Bitcoin Forum

Bitcoin price is dropping like a rock, but some US exchanges are doing their best to slow the decline.

You think the feds started to 'cash' in the coins from their most recent busts?

Where do you think the floor will be by Monday

tell me my friend how long you are in this bitcoin world?
:) what I am telling is.
Check bitcoin history.
see bitcoin all time charts ( but not on one screen, make it in parts, to see better what was goin on)

This "drop" of price is like nothing for real.

For example - to do not look back a lot - 13th december 2013 - price about 600$.

And what I can tell you more just look at charts, calculate it in your own.

And you will understand. That - we dont see a big problem at all.

The only problem is mtgox, but hopefully tomorrow everything will be ok.

Anyone would've seen gox going down. Who even uses them anymore when they don't payout...

Tired of newbies preaching doom. There are many topics like that, just use search function and join the choir.

1 - if you can predict all rise and falls you will be super trader :)

2 - I guess there s a lot rich investors who want to keep price rising. I guess everyone who invest a lot want to see it rise.

:)

Not even Gox going down can stop Bitcoin now. The new broke and Bitcoin "crashed" to $700. Seven HUNDRED US dollars! And this is where we stand at this point, when $700 is considered a crashed price. ROFL! I'm still trying to get used to double digits.

Hehe :) Thats the point.

But :) for those who start use bitcoin when it was $700-800 ... :P price drop make some panic :)
too much panic. Not too much experience.

There should be a thread called "new around here and have a negative attitude? Post here..."

Bicoin will be back above $1200 by end of spring. Mt GOX will rise from it's ashes but it will never be the biggest bitcoin exchange again but it will not die.

I think the time to buy cheap alt coins is now. Bitcoin too...

Monday could be ugly but it will be a buying opportunity.

He's right. You have no idea what you're talking about Armis.  

"Dropping like a rock" ?  Its almost as if Bitcoin didn't exist a month ago no chart exists that you could look at to help you retain perspective.

I've had this conversation with 3 people this week.  "I heard Bitcoin is crashing HARD!"

When I tell them it was $13 a year ago, and currently $700, its almost as if they can't figure out why they're so dumb.

Rational perspective is not the strong suit of much of the human race.

-B-

enough of these threads already, can't believe you people listen to these guys and keep bumping and swirling the shit stew

What happened?

Nothing sir.. just discussing and trying to predict what is impossible to predict BTC rate :P it was some 540$/BTC just few moments ago.. so few investors got regular panic attack..! but i don't think they should bother about what happening in market on daily basis, rather look back after 3-5years, nd i'm sure like many others that everyone who invested in BTC will surely have a smile on there face

Mt. Gox = Bad News = FUD = low price = allowing people to get cheap coins..... and I am bull person. I think this is a strategy move for large traders to get cheap coins.

The market was technically weak before GOX goxxed everyone. If it hadn't been for this epic panic I would have been betting that the week would continue weak and slumping. However, a drop of 80% does not happen in a normal market. Normally it wouldn't be allowed and people would fear that intensely.

However Bitcoin markets are pure and don't give two shits about what price people want to sell at so we got our epic 100 USD sales and it may very well have brought to this moment, a LOT earlier in time, many of the weak hands that would have normally waited till later in the week/month to participate in some epic capitulation.

We have just entered uncharted waters but I think that the exchange market for Bitcoin just gained A LOT for the long term in the form of lower volatility. Evolution works fast in such a pure market and the predators  FUD'ers might have played their role today.



 

Sure.  Jeff's a big Primecoin miner, Gregory is still spitting feathers about the Maxcoin fiasco, and Gavin's all about the Doge.


+1

To all Bitcoin speculators:  You will not be babied.  HTFU or GTFO!

Hm, Bitcoin deserves people not prone to FUD and hype, but doing their own research thorouglhy.
There is no problem in creating "insured exchange" with accountability, insurance, trading interruptions in the times of high volatility, etc. Such exchanges would probably limit high frequency daytrading, tape-painting, set limits for trade bots, be cooperating in government... All this is fine and well. As long as such exchanges present themselves as "an alternative" but not as "the only alternative". The ones desiring such exchanges would trade on them and sacrifice profit, liberty and self-responsibility for more security and assurances. Everyones choice.
This is like investment triangle. Investment can be profitable or low risk or liquid. Choose one. Very good investments can be two of these things. No investment is all three. Same goes for services. Cheap, fast, reliable (high-quality). Choose two. Do not cry that they "ought to be all three".

