Bitcoin Forum

If I had any fiat left, I would sure as hell used the opportunity to buy some incredibly low priced bitcoins.

Yet, to my surprise, people are still mass selling. Seriously? What the F*CK, has the whole reason why you ever got into Bitcoin in the first place, now changed? Are the fundamentals of Bitcoin now different? Is the existing fiat money system suddenly not broken anymore?

Mass psychology -- it keeps amazing me what ridiculous decisions it can cause people to make.

It could go even lower.
Then they will buy back in.
https://www.youtube.com/watch?v=vT8OU5WtfkQ (https://www.youtube.com/watch?v=vT8OU5WtfkQ)

But, anyone who isn't buying now, will hate themselves in 1 year, IMO.


Edit: added video link for all those exchange traders out there.

there is an epic amount of FUD floating around block size limit, a potential split in bitcoin, sell now b4 it's too late would seem to reasonable...

I'll just keep buying as it goes down.  Each time it drops, I get even more bitcoins for the same amount of money.

At $300/BTC I was able to get 3.33333333 per $1000

When it dropped to $250, I was able to get 4 BTC per $1000

If it gets to $100, I'll be able to get 10 BTC per $1000.

Hey, if I get really lucky, it'll drop to $1 and I'll be able to get 1000 BTC per $1000.

And if things go extremely well, it'll drop to $0.0001/BTC and I'll be able to get 10,000,000 BTC per $1000.  At that rate, I'll be able to buy up all remaining bitcoins for less than $2100, and you'll all have to come to me if you want any!   ;D

Current economic crashes of Asian markets and it follow ups happening everywhere else will make bitcoin price to go even lower. It is only the beginning of the price decline.
It will be wise to wait a bit and the buy BTC. Bitcoin is not directly linked to FIAT economy and can be viewed as different entity but people are not noticing this trait and treat BTC as another FIAT currency.
Hence we have bitcoin price drop every time there is stock market crash.

If it goes any lower bitcoin doesn't have to go to the moon to make good money out of if it. I'm close to certain if you buy in at these prices you'll double your money at the halving next summer.

Bitcoins have traded in a range of $.10 to $1000 since 2009.

Whether investors are willing to pay $.10, $1, $10, $100, or $1000 is largely arbitrary.

If a miner is only profitable at $200+, he is making a very speculative and risky hardware investment.

Traders buy and sell at any price. Some of them could have bought too much they need to cut losses. Some people are selling because they think could buy back them back lower. It's like stocks, people sell their stocks during a crash at crazy low prices.

so easy, they are selling because i need to buy cheap :P

hell, if this continue to go down i will come back to faucets xD.

IMHO there is lot o factors about why people still selling at this prices, but im soquiet since i really think this is just an illusion and prices will raise a lot in the next months/years.

Those sellers are stupid. Seriously; there's nothing else to it. In a couple of months they'll facepalm themselves and wonder what came over them to sell the bitcoins.

Remember what happened last time guys? HODL! HODL YOU FOOLS!!!

This and...


this.

I think the smart money is buying BTC, but there's just more "dumb money" moving out of it. For those that think of BTC as "just another investment class" its plausible that if they see stocks dropping they may feel that Bitcoin will be suffering the same fate. After a few people sell off and the price dips it becomes a self-fulfilling prophecy.

If you're bullish on Bitcoin...now's a great time to average down on your cost of bitcoin. If you're bullish on the major companies of the world still being able to deliver their goods and services to consumers...now's a great time to average down on your cost of stocks!

If you bought around $190-$200 now is a good time to sell and see a small profit.  If things get lower, you buy in again when you think the price is bottoming out.

I've never bought coin just to hold, but if the price gets too low I'm going to have to or kick myself later for not buying in low.

bitcoin should be a safehaven from market crashes, and would have been if not for the XT v core dramas  :-\

Maybe they want to dump before their coins are blacklisted when the XT hostile takeover is complete  :-\

Either BTC will die around the same time as the collapsing FIAT system, or it won't. If it does not die, you will be happy to have some and will not care how much you paid for them.

Assets that will keep value through the FIAT system collapse are not so many. Diversify and place your bets wisely.

Yep, the sky is dropping... everything wrong with bitcoin is sure to happen in the next couple of weeks... The President has banned btc for life with a felony sentence.
Keep selling please  :P

Its interesting that bitcoin is following the stock market. Think thats a bad sign as we move forward.
Not worried about this blip though.

Ugh, I can't believe I just spent a heap of fiat on a vacation last week. I could be using that money to buy BTC right now!

You can see that even here on Bitcointalk many users doesn't know a shit about Bitcoin, so you can be sure that most speculators have no clue about what they have in their hands.

