Bitcoin Forum

Hello Everyone,

     Since last 1 week, The Bitcoin price is going down. Last week it was 650$+, Now 550$+. I don't know for what reason it is going down. So because of this price down, is there any change in your future plan?

It will never happen, because I saw this only changes are always done by bitcoin since the beginning of the bitcoin appears. I'll still execute all the plans that I created for bitcoin, so this would not give bad effect to me. Unless the bitcoin has decreased very extreme, I would consider my plan in the future

Are you asking this in reference to gambling? My bets will probably remain the same, but somehow I did manage to sell a bunch of coin at the $700 mark, you could consider that a gamble if you wish. I'll probably buy a few coins when it drops lower than $400, and gamble my night away :P

I don't think bitcoin price effects gamblers much, they'll gamble even if the price is above $1000. bitfinex got hacked that's what driving price down, ~120k bitcoins were stolen. i'd deposited bitcoins there like 2 days ago since then hadn't withdrawn. :'(

The reason BTC price fell so much is Bitfinex. Over $65 MILLION dollars (120kBTC) were 'stolen'. A lot of bitcoiners have now lost their trust in BTC, so we are basically loosing users. This is a bad thing, but everything will be good in a few months. The price may drop to even $250-$300, I wouldn't've thought BTC will fall again THIS much. I'm wondering what are all the rich users going to do now..

That was pretty much my assumption as well. The Risk/Reward remains the same for gamblers, so if anything this gives us a chance to stock up on btc for the road ahead :P

I wish you the best with your bitfinex deposit man, that sucks.

Well, for now i don't have any plan, but i keep gambling and try to get much profit from gambling, because the price of bitcoin is decrease and i need more bitcoin for exchange it,.

It went down mainly because of the recent hack on Bitfinex with over $65m worth of bitcoins lost.

I'd still gamble and keep my profits in bitcoins, because I've learned a big lesson when it comes to keeping bitcoins. For the past few months, I've been buying cheap coins (probably around $200 - $300 ranges) and sold somewhere at $630 - $660 range. That's double my initial investment. I love it, and also, gambling gives me too much chills and thrill. And the opportunity is always there (you just need to know what kind of game are you going to do.)

If people are losing their faith in BTC because of private, centralized exchanges being hacked due to their own weakness of security.. That seems to be a little far off point don't you think? These things normally happen because the company doesn't know bitcoin well enough to properly handle the protocol. That's like sending in a janitor that isn't trained for hazardous materials to clean up blood, and then losing faith in the blood when the janitor mishandles it and people get sick.

obviously everybody will change their plan at this point. new plan in action: buying lots of btc now for future profits. i believe that this is the right time to buy as much btc as you can. that bitifinex hack drama is the reason for this downtrend but bitcoin has lots of potential so it may recover anytime. btw, you didnot tell us about your plan change ? .

My plan is to take advantage of the recent dip and convert fiat to btc. I have seen through many of these dips and they present good opportunities for anyone to buy btc. After a while, btc will continue going up and you will regret not buying more btc on these dips.

I have no change in plan, I have no decision to make because I only have few in my wallet, I won't be selling right now, as I don't need extra cash.. The only change in plan that I am making is I am planning to buy few more after I receive my salary.... I will sleep this night without a nightmare as I am not always joining where the wind blow.

Actually the reason for the sharp drop in price today was this: http://marketrealist.com/2016/08/bitcoin-prices-plummet-hackers-reportedly-stole-bitcoin-worth-65-million/
Bitfinex got hacked, lost a BUNCH of coin and that's why prices dropped so much today.