No.  One exchange did one trade at USD102.

So, look at the charts...I don't need to explain anything do I.

Newbs always freak at BTCs price fluctuations....and you're no different.  This isn't the NASDAQ where everyone gets headlines by a 4% move.  Gox has been a disaster for over a year and things are coming to a head.  But we really don't need a young bulls mewling 'disaster' every other thread.

Bottom line is you're here to shill your crypto websites and a bit worried your venture may go tits up before it launches.

Well, don't worry...everything will be fine. :)

This could just be the start of the big drops to come.

There are probably a lot of people wanting to cash out, but are doing so slowly as not to tank the market. That is why every rebound the price will quickly go to a new low. That is how I would be cashing out.

I was even saying on btce some days ago that someone knew some inside information on Mt Gox. and that is why the price was falling there so quickly. People are cashing out.

I heard the coin destroyed days was highest it has been some days ago also, people are moving old coins to sell them.

Not looking good, but I do not mind because I sold out about a month ago. Hoping to still have the last laugh as I deserve it with all the flaming I get for being a bear.

Bitfinex went to $100. Bet a few stop losses got called there...or worse still, bet a few margin investors without stop losses got their entire capital fkn wiped out. Shady horrible exchange.

You, and dozens of others do have a lot of explaining to do. All the way down from $1000 Bitcoin. Stamp went to $530 with invariably lower prices to follow. You fkn assholes have been cheer-leading a vapour asset that has lost around 50% of its value in the last month, telling noobs to buy them $1000, $900, $800, $700 etc etc coins while they are still so cheap.


I suspect that the fact that Bitcoin even registered $100 on BTC-e (whale hitting wrong buttons possibly) and on Bitfinex, sharks farming/robbing/stealing margin calls and stop losses, will send a chill up many a spine of the wholesale Bitcoin holder.

Nobody wants to go from zero to hero, and then back to zero, no matter how fanatical they are. This fleeting $100 price tag will serve as a chilling reminder of exactly how bad it might get.

HODLers are like the OPEC sheiks that all say don't sell oil for less while shipping barrels out the back door on the cheap

That's how I felt when I saw that drop to 102$ on BTC-E. And I've been 100% fiat for quite some time.
I was expecting this drop since mid January and wanted to buy back close to this bottom and sell close the top of the rebound.
Now I'm waiting to see what happens next, I'm not sure if the market has hit a local bottom or not.

Just one?  ;D
https://i.imgur.com/yKknP3b.jpg

agreed


but you know that hype moves movies and magazines, that blood determines the headlines and pain drives the news so how does the cryptocurrency industry grow around it?   How do we show newcomers how to protect their self interests? 

you can submit applications to him to sell 25 or more BTC with a price that you negotiate with him..
   I figure the HODLERZ sent him ones that had $50,000 each for the price

Or how 8kBTC was dumped when panic was on it's peak, and yet market did not give a shit :

http://gyazo.com/5bd00d9d4862d5d35c743eb67c8d0a18.png

the cat from second market...

How Does it Work For Sellers?

    Complete a New Account Profile (NAP) form
    SecondMarket notifies you of approval to trade once compliance procedures are completed
    Negotiate the price with SecondMarket traders (min. transaction size: 25 BTC)
    Seller sends bitcoin to SecondMarket wallet
    After 6 confirmations on the blockchain network, a wire is sent to the seller’s bank account
    SecondMarket provides a FED reference number for tracking purposes

The process can be completed within one business day.

Quoted for truth!!

And oh look...less that a day later...

https://i.imgur.com/BkGRXEn.jpg

Good job posting that u maggot.

It was already at about $660 when I made that post....woo it went up another $40 since then. Quick honey, sell the house, get out on the game, we need as much worthless fiat as we can get our hands on to put into Bitcoin before it's too late.

I was awake too...we're not all on US time.

Why not take a look at teh long term term trend line...see what that tells you.

