Silk Road forums

Discussion => Newbie discussion => Topic started by: xloveralot on February 24, 2013, 07:21 pm

Title: Price of BTC, will it go down soon?
Post by: xloveralot on February 24, 2013, 07:21 pm
I've watched the Price of Bit coin go up from around 20 btc to what's now approaching 30 per btc in this month. Will it go down soon?  I still have a lot to learn about the nature of btc. What will ultimately drive the price down?  The demand for btc but there's always a demand.
Can anyone explain?
Title: Re: Price of BTC, will it go down soon?
Post by: xloveralot on February 24, 2013, 07:35 pm
We think over the next 6 months it will but ever since someone hack 90 grand of bitcoins the price sky rocketed :-X

But the demand will still go up between betting and SR bitcoins is getting more popular everyday.
Wow! 90,000 btc. Good grief. This is actually the first I've heard of the hack happening. I hope it goes back down to at least around $20 a btc.
And stabilzes. That's the main thing is stabilizing. For the ones that's got mega btc they are making a ton of money no doubt if they are selling.
Title: Re: Price of BTC, will it go down soon?
Post by: Et0rphine on February 24, 2013, 07:39 pm
I sure hope it goes down! When I had my first purchases on SR over a month ago, I got them at 13.20, now everything seems overpriced :/
Title: Re: Price of BTC, will it go down soon?
Post by: Donkeydong on February 24, 2013, 07:43 pm
I have a bunch of friends who buy/sell on a daily basis who have been hoarding coins for the last month. Now they are starting to sell more so maybe it's an indicator they think the price will drop. I usually buy or cash out quickly so I don't worry too much, although, I do have concerns like anyone. In the back of my mind I always think the music will stop and I will have 20k in coins lol. Reminds me of that scene in Margin Call when Irons is giving his speech..... "I don't hear a thing.. just silence" ouch!
Title: Re: Price of BTC, will it go down soon?
Post by: jacob1234 on February 24, 2013, 08:17 pm
90000BTC? That's only 1mil USD.  :P
Title: Re: Price of BTC, will it go down soon?
Post by: Opioid on February 24, 2013, 08:34 pm
The price of Bitcoions fluctuate often but over all in the long run the price of Bitcoins should continue to rise due to increased demand unless many more Bitcoins are added into the monetary system pool of funds like the Fed does with the dollar...
Title: Re: Price of BTC, will it go down soon?
Post by: ChiefMaster on February 24, 2013, 08:39 pm
We think over the next 6 months it will but ever since someone hack 90 grand of bitcoins the price sky rocketed :-X

But the demand will still go up between betting and SR bitcoins is getting more popular everyday.

Thats fucking crazy
Title: Re: Price of BTC, will it go down soon?
Post by: xloveralot on February 25, 2013, 10:45 pm
We think over the next 6 months it will but ever since someone hack 90 grand of bitcoins the price sky rocketed :-X

But the demand will still go up between betting and SR bitcoins is getting more popular everyday.

Thats fucking crazy
I agree with this. Of course If I was an invester & bought low & selling now, I'd be happy.
Unfortunately, not the case.lol
Title: Re: Price of BTC, will it go down soon?
Post by: Hash on February 25, 2013, 10:54 pm
I certainly hope that nobody here is saying "I wish BTC value would fall!"
Folk, since MOST good vendors have their product prices tied to USD, as the Bitcoin rate goes up... the required BTC per Item goes down.
You are NOT paying extra money simply because BTC goes up.

What WILL happen if BTC goes up... say you buy 10 coins today. (Bitrate is $30 today)
Tomorrow Bitrate hits $31.
You just earned 10 USD for doing absolutely nothing.

As for vendors like me, I've been keeping a balance in my Account for the past 2 months and have earned a couple thousand off the Raise of BTC.
All for nothing.

Only a fool would wish a Bitrate crash!
Title: Re: Price of BTC, will it go down soon?
Post by: Kim42r9k on February 25, 2013, 10:55 pm
I'm guessing that the price of bitcoins is going to slowly rise for the next 8 months and then plateau.

Purely a guess based on nothing of note.
Title: Re: Price of BTC, will it go down soon?
Post by: Funbagz on February 25, 2013, 11:04 pm
I certainly hope that nobody here is saying "I wish BTC value would fall!"
Folk, since MOST good vendors have their product prices tied to USD, as the Bitcoin rate goes up... the required BTC per Item goes down.
You are NOT paying extra money simply because BTC goes up.

What WILL happen if BTC goes up... say you buy 10 coins today. (Bitrate is $30 today)
Tomorrow Bitrate hits $31.
You just earned 10 USD for doing absolutely nothing.

As for vendors like me, I've been keeping a balance in my Account for the past 2 months and have earned a couple thousand off the Raise of BTC.
All for nothing.

Only a fool would wish a Bitrate crash!

Thank you Hash +1 !

Lets also not forget what will happen to buyers if the market value crashes!
Say in my buyer account i have 15BTC which i bought yesterday with plans of spending today.
Today the bitcoin value falls from $30 all the way down to $15.
Now MY buyer account still has 15 BTC.
That number will NOT change.
But those btc are now only worth $225 when it was worth $550 yesterday.
I just effectively lost $225 dollars and i still do not have enough money to buy the product because the product now costs 30BTC!

Hash is correct folks a Bitcoin market crash will be detrimental to anybody who likes money and drugs.
Title: Re: Price of BTC, will it go down soon?
Post by: Funbagz on February 25, 2013, 11:08 pm
The price of Bitcoions fluctuate often but over all in the long run the price of Bitcoins should continue to rise due to increased demand unless many more Bitcoins are added into the monetary system pool of funds like the Fed does with the dollar...

There cant be more bitcoin added it doesnt work like that.

Thank you for saying this. You are correct.
The Maximum Mintable Bitcoin was determined at the Conception/birth of Bitcoin.
The maximum allowable Bitcoins in the entire world is already decided.
It will never increase.
Bitcoins can only get more and more rare.
Fact.