Quote from: allten on October 18, 2011, 11:30:52 PM

Quote from: mizike29 on October 18, 2011, 11:25:14 PM

Shit, Bitcoin is dead, down to 2.3 dollars, jesus, what a waste of a cool system.

Funny, the farther the price goes down, the more excited I get.
And I just purchased a whole bunch.
And my optimism in Bitcoin has never been brighter.
The price needed to come down to be sustainable.
I have another order at $2
A much bigger order at $1.5
And all my bitcoin investing money goes in at $1.00

In what sense is $2/BTC "sustainable?" At that price, the total value of the entire Bitcoin money supply will never be greater than US$42 million, hardly enough to even be worth wiping the bottom of a typical hedge fund manager or bank CEO. In other words, totally insignificant relative to the world money supply of traditional currencies, which is in the tens of TRILLIONS of dollars. If it remains at a price in the single digits, BTC will never be anything but a novelty/toy, with zero global impact to speak of. The price needs to grow by 1,000x, 10,000x or more before it will really start to be a significant force in the world. Otherwise it will have been just a flash in the pan, nothing but an obscure hobby/entertainment that briefly caught some press attention.

Yeah, it'll be sustainable, just like collecting any other random little niche commodity like HO-scale model trains is sustainable.

Sorry, if the Bitcoin community isn't trying to live up to its potential to change the world, then it's not worth my time.