As for my plans, well I use bitcoin as a currency mainly, so I'm just going to have to weather the storm. Might buy some coins actually, prices are pretty damn low right now, so it's worth a shot, right?

even though bitcoin prices has fall with pretty fast but i don't have any future plan and only just do usual thing such as gambling or something else using bitcoin and i think this thread not related to gambling and should not suppose in these  board

Bitcoin was deeply affected by the hacked. The price is reduced by 20% and it is quite shocking that a currency can drop so fast just by one hack. So btc is yet to be able recognised widely because such a small disruption can cause such a huge fluctuation.

nothing will change on my plans all i have to do is adjust, but the hacking that happened on
bitfinex affected bitcoin so much that the price reduced to $650-$556 almost a hundred dollars
in just a week. but this kind of thing already happened in the past and bitcoin was able to
recover, just hoping the same thing happen this time.

if you are a bitcoin believer nothing should change but maybe you want to buy more , if you only use bitcoin as a payment processor then obviously you should gamble more satoshis since you only care about the btc value
for me I try to increase volume in poker when drops happen , cause I play in a fiat site which accepts bitcoin and I cash out a percentage of my profit monthly
so low price for me means more bitcoins 

This is just because of bitfinex the same as last year there is trading site that crash before and price of bitcoin is down but the price of bitcoin will be rise again just like before.. for now this is happening because of hacking.

I must admit it has been a course for concern for me because of my plans and target but the plans will not change but work will increase to meet the target at today's price or when the plan is to materialise. Hopefully, the tide will change and I will be at advantage in the long run... my own opinion...

Nope, by the time I achieve my goal, it'll probably be back up again.

My plan is to accumulate 1 complete bitcoin w/o buying it. And yes, gambling is involved, lol.

prices down there is no effect on the gamblers, it will be the same as usual gambling without having to increase the bet bigger.

For now i have a new plan instead of holding bitcoin right now better to buy bitcoins because the price of bitcoin is low..
I am lucky that i already sold my bitcoins when the price is 650 now my plan is to buy bitcoin with partial of my sold bitcoin..

This situation is really heart breaking to hear. Cause one minute I was looking at $650 then boom the next it was $530! I said what the hell?! :o
I never say it take such a skydive without any downward decline before. It just dropped like a bullet all at once.
I must say I was shock. And I knew something was up with Bitfinex when I went to check preev to confirm my fears on the price's sudden devaluation because it did not show anything when I clicked on Bitfinex to see what the price was compared to bitstamp's. It was just gone. :-[

Don't buy now you should wait for some time Because now only it started to falling. So when it stable that time you can start to buy Bitcoins. If you buy now, and the price again goes down means it is big lose for you.

And this price decrease is not affecting to Gamblers. It will effect only for Traders.  

This makes the most sense when for deciding when the right time to buy is.
The bitfinex incident has not been dealt with and not all the information has been provided yet. So it could be worst or it could stay the same. The bitcoin price will reflect that outcome in the coming hours. So you best choice would be to wait to see where it stands before making any rash decisions about buying an large amounts right now.
Traders are indeed the ones who will be hit the hardest because of this rapid fall. The ones that were holding alot are in panic mode right now. I would not like to be playing the market right now trading bitcoin. The ones who are buying them up are the ones taking the gamble if you ask me.  :-\

since i dont need any fiat cash at the moment, im still holding my coin, this is just  a temporary set back and the price will bounce back to 600++

Yeah right we need to wait for more weeks to see if the price of bitcoin will be stable or it will decrease more..
So that we can sure that this price is the best time to buy or not..

why you put this thread in gambling section? because prices go down or up will have no effect on gambling.

you should visit some other places instead of just gambling day and night, and you will undestand why price has been going down.
besides this downward trend has been happening less than 24 hours not since last week. the last week was a temporary drop which was normal the big drop of today is because of bitfinex hack.

and to answer your question. there is no change in my plans. i will continue earning bitcoin and i will continue spending it based on how much i earn.

I dont think it matters. Its all about the ratio and people will always gamble.
The price will come back up it always does. Now is the time to buy.

This down trend gives us an opportunity. We can speculate to buy some coins while the price is down, in the hope we can gain some profit in the short term. I think the price will move up again even not the huge one.

I believe in the nature and potential of bitcoin. It is one of the best system for international transaction so there will always be a strong demand for it. The price of bitcoin will keep rising and it has always been proven to be such the case.

