Bitcoin Prices Continue To Plummet

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More bad news for bitcoin. Could bitcoin be bottoming out?

The price correction was driven by news from China, as it often has been. Fresh rumors of a government crackdown on the currency in the country, which could blunt demand and adoption, and therefore impair its value, sent the price of bitcoin down a quick 10 percent. It has since continued to slip.
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Communism hates freedom and loves control. Centralizated heaven.

It is a naive pipedream to believe that China is "the next big thing" for Bitcoin market penetration. Bitcoin requries freedom from capital controls to survive.

That being said, the technology behind Bitcoin will revolutionize how units of value are sent electronically and completely eliminate the estimated global $1.5 trillion a year transaction fee tax.

Bitcoin isn't going anywhere, not ever and not now.
 
Higher highs, and lower lows.

Such is a completely unregulated investment vehicle. Might go up again the next time people need to escape from the IMF's reach. Still good to have an option.
 
atp1916 said:
Communism hates freedom and loves control. Centralizated heaven.

It is a naive pipedream to believe that China is "the next big thing" for Bitcoin market penetration. Bitcoin requries freedom from capital controls to survive.

That being said, the technology behind Bitcoin will revolutionize how units of value are sent electronically and completely eliminate the estimated global $1.5 trillion a year transaction fee tax.

Bitcoin isn't going anywhere, not ever and not now.
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But if the cost to mine is always more than you can get from selling (no profit) then it will be done. That's just simple business and economics, no matter how revolutionary you think it is.
 
hopefully the price gouging asshole resellers will start dropping prices no way in hell any of em can justify the insane markups on amd because of bitcoin
 
No, like all the shyster "investment" guys say:

Now's a great time because you can buy MORE for the same amount of money!

:rolleyes:

Yeah. I don't buy it either.
 
atp1916 said:
Communism hates freedom and loves control. Centralizated heaven.
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All governments were against this, communist and capitalist. Capitalist governments like the USA have gone to war to protect the petro-dollar, and a competing currency out of their control and taxation they won't tolerate.

Check the largest contributors to the Obama Administration's last campaign btw, four were banks.
 
King Icewind said:
But if the cost to mine is always more than you can get from selling (no profit) then it will be done. That's just simple business and economics, no matter how revolutionary you think it is.
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Your point is a generally valid for any non-ASIC secured coin, especially GPU coins.

It is, however, not directly relevant to Bitcoin when factoring in the constantly improving efficiency vs watt of bitcoin ASIC technology. The latest gen BTC ASICs will always break even with the transaction fee, or better.
 
ROTO said:
hopefully the price gouging asshole resellers will start dropping prices no way in hell any of em can justify the insane markups on amd because of bitcoin
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nopw,because no one use's GPU's to mine bitcoin anymore. They are used for altcoins.
 
You pro-bitcoin people serious? You need currency regulation!

This morning when i walked out of my house i had $200 in my wallet. If i check it now....guess what....still $200

If i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!

This kind of currency has already existed for decades. It's called stock options. You can use it for some stuff (like CEO bonuses) but not for real stuff like buying a sandwich.
 
atp1916 said:
That being said, the technology behind Bitcoin will revolutionize how units of value are sent electronically and completely eliminate the estimated global $1.5 trillion a year transaction fee tax.
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No it won't. It's attached to too much ideology to be a useful currency for anyone that matters. It's fine as a speculative asset or as a toy for tech guys. A competitor - possibly in the form of a state-backed company exposing its own digital currency in China with equally low transaction fees could quite easily displace it. Especially if other countries expose similar services to digitally transmit what amounts to an extension of their fiat. They could make it safer, require authentication, and it would be immediately available for proper taxation and anti-laundering scrutiny. Adoption could be much quicker in entities that matter - larger economies and enterprise business.

atp1916 said:
Bitcoin isn't going anywhere, not ever and not now.
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Yes it is. It'll be replaced by whatever better and more useful comes along after it.
 
Yakk said:
Higher highs, and lower lows.

Such is a completely unregulated investment vehicle. Might go up again the next time people need to escape from the IMF's reach. Still good to have an option.
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That's not the problem at all.

Regulated government currencies, INCLUDING the United States Dollar have had flucutations in the thousand %-es in their history. Remember after WW1 the Deutschmark for example was so devalued that my grandparents family's liquid life savings went completely up in smoke, and they had to be paid daily and used suitcases of cash to buy groceries.

Its not about regulation, its about STABILITY. The stability of the currencies future is at risk BECAUSE of government regulation in China against it.

