Bitcoin Forum

So what do Indian miners , sellers , buyers etc. feel about the recent slump in price . Where is the price headed too ? Was the $250 the peak that bitcoin achieved ?

$1 in the next 1 hour :D

Prices have seen almost no movement for 2 days.
Some big move is coming.
Bearish maybe, not sure ?

Coinbase funding did not seem to do much to prices.
Looks like this may stay stable or drop until the Coinlab issues are sorted out.

That is speculation of course.

Unless FB does an implement, we know that they have been attending conferences, etc.

Or something else that comes into the picture, selling something that people really need.

IMHO Bitcoin is just a bit overpriced at the moment and its due for a small correction.

BUT

Such inactivity and low volume generally tends to a strong, slow long term rally. But this is speculation and you know that.

I dont think Bitcoin is some special currency or magic. It is also bound to demand and supply rules of economics. The tricky part is almost everyone is convinced that Bitcoin value will be high and high and high due to the limited supply and value it offers. This adds a real new perspective to existing economics view. Most of people who can afford to hoard will hoard bitcoins and will keep collecting them.

The only strategy that should work is buying at regular intervals to average out your investment price. In long term it should go high and in short term it will be volatile. Day trade only if you know what you are doing :)

Cheers

Weekend lull

Markets have such low volumes.. i think bitcoin is getting stable now.. although this week was the week of international bank holidays across the world.. come Monday and we might just see the volatility back on.. i seriosly hope the much awaited dump comes and it rains cheap coins again..

I have not yet seen the impact from the Coinbase funding and the GYFT announcement.
I assume that will be seen this coming week.

I dont think the coinbase had any major effect.. also the china hype failed to drive the prices up.. i think the era of volatility base on news and hypes is nearing end.. only the pump and dump seems to be working.. supernodes now control the market and thats just sad..

Coinbase has not yet announced a project outcome from the funding. I am sure that 5mil funding will cause a market cap increase of atleast 50 - 500 mil.

LTC may survive, but the rest are dooooomed. lol

Or...

Once the difficulty of alt cryptos drops because miners leave, others may jump in and start promoting their alt coin investment.

i think human psychology is also playing a large role here.. most of the gpu miners have started mining alt coins. ASICS delivery have started and are driving difficulty exponentially.. DDOS attacks are less publicised now.. people have brains and understand pump and dump schemes as they happen..  even gox is trying to get better and hopefully better exchanges are coming up in the near future.. but every body is still looking for a major correction and drop of prices below 100 so that they can buy in.. maybe thats why the volumes are low and the reason prices are getting stable.. Future seems bullish but right now i think the bears are winning..

Yeah, I agree with the drop below 100.
Based on my previous calculation $48 was the low, adjusted over the last 5 months, it should be roughly a floor price of 78-85 USD today.

Am not as worried about DDOS'rs as I am about pump and dumps. They really cause problems.

I wonder how India would react if a major exchange like Gox came into play. Especially with the DDOS's and pumps.

D&P will continue as long as supernodes are there so one cant realy do anything about it.. Another exchange most prob will take a trade chunks out of  mtgox so prices wont be swinging as bad as it happens now when a Dump and pump happens.. Its a much needed infrastructure right now.. but itas also quite difficult to set up as it happened here with bitocean.. RBI really makes it tough for bitcoin to prosper large scale..

And if we set aside regulation? Then how would indian consumers react if a major exchange was to gain entry into India?

Keeping aside regulations i think bitcoin is gaining recognition.. i told many friends of mine but the only thing keeping them from investing or taking it seriously is the fact that evrythings in USD ie Mtgox and the prices are just too damn volatile.. but if an exchange does open up in india and it recieves  as much recognition as mtgox then i dont see any reason why the majority wont accept it..
Bitcoin in india is still a budding topic but if some infrastructure does pop up peope are indeed going to recognize and get curious.. i feel we indians are very curious people.. and when profits can be made we dont generally lag behind  :P

PS. PPP is increasing in india and we are quite a large population ..

drdanishkhan i  know what you  are  talking about  with  newer  people  trying to  enter the  bitcoin  community . they  find it  hard to  go  through that  barrier  of  purchase ,  when  every thing is   quoted  in USD and  gox+10% it  make  it  highly  consumer unfriendly. one  was to make  it  more  acceptable  is  sellers  jus  start  quoting   the actual amount in INR .  but  when i proposed  that it looked  like every  one  want to   put  that idea  down. sellers  thinking  it  will  not  allow  them  to  control  price.

The  system  we  use in india  needs  to change  making it  friendly , simple and  far  more  consumer  friendly.

drdanishkhan please  do  talk  more  about  bitcoin  to  your  friends and  help them  know  more  about  the coins  the more  we  talk  the more  we  are  able to  grow the  community.   

agreed. infrastructure and web presence is a must.

PPP???

Purchasing Power Parity

yep, very true..

17th of May is the Bitcoin Conference.

It will be interesting to see how the market reacts to some new announcements, etc.

May be a parameter to speculate on for the coming week.

Supposedly 100000 bitcoins have been lost by Reptelia..  :P

Reptelia uses mBTC denomination always..

Dwolla blacklists Mtgox in US.. i think the era of stability is over..

Yup, its gonna spike like crazy.

I also am awestruck at the way Bitcoin has handled this attack.

We may get a better sense of things towards end of day today in the US.

The peak that bit coin received was 295$ . Checkout AllTimeHigh (http://alltimehigh.co.in/) !

I am really confused right now.. the market is so manipulated at the moment..

Lol, it looks like a bull run right now.

But its the weekend, maybe the actual price, but who knows!

There are rumours of Gox being shut down in a few weeks.. any credibilities?? people seem to be in full swing taking money out of gox..

Maybe shut out of the US, but not sure about Japan. Dont know if Karples has goofed up there as well.

i dont know if Gox goes down then its safe to assume other exchanges are also in crosshairs.. i dont know.. this news really made me put on my thinking hat.. without exchanges bitcoin prices would plummet down freefall.. i hope that it never comes to that point though..