Silk Road forums

Discussion => Newbie discussion => Topic started by: REDEYE on March 23, 2013, 05:20 pm

Title: New it BTC decline
Post by: REDEYE on March 23, 2013, 05:20 pm
BTC are going to go down  alot now.
Title: Re: New it BTC decline
Post by: ChemCat on March 23, 2013, 05:39 pm
Enlighten me Please  :)

Peace,

ChemCat

8)
Title: Re: New it BTC decline
Post by: REDEYE on March 23, 2013, 05:41 pm
Im an Economist I know.  BTC will go down to around 30 to 40 and will stablize for a while.  My advice buy btc when you want to buy something right away, don't save those fuckin things.
Title: Re: New it BTC decline
Post by: ChemCat on March 23, 2013, 05:47 pm
how long before they go back down to $50/BTC ?
personally i'd like to see them @ 100.00 and stay there for about 2 months
:P

Hello!!!!  By the way  :)

Peace,

ChemCat

8)
Title: Re: New it BTC decline
Post by: Taklamak4n on March 23, 2013, 06:26 pm
I agree it is difficult for Bitcoin to recover to previous highs after today's action. A dip to just above 40 (from 54) destroyed a lot of confidence to this rally. Just my technical point of view.
Title: Re: New it BTC decline
Post by: tommytucka on March 23, 2013, 07:02 pm
Im an Economist I know.  BTC will go down to around 30 to 40 and will stablize for a while.  My advice buy btc when you want to buy something right away, don't save those fuckin things.

I demand credentials. jk, but what makes you think that? I know less than nothing about economics.
I've been waiting for those babies to go down for some time now.
Title: Re: New it BTC decline
Post by: teqno on March 23, 2013, 08:03 pm
Damn these coins...The way it was climbing this week I was sure it was going to hit at least $80..
Title: Re: New it BTC decline
Post by: Taklamak4n on March 23, 2013, 08:35 pm
Damn these coins...The way it was climbing this week I was sure it was going to hit at least $80..
It is still possible, though perhaps less probable than few days ago. The reason for the skyrocketing price was panic in Cyprus and Spain. Maybe BC takes a breather and continues to 200, who knows? Picking tops is almost impossible.
Title: Re: New it BTC decline
Post by: identity420 on March 23, 2013, 08:53 pm
How are BTC going down??? a month or so ago 1BTC cost me 20 bux... now its reached fuken 65 bux!!!!!!!!!!!!!!!!!!
|

What am I missing here/?????


I might start BTC mining myself.
Title: Re: New it BTC decline
Post by: ChemCat on March 23, 2013, 08:58 pm
How are BTC going down??? a month or so ago 1BTC cost me 20 bux... now its reached fuken 65 bux!!!!!!!!!!!!!!!!!!
|

What am I missing here/?????


I might start BTC mining myself.

be prepared to fork out some cash for good mining equipment.
also be on the lookout for blue dragons  :o
Title: Re: New it BTC decline
Post by: Oliveoil on March 23, 2013, 09:05 pm
"I new it!"

You Sir are a genius! I knew someone would claim it.
Title: Re: New it BTC decline
Post by: ChemCat on March 23, 2013, 09:14 pm
"I new it!"

You Sir are a genius! I knew someone would claim it.


Huh?
Title: Re: New it BTC decline
Post by: teqno on March 23, 2013, 09:28 pm
"I new it!"

You Sir are a genius! I knew someone would claim it.

I "new" someone was going to beat me to it.

*Knew - You're welcome. :)
Title: Re: New it BTC decline
Post by: Duckman on March 23, 2013, 09:34 pm
Im an Economist I know.  BTC will go down to around 30 to 40 and will stablize for a while.  My advice buy btc when you want to buy something right away, don't save those fuckin things.

There is a BIG difference between being an economist and being a successful trader.

The analogy I would offer is this, very few English teachers could write a best selling novel.
Title: Re: New it BTC decline
Post by: REDEYE on March 23, 2013, 09:46 pm
Lets look at it this point of view.  A house you can buy per say some areas was 180 thou, market jumped like the btc to like 500 thou.
Went back doen to 420 thou.  Never will go back to 180 thou.  Just like btc, started at 10 or some shit like that got to 73.  It will go down but never back to 10. DR E
Title: Re: New it BTC decline
Post by: REDEYE on March 23, 2013, 09:49 pm
I might say it will go down to 40 in the next week or so and go up and down from there.  So vendor buy out right now.
Title: Re: New it BTC decline
Post by: Smarties on March 23, 2013, 09:55 pm
This weekend I planned to sink £500 into BTC. Was going to buy them last night but ended up getting drunk instead and put it off. Glad I did since they've fallen in the last 24 hours.

My stats on the Road are $666.6 spent in six months (not sure I like all those sixes!). Figured that I should stock up on BTC and whatever I bought this weekend should cover my day to day purchases over the next six months and any future rises in that period would be a nice bonus.

Still going to do it but the question now is when to buy? They're currently around the £40 mark. Most people are expecting them to rise further over the course of the next few months but as far as right now is concerned will we see them dip back into the £30's again?

So question to everyone. If you had £500 to blow on BTC what would you do and when?
Title: Re: New it BTC decline
Post by: Oliveoil on March 23, 2013, 09:59 pm
It seems the people buying are mostly buying slow in small chunks regularly over a number of days. The people selling are selling in large chunks, quickly all at once. Pro's vs. Panic ? Impossible to guess on a short term buy but long term btc still look good.