Any change in bitcoin price up or down, regardless of how drastic, has no affect on my gambling. My bankroll management and targets are the same and isn't dependent on the price of bitcoin.

Outside of gambling, I used the recent drop as an opportunity to buy some bitcoins at a discount and add to my hodlings. I wouldn't even mind if the price dropped further so I can pick up a few more.

of course there is no effect for the gamblers, people would still gamble the same amounts of money, i hope that the price will recover though

The price is now recovering, but I do not believe that it will return to the same previous levels this year.

Answering your question in general, well, I will just go with the flow. I will still do what I'm doing, which is earning bitcoin and hold it. No plan of selling. If it's about gambling, I don't have plan on it since I'm not an all time gambler, it's not my hobby to gamble. However, in my opinion, gamblers will still gamble disregarding the price of bitcoin.

Looks like it was just an offshoot and it is recovering back to what it was trading at in the morning before all hell broke loose after the hack.
But getting back to topic:
The price is down but my plans have stayed firm as they always have and i will be investing into as much as I possibly can but with an eye to the sky to make sure it is not falling from now on. ;) ;D

Yes, this is good news for Bitcoin users. I think again it will reach normal price like 650$+ in coming days. And come to the topic this price variation is not effect to my gambling. For gamblers, it will not effect. But those who do Bitcoin buy and sell work for them it will effect.

Just because bitfinex's bitcoins were stolen doesn't mean that gamblers will give up with the crashing price. Bitcoin will still survive, even if the price is more or less the value.

There's no effect to gamblers for the recent drop of Bitcoin rate. If I stake 0.01BTC its still 0.01BTC and will earn based on the odds. Although if the exchange rate of Bitcoin is high, I would love to play dice and stake only a few satoshis and cash out when I reach a certain amount.

It went down a little. Unless it maybe halves or doubles its values, I will still be betting with the same amount of satoshi's as before.

Bitfinex didn't have any of my BTC, sort of. They had my USD after continuously selling my BTC in fraction as I mined it. About $400 worth. Assuming Bitfinex does come back, should I try and wire transfer it out (assuming that's even an option) or trade it back to BTC/ETH with the price gouge losses? (I know there's a term for it but I just can't remember it at the moment.) That's my current dilemma.

Either way, I'll just keep mining on, hoping bitfinex comes back.

The plan is to look for trending altcoins that goes up vs BTC.  Think of it as a hedge against a falling Bitcoin vs fiat.  If all goes well you end up with more Bitcoins than before.  I have been trying to trade well but I have been mildly successful with it.  Nothing major.  Sometimes I give some trading tips every now and then here:  https://bitcointalk.org/index.php?topic=1045967.0

I have no change of mind...I don't have any coins in bitfinex too, I already sold it last $700.. right now, my coins is in my wallet.. I have not invested much money in bitcoin too, so no need for me to panic this time.. I'll just keep my coins and wait for the next price increase..   :)

For gambling effect , it doesn't matter if bitcoin price were down.
Since they can make an entertaining condition through playing gambling and can make some profit , some people will buy some bitcoin because the price were down now (bitfinex accident).And gamble their money for hoping some profit , and hold it for future price increase.

If bitcoin goes down it doesnt affect my gambling limit because the difficulty of earning the coin still the same but if the price is up its kind of affect my gambling because i need to cut down my limit again

if bitcoin went down it much better for me because it will added some of my btc bankroll if converted to fiat but if rises up again that's the only thing matter to me because i always set the amount that i can willing to lose in gambling.

Actually the price of bitcoin is increase again right now. So, no need to worry about the price of bitcoin and keep gambling and get profit on gambling as usual.

I think what you are telling about Bitfinex site getting hacked and lost so much of bitcoins , so it made the investors to lose some faith on bitcoins and so they have sold some bitcoins, it is just a small panic in small investors but i think the price will come back up in 1 or 2 weeks time, i dont think the price will go down to below $300 until the hacked who hacked and stole btc from bitfinex not selling fully in market.

