at this moment, the Dow is up 100 and entering a new trending phase UP. the USD is down and UST's are selling off
even oil, gold and silver are up.
RISK ON!
Topic: You guys need a reality check - page 3. (Read 9480 times)
My "reality check" arrived! and it was even bigger than I thought it would be. Thanks bitcoin! 
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10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?
Good luck buying a bitcoin for 5$ now 
If bitcoin takes off this year, I really doubt that we will ever come back down to below $4 unless sometime drastic happens to bitcoin and the network completely dries off. And it's looks like we are getting ready to take off real soon into double digits. Of course there is a chance it may fall back down, but I think it's very slim chance that we will ever see prices we did back in Oct-Dec 2011 unless something drastic happens to bitcoin.
Enjoy the low single digit pricing while you still can.
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10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?
Good luck buying a bitcoin for 5$ now 
So basically this entire thread can be summarized in one line:
Whatever Edward50 advises, do the exact opposite.
Got it!
Whatever Edward50 advises, do the exact opposite.
Got it!
I see too much blind optimism.
Pff. Whenever I see your name on a post, I just ignore it (I may as well just put you on ignore completely, and you'll be the first which is saying a lot in this community). You're the biggest bear/downramper/fearmonger/FUD spreader on this forum.
actually it's a valuable life hack to learn who's not worth your time to discuss with.
while ignoring a user don't worry to miss his/her posts completely as some of the stuff eventually shows up quoted by some users you don't ignore in their posts.
I see too much blind optimism.
Pff. Whenever I see your name on a post, I just ignore it (I may as well just put you on ignore completely, and you'll be the first which is saying a lot in this community). You're the biggest bear/downramper/fearmonger/FUD spreader on this forum.
I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.
If this were remotely true, then bitcoin would rise to the moon again. Considering that the reality is much more muted than it was in the spring, I doubt that there is much blind optimism.
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1) Bitcoins are as useless now as they ever were
I've personally bought dozens of items online. The system has a steeper learning curve than using credit cards, but it's easier once you know how. If it were useless, I would have sold out last year.
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2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.
Gold isn't consumed either, and your statement that everyone who bought on the way up needs to eventually sell them is just as true with regard to gold. Gold is still a commodity. Consumption isn't a necessary requirement.
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3) The market is very tiny, and is growing slowly at best.
The market is very tiny, and growing at an estimatable rate of at least 50% APR. That's not slow by any metric, even though it would still take decades at that rate to match a moderately sized western economy, and that rate is almost certainly not sustainable.
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4) 5,000-7000 new bitcoins come into existence every single day.
More specificly, 7200 bitcoins come into existence every single day. It's is because of that precision of increases in the monetary base and the knowledge that the market continues to absorb those new bitcoins without a drop in value is how the growth rate of the economy can be estimated.
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5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.
Which is just as true with just about anything else, only much less so due to bitcoin's very small economy. As the economy grows larger, those bubbles will become less and less dramatic.
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6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?
Probably, but are you a sucker?
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7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?
Is that your problem? Or theirs'?
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Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?Couldn't speculate upon that, but whether they are suckers or not, they keep coming. So by definition, the bitcoin economy grows.
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9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.
It always does. The market depth on mtgox doesn't reflect a significant portion of the market, since there is much more in the 'dark pools' and who use bots to trade without showing up on the data charts. Don't put too much faith in that.
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10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?
Obviously, someone is that stupid. Or that smart, depending on the outcomes. Time will tell.
I remember those ascending triangles, yes... 
I am optimistic now simply because the price held at $2.50 for so long. Which means, it's not likely to go lower than that.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
+1 glad to see you back onboard.
so you now see the psychological impact of price alone. its self feeding on the way down and causes all sorts of negative sentiment which break us apart.
now on the way back up, we can reunite and make Bitcoin the new alternative.
I did go from optimistic, to pessimistic, and back to optimistic about the long-term future of Bitcoins. Reason being, when I was pessimistic, it was because I believed Bitcoin would always be a niche product. But now, I am beginning to realize that it is enough of a niche to sustain the project, pretty much indefinitely. I don't see how Bitcoin could ever die completely.
i do indeed track you. ever since i told you about ascending triangles back in the Spring. remember that?
but more so i track you b/c you're an important part of the community and i think you do good work from the coding side, Firstbits being one example alone.
as bullish as i've been, it was discouraging to see many ppl like you go to the dark side. i could see the negative sentiment permeating the forum. but i kept the faith and now all of us who have supported the project from the beginning are now getting some redemption.
welcome back!
