Topic: Why Bitcoin will collapse in price. - page 4. (Read 24607 times)
Its about to go up, just wait for MtGox..
When bitcoin will collapse in price?
Tommorow at 4am CST
TROLOLOLO
some people here need to RKO themselfs....
When bitcoin will collapse in price?
Tommorow at 4am CST
Wait a minute, so, then if your thesis is that BTC will collapse in price, then what is your explanation of why it went up in price from $.01 to $100 and then over $1000??
How do you define a collapse? Collapse back to $100? I doubt that will happen, and even if it did, I don't think it would matter one bit. It will just shake out the weak hands, setting up for the next rally.
Collapse back to a penny per BTC? Highly doubtful, unless an attack takes out the network, and even then, there would be enough hashing power on the network to make such an attack incredibly costly and tough to execute.
Yawn. These threads are a dime a dozen.
Keep hashin' and don't worry about it.
How do you define a collapse? Collapse back to $100? I doubt that will happen, and even if it did, I don't think it would matter one bit. It will just shake out the weak hands, setting up for the next rally.
Collapse back to a penny per BTC? Highly doubtful, unless an attack takes out the network, and even then, there would be enough hashing power on the network to make such an attack incredibly costly and tough to execute.
Yawn. These threads are a dime a dozen.
Keep hashin' and don't worry about it.
When bitcoin will collapse in price?
I think we will see greater financial instability in the west due to the unwillingness to deflate their own currencies, and that is where bitcoin will derive it's utility. I like bitcoin for the same reason I like gold; actually I like bitcoin a little more. I can be robbed of my gold; but I can store and transmit my private keys anywhere.
Lol. Bitcoin is so transparent, government could not have asked for more. Keep dreaming. Gold is much more anonymous. Have fun with your tokens.
You are so stubborn in repeating again and again the same things that I started thinking you are being paid by paypal or some banks to do that...
you will not succeed...
ilpirata79
CIA probably created bitcoin as a way to deal with the world after the collapse of the fiat currency experiment, which is inevitable.
I think we will see greater financial instability in the west due to the unwillingness to deflate their own currencies, and that is where bitcoin will derive it's utility. I like bitcoin for the same reason I like gold; actually I like bitcoin a little more. I can be robbed of my gold; but I can store and transmit my private keys anywhere.
Lol. Bitcoin is so transparent, government could not have asked for more. Keep dreaming. Gold is much more anonymous. Have fun with your tokens.
Like I said in the OP: After people realize its not being adopted as a media of exchange the price collapses and nobody will store wealth in bitcoin after this (and for many other reasons).
Many new adopters are being burnt for good.
Many new adopters are being burnt for good.
I'm seeing chinese people withdrawing money from banks to purchase bitcoin through OTC/localbitcoins.com, and create a bank run 
China doesnt sound "supportive" of bitcoin, like anonymint wants you to believe. To me it sounds like Method 1, I referenced earlier: prohibition.
http://forexmagnates.com/china-bans-payment-firms-from-working-with-bitcoin-exchanges/
The People’s Bank of China (PBOC), the Chinese central bank, has today banned payment companies from doing business with bitcoin exchanges.
The PBOC met with most of the top Chinese third party payment providers this morning and digital currency was an important part of the discussion. According to sources claiming to be close to the institution ,the PBOC in no uncertain terms, directed third-party payment firms to not do any business with bitcoin exchanges in China, so they were told by people who attended the meeting.
Upon encountering these rumors on Chinese internet forums the financial newspaper “National Business Daily” (link in Chinese) contacted the PBOC and the leading third party payment providers in China, Alipay and Tenpay and they all confirmed the reports.
The PBOC now explicitly requires that banks, and payment companies will not provide payment and settlement services to Bitcoin, Litecoin and other peer to peer currency trading sites. For payment companies that already made business with Bitcoin Exchanges , they should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed.
On December 5th the PBOC banned banks in the country from engaging in financial transactions in Bitcoin but left private clients to make their own decisions, leaving a space for supports of the digital currency to claim it can still operate in. Today’s action can almost completely stop Chinese demand for Bitcoin as individuals will not be able to purchase it using banks or third party payment providers.
To me it sounds like Method 1, I referenced earlier: prohibition. http://forexmagnates.com/china-bans-payment-firms-from-working-with-bitcoin-exchanges/
The People’s Bank of China (PBOC), the Chinese central bank, has today banned payment companies from doing business with bitcoin exchanges.
