Bitcoin Forum

Any reason / news story for the drop this morning from $118 to $113?

Somebody sold their stash, I guess, much like what happened on June 2th. This thread belongs to the speculation subforum btw.

Ah woops, sorry for the wrong thread area.

Seems like now is a good idea to sell before the Feds get too involved.

I'm liquidating today, all I can sell.

huh? are you spreading FUD? looks like i was right, someone is looking to buy cheap large amounts.

Why?

Because the price has dropped?

Why not?

Seems like a good idea to cash out now before the exchanges get shutdown, Feds get too involved, and price (possibly) crashes.

In reality I bet almost everyone has bitcoin not because they want to use it for purchasing goods, but as a way to make a quick buck - Don't lie.

I think they call that  "flushing out the weak hands"

The massive price rise a few months ago was the time to make a quick buck. It was good while it lasted but unless you're an experienced trader, volatility is not good news and harms Bitcoin's progress towards mass acceptance.

Earning, spending and generally using Bitcoin just as you would cash is the ultimate goal.

Ah well the 2 times I tried to buy stuff with bitcoin I got scammed. There are too many scammers out there to make bitcoin really "safe" for trade. I bought bitcoin at $22, so I think I'm good.

I bought 2 Bitcoins for £22/$40  back in february and have recently spent them on various stuff worth about £160

But price stability is better in the long run.

If you have Bitcoin burning a hole in your wallet and want to spend some on a nice T-shirt and not get scammed have a look at my website... 

http://thevillageidiotme.ipage.com/shop.html

I am a genuine retailer and the official supplier to the unSYSTEM Bitcoin conference in Vienna in November... 

https://unsystem.net/info/

Nobody reasonable who just wants to "sell their stash" dumps it on the market like that, as they could sell it slowly and get more money for it.

It someone dumps a big stash like that, its either 1) they want to deliberately crash the market to buy back at a lower price, or 2) needs fiat really soon desperately, but then they are not gonna do it in MtGox anyway as delays in fiat withdrawals are huge, so it leaves us reason 1). Or they are clueless how bid/ask markets work or careless about their money, but anyway anyone who is highly reasonable and money-wise will not sell a large stash like that (unless trying to deliberately crash to buy back) as they can easily get significantly more by spreading their sales evenly over a day or two.

This is the type of trading you observe daily in the junior markets.

" Flushing out the weak hands " is a common strategy used by brokers (usually 4 +) running a box.

My intuition tells me that as Bitcoin holdings keep shifting from the tech crowd to the VC firms you'll see Bitcoin being " cleaned up ".

Nothing worse than running into small holders dumping when you're running the beast to a new high - much easier to shake them out early using a little fear - like a $5 - $6 dollar drop - then running the beast with little or no resistance.

Patience....

Or the guy just saw the price dropping 20% in the last weeks and feels like he must sell all before someone else does, which is more logic than what you are saying

It's probably miners selling their coins for profits and not speculators, most speculators are going to get shaved

Unless, you know, they didn't know this. Just because someone had hundreds or even thousands of BTC it doesn't mean they were aware how markets work.

BTC Is going back up Thank god...  ???  And XRP Is going up too

The famous question...

"BUT WHY DID IT FALL?"

lol

No, it's down below $108 now and shows no sign of stopping.

Anyone have any idea what is going on?

People were getting ready for the drop from $113 to $107.5.

It seems like we see a lot of sudden crashes like this recently, and then periods of slow growth, only to lose it in 12 hours or so. We don't seem to see the opposite any more, by which I mean buying that causes the price to soar, like we used to. What is going on?

We aren't in the midst of a hype cycle.

make it go back up, please.

I can't

:(

Honestly, if that is how you feel, nobody will miss you, and its good you are getting out now.

You are not much of a hero member

So go look for some superhero ;)

From the graph, its looks like a crash after a bubble. Where each new peak is lower than the past. It could be a bumpy ride if this trend continues.

Are there superhero members?

Max Keiser, where are you?

we need all of the people.
if it's not for greed.. then maybe for freedom of money..   
it doesnt matter..   

More people to bitcoin is good. whatever their motives are

"Nobody will miss you" - ....I didn't think I was ever noticed....

It's called a bear market.

....With the hype gone I think the bear market is here to stay. There needs to be a real reason for people to come to BitCoin. The initial hype was generated through the soaring price as a great investment instrument. This is long gone.

Goodbye BitCoinNewGuy, you entered the bitcoin world as a noob and now you will leave it after 75 posts as the same noob. You understand nothing about bitcoin and are just looking for a quick profit, I get it. Just buy some stocks and be happy together with Bernanke throwing freshly printed toilet paper dollar bills at you.

yup, its going down because of all the new Jr. Members ... can't blame them they're probably only holding 50-100% profits :P

Fuck 'em. It's going to still be going strong. The more they push, the more underground it will go, and that's not a bad thing.
I keep some bitcoin, spend some bitcoin. Everyone who bought it just to hold it aren't doing a damn thing to help adaption. If it's not being used as a currency for goods or services, it won't have any value period.

SR (yeah, not the best reference, but it's the biggest monetary site to judge on) is pushing over $2million a month in funds. This shit isn't going anywhere. Bitcoin will still be used 20 years from now.