It does seem like a bad sign for bitcoin, but the reality is the world markets are really getting hit bad right now.
Even with the whole blocksize/core v xt debate, I believe this would still be happening.

To place into perspective, Gold and Silver isn't really rising either. Went down today I believe.

People are scared and really just want to get into cash, IMO.

This is very true as well.

Bitcoin's rises and falls haven't made much sense to me in the past years. I suppose it's normal to be clueless about something that's nearly impossible to follow.

A good and old advice is that people should not invest on what they don't know, but I'm sure that many were doing it, and many heavy hands too.

FUD about XT vs core and starting point of global economic crisis happened to be correlated in time. Of course people will panic.
People will panic because they are not entirely sure how bitcoin work and think that this bullshit what is going on now can seriously make bitcoin disappear.
Soon everyone realize that this is the best way to obtain cheap coins before halving. Your last chance boys.

They don't make much sense to anyone, usually.
But if you believe in the technology and protocol, and are long term, then there is nothing to worry about.

If you are in and out, trying to make "fast" or "easy" money, then this currently is a nightmare.

Bitcoin xt just causing bitcoin price go down  ??? ???

Main cause of the price drop is the collapse in global equities not the block size debate.

When markets are in free fall, people tend to liquidate whatever they can get their hands on - including BTC - to meet margin calls and put food on the table that dividends can no longer provide.

I think that's it. The gold fund I sold a while back to get my Roth IRA into Bitcoin Investment Trust was down 6%, more than the stock market. The blocksize debate surely isn't helping, but bitcoin is caught in a general panic right now.

which makes bitcoin the failure  :o

I cashed the fuck out. Overlord Gaven is taking over control of Bitcoin.
Enjoy your worthless bloat coins.

We need more people to panic, because the price should go down below $200 for us to make a huge profit from these fools. ^joke^ If they cannot see the bigger picture, they deserve to miss the boat.
I am still holding some fiat for the $200 and then I will jump in for the bargain buy of the century, seeing that I
missed out on the early years.

Let's trim the fat off, and keep a level head. The sun will come up again, and it will shine on the brave.

Not necessarily, because Bitcoin is much more than just about speculation. For those who only view it as a purely speculative instrument they deserve to lose their shirts for investing in things they don't understand.

^This. The debate or warning is everywhere, whether it be twitter, fb, news etc and people are being cautious and they're selling for they think they'll lose money when this happens. I think people who are debating on these forums need to settle down, if fork reaches the consensus it will happen or it won't if it doesn't but the common people see this as a fight happening between devs and what this is doing is people are losing their confidence in Bitcoin. In trying to better Bitcoin I hope they don't end up ruining it.

as a currency it does matter, that can not be overstressed, its a point i've been expressing from the very beginning. if people don't understand it they'll never trust it, or use it.

KISS, no crypto will make it in any meaningful fashion as a useable currency unless its simplified alot.

tis possible tis why i always say the only good thing to come out of crypto so far is the idea.

and tba the only thing that gives bitcoin its 'price' todate is the Greater Fool Theory;

The greater fool theory states that the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price. Or one may rationally have the expectation that the item can be resold to a "greater fool" later.

I think they are just panicking because a drastic reduction of the price of bitcoin, because they quickly sell their bitcoin

maybe there is no reason to keep bitcoin for now
last night before going to sleep its $218
I woke up $209
we are all hoping for price to recover but its not going to that direction I think

apparently dev found a way to kill bitcoin, and it was so simple, create a good community split, it will go down even further, but it should not touch something crazy like 100

i think there is a selling presure done on purpose here everyone know that it will tank and thus they are selling, if it crash too hard new early adopters will emerge, not really a good thing...

Simply because they are thinking that btc price will continue to fall and fall and fall which is not

What is bad about new early adopters? Isn't any new adopter a good thing? Every new person involved is one more over the fence of bitcoin!

That's ok. We'll sell to you when you want to get back in. Thanks for the cheap coins.

Like anybody is going to care in 5 years that Gavin wrote some code!

the bad thing is bad distribution, this mean that bitcoin can not really skyrocket

Most of the times that the people sell when the price go down is the panic. They have fear to lose that few bitcoin that have in their wallet and want to sell to earn that can be earned from the lowered price. But according to me they act wrong. In this way they lost. The price of bitcoin is well known that go up and down very often. So the last move of it if it is down will be up. Its needed only a little patience. And experience.

The basic principle is that take what ever you can ...and i guess that is what people are doin right now as they are thinking that XT will destroy everything and others who were positive about bitcoins are afraid after seeing a 80$ decrease ...
what else to expect.

