Quote from: Ibian on March 23, 2014, 07:21:55 PM

Quote from: fcmatt on March 23, 2014, 06:00:19 PM

Quote from: Ibian on March 21, 2014, 01:06:45 PM

Quote from: master-P on March 21, 2014, 04:46:31 AM

Quote from: MatTheCat on March 18, 2014, 01:53:24 PM

Quote from: TERA on March 18, 2014, 09:08:29 AM

If the banking system collapses, then btc price will collapse too. Btc demand is fueled mostly by wires of fiat from bank accounts from speculators.

Shusht!

Be quiet!

You're not meant to say these things! People on this place actually think that Bitcoin is a hedge against collapse of USD and that when the USD actually does collapse, that we are all going to happily exchange things of real value and use for lines of algorithmic computer code backed by no real commodity and backed by absolutely no standing authority! Those of us that have most of these lines of code are going to be the richest!

Looking at the threads on the speculation forum now. One is talking about $1000 BTC, another $10k, and a third mentions $1 million bitcoins. And there's a few people on there saying $1 million is a conservative estimate. I agree with your sentiments above. While I do see potential in bitcoin, a lot of people seem to be delusionally bullish.

Yeah, can you imagine reaching dollar parity? LOLOL!

Speculators have an easier time, psych wise, dealing with a dollar per btc. They can work with that in their heads. They can also justify several or a few hundred dollars per btc. That is still low enough to suck in speculators to keep the price up or stable. But once you get past 800 dollars per btc you are talking a lot of money for a normal joe. Like a weeks worth of labor to buy a bitcoin. That is when fresh blood is hard to find unless mania sets in. Tulip mania.

Look at lottery ticket prices in the US as a good example of what the market bears before tickets dont sell. Btc is very close to that.

Bullshit. Speculators make money by not being braindead like the rest of the masses.

I dont think a non brain dead speculator would jump into this btc market right now. They would wait for a definite barrier being breached. In other words a clear rally to get in on the upswing. This means to me the price of a bitcoin lottery ticket is still too high. Joe Average aint gonna toss 500+ plus dollars around for a coin. Speculators arent excited yet. This train is heading south. Sub 500 in a few weeks easy.

Pysch wise... The current price in this atmosphere is poison for bitcoin.