Silk Road forums

Discussion => Security => Topic started by: jamin210 on July 01, 2013, 04:08 pm

Title: BTC Price drop
Post by: jamin210 on July 01, 2013, 04:08 pm
Sheesh!!! $92.20 USD per BTC right now. i wonder if/when the value will go back up. I'm assuming buying right now could be a great investment or a horrible loss.. as it always is. But more now than last week

Input anyone?
Title: Re: BTC Price drop
Post by: ChemCat on July 01, 2013, 04:13 pm
I just ask the "Magic 8 Ball"



;)
Title: Re: BTC Price drop
Post by: Jack N Hoff on July 01, 2013, 04:16 pm
Hit $91.50 USD

It will always go back up.  Many years from now you will be thinking "damn I remember when bitcoins were worth $260."
Title: Re: BTC Price drop
Post by: Jack N Hoff on July 01, 2013, 05:56 pm
18,000 bitcoins were just dumped on Mt Gox bringing BTC value down to $89.21 per coin.
Title: Re: BTC Price drop
Post by: gingerballs on July 01, 2013, 06:09 pm
maybe people have been more concerned with big brother interference.. especially with that NSA shit going on.
Title: Re: BTC Price drop
Post by: AbuNazir on July 01, 2013, 06:30 pm
Happens at the end of the month just about every month. Prices dive way down around the 30th-1st then slowly trend back up. 2 weeks from now I imagine they will be over 110 or 115. I normally buy when it hits the 80's on BTC-e which it has. They are 85 each on there right now.
Title: Re: BTC Price drop
Post by: DrWalterB on July 01, 2013, 07:24 pm
Time to buy some BTC :) most unstable currency I ever seen !!!
Title: Re: BTC Price drop
Post by: astor on July 01, 2013, 07:41 pm
Yeah, I'm recently disappointed. If you look at various indicators of interest in bitcoin, they are all way down compared to a few months ago.

Number of transactions excluding popular addresses (ie, Satoshi Dice): https://blockchain.info/charts/n-transactions-excluding-popular

Number of transactions per block: https://blockchain.info/charts/n-transactions-per-block

Number of unique addresses used: https://blockchain.info/charts/n-unique-addresses

Most importantly, USD exchange trade volume: https://blockchain.info/charts/trade-volume

We lost a lot of momentum with that crash, and it seems like every once in a while someone holding a lot of BTC decides to cash out.
Title: Re: BTC Price drop
Post by: ruby123 on July 01, 2013, 08:15 pm
The US is only one market where Bitcoin use has declined....I think within the next 6 months the price will increase substantially, factoring in the increased development of the currency. The US gov (FinCEN) has accepted the validity of the currency...see their recent press release. One concern is the bank lobby, which makes a fortune ripping off small businesses and consumers with superfluous charges. Many start up companies will come online in near the future, then we should have a better idea of Bitcoin trajectory. The benefit in Bitcoin is mostly it's practicality/psuedo-anonomity, I do not think SN intended the currency to be completely an investment but an easily  exchanged decentralized currency, which can store value. The prime number sequences become more of a challenge to compute as the numbers grow; comparable to mining gold. If only someone could solve the Riemann hypothesis....
Title: Re: BTC Price drop
Post by: Juggernog on July 01, 2013, 08:20 pm
Yeah, I HAD over 50btc when they were around 10.00 each, wish I would have kept them :( ended up loosing out on a huge chunk of change.
Title: Re: BTC Price drop
Post by: bluegreen23 on July 01, 2013, 10:00 pm
also remember that mt.gox is in their 2 week hiatus on US funds.
and it seems virtex is having some issues since the 28th.

pretty frustrating considering that right now is a great time to buy and 2 big exchanges are half assed.
Title: Re: BTC Price drop
Post by: ThePhoenix on July 02, 2013, 03:21 pm
I was fortunate to buy  a few bitcoins last night and then by this morning I made a little cash
Title: Re: BTC Price drop
Post by: thegoodgirl82 on July 02, 2013, 06:26 pm
The important thing to remember is that the drugs cost the same whether a bitcoin is worth a dollar or 100 dollars!

I agree it is a gamble using btc and I guess buying some drugs now will be best left will next week or the week after when the btc is worth 100 dollars again!

