Quote from: proudhon on October 19, 2011, 04:10:59 PM

Quote from: petercyr on October 19, 2011, 03:12:55 PM

"debating how low the price can fall before the currency is declared dead"

Bitcoin can still be use for payment regardless of its value. The only thing that will happen if the price gets really low is we'll lose some people who were in it for a quick buck. Whether the value is $30 or $0.30, I can still buy some and spend some. As long as people own some and there's a reason to move them around, bitcoin will live on.

I just wish it was easier to find stuff you actually want to spend them on.

You talk as if bitcoin is stable enough to just spend $100 buying bitcoins, then spend those bitcoins to buy $100 worth of stuff. It isn't. Sure, you can still perform transaction in bitcoin. The problem is that it doesn't store value well at all. For all practical purposes bitcoin is done for at this point.

So true, these idiots who think they will hold bitcoins if the price is $100 or $0.01 are delusional. There is only one reserve currency in the world, USD, everything is priced in it, it doesn't matter if it is Swiss francs, Renminbi, Gold, pigs, cucumbers, or band aids. If BTC value goes down, yes you dumbasses, your 100 BTC goes down in value also. The market has peaked and is in for a slow long decline to base value of a bitcoin, which is nearly 0 since people can mine them for free on other peoples hardware, and the sunk costs in the ASICS are producing bitcoins for free as well. Those of you hoarding your bitcoins in hopes of $50 value, or even $10 are in for a long sore lesson. Price will slowly sink to $1 where there is probably some emotional resistance and it will bounce around, and then sink lower.

Gameover

Posts

Merits