If it were completely unregulated, with no risks to its adoption as an acceptable currency, it would rise with its rise in adoption and eventually stabilize.
 
...and here we go around n around with the Bitcoin detractors.

Ya'll have your opinions, we Bitcoin proponents have ours.

We'll definitely agree to disagree on this one.

/unsubscribe.
 
The problem with bitcoins is that the only reason people want it is just to have it.
 
mastaBlasta said:
You pro-bitcoin people serious? You need currency regulation!

This morning when i walked out of my house i had $200 in my wallet. If i check it now....guess what....still $200

If i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!

This kind of currency has already existed for decades. It's called stock options. You can use it for some stuff (like CEO bonuses) but not for real stuff like buying a sandwich.
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lol

you are funny, technically speaking your $200 in your pocket this morning can be worth less or more at any time. The most obvious example is gas prices but that too is tied to a market so its not the best example only the most obvious.

Dollars are traded on markets just like BTC. Its just the dollar market is waaaay bigger and more stable/slower because it has been around for a long time.

Stores have to change prices to see the effect and the USD is generally stable enough so being on top of it is not worth the labor to change prices too often.

BTC on the other hand is new, yes it is volatile but it also offered waaaay bigger profit opportunities (and losses) then USD trading because it is new.
 
mastaBlasta said:
You pro-bitcoin people serious? You need currency regulation!

This morning when i walked out of my house i had $200 in my wallet. If i check it now....guess what....still $200

If i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!
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lolz. brilliant.

i am praying for the price to plummet further.
 
McFry said:
The problem with bitcoins is that the only reason people want it is just to have it.
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To a point I agree... The BTC fanboys will say BTC is revolutionary like CC/Debit Cards, saving businesses tons of money in transactions fees, reversals etc.

What they fail to access is the slow transfers (based on 3-6 confirmation standard), lack of ANY consumer protection aka reversals.

So for BTC to be adopted and used as a common "transaction" medium for normal consumers... middle men companies just like Visa, MC etc will almost have to exist to speed up transactions and provide transaction insurance/reversals. Then the transaction fees will be back.

BTC is good for non-time dependent transactions though, sort of like a faster check aka internet shopping. Also would be really good for large trusted transactions skipping bank fees but the trust has to be there.
 
Glad I traded my last partial bitcoin for an amazon gift card when they where still over $700.
 
Ducman69 said:
All governments were against this, communist and capitalist. Capitalist governments like the USA .....
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we do not have capitalism in the united states. We have fascism / crony capitalism. Any critiques you offer may be legitimate, but they are not of capitalism itself.
 
I have my xbox gift card for 2500 points for sale for 900$
any buyers? I mined for it.
 
d568.jpg
 
mastaBlasta said:
You pro-bitcoin people serious? You need currency regulation!

This morning when i walked out of my house i had $200 in my wallet. If i check it now....guess what....still $200

If i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!

This kind of currency has already existed for decades. It's called stock options. You can use it for some stuff (like CEO bonuses) but not for real stuff like buying a sandwich.
Click to expand...
your analogy is wrong it would be like walking out the door with 200 bit coins to buy something that costs 200 bit coins in the morning only to find when you get to the store that you now need 300 bitcoins because the value of your 200 bitcoins dropped...
 
mastaBlasta said:
You pro-bitcoin people serious? You need currency regulation!

This morning when i walked out of my house i had $200 in my wallet. If i check it now....guess what....still $200

If i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!

This kind of currency has already existed for decades. It's called stock options. You can use it for some stuff (like CEO bonuses) but not for real stuff like buying a sandwich.
Click to expand...

Hey you anti-knowledge people, please read something before you start a dribbling diatribe.

Let's see what the IRS says: IRS Says Bitcoin Is Property, Not Currency

So, considering it's not classified as a currency, but more like a commodity, the heavy fluctuating value is par for the course, just look at precious metals on a timeline.

Here's what I think about the stock market analogy as carefully explained by Zoidberg.
How does the conservative sandwich heavy portfolio look NOW huh???
 
dandirk said:
lol

you are funny, technically speaking your $200 in your pocket this morning can be worth less or more at any time. The most obvious example is gas prices but that too is tied to a market so its not the best example only the most obvious.

Dollars are traded on markets just like BTC. Its just the dollar market is waaaay bigger and more stable/slower because it has been around for a long time.

Stores have to change prices to see the effect and the USD is generally stable enough so being on top of it is not worth the labor to change prices too often.