I'm happy to wait as I buy maybe once a month or so just one certain drug. The rest are readily avaliable in the real world!
Title: Re: BTC Price drop
Post by: astor on July 02, 2013, 06:52 pm
The important thing to remember is that the drugs cost the same whether a bitcoin is worth a dollar or 100 dollars!

Not if you buy a bitcoin at $100 and spend it at $1, or $88 for that matter.

Unfortunately, the recent trend looks a lot like it did after the 2011 crash, when the BTC price decreased slowly but steadily over several months. That's what it looks like it has been doing for the last 5-6 weeks after some initial bouncing up and down after the big crash.

Here's what I'm talking about (outlined with my shitty annotation): http://xqz3u5drneuzhaeo.onion/users/qicpic/files/sk.png

It started around May 20.

Here's how it compares to the 2011 crash: http://xqz3u5drneuzhaeo.onion/users/qicpic/files/sq.png

Obviously the magnitude is bigger this time, but it looks roughly similar.

Past performance is not indicative of future results, but I don't have much confidence at this point that the situation will improve, given the other indicators that I cited above. Interest in bitcoin has seems to have cooled..
Title: Re: BTC Price drop
Post by: ChemCat on July 02, 2013, 07:02 pm
i think the lowest i ever paid for a bitcoin was like 10 bux  LOL

somewhere around there...i seem to remember seeing 9 bux for a few minutes....but i might have been rollin  :P
Title: Re: BTC Price drop
Post by: joolz on July 02, 2013, 07:24 pm
i think the lowest i ever paid for a bitcoin was like 10 bux  LOL

somewhere around there...i seem to remember seeing 9 bux for a few minutes....but i might have been rollin  :P
careful  ;)
Title: Re: BTC Price drop
Post by: Dr. Chillout on July 02, 2013, 07:52 pm
we all need a stable cryptocurrency.... will the Bitcoin ever be that?
Title: Re: BTC Price drop
Post by: astor on July 02, 2013, 08:09 pm
i think the lowest i ever paid for a bitcoin was like 10 bux  LOL

somewhere around there...i seem to remember seeing 9 bux for a few minutes....but i might have been rollin  :P

The first time I heard about Bitcoin, it was 20 cents. I was like, what is this, monopoly money? :)
Title: Re: BTC Price drop
Post by: ChemCat on July 02, 2013, 08:11 pm
 ;D


And what a monopoly it's turned into  LOL

Hi astor  :)

How've you been?


Hugs  :)

  ChemCat

                O0
Title: Re: BTC Price drop
Post by: Rastaman Vibration on July 03, 2013, 04:51 am
Unfortunately, the recent trend looks a lot like it did after the 2011 crash, when the BTC price decreased slowly but steadily over several months. That's what it looks like it has been doing for the last 5-6 weeks after some initial bouncing up and down after the big crash.

Here's what I'm talking about (outlined with my shitty annotation): http://xqz3u5drneuzhaeo.onion/users/qicpic/files/sk.png

It started around May 20.

Here's how it compares to the 2011 crash: http://xqz3u5drneuzhaeo.onion/users/qicpic/files/sq.png

Obviously the magnitude is bigger this time, but it looks roughly similar.

Past performance is not indicative of future results, but I don't have much confidence at this point that the situation will improve, given the other indicators that I cited above. Interest in bitcoin has seems to have cooled..

Thanks for that very insightful info, @astor. Love the graphs. I'd +1 you, but apparently it hasnt been long enough ;D
Title: Re: BTC Price drop
Post by: thelorax on July 03, 2013, 05:11 am
shit when i first got on SR i remember thinking 13 bucks was fucking high as shit..

but dont ever bet on btc.. if you were here for the rise and fall i think you've learned your lesson..

this shit is not an investment unless u got money to loose.. i know people that lost EVERYTHING!!

bought when the shit was 170 200 bucks.. now have nothing.. so..

do as u do but shit i know one thing if investing invest what u dont need at ALL!!
Title: Re: BTC Price drop
Post by: fuckmadagascar on July 03, 2013, 08:43 am
we all need a stable cryptocurrency.... will the Bitcoin ever be that?
Only with enough liquidity. The trading volume on the various exchanges is so low that, as mentioned earlier, a single person cashing out from Bitcoin to fiat is enough to make noticeable movements in the Bitcoin price. If you buy Bitcoins, your country's dollar/currency does not see a significant hit. In selling Bitcoin, it's a whole other story.

