Bitcoin Forum

Really drop a lot!  Anyone know what happen?   I don't see any unpleasant news on Bitcoin at all.  In fact a lot of positive news.

nice time to buy :)

Yeah just saw this, seem to start some time last night (UK time)

Few small sells dropping the price aggresively and then suddenly this morning boom massive sell off.

Manipulation?

Mtgox don't accept receiving or sending of funds until you are verified.  Still waiting for the verification :(

Because Mr. Manipulator is back and he wants the price to go down, have a look at that beautiful 6k ask wall.

Bitpay is cashing out kncminer's pre-order bitcoin for USD, i guess that's in the magnitudes of millions of USD :D

Well someone just bought a big chunk of it not sure if its going to buck the trend though.

that´s what i would call counter productive.

all the millions of dollars going into mining projects in the last couple of months -- what affects could this have on the bitcoin price?

I guess those gigantic hashing machines operate all at once.   Too much competition.  But somehow or other someone will go in to support the prices.  Bitcoin price drop will affect the VCs and angel capitals that have invested in Bitcoin projects and they have invested hundreds of millions.

And all of those millions were not converted to BTC.  They are being spent on programmers, servers, and advertising.  The VC's are investing USD now to earn BTC in the future.  If Bitcoin price falls, they just earn more BTC when the future comes.

No it won't.

VC's invested in Bitcoin exchanges and other services, not in Bitcoin itself. The price really doesn't matter.

Climbing back up already...

I thought you didn't have to pay upfront for KNC's?

ish, not falling as fast is probably a better description.

It's a good time to buy, but WILL it drop even more is the question?

Dead cat.

I wouldn't say it's climbing back up, it's constantly dropping and rising.

Miners are selling their day profits

Fuck.
When do we expect it to go back up?

About buying now: try considering it this way:

* 115$ support was broken with volume
* next strong support is into 100$ area
* Bounces may be false signals, since RSI has gone undersold and has to recover.
* We're approaching weekend, when volume is low and manipulation is easy

You would buy now?

Manipulation is easy :) Lets manipulate it up

dp

ft73: please everyone buy PLEASE

I'm not willing to go against trend ;)

I want to see on the news, 1 Bitcoin hits all time high of 1mil $!

Wait until Monday  ;D

Unless Bill Gates chip in a billion or two :)

Exactly. Chances are, it will, although intermediate term support levels (current week: at  $100) are not yet broken.
You might want to take a look at the weekly levels here, for reference:
http://bitcointalk.org/index.php?topic=223860.msg2352683#msg2352683

All at once? No. Yes, the hash rate has been climbing, but of course the difficulty adjusts to keep the rate of BTC production roughly the same it has been for years. Price of BTC is not about mining, it's about supply and demand.

Personally, I suspect this is just increased volatility due to the Mt. Gox/Dwolla lockdown--with USD more difficult than ever to use to buy/sell BTC, volume drops and volatility climbs.

I guess someone needs money for Friday night

Source?

I counted round about $15 Million ...


Thanks,

BitOne

I think it's due to the amount of people selling off their Bitcoins which they earn from ASIC mining. So they are depositing it into fiat money, to keep it at that value so they are benefiting from it.

I don't think so.
Many elements prepared the terrain to favour this correction:

* Weak market: declining average volumes since April peak.
* Bad news (Dwolla, FINCen, ...)
* Less hype: Declining media coverage.
* Frustration due to to some irrationally high expectations.
* Speculation.

The weaker alt-coins market gave a first signal with a strong correction on many coins within the last month.
Bitcoin is just following the same path.

I consider this healthy.

The trend is your friend!

I'd also like to announce the introduction of "Capitulate before its too late" as phrase of the now! :D

Surprised some of those things didn't have an effect earlier, but I do agree about it being healthy.

its normal, it will recover. . .

Many had effect, since April.
See the declining peaks at (roughly) $260, $170, $150, $130.
Path was clear.

We're still  in the middle of an irrational market cooldown.

Wait until the newly invested capital has time to materialize. We will start to see more reliable, efficient, and easy to use infrastructure to handle real trading volume and serious payment processing. As that happens, and merchants slowly realize that 0.99% beats the hell out of 3%, and consumers slowly realize the benefits of bitcoin... well I'm not saying anything we don't all already know.

You know , people have a lifespan , so most tend to buy something they didn't afford before turning their coins into cash rather than waiting for this... dream (current state).

How far do you think it will drop before it rises again. Weeks, months, years...?

Short term: i think it will quickly bottom in the low 100$, then it should at least bounce back strongly.
Then we'll judge, based on reaction.

Too much good news to drop below $100. Even with the lack of a decent exchange, I believe we'll hold up, and if price does crash through $100, I hope you all have your fiat ready to go!

I buy my bitcoin with silver and gold because I value my bitcoin community too much to pay in fiat.

Heading down to $100..

It's annoying as I bought my first bunch of coins a couple of weeks ago in the late £80's. I suppose this is the thing with bitcoins it is unpredictable.

At $108.00 right now. I bought some coins last night. Should have waiting until this morning. Holding off on more purchases until next week. How do you think this will play out throughout the weekend?

Anyone have any idea why?? It's below $108 now and shows no sign of reversing.