There are some people selling because they are confused and they are losing confidence. There are also some traders that are shorting as they expect to rebuy lower and increase their stash. All of this is a vicious cycle at the moment.

If anything positive from this situation, every time a major sell happens, we rebound strong. At least this show that people are considering Bitcoin to be a good grab at around $190-$200. Now lets just wait and see how long will these bounces last.

I wonder sometimes if people care to look at the wider market scene before they panic like this. Could it be that this is their only investment, and they do not look at other markets and commodities?

The global markets saw a sharp decline, when the manufacturing statistics in China was released and they reacted on that.. It's no big surprise that the investors in speculative commodities would follow suit.

Bitcoin is a highly volatile commodity and it would react to small global influences like this, in the same way as any other commodity will do, in reaction to those figures. 

Stay in there, it's going to get much worst before it gets much better soon.  ;)

yes! you all need to SELL! SELL! SELL! it all before it is worthless  :o

I can only hope for it to reach .01 cents per BTC again  ;)

because it is easy to  use in onlline market. bitcoin acept all onlline merchant who was trading onlline.
the hell people still selling prices. it have lots of benifit for selling prices.

People are selling because they are impulsive.
Here, I wrote a short story about it  ;)

Mr Impulsive hears about bitcoin and he thinks it could be the next big thing. So he runs to the bank and takes out all his money and puts into bitcoin. Then Mr Impulsive feels good, because he had the FOMO. He was going to miss out on bitcoin, but luckily he was able to buy a large lump sum all at once "just in time". Mr Impulsive feels so good he goes online and takes a screenshot of his new coinbase account and posts on reddit that he has made it to the one in a million club.

A few weeks later there's a sharp decline in market value for bitcoin, it went from $270 to $230 overnight. Mr Impulsive is scared, since he put his savings into bitcoin and he can't afford to lose it all. Mr Impulsive goes back to reddit and reads about the fork. He doesn't understand it, but he decides to launch an XT node, because XT = moon, of course  :D , and this will save his large investment.

Another week passes and we are here with prices below $200 or hovering just above. Mr Impulsive has seen that his bitcoin investment of nearly $6,000 is now worth in the low $4,000. He is scared, bitcoin must be dying, he can't afford to lose that money. So he sells, "cutting his loses". He thinks,
"whew, at least I didn't lose all my money... bitcoin, what a scam".  Coinbase is pleased to count Mr Impulsive's account as one of their 4 million "bitcoin users".

IMO people have always sold their bitcoins because they were scared. whenever some new thing happens that scares them, they start dumping to prevent further losses so the price goes (more) down and then it causes a chain reaction so more people will sell and it goes further down.
the only thing that don't lets the price to fall so much is the rest of the market who seized this opportunity to buy at cheep prices, and the rest who don't want to sell at these prices and keep hodling at any cost

This has some truth to it. Not sure if it's what you meant, but if you are buying stuff online with Bitcoin and the price is down, you're spending more Bitcoin to buy the stuff and the merchant is probably cashing out. So purchasing with Bitcoin when the price is down contributes to the snowball effect too.

This is good. You get people!

Haha, Wake up to the new world.

Everyone here knows that bitcoin is a pump'n dump quick money grab scam.

There is only one safe harbor and it is calles US Dollars. Just light a small spark, and everyone will sell any shit they own to USD.

because any man needs money man...they try to do some money i think..:))

Most people sell when the market crashes, it's mostly a psychological thing that happens to the sellers. The ones that hold and buy know what they redoing and how they will profit from this crash.

I sold at $285, bought back in at $213  ;D

Why they are still selling a these prices? Good question.. Perhaps most of them bought BTC when it was between $800-$1000 and they prefer to sell before it's too late.
IMO, the post-BTC-bubble decline is not completely over. We are still currently well above the pre-bubble prices : ~$100.

https://i.imgur.com/h4EzJ4r.png?1

The landscape is rather different compared to early 2013. There's enough extra action going on to justify a slightly higher price, not that fundamentals count for anything.

You drew up exact picture of the current scene.If it is not everyone's then it is a story of almost majority of the people who are under extreme and unexpected situation so they are trying to save at least something of their investment which is not good policy.People only lose if they sell,just hold and need patience sooner all will be well again.

You can think it's cheap but others think it's expensive. That's how markets work. If everybody think same the price will be either zero or infinite.

people are getting scared and selling incase the price drops even more but in doing that they drop the price more. perfect time to buy some bitcoin ;D

Slow downhill is the best thing for trading, since you can sell and rebuy lower, thus increasing your coins. People think it wont get you far, but doing so
and using your whole stake each time increases that profit significantly with time. I still think we are yet to see the bottom of this.