But like I said, it's with widespread acceptance as a form of payment will a stable price come. Until then, it'll go up and down all over the place until it either becomes worth nothing, or becomes worth a lot for a single BTC.
Title: Re: BTC Price drop
Post by: Trippinmonkey on July 03, 2013, 04:09 pm
Heard somewhere that there is also "smallcoin" now. Don't know anything about it. But if that is a new currency then that might work against the value of btc?

I also remember the time where 1btc was $10/less. On SR that did not really matter. Had I kept them then I would be kind of rich now.

Investing always costs and gains you money. But you'd have to be good at it just with every other thing you can invest in, in order to predict it's future. And even then you can be teriibly wrong.
Title: Re: BTC Price drop
Post by: astor on July 03, 2013, 07:30 pm
shit when i first got on SR i remember thinking 13 bucks was fucking high as shit..

but dont ever bet on btc.. if you were here for the rise and fall i think you've learned your lesson..

this shit is not an investment unless u got money to loose.. i know people that lost EVERYTHING!!

bought when the shit was 170 200 bucks.. now have nothing.. so..

do as u do but shit i know one thing if investing invest what u dont need at ALL!!

I was watching the live stream of Gox trades during the crash. Right as it started, I saw a trade for 315 BTC at $239. Whoever sold was a genius in retrospect. Whoever bought that BTC, if it was one person, has lost $50,000 of $75,000. So if anyone reading this is depressed about losing 10% in the last week, think of that guy.

My motto: shit could be worse.
Title: Re: BTC Price drop
Post by: Crooked on July 03, 2013, 07:46 pm
^I'm doing worse than that fucker this last month
Title: Re: BTC Price drop
Post by: BlueSkiesRedEyes on July 03, 2013, 08:15 pm
Cashed out myself, save for a token amount of BTC I have sitting in a safe place with a sign that says  "IN CASE OF MASSIVE BTC PRICE SPIKE REMOVE ENCRYPTION AND SELL!"  Enough to make me some decent cash with a large enough spike, not enough for me to give a shit about if it goes to $1 and never comes back.

It's a bit concerning watching the price drop, and I took losses as damn near every vendor has, but I'm inclined to go with astor and think this is a slow steady decline.  Many of the articles I've been reading lately have mentioned a floor at $30-50 and with all the gov't action on so many anti-privacy and anti-individual fronts lately, I don't think that is entirely unreasonable.
Title: Re: BTC Price drop
Post by: gingerballs on July 03, 2013, 08:21 pm
i don't like any of my current options to get bitcoins. i was going to make a purchase of some coins, but it might be better to just hold onto my cash. it looks like, to me, it's harder to get ahold of some bitcoins (anonymously) due changing government regulations. oh well though, i spent about $550 for 30 coins, so i'm still up overall.

it's confounding to me that some people were speculating "bitcoins will hit 10,000 easily" thinking that government could no way affect its growth. sure, as of now government has no way of completely stopping bitcoins, but they can very easily put a big hurdle on bitcoin's development. i sure wish it would reach sugh heights, but to me, it's a longshot and if it does occur.. it won't be any time within the next few years.
Title: Re: BTC Price drop
Post by: MasterKief on July 04, 2013, 02:10 am
California is trying to impose some sort of tax on bitcoin. The Bitcoin Foundation basically told them to fuck off. Maybe the drop is a result from people maybe thinking bitcoin will become an unusable crypto currency. All these policy changes aren't helping either. Food for thought

Bitcoin Foundation's Response:
http://www.scribd.com/doc/151346841/Bitcoin-Foundation-Response-to-California-DFI
Title: Re: BTC Price drop
Post by: Countdown2013 on July 04, 2013, 02:41 am
Quick buy drugs while you BTC is still valuable!

Personally I think its just another crash fueled by emotion , recently there have been many bitcoin amateurs coming into the market these are the kind of people who would easily get scared and call 'bubble' , IF it goes down to 30-40 I won't be too worried since I'm in it for the long haul  8)

The more the price drops while I'm selling and the longer is stays low while I'm selling the better off IL be in 2-3 years time if the price gets back about 100usd. IF I were in this for quick gains I would be selling in person like every other fucker fuck!