They start to accept real payments a few days ago. Tuesday if memory serves. Actually they are selling you pre-orders.

Very oversold, it will eventually bounce back towards the 110$ area before reaching 100$.
So you'll probably have a chance to sell, it will drop again.

Dollar cost averaging is a sound way to go with BTC (or any investment) (http://en.wikipedia.org/wiki/Dollar_cost_averaging)

I think i'll grab a few coins @105, if reached.
105-110 range in mind.

EDIT: inversion @106,15$, shame. Heading to about 110$. Lost my chance for an easy 4%.

Filled my pockets with BTCs  ;D

Exactly, if price dropped to $10, with same money you could buy 10x more coins, dropped to $1, you can buy 100x more coins, just make your net and capture the fish, how big/small the grid will be depends on your risk tolerance level

At any time 1 BTC equals to 1/21m of bitcoin economy, this has nothing to do with exchange rate

I bought in at $114.00 per BTC so i will just hold and see how this rides out and will continue to buy as prices drop.

Which has now lost, what, -5% today? My $1 bill is still a $1 bill.  ::)

And a bar of silver is still a bar of silver. Still - USD is on the incline right now, meaning that all assets should cost a little less USD.

I told you in your other thread if you're that scared I will buy your BTC right now for 10% under current market.

It's coz it's the end of the lunar cycle.

Bitcoin value has historically always weakened towards the end of the cycle.

You'll notice if at the start of a new moon the volume is low, it almost always ends up a lower price at the end of the cycle.

Well there is no reason for it to go up right now and definitely some reasons for it to go down. I see a continued downward trend.

I don't understand your logic.  The speed at which bitcoins are mined overall doesn't change.  All the ASIC rigs do is take a share of something that is already there.  Nothing is changing in that regard

It has gone to $110, hopefully it won't break $100 as what one post suggested.   

If it's the folks who took all the pre-order money/bitcoin to develop those ASIC rigs, but instead of shipping the products, they are using the same RIG to mine for bitcoin.   To these people, their bitcoin are produce at virtually no cost.    They can delay the shipment of the pre-order as much as they want, and sell the mined bitcoin at whatever price as they felt like.

When the bitcoin price fell too low, they will just shipped the ASIC rig, otherwise, they continue mining with it.  At some point, they will announce the next generation, say 32nm ASIC rig, and start the whole pre-order cycle again.

gosh, it drops slowly and stablely

At least there isn't any panic selling.   I can see about 20k Bitcoin buy at $106.23, I guess this will form some kind of support level

What if avalon want to sell 67,185 Btc......

They would normally wait for the best price isn't it?  I dun think they will participate in the mass selling especially if driving the prices down will harm it too.

Or sell and rebuy?

When Avalon started their pre-order. bitcoin price is in the $10-$14 range... Selling anything above that is just extra profit for them.

Gosh you people are dense, what were seeing is the inevitable result of less dollars flowing into the purchase of coin.

Over the last 20 days the depth of USD orders on Gox has declined by nearly 9 and a half MILLION dollars.  It is now under 15 million total and lower then the point when BTC briefly broke below $80.  During most of that period the BTC depth was also declining in synch indicating neither coins nor dollars were moving into gox (likely out of fear of confiscation/shutdown following the dwolla and later Liberty reserve events), just existing coins and dollars were matching up and we saw declining volume of trades too which makes sense as neither buyers or sellers had the upper hand to push the price around.  But at the beginning of June the coin depth trend reversed and began to grow slightly even as dollars continued to decline.  If the current trends continue it will only take a month to drain away the dollar depth down to it's pre-bubble level, and build up coins to a depth equal to about 2 months worth of mining.  That would imply a$20 price as the BTC price is almost ALWAYS the dollar depth divided by the coin depth.  Some overshoot is likely so my buy price would be at $10 if your looking for an immediate return, or $30 if your willing to hold for longer as $30 reflects the likely plateau we will see once the current bubble has finally run its course, it is simply the pre-bubble price adjusted for the reduced reward quantity.

crash crash crash

buy litecoin

I think it's a good buying opportunity for the people who believe in bitcoin fundamentals.

I think this is the last time that such kind of price movement happens due to ASIC manufacturer dumping pre-order bitcoin

Currently there is a huge demand for ASIC devices, therefore many previous bitcoin owners re-investing their bitcoin for ASIC devices, but ASIC chip manufacturer still do not accept bitcoin, so all these coins must be sold on exchange for dollar

But soon they will find out that ASIC devices are everywhere, these bitcoin investment will almost never ROI after skyrocketed difficulty, then in future they will not risk that much of bitcoin anymore

ASIC is the last step in hardware developement, from ASIC forward, there will never be a 40x increase in efficiency, any kind of future upgrading is more gradual

That is hard to say, remember Moore's law

Moore's law is the observation that, over the history of computing hardware, the number of transistors on integrated circuits doubles approximately every two years.

109 . . .

Right, that's a doubling of efficiency every 18 months (not 2 years).  That is a far stretch from a 40X increase in efficiency.

Edit: The 2 year figure is correct for halving transistor size, but other improvements in transistor technology have led to a doubling in performance/watt every 18 months.

They are on sale.

Quantum Computing is next.