As for "faith"....well, you seem to hold DogMuckCoin...get back to me in 12 months and let me know how that goes.

Hhhmm... taking refuge in ad hom attacks...that really advances your argument.

You seem to be in the "BTC is finished camp", so the question is: why are you still here?
Saving us from ourselves, no doubt - how civic minded.

BTC is strong and it will not give any 300$ coins no more.
Sorry xD

Stop the unnecessary hate.

For far too long and even now cryptocurrency bitcoin gets bashed over and over again in the real world, but it seems just like the vicious cycle of human abuse "hurt people, hurting other people" so now too many CC BTC holders are following suit trying to abuse holders of "alt" CC -- stop the nonsense.



[Edit] I just saw the following response you issued to another forum member that seem appropriate to attach to this reply, the irony isn't lost either:
 






 

I am %99 percent sure about this!

Sure it will be like that. And maybe people will learn to dont panic SO much

I cannot be sure.
But it would be not realy normal in BTC world to see price  drop huge like this.
I am looking into Cryptoworld from a quite long time.

And what I am telling is related to my experience with it.

Made my day :P

The price have been dropping since I started keeping BTC :(

That's so easy to say when your money isn't disappearing in front of your face.  

100 BTC worth $80,000 is suddenly worth $75K, then only a few hours later it is worth $60K then a few more hours it's worth $50K  how can you guarantee anyone at any that point that it will not continue to fall?  

The fact is, now the massive disaster is over, but your 100 BTC is not worth $80K, or $50K either, but $65K are you pleased?  

The whole cryptocurrency industry is both a game and a gamble

Anyone who buys in and doesn't expect their holdings to fluctuate all over the joint clearly can't read or process numbers. It's par for the course.

ouch, sorry about that

The cryptocurrency game is a gamble, at least with btc you have the opportunity to trade into many other things so that you have a second opportunity to see some profit.  200, 300, and 500% weekly increases for btc are history, but still exist for many other CCs, of course none are as recognized or "stable" as btc.

The CC industry it too young and weak to truly invest with only your brain, you have to invest mainly with your heart and hope you picked a winner; but use your head to decide when to cut your losses.

good luck

The price has fluttered below my buy in average a few times. I went into this fully expecting that to happen.

Having looked into the price history I knew perfectly well that I might have to wait 12-18 months to make proper gains. I did my homework and was at peace with that thought.

Right now anyone whose average is over $1000 is unfortunate but it shouldn't be a surprise.

buying @peak is not nice, but nothing to worry. he just needs to wait longer, that is all.
i happened to buy in @ 20111 peak. i got 100 coins for € 2000,- and directly after i went in, the price tanked all the way down to $ 2,- ... my investment was only worth € 200,- FOR THE LONGEST TIME. it looked like the worst deal i ever made. i had to wait until 2013 to see the light again. boy, am i happy not to have given up on bitcoin. because today this € 2000,- investment is worth around € 50 000,-
turned out to be not the worst but the best investment ever.
in the long run, except for those buying @the last peak, NO ONE EVER lost money buying and holding btc, no matter at what peak one bought.

there were several threads of people getting nervous that bought at the april 2013 peak. even now they made 100% profit.

whoever bought @last peak: put your coins to an offline wallet and keep the keys safe and wait 6 months. then check again.

wow, that's truly a conservative perspective for anyone looking at a cryptocurrency (CC) of any type

Btc just made 5yrs old some days ago, and it wasn't until about April or May of 2013 that any level of "legitimacy" was truly enjoyed by the CCs, so I really congratulate you on having a year+ perspective; but I assure you that that is well beyond reasonable expectations for anyone getting into such a highly dangerous, extremely young, and massively volatile market in 2014.   The track record for btc before November 2013 is not indicative of it's performance after that, it's a totally different world.

January is gone, and nearly half of Feb is too yet btc only hit a grand once.  

A pure chartist will tell you that based on the charts the true high value of btc is about $400, and that anything above that is ridiculous speculation.   But if you look at all of the negative ancillary forces pressuring the CC, IMO it's true value is about $1000 and anything under that is a bargain.