Peace not panic
Title: Re: BTC Price drop
Post by: oldtoby on July 04, 2013, 03:42 am
Heard somewhere that there is also "smallcoin" now. Don't know anything about it. But if that is a new currency then that might work against the value of btc?

litecoin   novacoin   chinacoin   BBQcoin

There are a ton of these things. Look on the Russian exchange site, or "CoinChoose". Everytime I hear people say "Look how low Coin X is! Buy!" I check back a few weeks later and it's lower. And lower. And lower. I mean, yeah, BTC could go up again. As could all these coins (I've watched them all fall across the past few months) but they've got awhile to climb again before all those people shouting "Buy" break even if they walked when they talked.
Title: Re: BTC Price drop
Post by: Crooked on July 05, 2013, 09:55 am
Hype man, hype.

I just wish I had stuck to my February plan and I wouldn't have gotten raped so hard since April.

I'm willing to put about 15% of my net worth into BTC right now but that's it. I'm no economics expert. I'm just a pharmaceutical block scholar.
Title: Re: BTC Price drop
Post by: GGGreenbud on July 05, 2013, 05:21 pm
$71.24 on Coinbase.com, bitchezzzz.   It's about time we saw movement.  THIS is our mini-crash.  Remember the mini-crash last fall, around mid-october? well, it lost about 1/3, then recovered quickly.   If you follow the log chart, its really not that bad.
Title: Re: BTC Price drop
Post by: biglubes on July 05, 2013, 06:13 pm
$67  8)
Title: Re: BTC Price drop
Post by: astor on July 05, 2013, 06:47 pm
If you follow the log chart, its really not that bad.

LOL, this is true. And if you change the y axis scale to 0 to $1000, the drop looks even less significant.
Title: Re: BTC Price drop
Post by: C20H25N3O on July 05, 2013, 06:48 pm
The price is going down and as far as I can see nothing is gonna stop this
Title: Re: BTC Price drop
Post by: weed4me6969 on July 05, 2013, 07:20 pm
So whats the deal guys???  I got over 10 btc in account!!!   I am not sure if i am going to wait a few days for it to go back up, because i lost hella money the past few days!   But i dont wanna buy now, and take this loss if it is just going to go back up in a couple days. ya know?   

Need some advice guys! 
Title: Re: BTC Price drop
Post by: gingerballs on July 05, 2013, 07:23 pm
i went ahead and spent some of my coins.. i guess it was a good decision. maybe i'll snatch a few coins up if/when it hits 50 per.
Title: Re: BTC Price drop
Post by: astor on July 05, 2013, 07:51 pm
So whats the deal guys???  I got over 10 btc in account!!!   I am not sure if i am going to wait a few days for it to go back up, because i lost hella money the past few days!   But i dont wanna buy now, and take this loss if it is just going to go back up in a couple days. ya know?   

Need some advice guys!

Consider the money you lost a sunk cost. All that matters is whether you believe the price will go up or continue to go down. I believe it will continue to go down, so for me the rational choice is to spend or sell the coins.
Title: Re: BTC Price drop
Post by: weed4me6969 on July 05, 2013, 08:12 pm
Damn that sucks!!!  I really hope this shit gets back up, i just put alot in acct...DAMNITTTTTTTT
Title: Re: BTC Price drop
Post by: Juggernog on July 05, 2013, 08:54 pm
hah, I only have $0.77 So i'm not feeling a gain or loss right now. :( :)
Title: Re: BTC Price drop
Post by: frank-butcher24 on July 05, 2013, 09:01 pm
I've lost about £50 this last week.

But I bought some in February (ish) 2012 at a couple of pounds each, and spent only a bit before leaving them alone for a while. That modest investment basically paid for my drug use for a year.

So I am not complaining, no sir.
Title: Re: BTC Price drop
Post by: koonta on July 06, 2013, 02:14 am
My 1.8 bitcoins have taken a good raping,but im glad this has happened.I think they will drop to 50 a coin and if they still keep falling the makers of bitcoin will prop up the currency.