Not everyone who is selling bought Bitcoin at say 500 USD, after Apple gave the iSheep permission to buy Bitcoin, in 2014 and are selling in panic now. Some of the iSheep are selling and if that were the only issue then a simple "strong hand" holding strategy will work.

The trouble with the "strong hand" holding strategy in this market is that the long term fundamentals of Bitcoin are very much in doubt. The reality is that Bitcoin needs to fork and allow for bigger blocks, otherwise it is doomed to stagnation and faliure. This has led some of us who were buying Bitcoin in the 2 USD to 10 USD range back in 2011 - 2012 to get out of Bitcoin. I have replaced my Bitcoin holdings with a combination of CAD (Canadian Dollars) and XMR (Monero) that by any objective measure has a higher beta or risk factor than XBT (Bitcoin). So this not about fear in a crypto bear market, it is about repositioning a portfolio during a crypto bear market from one with poor long term fundamentals to one with good long term fundamentals.

If enough of the "old money" in Bitcoin makes a move from Bitcoin to a combination of fiat and one or more alt-coins watch out.

... I also believe in what Bitcoin stands for. The question becomes can Bitcoin deliver what it stands for?

i also believe in bitcoin and what it stands for BUT...
how much money have you invested in bitcoin?
1, 10, 100, 1000, 10,000 USD ?
the problem is , when you invest a large amount of money in something and it starts going down or even worth it crashes down you normally would panic ans start selling to prevent further bigger losses. and if you really believe in bitcoin you would immediately buy back at lower prices if you don't want to lose the opportunity.

Very interesting question.
Based on my experience, I can say that people rarely behave rationally when it comes to money.
Instead of rational decision-making, on the basis of intellect and reason, people are usually influenced by their emotions.
This state of mind is hard to explain but it is the effect of the so-called '' herd '' where panic overwhelms reason and all frantically trying to save their money, but actually destroy their financial future.
That's why people like Warren Buffet, who knows how to control his emotions, and always behave rationally, dominate the stock exchange.
In my opinion, now is very good time to buy BTC, not to sell but I'm afraid nobody will listen it.

And everyone agree about what bitcoin stands for? :P

If you take 10 bitcoin users and ask them what bitcoin is and what it stands for you would get atleast 5 different answers...

I completely get what you are saying but I think Bitcoin will solve current situation and it will get out of this much stronger. People do have a right to feel worried, maybe even for the first time in a while, since the debate is very important and it's concerning Bitcoin fundamentals.

I am not selling yet, since my average entry price is much lower than the current Bitcoin price. But when you invested during higher prices, and you see your investment melting away, you have every right to react, and to panic, and to sell. That's what's happening at the moment, together with other things of course.

i think they want to dump their coins before it vanishes
or has less more value than now

Resolution is one factor, Global markets another
With the discussion over Bitcoin causing some uncertainty and China and other countries going down at present both seem uncertain so it causes a bit of risk devaluation.

may be afraid of falling prices bitcoin to lower prices again, therefore they panicked and quickly sell their bitcoin

it felt like the bitcoin price crash was just the result of panic selling , and since the price is back to $220 and the crash is behind us and didn't persist i say people like me took advantage of the situation and bought back so the price has gone up again.

150,000 USD

I lost 50,000 USD if I would sell now.

The key is not to invest more than what you can afford to lose without panicking and let it play itself out.

It will either become worthless or become very valuable.

it looks like the panic period is over now since the price is over the $200 barrier and staying there for the time being. who knows what the future hodls :)

Wow are you rich? how can you risk 150,000 USD in Bitcoin? If you can afford to lose 150,000 USD they you must be a millionaire by now. Care to tell us how you got so much money?

Some people sell because some people buy, we call that market. We were in a bearish market for a long time. That doesn't mean we are always in bear market. There are always ups&downs in the market.
I didn't sell when price drops but I bought some coins at sub200$. I knew Bitcoin will be up again.

For a recovery trend to start happening it's not necessary that the price goes exactly back to pre-price bubbles, it could be 50 or 100 dollars above, 50 or 100 below, the point is, if you are here long term and specially if you bought at the top, would you risk losing a spot on the train to try to get a perfect bottom? if you are here long term you know the only way to make it out of this shithole is by holding all the way up.

Launch a business that is helpful for a lot of people.

Maybe they bought during one of this year's flash crashes. In that case a 50% increase is not to be sniffed at. There'll always be people dipping in and out. The whole thing would seize up without them to keep it rolling along.

I sure hope your right, but indeed I also expect a slow rise to at least 300 - 400 dollars the next year.

If they expect it to go lower, then they might want to take a bet on it.
Sell now and buy later, could be their motto.
Whether it is successful or utter failure, we don't know.  :)