Bitcoin Forum

The price is starting to fall like a stone, usually this happens when something bad happens in the media.

Anything?

BTCchina added fees to trading. That seems to be the only thing so far... Unless there is something else I missed.

Kind of a stupid reason. Buy cheap coins, and ride it back up  8)

Is not just today, it has been falling for a few days now..

This:

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/ (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/)

I guess rumor is enough....

Going to be a hectic day if I keep looking at the ticker :P. I bought in at 1073, hit around  1140 then pop. I am not one to panic sell, but I can't afford to keep losing. Anyone think it will get back to up at least 8-900 this week?

I think that's "actual".

Fourth Paragraph...

"At the moment, these claims are still rumours, as neither the PBOC nor any payment company has issued a statement to confirm what was discussed and what the outcome was."

I guess because I don't have a lot of bitcoin, I don't really care about the price much, I would just be happy is if stays somewhat stable so I can use it without fear it's going to go up too much tomorrow.

I'm hoping it to be around 1000 by the end of 2014, but I might just be too hopeful!

300$ will be much more likely then 1000$ this year. Just be prepared to wait a few months to reach your buy-in price again.

"Unless there is something else I missed"

Understatement of the year.

No, that's not going to happen;I am sorry if you are waiting for $300/bitcoin. $500-$600 will be bottom. Wait until Jan/Feb 2014, and you will see the price rocket up again. BTC is a roller coaster ride.

Weak hands (weak minds?) who don't understand bitcoin are acting like sheep. That's what's happening today.

Downtrend confirmed. Bear market confirmed. Now all the good news turns bad, right on schedule.

Has China killed Bitcoin?

Heh :) Does closing your eyes on a sunny day kill the sun?

I guess not... but what will be the other blow?

even if China were the only country on earth, it would not have killed bitcoin. its more like a pinch.

It will surely go up again, eventually... I'm definitely going to hang onto mine!

I'm predicting it will drop to 3-400 then shoot up to 6-700 then fall to 4-500 by the end of the year. Im completely pulling this prediction out of my ass. My ass has been right before though mind you.

You sound like you are about to panic sell. Please please don't. The price will recover.

It's difficult to judge but ask yourself about the general trend of bitcoin.

The reason it hasn't gone quite a lot lower (see previous bubbles) is because there are a lot of people:

1. ...Who have arrived over the past couple of months and put a "sensible" (relative to themselves) amount into Bitcoin and who are looking at it as a year or longer investment with great returns. Don't forget a year is quite SHORT in investment terms. These people aren't going to panic over dipping below the price they bought in because they really believe that in a year they will make better money than they could anywhere else. I believe that these people by far make up the MAJORITY of new buyers over the past few months.

2. ...Who are holding Bitcoins who also believe strongly that the value will go to 2 or 3 or 4 times the value over the next year and who certainly do not want to miss out on this because of panic selling now. Remember that long term holders have experience of Bitcoin volatility.

Why do people think it will rise in the future? Because:

1. It has done so far for 5 years. In a very strong way.

2. Serious businesses with serious money are investing seriously in the technology.

3. Serious investors with serious money are investing seriously in the investment ( :P)

4. Despite the uncertainty at the moment, it looks very likely that Bitcoin is acceptable to most countries in some category or other (asset, currency, etc.). Frankly, at the end of the day who cares if you have to pay capital gains on something that doubles or trebles in value over a year. And when more and more people start to use it, there is no law saying that it could not be re-classified.

At the end of the day, you have to understand that it is still early days, despite all the media coverage. There is a lot more growth to happen.

I am bullish even for the short term; by short term I mean a couple of months. People forget what short term means (or should mean) to most people on this forum! Take a step back, decide whether you think Bitcoin is here to stay or not and then don't worry about one day to the next if you think it is.

Looking at fiatleak.org (.com is gone) it looks like either China has blocked the transactions of bitcoins or no one is trading bitcoins anymore in China because the amount of bitcoins being traded is very few.  :(

You've over invested.

If you can't afford to lose any more then, of course, you must sell everything now.  Perhaps you can afford to lose a little more but even then my advice would be to immediately sell enough that you can afford to lose the rest.

Certainly don't panic sell or panic buy.  Do your own calculations and only place orders with a clear mind.

If you need the money right now, sell. If you need the money in a few months, don't sell.

/This!

 See you at Bulls party late Feb start of March 2014.

This week, not sure. Within due time (a few weeks, few months tops), yes, most certainly, and much higher even. Bitcoin is still just at its infancy, most people are NO idea yet how huge this will become.

How could he need the money now if he's only just bought the coins with the money?  :)

Just wait it out a month, or two at max. He won't regret it.

He had bought the coins thinking it will skyrocket within HOURS. He should sell now, get out while it's getting hot, before he gets burnt!

If thats the case, he deserves to lose money. Get that greedy, and the market will swallow you whole.

Look like bitcoin is going to drop into the $100 range again very soon. It was so much fun when it was around the $1k plus range!

Oh well.

Really. Its at $500 plus. That's a big big drop. We shall see.