Yeah it create little panic thats why we see some price fall down yesterday but today look at what it got now its slowly pumping like it well coming back to its original price and better to hold for now so we cannot destruct the rise and continye further,

And for Thoughs of changing plan? Well no at all i will still hold and invest the others to earn more money.

I think I would buy more if it dropped below $500, I would probably invest that into a bitcoin casino bankroll and then wait 6 months to get a return. I don't think it will reach this low however, i think it will stop at $500.

When you are saying changes are you referring to gambling related changes or general. Either way on my side there will be none but if I was more intro trading in this period (here the coin is fluctuating and the drops are steep) I would surely buy some bitcoins and sell later on. It's a really good opportunity if you are into trading.

I still believe in bitcoin, although the price down, but I believe bitcoin prices at the end of the year will certainly escalate. the current bitcoin prices go up, although not as high as before, but I still have great hopes that bitcoin prices back to $ 600 over and back again stable at these prices

Maybe if the price drops a good plan in my opinion is to resist the bitcoin or purchase bitcoin. It was very beneficial because if the price will go up for sure we will benefit. If the price drops I did not dare to spend bitcoin because I think it is harmful.

Today we went up, so that's a good sign. I hope BTC won't dip any longer. A solid holder doesn't get affected by the current price. He/she just waits for the right time to sell his bitcoins and that's what I'm going to do. Maybe this price decrease is actually a good thing, or maybe not. Who knows what's up, anyway? We'll all end up doing the same thing -- waiting.

I'm waiting for week end. I'm afraid will go down again for test 500$ support

My plans right now are to hold any BTC I have and accumulate as much as I can as I believe bitcoin prices are soon to reach 1000$ per coin.

yeah there is a big change, because I am also trading other cryptos and right now im on to trading LIR, this dump is very hard and I think ill just hold of my coins and alts from now on, and wait for it to be back up. Will just gamble a little as well..XD

up and down...all the time.

it is always the same as money flows:) if somebody changed his plans with bitcoin based on such small change, he is not ready for bitcoin at all yet or he invested more, than he can afford to loose.

Yeah, this is something we get anywhere. Because all of these things will definitely move and will return as before, nothing that will stand in the place only. Surely this also requires the transfer of selecting the superior and ugly.

I don't have any plan yet because I already have some coins in my pocket there, so that I'm playing with amount because I don't care about the price anymore, it should get recovered within a week and it has pretty good chance for it so now I'll decrease bet amount because of this.

No worries this is happening due to recent incident of hacking but prices have recovered a lot since then. I have no change and will keep holding my few Bitcoins as was before. It is another unexpected and unfortunate incident which will pass soon. We will see rise in near future once things become normal once again.

BTC price will stabilise at 550 - 560 USD I think more or less. The reason for BTC price change in June this year was BTC difficulty growing. Of course would be better, if BTC price would be higher - let say 700 USD, and if BTC difficulty will go up, 700 USD price level can be in June 2017 ;)

I still see price at very good floor as they are above $ 576 now. If put this hack of Bitfinex apart then too price were not moving in any direction. It seems that $ 560-600 will be fair price range after halving. I am not considering recent drop in price as something to be worried about. This will not effect my plans and all will be go as was before.

Agree and current price is still better rather than below $500 which is only a desire back then.

If the price will pull below $500 then that was time I will consider to be worried about. But of course rather than to have a butthearts about the price decrease situation, it's an opportunity too to grab again some coins.

This movement is price is sign of life because flat means dead. This is very normal if you know how price changes take effect in Bitcoin's market. Since Bitcoin has value in hundreds every change in price is of some dollar like $10,$30 or $50 dollars up or down, high prices of anything have radical changes. It is ok for me as long as price remain above $500 mark.

not many changes to a gambler if prices fall or rise. but maybe if the price is lower, it is good to increase the bet, because small victories will not be anything.

the price of bitcoin is always changing and is never stable enough to make a plan for a long term so obviously my plans change with the price also.

but since the amount of bitcoin i earn depends indirectly on bitcoin price so my plans for gambling will always depend on how much i can earn bitcoin that week for example. then i decide based on the amount that i have earned.

the effect will not be that bad, the price is gaining its momentum again, its a good time to buy some coins and sell it later for a good profit.