Again, if the FEDS try to jump in, let them. Bitcoin and bitcoin related sites will quickly adapt. One thing that I have learned from being active on Bitcoin related sites and their forums, the users as an overall average are some of the smartest and brightest people I have ever met, not a bunch of jack-off kids playing WoW in their moms basement.

I have faith in bitcoin. I will keep spending it while people like you cry because the price is dropping and all you were wanting to do was get rick quick.

If you're that scared and are ready to cash out, lemme know. I'll buy your shit for 10% under market value right now.

yup, its going down because of all the new Jr. Members ... can't blame them they're probably only holding 50-100% profits :P


some Jr. Members "get it" tho...  :-X :-\  BUY BUY BUY  ;D

LOL. Initially when I got into this game, I will admit, I was watching the damn price every day, because it was like a game. Like the stock market. However, I was also making myself fucking sick with anxiety. But then one day I was just like "Fuck it. Let it Ride". I used to come to this forum daily but I had to step away. Too many speculators on here and people who were looking at bitcoin as an investment or get rich quick type scheme. That's what caused the huge crash in the first place. Seriously people, stop hoarding your shit. Spend your bitcoin. Go buy more bitcoin. Spend it too!

If you're not going to spend it and are going to just keep hoarding hoping that you can be a BitCoin Millionare, then do us all a favor, cash out now and go buy fuckin' savings bonds or something. This isn't an investment. It's a currency. Use it.

It's plain to see on this forum and others the 2 types of bitcoin users: Those that get it. And those that don't. Those that don't, GTFO and let the grownups keep doing our thing.

lol

No i will not cash out the all of my BTC! ...I worked hard for them.... i will always have a BTC saving and checking account, i will use BTC when i see fit, and i will not cash out my BTC saving unless you throw tons of cash at me, deal with it!

 :D

That'd be nice. I don't see it, though.

we all use it
we save it
we buy S.DICE and HIM shares with it.
we trade other AltCoins for it.
we use it to make money!   ...because its better than money  ???   ;D

Sending BitCoin to random people (internet businesses) with an irreversible method of payment that is based completely on trust that the other person will fulfill their end of the deal is not my cup of tea. When I make a purchase, I do it with a method of payment that if I don't get what I ordered there is a way I can take action.

Sorry, I will not use BitCoin for transaction and trade. Your in denial if you think that the general public doesn't agree.

Just look at this forum, 'scammer tags' are everywhere (and growing)! Most of which were from some people who could be 'trusted'. Fact is, no one can be trusted.

Have you heard of escrow?

    I bought in to bitcoin at 114. I have bought some coin at 130. I will keep buying it at any price because I don't want anything to do with dollars. Everytime I use dollars is like a vote for the maintenance of the current financial system aka injustice and war.

   I bought two loaves of homebaked bread with bitcoin last week. I am going to keep spending bitcoin, even if a loaf of bread ends up costing me two grand at the price I paid for the coins. And it's because of people like me that bitcoin will succeed. I know they're out there, and a lot probably haven't even heard about bitcoin yet. But when they do, this is only going to grow.

    As for people selling coin to get bits managed by a bank- if you think the banking crisis is over, think again. Governments have used every stopgap measure in their toolset to cause the current upturn. They are out of options (although negative interest rates wouldn't be bad). If you think gold or real estate are safer, look up the word nationalization. If you think that can't happen in a democracy, look at history.

     The American revolution was fought and financed by less than 1% of the population. It was not all fun and victory after victory. It succeeded because a dedicated group of people were tired of being ripped of by rich people who they'd never met. Now it's time for another revolution. 
    As for trading bitcoins for fiat, refer to the words spokem by the man on those hundred dollar bills you want to buy- paraphrasing- those who would give up liberty for temporary security deserve neither and will lose both.

    Peace

       

People are realizing and waking up. Value isn't ever going back up the way it did before, and just like Liberty Reserve can get shut down. I know I know, the rest of you are in denial.

It's already up, even if you ignore the bubble the rise in price even from last year to its current position is quite impressive.

Proof that you obviously haven't done your homework and are just a speculator in all of this. WTF did you think BitCoin was before you bought? Did you do any research to see the way that it works? You bitching about bitcoin dropping and say you're going to sell and then make the comment that "well, this is all anonymous and not my cup of tea because people lie", that just proves that the ONLY reason you got in this was to try and get rich quick, right? If not, then I would love to hear your rationale as to why you even got into BitCoin in the first place.

The person that responded right after you posted is 100% correct. Never heard of escrow? Not my problem or anyone elses if you are too stupid to go through safety loops and cover your own ass in transactions. If you aren't smart enough to follow safety protocol, then you deserve to get all of your bitcoin ripped off.

I have conducted numerous transactions with bitcoin and not ONCE have I been ripped off. Why? Because I don't play the "trust' factor with anyone. I order something, I pay in escrow, I get it, I finalize, they get their money. That simple. Anyone who requires payment prior to shipping or receiving goods IS going to rip you off, but again, that's your own fault.

Again, I don't give a shit if it goes back up to astronomical levels or not. I am not here to invest in Bitcoin like it's a stock or a mutual fund. I am here to use it as a form of internet currency, period. Price may jump around, but overall, it's stable, and any reputable marketplace/vendor adjusts their prices to the fluctuating BitCoin rate, so in all actuallity, you're really not losing anything, again, unless you are trying to INVEST. Are you just sitting on your BTC hoping that it appreciates? If you are, sell it and go away and buy something like stocks/bonds/etc.