Bitcoin Forum

Wow Bitcoins price dropping nicely , time to fill up our wallets. I was searchign for 3 days and can't find a good answer for this the best what I was thinking about is cuz of the releasment of ASIC's could that be the reason?

Thats the only thing I can come up with. its getting close, people are freaking out thinking the price will drop out once ASIC and the reward half happens. Trying to sell while its still high but actually causing it to drop. :/

I hope it drops to $2 again....

Good time to buy in.   ;D

I just saw the price under ten dollars.  It's welcome.  Maybe people will stop being so stingy with their bitcoins now as well.
I know there are scammers but it's making it hard for those of us actually trying to work for our Bitcoins.

There have been big spikes and very big drops. I agree with the idea it's because of ASIC.

I dream of the point when you don't have to worry about the price of bitcoin anymore because you could buy almost all products and services with it. But now it's blah..still gotta pay for rent, food and utilities  :-\

Its still not a problem unless you get paid in BTC, or earn a considerable part of your income from mining (unlikley).  Otherwsise, just wait to sell.

Many of the exchanges have had currency supplies shut off recently.  Lots of deposit methods that were available a week or two ago are no longer available.  This leads to a lack of capital inflow from the fiat side, but with people still wanting to sell here and there, the price must decrease to meet the lower demand of buys.

That said, coinbase.com's announcement should help within a few days.  ;)

The volatility is nothing that concerns me, I'm in it for the long haul.

If it's because of the ASICs, then too many people are interested in Bitcoin for the sole reason that they hope to get "easy money" by mining, and not enough people are using for what it's supposed to be: a digital cash equivalent. The more people are using Bitcoin to buy and sell genuine products and services, the more stable it is likely to be.

It went from $5 to $10 a few weeks ago because someone thought halving production rate would halve bitcoin offer, but does it really? How about all the coins not being used just being hoarded?

According to any logic after halving the production rate the price should double after that (slowly/or not).

It actually can have an even stronger effect. First of all, halving the inflation rate means that we only have to have half as much money invested in bitcoin in order to sustain the price. So this means either people in the economy, or introducing new people to the economy with a rate of 12.5% instead of 25%. But with the price stability or increases, it becomes easier to convince people to get in. With more money coming in, the price will go even higher. The only push back is long time holders deciding to cash out.

I have a few coins (20) , but I am so unlucky as last week I wanted to cash them out... Now I need to wait for BTC to raise again :( .

And yes, for me 20BTC matter.

That's why you must not invest more than you can afford to lose. Bitcoin is still very volatile.

Logic says the effect of a reduction of 25 BTC will be undetectable -- there is 10 million BTC in circulation. Also, don't forget that the actual amount of BTC is 21 million. Unmined BTC already exists, but it hasn't be put into circulation yet.

BTC prices depend on supply and demand. If you assume that 10% of mined bitcoins are sold immediately on MtGox, then a drop of 25 BTC in the block reward will cause a 1% drop in the supply of BTC on MtGox. Again, logic says that the effect will be undetectable.

Now, show me your logic.

So you are making assumptions then calling it logic?

The effect of the reward halving has already been priced into the market.  It will have no effect when it happens.

We assume. (I'm not saying it's an unreasonable assumption, by any means.)

Price drops are a great way for people to buy in new btc at low rate prices and then after a month or 2 you sell it with huge profit.

I think that it's a temporal situation and that it will change after asics appear and mining becames stable again (maybe).

Buy low, sell high!

Saw this too. Made a decent bit of money as prices went up after my first buy, now it's time to lose that I guess.

its been so dodgy with bitcoins especially in the uk, with everything being shut off :/

you can, ironically, use Barclaycard pingit in the uk to buy bitcoins, details are on the forum somewhere

I've used Intersango in the past to buy/sell bitcoins, but now that they no longer offer a GBP funding option I'm kinda lost on what the next best alternative is.

Does anyone have a recommendation for the best way to buy bitcoins, funding from a UK GBP bank account?

Someone regularly posts the different options currently available in one forum or other here. For me the best options seem to be:

Small trades - check out a trader like Alwaysmining on here. Seems honest, efficient and trustworthy; I've made two successful trades with this person.

Larger trades - wiring funds directly to Mt Gox becomes a viable option, but yes, sadly, the Banksters get their cut for the international wire transfer (to Japan in the case of Mt Gox).

Pingit (https://blockchain.info/wallet/deposit-pingit)

Is anyone able to link me to relevant information on ASIC release? This is the first I've heard of it

Here is a table which lists the different vendors, but everything is preorder right now. No one has one yet.
But I think ASIC is a good thing. Look how much heat a GPU gives off, those ASICs are chips specialized for mining and are much more efficient.

https://en.bitcoin.it/wiki/Mining_hardware_comparison#ASICs

Maybe it's the ASIC vendors selling some bitcoins to pay their bills.

I don't believe the halving will have any appreciable effect, or a very small, temporary one.  Once mining stabilizes after the blitz pricing will stabilize as well.

Several weeks ago, there was a large one-day spike in Bitcoin's price volatility.The price we pay for them depends entirely on how the market values them from one day to the next.