BTC $255 Getting Its Assed Kicked!

Its been an intriguing roller-coaster.
Thoughts? Speculation?

BW

yeah, we all saw that coming from a long time now didn't we? It was going up and down. If someone with $100k worth of BTC would sell them for cheap, everyone would be screwed. I never liked BTC anyways so no worries for me.

My thoughts are BTC is finally maturing which means we will see less bubbles. That along with the
fact that Chinese banks are no longer buying into it means it will stabilize somewhat at a much
lower rate.

Originally BTC was used primarily on the black market and the only reason it enjoys the value its
at now is because slowly businesses are starting to accept it. This means that as a serious currency
it has a long life but the days of playing like the stock market are coming to an end.

Just my thoughts...

I never used crypto currency, it scares me

Brad100 said:

It was going up and down. If someone with $100k worth of BTC would sell them for cheap, everyone would be screwed.

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I would expect that it would take a lot more than just 100K in BTC to move the market in any significant way.

it's all China's fault... lol

pretty much everyone i know personally that heavily invested in crypto is out except me at this point it would be pointless to sell them - but if i see 4-500$ again i will dump the 65+ i have

boy i bet the winklevoss twins are feelin the heat right about now with that whole bitcoin trust they established which reportedly owns 6.5% of bitcoins lol they bought in at 757$ a coin :shock:

I think that Cryptocurrencies are fun to play around with. Last week I decided to use my little server to mine some Pandacoins. My server was made for small tasks and only achieved ~37kh/s but I thought it was fun.

In the end I made ~506.07 PND

I lost money in the electricity costs but hey, I feel like I accomplished something.

BassTrackerBoats said:

I would expect that it would take a lot more than just 100K in BTC to move the market in any significant way.

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And it would need a lot more




I think someone is trying to lower it down now before big pump, it happened already few times before
it went down almost to $100 before it was pumped to $1k. Not 100% sure but i think same thing is happening now

west555 said:

And it would need a lot more

I think someone is trying to lower it down now before big pump, it happened already few times before
it went down almost to $100 before it was pumped to $1k. Not 100% sure but i think same thing is happening now

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Well I would have to agree with your thoughts, I think that a new boom may be coming. But as someone said earlier, the market have been more stabilized, it will be a slower growth this time. If and whenever that happens.

west555 said:

And it would need a lot more


I think someone is trying to lower it down now before big pump, it happened already few times before
it went down almost to $100 before it was pumped to $1k. Not 100% sure but i think same thing is happening now

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Right, that's what i am keeping my fingers crossed for - but I did not willingly jump into crypto markets myself, but I do agree that it is fun to play around & see what mini-currencies are taking off / crashing spectacularly at the drop of the hat now... I mean if someone would have told me Litecoin would be down to 2$ this time last year, i would have never believed it...

At the same time... Given the network effects and the eye opening amount of venture capital / pv money aimed at bitcoin companies, seems obvious that bitcoin will be the global reserve crypto

What is really fascinating to me is that you can determine the future supply of coins per block (via miners) based on block reward halving. ten years from meow
miners will only be producing like 1-1.5? BTC for every block chain given....
seeing the staggering rate of growth of the mining industry last year alone... perhaps BTC prices 5+ years from now will be significantly higher than they are today and far less prone to just major shifts and hiccups in its overall value - It is all very fascinating to see how it unfolds - I personally see the imperative need for crypto currency today from a practical standpoint - but the generation gap is what i think is keeping it from gaining the real momentum its going to hopefully get as the years go on and more & more out of date policy makers will retire / and the older generation still left will have had enough time to assimilate this very confusing & foreign concept's value finally ignite that lightbulb in their heads & they too will get on board...

but i digress, one can only hope thats how it will go anyway, if we arent all speaking a chineese-russian hybrid by then :whee:

Only the young people that are paranoid, nerds or into illicit activity are into bitcoins and other cryptocurrencies. The vast majority of young people don't give a f*ck and would rather use something that is easy such as cash or debit/credit cards.

Great opinions and input. Much appreciated.

Well right now I think that people are panicking and that's why were seeing the price plummet like it is, but I think that the obvious ongoing problem is and will continue to be that everyday more coins get converted into fiat than fiat gets converted into coins. Miners have to dump a very large percentage of their coins everyday just to cover costs (if they don't just dump all of them for profit anyways) and merchant adoption means nothing if they're just converting your BTC to USD on the fly. There's just not enough interest from investors and normal users to keep the price afloat.

Unless these startups produce some truly "disruptive killer apps" fucking soon Bitcoin's chances of becoming a mainstream currency are ZERO. It'll take a seriously innovative miracle to get normal people to start buying coins and I really doubt the developers have it in them. Normal people just don't care, there is currently no reason for them to use bitcoin when there are faster, easier, safer and even cheaper ways to store and move their money.

At least it has the backing of the darknet. Heroine addicts won't care if 1BTC = 1USD, they'll still use it.

The Bubble was suggested over a year ago

I also think, however, that that Bitcoin will probably prove to be a gigantic bubble, like http://www.businessinsider.com/bitcoin-is-a-currency-for-clowns-2013-11. Bitcoin has all the hallmarks of bubbles, including:

• A good underlying story
• A sexy "new-ness" that requires some work to understand
• A small and finite supply
• A fundamental "value" that is highly subjective and, therefore, justifiable at almost any level
• A high level of risk and excitement associated with trading it
• A passionate community of early adherents who are convinced of their own brilliance and http://www.businessinsider.com/heres-what-happens-if-you-criticize-bitcoin-2013-11 at anyone who dares suggest that they are, hallucinating. (Don't believe this? Diss Bitcoin on Twitter and see what happens. http://www.businessinsider.com/heres-what-happens-if-you-criticize-bitcoin-2013-11.)

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http://www.businessinsider.com/bitcoin-price-2013-11

STKMKTFTGRU said:

Only the young people that are paranoid, nerds or into illicit activity are into bitcoins and other cryptocurrencies. The vast majority of young people don't give a f*ck and would rather use something that is easy such as cash or debit/credit cards.

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so your saying only 'nerds & those engaging in illegal activity' are into bitcoins & other crypto + majority of kids don't give a sh*t?

i'm sorry but i dunno whether to laugh or cry...

please give me some examples as to why you feel this way?

tacitinc said:

so your saying only 'nerds & those engaging in illegal activity' are into bitcoins & other crypto + majority of kids don't give a sh*t?

i'm sorry but i dunno whether to laugh or cry...

please give me some examples as to why you feel this way?

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I also mentioned paranoid, because there is really no other reason to use it. A debit or credit card as well as cash is much more stable then using a barely used currency that is most likely a fad for the majority of users.

The whole point of an anonymous crypto-currency is to hide stuff from the authorities as well as protection from civil suits.

Bitcoin is dead. It will never take off. It's just too hard to buy it for the common man.

I feel bitcoin is like PTC.

Hmm, whats really going on with the coins? I bouth 3 bitcoins at about 1000 last year and logged in now to find block chain valuing them at 700 plus

NecroManhcer said:

Last week I decided to use my little server to mine some Pandacoins. My server was made for small tasks and only achieved ~37kh/s but I thought it was fun.

In the end I made ~506.07 PND

I lost money in the electricity costs.

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you are better off just hanging around on their irc channel with that capacity , i have around 100k PNDs now (which is still pretty much close to nothing, at least for now), never mined/bought a single coin, it's all from tips and free faucets
but yea, as you said, it's not really for money making at this point, it's more like just for fun