Buy at 50 if u want to make some money,or buy at any value to spend it fast if u just want drugs.Good times.
Title: Re: BTC Price drop
Post by: slade17 on July 06, 2013, 02:31 am
I don't like all this fluctuating. I was comfortable when 1 bitcoin = $100. It was so easy to tell prices vendors were charging, too  >:(
Title: Re: BTC Price drop
Post by: ChemCat on July 06, 2013, 02:37 am
Then what are ya gonna do when ya buy at 50 and it drops to 17 


:o
Title: Re: BTC Price drop
Post by: koonta on July 06, 2013, 02:43 am
It wont drop that far,bitcoin wont let it.$50 is a safe price for investment.
Title: Re: BTC Price drop
Post by: Juggernog on July 06, 2013, 02:47 am
I don't like all this fluctuating. I was comfortable when 1 bitcoin = $100. It was so easy to tell prices vendors were charging, too  >:(

You should never even have to calculate, just goto setting and change bitcoin to US dollars!
Title: Re: BTC Price drop
Post by: ChemCat on July 06, 2013, 02:52 am
it wont drop that far?


Okay  :)
Title: Re: BTC Price drop
Post by: koonta on July 06, 2013, 03:02 am
I'll bet u .5 of a coin it wont drop below $20 US it the next 30 days chemcat.U want?
Title: Re: BTC Price drop
Post by: slade17 on July 06, 2013, 03:14 am
I don't like all this fluctuating. I was comfortable when 1 bitcoin = $100. It was so easy to tell prices vendors were charging, too  >:(

You should never even have to calculate, just goto setting and change bitcoin to US dollars!
Oh hey, this is handy. I'd +1 you in a heartbeat.
Title: Re: BTC Price drop
Post by: ChemCat on July 06, 2013, 03:20 am
nah  :)

i dont gamble  :P
Title: Re: BTC Price drop
Post by: koonta on July 06, 2013, 03:25 am
FUNNY :))))
Title: Re: BTC Price drop
Post by: ChemCat on July 06, 2013, 03:29 am
 ;)
Title: Re: BTC Price drop
Post by: drbrule on July 06, 2013, 03:46 am
I don't like all this fluctuating. I was comfortable when 1 bitcoin = $100. It was so easy to tell prices vendors were charging, too  >:(

You should never even have to calculate, just goto setting and change bitcoin to US dollars!
Oh hey, this is handy. I'd +1 you in a heartbeat.

Lol, that's the first damn thing I did when I first started using SR  :) No time to sit and calculate every vendors prices

The very first time I browsed some listings, I thought "Holy fuck, no way! 30mg oxys for 5 bucks?? Oh wait... That little B symbol isn't a dollar sign". This was back when bitcoins were like, 5 bucks a piece, so yeah.
Title: Re: BTC Price drop
Post by: spunjtom on July 06, 2013, 03:49 am
It wont drop that far,bitcoin wont let it.$50 is a safe price for investment.

Who exactly is "bitcoin"?
Title: Re: BTC Price drop
Post by: cantellya on July 06, 2013, 01:08 pm
trading lows at 60. wow. Lost half its volume in the last month. :( Glad I trade and purchase quickly.
Title: Re: BTC Price drop
Post by: joolz on July 06, 2013, 07:15 pm
;)
the police  ;D

 I Already Realize I Am Part of Something!
Title: Re: BTC Price drop
Post by: MrBenDover on July 06, 2013, 07:29 pm
I wish I could be grabbing some cheaper bitcoins but here in deepest darkest Africa we're still trading at 98 dollars a BTC :|
Title: Re: BTC Price drop
Post by: thelorax on July 06, 2013, 07:36 pm
whats a bitcoin?
and how do i use it/get it?
Title: Re: BTC Price drop
Post by: ChemCat on July 06, 2013, 07:38 pm
wal-mart ???




:o


Title: Re: BTC Price drop
Post by: MrBenDover on July 06, 2013, 07:49 pm
whats a bitcoin?
and how do i use it/get it?

A bitcoin is magical currency that was created by unicorns and the unicorns want you to buy bitcoins and send them to this address: 1HqnBMrJkKKTpDm9eSVsBE8fX5NDvXXVA. This helps fund the unicorns and their fight against Evil Inc. who under the overlordship of my mother in law send henchmen also known as customs to intercept packages of happiness in the mail, and send coal instead :(
Title: Re: BTC Price drop
Post by: CHROOT on July 06, 2013, 08:05 pm
If you look deep enough into the inner-workings of the bitcoin universe there are lots of troubling signs.