The PBOC met with most of the top Chinese third party payment providers this morning and digital currency was an important part of the discussion. According to sources claiming to be close to the institution ,the PBOC in no uncertain terms, directed third-party payment firms to not do any business with bitcoin exchanges in China, so they were told by people who attended the meeting.
Upon encountering these rumors on Chinese internet forums the financial newspaper “National Business Daily” (link in Chinese) contacted the PBOC and the leading third party payment providers in China, Alipay and Tenpay and they all confirmed the reports.
The PBOC now explicitly requires that banks, and payment companies will not provide payment and settlement services to Bitcoin, Litecoin and other peer to peer currency trading sites. For payment companies that already made business with Bitcoin Exchanges , they should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed.
On December 5th the PBOC banned banks in the country from engaging in financial transactions in Bitcoin but left private clients to make their own decisions, leaving a space for supports of the digital currency to claim it can still operate in. Today’s action can almost completely stop Chinese demand for Bitcoin as individuals will not be able to purchase it using banks or third party payment providers.
I really fail to see abundance here. Maybe you could expand on that?
21 million plus numerous altcoins people can switch to is absolute abundance, especially if nobody wants the damn tokens.
I have explained already, why I feel bitcoin is not scarce: https://bitcointalksearch.org/topic/bitcoin-is-not-scarce-366523
There are only 21 million coins on the longest cryptographic blockchain. The blockchain upon which they rest is a key characteristic which constrains their abundance. This is like claiming gold is not scare because it is just an element, and look how much of these other elements we have sitting around!
Try to read the links.
Aha, I looked at the link and I see your problem. You tried to make up your own definition of scarcity and then argue using your own definitions of other words why bitcoins cannot fit into that box. This is something like a strawman argument. If you want to have decent debates, you must agree to use the same definitions for words as everybody else uses.
No. The term is from wikipedia and a generally accepted definition by most economists. Again if nobody wants the damn things, they are not scarce. Also the numerous alt coins people might switch to is a problem ignored by bitcoiners.
Clearly people want the damn things, since there are people paying to get them. So they have a demand, so they are scarce. And I addressed the point about altcoins already a couple posts ago, since that is where I thought you were going with the scarcity argument when you first brought it up. These arguments have been debunked many times before.
Well we will have to wait and see. Right now people want them as a speculative vehicle. I get that.
The altcoin argument has been debunked in the sense that network effects and miners support bitcoin. However, dont underestimate migration to other coins that are more popular, with MINERS AND USERS.
My abundance comment refers to the fact, that if nobody wants them they arent scarce.
Again, we dont have to discuss the probability of this. I believe bitcoin wont be money and you believe it will. I have layed out why I dont believe it will already (https://bitcointalksearch.org/topic/m.3926046). There is nothing more to discuss.
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It's all fun and games until somebody loses an eye
I really fail to see abundance here. Maybe you could expand on that?
21 million plus numerous altcoins people can switch to is absolute abundance, especially if nobody wants the damn tokens.
I have explained already, why I feel bitcoin is not scarce: https://bitcointalksearch.org/topic/bitcoin-is-not-scarce-366523
There are only 21 million coins on the longest cryptographic blockchain. The blockchain upon which they rest is a key characteristic which constrains their abundance. This is like claiming gold is not scare because it is just an element, and look how much of these other elements we have sitting around!
Try to read the links.
Aha, I looked at the link and I see your problem. You tried to make up your own definition of scarcity and then argue using your own definitions of other words why bitcoins cannot fit into that box. This is something like a strawman argument. If you want to have decent debates, you must agree to use the same definitions for words as everybody else uses.
No. The term is from wikipedia and a generally accepted definition by most economists. Again if nobody wants the damn things, they are not scarce. Also the numerous alt coins people might switch to is a problem ignored by bitcoiners.
Clearly people want the damn things, since there are people paying to get them. So they have a demand, so they are scarce. And I addressed the point about altcoins already a couple posts ago, since that is where I thought you were going with the scarcity argument when you first brought it up. These arguments have been debunked many times before.
Well, I have a different opinion,
Bitcoin will not fail. It has been helping people with transactions for the past 4 years, and it became very popular.