Title: Re: New it BTC decline
Post by: REDEYE on March 23, 2013, 10:01 pm
My advice to you is only but btc when you want to buy something at this point.  If your thinking of making money the oppurtunity has passed sorry.  You'll see its at 62 right now its going to drop and its not going back up like it did.  I have a BS in CIS and Econmics but use drugs so I'm not all that stupid.  Was working got layed off.  But will be working again in this field pretty soon.  So I no this shit
Title: Re: New it BTC decline
Post by: Duckman on March 23, 2013, 10:12 pm
Lets look at it this point of view.  A house you can buy per say some areas was 180 thou, market jumped like the btc to like 500 thou.
Went back doen to 420 thou.  Never will go back to 180 thou.  Just like btc, started at 10 or some shit like that got to 73.  It will go down but never back to 10. DR E

Bitcoins can go down to 0

They do not work like a normal currency whereby the government creates a perpetual demand by requiring you to pay your taxes in a set currency.  Instead bitcoins are a free market, unregulated currency with no central bank buying up surplus to artificially adjust the price.

Very few people have any long term saving tied up in BTC so, unlike houses, there is very little lag effect which means that if the value of BTC drops, people get rid of them (they are completely liquid so its an almost instantaneous process) whereas with houses they tend to hang on to them as a large portion of their life savings is tied up and they cant afford to take the loss.

Title: Re: New it BTC decline
Post by: hexokinase on March 23, 2013, 10:19 pm
None of you are discussing WHY it is fluctuating. Europeans freaking out over banks have driven the price up recently. It will probably continue to rise due to this!
Title: Re: New it BTC decline
Post by: REDEYE on March 23, 2013, 10:22 pm
That is true.  But your lookin at something more condensed than this.  What I mean is as long there is a market for BTC it will be recognized as a currency.  As soon as the narket  has no need for BTC than it will completly go to shit.  I've been readin that BTC are used now alot for legal stuff don't know why but thats why its worth was on the rise
Title: Re: New it BTC decline
Post by: Duckman on March 23, 2013, 10:26 pm
None of you are discussing WHY it is fluctuating. Europeans freaking out over banks have driven the price up recently. It will probably continue to rise due to this!

Whilst it could be due to failing Cypriot banks, I think its unlikely, I would assume that investors would use more traditional methods of preserving their wealth, i.e. gold bullion

I think the reason the price is going up is due to demand.  Its only in the last year or two that people have really started to use BTC, infact I have been told that online shops are beginning to use it.

BTC supply is very limited.  BTC are virtualy mined and the mining algorithm becomes exponentially more difficult overtime.  About this time last year they were predicting that by the end of 2012 BTC mining would be so complex that inflation would run riot, and here we are a few months after the predicted deadline and we are witnessing just that.
Title: Re: New it BTC decline
Post by: tommytucka on March 23, 2013, 10:37 pm
My advice to you is only but btc when you want to buy something at this point.  If your thinking of making money the oppurtunity has passed sorry. 

This has been my philosophy ever since I bought my first coins. And it looks like it will always be that way now.
Unfortunately, that philosophy was purely because I didn't know any better. The thought of investing in bitcoins never crossed my mind until it was far, far too late.
I'm probably not going to make a lot of money in real life.
Title: Re: New it BTC decline
Post by: warfareonion on March 23, 2013, 10:53 pm
The bitcoin spike was in response to the announcement of the first BTC mutual fund, and has nothing to do with European banks.  The price might go up, or might go down—but will do so based on unpredictable events.
Title: Re: New it BTC decline
Post by: Taklamak4n on March 24, 2013, 08:20 am
http://www.businessweek.com/articles/2013-03-20/jittery-spaniards-seek-safe-haven-in-bitcoins
Title: Re: New it BTC decline
Post by: jentyb on March 24, 2013, 08:39 am
Man i'm so lost on btc does anyone have a step by step guide of how to buy them where to send them etc etc. I read the wiki it only give sites and some sites says transfer from my bank account but i heard that wasn't safe to do... If someone could help me break this down i'd greatly appreciate it. I would like the easiest way to get them and buy something... Oh another thing i downloaded gpg4win and kleopatra gives a error and closes and won't open again... I feel like tapping out man this is stressful lmao... :-\
Title: Re: New it BTC decline
Post by: scarecrow on March 24, 2013, 09:02 am
huh?
Title: Re: New it BTC decline
Post by: Taklamak4n on March 24, 2013, 11:50 am
BTC holding up quite well, considering what kind of crazy rally it had.

(OMG, that was my 50th post, now I can be free...)
Title: Re: New it BTC decline
Post by: ChemCat on March 24, 2013, 02:25 pm
ok, someone fill me in here  ....  what is BTC ?
Title: Re: New it BTC decline
Post by: gentso99 on March 24, 2013, 03:10 pm
Some kind a make believe money that only druggies use.........hehhe druggies and there made up money.
Title: Re: New it BTC decline
Post by: ChemCat on March 24, 2013, 03:16 pm
Some kind a make believe money that only druggies use.........hehhe druggies and there made up money.


^^^^ Hello Druggie!!  ^^^^

LOL


:P
Title: Re: New it BTC decline
Post by: Taklamak4n on March 24, 2013, 03:21 pm
ok, someone fill me in here  ....  what is BTC ?
BTC = Bitcoin.