BTC on the other hand is new, yes it is volatile but it also offered waaaay bigger profit opportunities (and losses) then USD trading because it is new.
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So we'll just have to put faith in BTC and hope it stabilizes in 200 years, then? :rolleyes:

BTC today is a speculative commodity. For it to become a circulating currency it would have to be accepted for trade in every conceivable market of goods and services, and I really don't see that happening. I think the concept is sound and it may be revisited in the future, but BTC's implementation is too flawed to ever be taken seriously by the masses.
 
sell all your amd hardware miners for deply discounted prices i still need a 2nd 290 :D
 
The only people that didn't see this coming were the true bitcoin believers. Only thing I'm surprised is how how soon it happened. I also see the for sale forums flooded with AMD cards now...whodathunkit. :rolleyes:
 
McFry said:
The problem with bitcoins is that the only reason people want it is just to have it.
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Well that and like the crime syndicates on the planet need people to want them so they have some sorta value and make it possible for them to use miners and btc fanatics to fund drugs, gun production and resale, and human trafficking. It's really sad to see so many tech people get excited and put so much time and effort into helping crime. That's how the FBI holds so much btc. They're constantly getting seized when they're being used for all those awful things like 35 year old men marrying 14 year old girls.

The best thing that could ever happen to btc is if global governments agree to mandate that each person gets associated by name and like a personal identifier with their btc wallet and that a transfer of btc between parties gets logged and approved by a law enforcement body before it happens.
 
mastaBlasta said:
if i had had 200 bitcoins this morning in my wallet, now i would have....180. I can't make purchase and budgeting decisions on that!
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WAT...Why would you lose 20BTC? You do know the value drops not the amount you have right? I just wish these clueless people would do some research. People tend to hate things they do not understand.
 
McFry said:
The problem with bitcoins is that the only reason people want it is just to have it.
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Could say the same about gold in silver. Sure people trade it, but many keep it as an investment when prices are on the rise, as they have been for a while.

Are we to say that a gold currency, something that is actually based on a physical good of limited quanity, isn't viable because its price fluctuates?
 
nvgrim said:
WAT...Why would you lose 20BTC? You do know the value drops not the amount you have right? I just wish these clueless people would do some research. People tend to hate things they do not understand.
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LOL...only the true believers understand the awesomeness of losing money. Everybdy else is clueless. :p
 
Armenius said:
So we'll just have to put faith in BTC and hope it stabilizes in 200 years, then? :rolleyes:

BTC today is a speculative commodity. For it to become a circulating currency it would have to be accepted for trade in every conceivable market of goods and services, and I really don't see that happening. I think the concept is sound and it may be revisited in the future, but BTC's implementation is too flawed to ever be taken seriously by the masses.
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Agree right now it is a spec commodity that can be more easily "bartered" then say oil.

as for your :rolleyes: be realistic also the USD stabalized faster then 200 years. Just like any thing early adoption is a bumpy road, just in this case it can cause you to lose (or make) actual money. Which honestly is no different then an early adoption purchase that is useless due to what ever reason.

If you bought at 10 cents... you wouldn't be complaining and being sarcastic now.

BTC isn't the end all be all, its risky, its new, it could completely fail. But I do this it is interesting and could be worthwhile even if not in specific BTC form (but another alt currency).
 
CreepyUncleGoogle said:
The best thing that could ever happen to btc is if global governments agree to mandate that each person gets associated by name and like a personal identifier with their btc wallet and that a transfer of btc between parties gets logged and approved by a law enforcement body before it happens.
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Did you really just propose that law enforcement be notified and required to pre-approve me spending my own money?
 
Kueller said:
Did you really just propose that law enforcement be notified and required to pre-approve me spending my own money?
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Not for money, just for bitcoin tranactions and I think it should be a globally funded organization that does it and uses like a percentage of the value of each transaction, like maybe 10 - 15% to fund live humans and systems that would log and process it. That'd really help improve the security of btc and make it a lot more legitimate while discouraging or even eliminating criminal activity.
 
dandirk said:
Agree right now it is a spec commodity that can be more easily "bartered" then say oil.

as for your :rolleyes: be realistic also the USD stabalized faster then 200 years. Just like any thing early adoption is a bumpy road, just in this case it can cause you to lose (or make) actual money. Which honestly is no different then an early adoption purchase that is useless due to what ever reason.

If you bought at 10 cents... you wouldn't be complaining and being sarcastic now.

BTC isn't the end all be all, its risky, its new, it could completely fail. But I do this it is interesting and could be worthwhile even if not in specific BTC form (but another alt currency).
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I know it didn't actually take 200 years... I was being facetious.
 
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