As more and more people adopt bitcoin, it will continue to thrive, no matter what governments think.
Bitcoin will not fail. It has been helping people with transactions for the past 4 years, and it became very popular.
As more and more people adopt bitcoin, it will continue to thrive, no matter what governments think.
I really fail to see abundance here. Maybe you could expand on that?
21 million plus numerous altcoins people can switch to is absolute abundance, especially if nobody wants the damn tokens.
I have explained already, why I feel bitcoin is not scarce: https://bitcointalksearch.org/topic/bitcoin-is-not-scarce-366523
There are only 21 million coins on the longest cryptographic blockchain. The blockchain upon which they rest is a key characteristic which constrains their abundance. This is like claiming gold is not scare because it is just an element, and look how much of these other elements we have sitting around!
Try to read the links.
Aha, I looked at the link and I see your problem. You tried to make up your own definition of scarcity and then argue using your own definitions of other words why bitcoins cannot fit into that box. This is something like a strawman argument. If you want to have decent debates, you must agree to use the same definitions for words as everybody else uses.
No. The term is from wikipedia and a generally accepted definition by most economists. Again if nobody wants the damn things, they are not scarce. Also the numerous alt coins people might switch to is a problem ignored by bitcoiners.
Having the metals stored in a secure place does not help you any if it is illegal to trade things for that gold
Black markets will accept gold/ silver coins. Bitcoin wont be accepted as it is not anonymous, and anybody holding bitcoins can EASILY be traced. So much easier than when you trade physical things. Governments couldnt have asked for a more transparent system than bitcoin (maybe thats why the US senate liked it?).
, or transport the gold (how are you going to sneak it through checkpoints on the highway, security at the airport?). It would actually be easier for the government to stop people using gold than for them to stop bitcoins.
Its easy to cross a border by foot. Also as I said, it is important to store gold in countries, where you have a safe political climate.
Lol at you believing it is hard for the government to stop bitcoin: ITS TOTALLY TRANSPARENT.
Again we are arguing a point that is not relevant: I dont believe bitcoin is money, and it wont be successful even in a totally free market.
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Activity: 756
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It's all fun and games until somebody loses an eye
I really fail to see abundance here. Maybe you could expand on that?
21 million plus numerous altcoins people can switch to is absolute abundance, especially if nobody wants the damn tokens.
I have explained already, why I feel bitcoin is not scarce: https://bitcointalksearch.org/topic/bitcoin-is-not-scarce-366523
There are only 21 million coins on the longest cryptographic blockchain. The blockchain upon which they rest is a key characteristic which constrains their abundance. This is like claiming gold is not scare because it is just an element, and look how much of these other elements we have sitting around!
Try to read the links.
Aha, I looked at the link and I see your problem. You tried to make up your own definition of scarcity and then argue using your own definitions of other words why bitcoins cannot fit into that box. This is something like a strawman argument. If you want to have decent debates, you must agree to use the same definitions for words as everybody else uses.
Do you really hope that they don't know that you possess some metal? A few guys here insist that even bitcoin is not anonymous whatever (and what they say might actually be so, I just dunno), then why do you think the fact that you buried your gold in the backyard of your home will somehow help you? They won't come after gold, they will come after you!
Lol at you trying to argue that gold stored that can be stored outside of the country at unknown locations is less anonymous than the totally transparent bitcoin.
It doesn't matter where it is stored, you will show that place yourself or go to jail if you persist (or just happen to forget where you squirreled away your stash). And if it is stored outside of the country, then it is no more physical than gold certificates or whatever...
Nobody KNOWS I actually have gold. Get it in your head. Also, I will be long gone, before a dictatorial government gains such power. There were many warning signs before Hitler actually killed his political enemys. Many people (like Thomas Mann) fled Germany because they could see what was happening.
Anyway, we are arguing a point, which is not relevant. I dont believe bitcoin will be money, even in a free market. Simple.
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Activity: 756
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It's all fun and games until somebody loses an eye
This explains a lot... What would you do if your government decided one day
Well I have stored my metals at a secure place nobody knows about.
Having the metals stored in a secure place does not help you any if it is illegal to trade things for that gold, or transport the gold (how are you going to sneak it through checkpoints on the highway, security at the airport?). It would actually be easier for the government to stop people using gold than for them to stop bitcoins.
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