The number of transactions, number of transactions per block, number of unique addresses used, and USD exchange trade volume are all in a slow death spiral.  Client downloads are falling sharply as well.

As soon as bitcoin hit the big time this April, it also engaged governments around the world in an increased effort to marginalize bitcoin.

Even local governments like the state of California are now going after bitcoin hardcore. They are even initiating litigation against the bitcoin foundation itself for fucks sake. This may not go anywhere but the mere fact that a super liberal enclave like CA would even attempt this is a bad omen.

They are attacking bitcoin merchants like bitspend.net which was just shut down under bullshit money transmitter laws. The new FinCEN regulations put in place this March make a clear statement that while bitcoin can't be stopped, we sure can make it hard to convert into dollars.

The EU and Australia are also gearing up for a long hard battle to delegitimize bitcoin and stop all bitcoin to currency conversions.

Mt Gox, Dwolla, BitInstant, you name it, if it's in the bitcoin business it's now under fire from all angles. Couple this with a decreased interest by the public and it's no wonder it's falling so precipitously.

Don't just read these "it's okay, it will bounce back and be $1000 in no time" rally monkey posts. Just earlier this year it was $15, and it could just as easily get back there before it ever sees $100 again.

I no longer view bitcoin as an alternative investment like gold, but as a transaction mechanism only that needs to be treated like hot potato the second it hits my vendor account. God damn shame too.
Title: Re: BTC Price drop
Post by: joolz on July 07, 2013, 12:57 am
If you look deep enough into the inner-workings of the bitcoin universe there are lots of troubling signs.

The number of transactions, number of transactions per block, number of unique addresses used, and USD exchange trade volume are all in a slow death spiral.  Client downloads are falling sharply as well.

As soon as bitcoin hit the big time this April, it also engaged governments around the world in an increased effort to marginalize bitcoin.

Even local governments like the state of California are now going after bitcoin hardcore. They are even initiating litigation against the bitcoin foundation itself for fucks sake. This may not go anywhere but the mere fact that a super liberal enclave like CA would even attempt this is a bad omen.

They are attacking bitcoin merchants like bitspend.net which was just shut down under bullshit money transmitter laws. The new FinCEN regulations put in place this March make a clear statement that while bitcoin can't be stopped, we sure can make it hard to convert into dollars.

The EU and Australia are also gearing up for a long hard battle to delegitimize bitcoin and stop all bitcoin to currency conversions.

Mt Gox, Dwolla, BitInstant, you name it, if it's in the bitcoin business it's now under fire from all angles. Couple this with a decreased interest by the public and it's no wonder it's falling so precipitously.

Don't just read these "it's okay, it will bounce back and be $1000 in no time" rally monkey posts. Just earlier this year it was $15, and it could just as easily get back there before it ever sees $100 again.

