Bitcoin Forum

Folks, the bottom is in.  I received an email today from one of the Bitcoin casinos saying that due to the drop in Bitcoin price, they sold all of their BTC holdings in order to preserve their capital - and that withdrawals would take a bit longer as they would have to buy back the Bitcoins.

When you see people start making terrible decisions such as the above, you know the bottom is in.  God help them if the price rockets back up.

What casino?

Business probably started with minimal capital.

Also, I bought 800 BTC @ 6.50. =)

Nice buy.

I'd wait for sunday to end before we make any big decisions on where the bottom is. Even after the Sunday we still aren't out of the woods for sure.

But honestly the cheaper they get the more likely they'll increase.

Also 6.50, well done.

The bottom is in when people start making terrible decisions? First, that was not a terrible decision at all by the casino. That was a smart decision to get the heck out since the price has been falling constantly and has speeded up for over 2 months now.

2nd, the bottom is in when bitcoin businesses have to start selling their coin because of the uncertainty of their main asset? I would say this does not show that the bottom is in, it shows that most businesses can not operate on bitcoins. There is no trust in bitcoin anymore and the price will continue to fall even further.

You people really need a wake up call

Also, nice buy at $6.50? If he sold those 800 bitcoins right now on mt. gox it would push the price down to around $6.50, that is how many bids are at the current price to $6.50. With a low of $5.70, that low will be most likely be broken as all lows have been taken out and have gone lower.

Just slowly sold those 800 BTC from 7.20 down to 6.90.  =0 

HAHA, my point exactly, your little 800 bit coins brought the market down to a low of $6.70. This shows how weak the bids are even at these low prices.

Smart move selling your bitcoins, you can even buy lower tomorrow.

Nice indeed.  I picked up fewer at higher (~$7).

Anyway, there's got to be a bottom somewhere, and don't tell me it's $1.  Where's the damn bottom??

That real sad part is that Bitcoin has never enjoyed any real stability. It took off way to fast, and unfortunately couldn't handle the pressure from the trolls/bears at the top.

Is there any way to see or guess the overall hash rate and graph that against pricing? I would think at this price you have got to have some miners shutting down, maybe not today but if the price stays under $8 for say two days.

Just taking a look at a few pools they all seem off a 10-15% in total reported hashing power.

[edited]
ok I just saw that Bitcoin Watch actually has a nice chart of network hash rate and yes it is way off.

Yeah I don't think it will get back to $1.  I tihnk there is way too much interest at these lower prices.

Even with miners dropping like flies and realizing now is a good time to cash out?  IDK but if  I had a fat mining wallet and equipment to pay for I'd be tempted to sell now before it dropped any further.

/ Not a miner
// Not much anyway

Yeahh when bitcoin surged up, it hurt the overall economy.  Gradually, coins are making their way back down.  Then they won't jump so much.

Obviously when a market gets smaller the volatility goes down..  ???

No.  People keep selling all their stored up bitcoins so people need new money to buy them or the price drops.  Coins won't stop being generated.  There's not enough people buying coins as an investment.  You really can't buy hardly anything with them and so the only option is trade them for cold card cash.

There is plenty that you can buy with them, it's just marked up like, 25% and so there is absolutely no reason to favor btc.

Merchants need to be selling for btc BELOW their cash/credit prices, otherwise it just doesn't make sense.

Don't have a gas station or vending machine within 10 miles?

Buy a .99c 1oz bag of Funyons for $3.50! Only 5-7 day delivery!

~ bitmunchies.com

This would make sense since there's no cost associated with taking bitcoins like with a merchant account.

YA GUYS, BUT BUT, I'M TAKING A RISK AND HELPING TO BOOTSTRAP THE ECONOMY OF THE FUTURE.

Well, there is the COMPLETE bullshit practice of the exchanges double tapping the funds on both sides of the exchange. Why anyone would submit to this ass-raping is beyond me. I will delete my fucking coins before an exchange gets a piece of both sides of them.

And then there's all these tradebots.  Who runs them, Mt. Gox?  I don't know how they make a profit trading right near the edge of transactions unless they have no transaction fees, so probably Mt. Gox is doing it.

I heard that someone was trying to build a bitcoin vending machine on an arduino forum.  That would definitely help the bitcoin economy.

I do this.

I give a 10% discount for those who pay for my services (custom MS Excel tools, utilities, forms, VBA-stuffs, etc.) w/ Bitcoin.

Unfortunately, none of them have heard of Bitcoin.

-Jix

Services are much different than tangible products, and tangible products are where the real market is.

an export is an export

Even tangible products are services. When I buy an ear of corn, I'm paying for someone else to plant seeds, irrigate, fertilize, and harvest... and then for someone else to drive it to a convenient location. Sure, there are some commodity prices involved, (seeds, fuel, etc) but when you trace it back, what you're really paying for is mostly services.

That's not to say discrete services aren't valueable in their own right. I end up designing a lot of data-entry forms for people who hire idiots who type "New York" or "Mew York" or "NY". The few hours I spend creating a standardized data entry form saves countless hours of data normalization down the road, and those dollars saved can be utilized in other ways...