I am optimistic now simply because the price held at $2.50 for so long. Which means, it's not likely to go lower than that.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
+1 glad to see you back onboard.
so you now see the psychological impact of price alone. its self feeding on the way down and causes all sorts of negative sentiment which break us apart.
now on the way back up, we can reunite and make Bitcoin the new alternative.
I did go from optimistic, to pessimistic, and back to optimistic about the long-term future of Bitcoins. Reason being, when I was pessimistic, it was because I believed Bitcoin would always be a niche product. But now, I am beginning to realize that it is enough of a niche to sustain the project, pretty much indefinitely. I don't see how Bitcoin could ever die completely.
I am optimistic now simply because the price held at $2.50 for so long. Which means, it's not likely to go lower than that.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
At $2.50/coin, with 7200 coins generated daily, people believe in Bitcoins enough to inject $18,000/day into the system. That's a significant amount of money, and I don't think it's just one person, or just a few people. Pure speculation on my part, but I don't see a system viewed as failed being propped up for this long by this much money by less than a dozen people, and more likely, it is propped up by hundreds.
Then, you look at the future. We are now less than a year away from mining rewards being cut in half. As we get closer to that point in time, we will have more and more assurance that the value of Bitcoin has only one way to move, assuming that same $18,000/day injection.
I think $2.50 really was the rock bottom. There are too many people who believe in Bitcoin and want, badly, to see it succeed, for it to fail completely. It might forever be a niche item, but that niche will always be there. And so far, no one has come even close to overturning Bitcoins as the go-to product for the niche.
This is all just my opinion, of course.
+1 glad to see you back onboard.
so you now see the psychological impact of price alone. its self feeding on the way down and causes all sorts of negative sentiment which break us apart.
now on the way back up, we can reunite and make Bitcoin the new alternative.
here's the reality check:
Edward, possibly, although highly unlikely, bought in at around $2/BTC or below
then he sold at $3.8-4 with hope to re buy again at <$2
then came realization that it's not happening anytime soon, at which point he decided to come on forums again, to spew, like he usually does, his worthless agenda on here
Edward, possibly, although highly unlikely, bought in at around $2/BTC or below
then he sold at $3.8-4 with hope to re buy again at <$2
then came realization that it's not happening anytime soon, at which point he decided to come on forums again, to spew, like he usually does, his worthless agenda on here
Thats exactly what it looks like.
Mmmm...
Best part... several hours after the meal, since you don't digest it, the gold is available once again!
Thanks but I think I will pass on the recycled gold.
the market doesn't agree with you, Edward
He didn't say it would go to minus infinity today.
There was a point in stopping the bear trolling back when the bust was on, but right now there's really no reason to go against people with either opinion. Bitcoin fundamentals are good, but the rise is faster than the market catches up, so both sides have a point.
I was in on slowing down Edward's bearishness back in the bust, but now that things have turned I don't see a reason to do so. It's good to have a variety of opinions.
here's the reality check:
Edward, possibly, although highly unlikely, bought in at around $2/BTC or below
then he sold at $3.8-4 with hope to re buy again at <$2
then came realization that it's not happening anytime soon, at which point he decided to come on forums again, to spew, like he usually does, his worthless agenda on here
the market doesn't agree with you, Edward
He didn't say it would go to minus infinity today.
There was a point in stopping the bear trolling back when the bust was on, but right now there's really no reason to go against people with either opinion. Bitcoin fundamentals are good, but the rise is faster than the market catches up, so both sides have a point.
I was in on slowing down Edward's bearishness back in the bust, but now that things have turned I don't see a reason to do so. It's good to have a variety of opinions.
the market doesn't agree with you, Edward
Lots of people drink silver water and gold water and you can find it in your body as well. just saying.
Mmmm...
Well that depends on what consumed means, I'm going to arbitrarily group thusly:
"Consumed"
Electronics 7%
Dentistry 2%
Other Industrial Uses 2%
Medals 1%
12%
"Hoarded"
Jewelry 67%
Implied Investment 9%
Bar Hoarding 3%
Net Producer Hedging 3%
Coins 3%
85%
So I reckon the other 3% is what they make bitcoins from, so that means the entire market will be worth 3% of 5.3million troy ounces, at todays prices around $250m so fair price is $11.90 a coin!
heh.
The market is a contest with money as points. So the scoreboard says the OP is wrong. I don't see how anyone can argue with that. I mean, I could say gold is a stupid useless rock. But wtf does my opinion matter when I go to the jewelry store.
Opinion = Ehhh Shiney worthless rock unless
ahhh worthless posting feels so good. Resume speculation.....
The market is a contest with money as points. So the scoreboard says the OP is wrong. I don't see how anyone can argue with that. I mean, I could say gold is a stupid useless rock. But wtf does my opinion matter when I go to the jewelry store.
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