I no longer view bitcoin as an alternative investment like gold, but as a transaction mechanism only that needs to be treated like hot potato the second it hits my vendor account. God damn shame too.
yeh and scam vendors scam sites,the whole thing is a shambles .
Title: Re: BTC Price drop
Post by: GGGreenbud on July 07, 2013, 02:07 am
    Well, I have to add my 2c, as I am a believer in bitcoin.  Yes, I agree that the price is arbitrary, and that it's primary use is a store of value.  But here's the thing= I'll still be buying my alternative-medicines with it, and I expect that more people will use it in a closed-circuit type of way, where vendors(anonymously) sell coin to buyers.  Even if we have to do it at a buck a coin, or use some extremely technical BTC-by-IRC type of deal, nothing will stop this.  I am prepared to lose however much I am holding- but I blame the downfall of BTC on the fact that the miner's have been hording since the beginning.  Now, we have this huge mining investment, and all of those horders, 'true believers' who mined back in '09, are cashing out to mine Terracoin or whatever, great.  If they had been going out and finding ways to sell bitcoin anonymously, instead of through exchanges this whole time, their product would be worth vastly more, but they didn't do that, they left it to foreign and domestic corporations who didn't have the infrastructure to handle it.   We will weather this storm, I've always said this, but if Bitcoin fails, another coin will take its place, and it will be just as good, if not better.  There were unforseen problems with the original code, and the bitcoin foundation hasn't really done much to win over the politicos out there, but we will find sanctuary, somewhere, and if you believe in digital, decentralized, coin tech, than we can all agree that it will exist, I don't care if I have to sell it in back alleys or parking lots, it will be done.  Virtual Currency is the future, the sooner the governments of the world realize that, the better off we will all be.  Every new technology takes at least 5 years to become mainstream, we are 3 years in, with an entirely new product.   For the first 150 years of the US, 'script' or 'store money' was accepted as trade and could be redeemed at stores, in many places without banks, people almost never saw dollar bills, and would keep small gold coins for savings.  There is no difference with BTC, it is script, which our founding fathers in the US were very, very, familiar with.  This is why people don't find huge caches of old paper money very often, it is a relatively new invention, and degrades easily.  Viva La Bitcoin Revolucion!
Title: Re: BTC Price drop
Post by: gingerballs on July 07, 2013, 04:15 am
i bought the $ worth of stuff i put into btc's and i have 20+ left to show for them.. so i'm happy as it is. i think im going to continue riding the wave though.
Title: Re: BTC Price drop
Post by: kmfkewm on July 07, 2013, 08:46 am
I think it is funny that somebody thinks it is a bad omen that the liberals dislike Bitcoin. Of course they dislike it, hell they dislike it even more than the conservatives do. Liberals hate the idea of people having a way to avoid taxation or to make income that they cannot easily tax.
Title: Re: BTC Price drop
Post by: CHROOT on July 07, 2013, 05:14 pm
I think it is funny that somebody thinks it is a bad omen that the liberals dislike Bitcoin. Of course they dislike it, hell they dislike it even more than the conservatives do. Liberals hate the idea of people having a way to avoid taxation or to make income that they cannot easily tax.

I was thinking more along the lines of it's probably a bad omen when a state that gave birth to Silicon Valley and is an incubator for bitcoin startups is now suing the living shit out of any company that has anything even remotely to do with bitcoin. Half the bitcoin startups are coming out of California yet the CA attorney general thought it was a good idea to try and shut down the Bitcoin Foundation. This tells me that regulators far and wide have bitcoin in the crosshairs.
Title: Re: BTC Price drop
Post by: kennypowders on July 07, 2013, 05:27 pm
CHROOT is right on the money.

With money,
Kenny
Title: Re: BTC Price drop
Post by: Jack N Hoff on July 08, 2013, 04:41 am
Rising for over 24 hours. 8)
Title: Re: BTC Price drop
Post by: thelorax on July 08, 2013, 04:46 am
Rising for over 24 hours. 8)

@jack..

i bet u feel like Jesus dont you .. predicting things and all..

you are one swell guy ya know.. but seriously u did call it.. but i sit here and wonder how much coins u actually have.. and how much the drop effected you..

care to tell?
Title: Re: BTC Price drop
Post by: Jack N Hoff on July 08, 2013, 04:49 am
Rising for over 24 hours. 8)

@jack..

i bet u feel like Jesus dont you .. predicting things and all..

you are one swell guy ya know.. but seriously u did call it.. but i sit here and wonder how much coins u actually have.. and how much the drop effected you..

care to tell?

I didn't predict this lol.  I was talking purely about long term.  I don't care about short term. 

I have enough.  I will never tell more than that... ;D
Title: Re: BTC Price drop
Post by: gingerballs on July 08, 2013, 08:48 am
i remember telling myself that once bitcion hit the mainstream, there would be increased government regulation which would lead to a bearish sell-off effect.. i wasn't very interested with BTC's since march though, and didn't cash out.

really, i don't see how people could claim that bitcoins would $10,000/per.. that would require ubitious use, and acceptance from world governments. people also mainly use bitcoins for SR related purchases and other illegal activities - everyone else is just a speculator.

i'm not current with all the new developments of the bitcoin industry, but imo there should be better services for gambling, since bitcoin does fill the void for this need... especially if a site charges only, say, 2% vs. 5% that bookies take home.
Title: Re: BTC Price drop
Post by: Sasscrotch on July 08, 2013, 05:24 pm
If you look deep enough into the inner-workings of the bitcoin universe there are lots of troubling signs.