None. I treat bitcoin as a log term investment and when you look at that, prices doesn't matter to you. When it goes down further, that is the best time to buy actually..

Yup, if you are looking for the long time investment, then the price decrease will not effect to you. And this is a good opportunity to collect some coins.

But for me, my plan will be changed according to the Bitcoin price variation. 

No, no plan is going to change, in fact now is the time to earn more, so when the price go up i will have more money in my wallet, and my budget for betting wont increase because its kind of hard to earn bitcoin now since the mining has become not really profitable, but still has the positive hope that bitcoin will back to its "prime" price

Yeah,

Of-course it does have a great affect on my plans regarding in my trades,
Right now I made a great deal with my bitcoins and exchange it already to USD.

I will wait further more time to see whether bitcoin is going to rise up again.

According to Experts knowledge, the Bitcoin price will still go down. So let's wait for some time and buy coins. Because no one will have sure that Bitcoin price again, it will cross 700$ in this year. SO why should we take a risk right?

I'd say no, as I play for fun; I'd still bet the same amount, except maybe slightly higher due to the lower price of bitcoin. If the price goes lower, I think I'm going to buy some bitcoin, then hold it until the price goes back up. I remember that a while ago, everyone was panicking due to the price dropping to $200, but some of the smarter members didn't panic and bought some bitcoin to hold. Now that the price is much higher, the could've sold the bitcoin they bought at a low price for a nice profit.

But bitcoin is usually bought with fiat, so I'm sure a lot of gamblers keep an eye on what they're putting down,  or at least they're limited as to how much they can get in the first place.   But I agree with you to some extent.   

I'm sure the gambling whales couldn't care less what the price is.  Must be nice.

Well even the bitfinex issue affect the price of bitcoin we are still strong to hold bitcoin instead we are buying so that we can make a profit and to support the bitcoin that the price will going to increase back again this following months or weeks..

That was a new, that says that the Bitcoin price goes down because of a group of hackers, who have stolen 65 Millons of dollars in Bitcoin, 100.000 BTC.
Luckily it does not make any change in my plans

Nope there is no changes in my plan.  I never hold bitcoin and wait or it to increase in price.  Rather, I invested it in trading altcoin.  Trading altcoin my recover the lost fiat value of your BTC if you win in trading, further more if it multiply by several times you will end up winning even with the decline in price of BTC.

Yeah, I saw that the prices go down due to the events of the bitcoin bitfinex who lost hundreds of btc and their loss is around $ 65 Milion. This is truly a remarkable number, but it's not too give effect significant change, because not only will collapse bitcoin with theft. But the bitcoin will collapse if its users already do not want to use it

I had been aside from the altcoin market for several days, and when I returned few days ago,  I noticed this huge drop and I have to admit that I started to feel some uncertainty about the future of bitcoin, taking into account its high sensibility to this kind of eventual issues. But since I don't depend on bitcoin to make a living, I have decided to go on with my bitcoin savings and plans.

even though the prices went down it didnt have any impact on me right now, i hold my bitcoins i held and i gamble with the very same amounts of bitcoins

Yes, i have change my plan and that is, i have buy the bitcoins, because now bitcoin price is down so it is good opportunity to buy the bitcoins, ans secondly, i also know that after few weeks bitcoin price grew up and it will be a good chance to sell the bitcoins, but i don't think that any wrong affect of bitcoin price down in gambling. 

In my case, if I have more spare money, I would buy bitcoin regularly regardless of its price because I am confident enough that few years or decades from now, bitcoin price will go high. Thus, I take growing bitcoin as a long term investment. The rest of my commercial transactions will be done by my regular fiat money.