Quote from: mpfrank on October 17, 2011, 07:28:25 PM

Quote from: BitVapes on October 17, 2011, 06:33:17 PM

Quote from: pandemic on October 17, 2011, 06:27:20 PM

I have to say, it's looking like BTC is plummeting and I've no idea how it'll recover.

it will recover when there are more buyers than sellers. Supply and demand, my friend. Unfortunately at this time, supply is outpacing demand. I'm glad I didn't invest in mining equipment back in June around $30/BTC.

What would create demand is if the entire BTC community signed a legally-binding contract promising that each of us will forever accept, say, 0.00001 BTC as full payment for US$1 worth of whatever goods & services we provide; this would instantly "bootstrap" the BTC price to a floor of US$100,000/BTC, and make mining very lucrative (for a while), and millions of new people would rush into Bitcoin.

YOU CANNOT control markets. they must be free to go up and down with market forces. btc will be worth what people are willing to pay for them, that it is, period.

my problem now is.. I am generating them basically at the cost of electricity. I will know for sure when I get the next power bill. last bill was 1320.