitcoin soaring??? Easy, Elwar, you're starting to sound like you know who
Just kidding. I know there are several things in the works, and I for one like where this is headed. Cheers...
Just kidding. I know there are several things in the works, and I for one like where this is headed. Cheers...
so how many BTC did you buy? full disclosure ;-)
We have seen the bottom. $6.12 will be the starting point for a long road upward.
The Krugman article should give it enough of a boost to stave off dropping further, plus I know of some technology coming out next week that is very exciting that should bring BTC up to the next level.
I went all in with my $10k investment. I am in for the long haul.
The Krugman article should give it enough of a boost to stave off dropping further, plus I know of some technology coming out next week that is very exciting that should bring BTC up to the next level.
I went all in with my $10k investment. I am in for the long haul.
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