The number of transactions, number of transactions per block, number of unique addresses used, and USD exchange trade volume are all in a slow death spiral.  Client downloads are falling sharply as well.

As soon as bitcoin hit the big time this April, it also engaged governments around the world in an increased effort to marginalize bitcoin.

Even local governments like the state of California are now going after bitcoin hardcore. They are even initiating litigation against the bitcoin foundation itself for fucks sake. This may not go anywhere but the mere fact that a super liberal enclave like CA would even attempt this is a bad omen.

They are attacking bitcoin merchants like bitspend.net which was just shut down under bullshit money transmitter laws. The new FinCEN regulations put in place this March make a clear statement that while bitcoin can't be stopped, we sure can make it hard to convert into dollars.

The EU and Australia are also gearing up for a long hard battle to delegitimize bitcoin and stop all bitcoin to currency conversions.

Mt Gox, Dwolla, BitInstant, you name it, if it's in the bitcoin business it's now under fire from all angles. Couple this with a decreased interest by the public and it's no wonder it's falling so precipitously.

Don't just read these "it's okay, it will bounce back and be $1000 in no time" rally monkey posts. Just earlier this year it was $15, and it could just as easily get back there before it ever sees $100 again.

I no longer view bitcoin as an alternative investment like gold, but as a transaction mechanism only that needs to be treated like hot potato the second it hits my vendor account. God damn shame too.

I enjoyed reading that.  +1.  Oh wait, I can't.  It's the thought though, right?
Title: Re: BTC Price drop
Post by: Trippinmonkey on July 08, 2013, 06:31 pm
BTC = interesting.
Back in the days mining was worth it. Then it became kind of worthless unless you stole energy from somebody else, since the mining barely covered the power consumption.

Did they decrease the amount of btc's per day for mining lately, or did that remain the same and it's worth doing it again now?

Funny how at first I wasted my time by buying for about $5 and selling at $10 in small amounts. If only I knew they would be worth $180 at some point for a very short time...

I heard there are more and more alternative sorts of coins coming up lately? Smallcoins, Terracoins? Why for gods sake? BTC's were going to be a big problem for banks and if you were rich with BTC's then you'd be rich, instead of having to pay more taxes and spend a lot of your time keeping track of investments...

I agree with the above statement that it does not matter what liberals or others think. It's the people who must not lose faith in BTC's. And correct me if I'm wrong but aren't a lot of people already purchasing BTC's not through banks but by moneypacks and things like that?

This must be/have been a terrible time for vendors I can imagine. First you have $10.000 and then half of it or less.

Keep on posting  8)
Title: Re: BTC Price drop
Post by: jlranier on July 08, 2013, 07:59 pm
So for months I spectated as this whole bitcoin phenomenon took off. For months I've gathered funds, read and researched trying to learn about bitcoins and I've watched their value steadily increase and then decrease etc. After watching them sink for a while I finally decided to take the plunge and establish a bitcoin wallet and SR account, waiting to get the balls up to actually order something. Within a day, BAM, fucking 8 dollar increase in value and thus cost.

Fifififiggurs
Title: Re: BTC Price drop
Post by: Jack N Hoff on July 12, 2013, 12:35 pm
So what was everyone saying about $30 coins and $17 coins and bitcoins crashing???  Anyone have some of those cheap bitcoins that they would like to sell me for $30 or $27? ;D
Title: Re: BTC Price drop
Post by: Crooked on July 12, 2013, 12:40 pm
I panicked like a little bitch when it dropped below 70  >:(

fucking regretting it now
Title: Re: BTC Price drop
Post by: ChemCat on July 12, 2013, 12:40 pm
LOL  i gots some cash...jack?  who is this person in the spare coin thread?   
Title: Re: BTC Price drop
Post by: slade17 on July 12, 2013, 11:54 pm
I panicked like a little bitch when it dropped below 70  >:(

fucking regretting it now
This exactly. I'd be doing pretty well right now if I held out.
Title: Re: BTC Price drop
Post by: thelorax on July 13, 2013, 02:16 am
lol mfw i held out.. and now i have made a grand

mfw no face