Btc's biggest harm is being caused internally by hacker, scammers, bad cus svc, and lack of self-regulation. I think if you remove the hype, defamation, and increase market security the value will see $1200 again this year.  But since the world loves it's scary, wild, and crazy rides my bet is hype and defamation will be the rule resulting in your $500 to $1400 cycles.

 


 

just look at it with inflows and outflows...  that late fall runup was a perfect storm of China, SR going down & Coinbase allowing 10BTC instant payments..  and the climate still had USD $$$ flows into BTCe & Gox pretty easily

then what happened??   China got prudish.. Coinbase crimped instants by 90%..  AML/KYC enforced everywhere which slammed the door on BTCe & Gox while lots of merchants cropped up to take your bitcoins (Overstock/TigerDirect)

Anyone who thinks this has not been the driving factor of price is on the wrong side of the trade


Until there are 10x more Coinbases to bring back that level of instant inflow plus more exchanges that can take USD $$ without too much hassle then you can get $1000 again

I am not even sure Wall Street can prop up the price until the instant flows are back to last fall levels

That's a wonderful story, and I'm glad to meet someone that owned btc prior to 2013.

I chuckled when you said: "NO ONE EVER lost money buying and holding btc," because of course by definition as long as the position is not defunct as long as you don't cash out any loss (or profit) is technically unrealized.

With all due respect as I mentioned earlier, btc life prior to Nov 2013 is totally different from btc life after that.   And since you were around from before April 2013 the exact same comment can be said for that time line divide -- btc life before April 2013 is totally different from btc life after that.  

What occurred between April 2013 and December 2013 in the btc world must be studied deeply at high academic levels.  

I appreciate that

Notwithstanding, Coinbase is not a large enough player in the cryptocurrency economy to move the CC market in a meaningful way, like a Mt Gox, Bitstamp, BTC-e, or the like can.

Coinbase certainly could have grown mega large but they clearly deliberately decided to stay clear of the trouble that went with the power position.  Look at campbx the market killed them, they too could have stayed in, cleaned up their act, and grow magnificently but they decided it wasn't worth the trouble.   

Mt Gox is getting hit from every angle: hackers, customers, and govt, the ONLY things keeping them in it is the massive power trip and the ocean of cash. 

As for the CC industry, we (USA) are still not a major player yet, I agree 100% that we need many more Coinbase+ models to emerge. 

Then they shouldn't be in bitcoin to begin with. I bought in during May 2013 when it was still bouncing around from the April spike, it spent the next 2 or 3 months below my buy price. I expected it, just as I expected to lose what I put in. It's all about framing your expectations going in, and having a solid understanding of where the true value lies in crypto currencies, so you don't get rattled.

Great post.

One of those rare times when I feel I actually learned something from someone on here.

The way I see it is that 100k mbtc is 100k mbtc. You didn't lose shit

Ok, given your btc experience what was BTCs "true value" in Jan '14, what is it's true value today, and what do you expect it to be a year after you purchased it in May of 2014?
That will tell me what type of expectations you have for btc, and how your expectations square with the actual performance of the CC.

You realize comparing Coinbase to MtGox is like comparing Porsche to GM, Porsche is a wonderful company but they can't impact the auto market like GM; likewise Coinbase cannot impact the CC market like any of the top 6 CC exchanges.

http://www.cryptocoincharts.info/v2/markets/info

Read the sentence again, I was not referring to it's price value but it's utility value, as in "it's value comes from low transaction fees" for example. I don't speculate about it's price value because it's unknowable, the utility value is also ultimately unknowable now, but if its an avenue to a more automated financial system the efficiency improvements alone will justify higher prices.

Of course he's lost a lot of value, no matter how you want to spin it. A year from now it may not mean a thing, but I'd be pretty freaking unhappy in his shoes.

That's why you need to only invest an amount you are confortable with and hold for long term while using some BTC here and there because it is convenient

There's no hard or fast rule of cryptocurrency investing.   How much cash do you have, checking, savings, CD etc ....the fact of the matter is even if you look at it as SPECULATIVE COMMODITIES and you are only supposed to invest what you are willing to lose, you are still pissed at what occured.

Look you go to a casino knowing that there are wayyyy more losers than winners, some time you win but most of the time you lose, you think if you win 5 weeks in a row that you won't feel bad if you lose the next time?  of course you will. 

However CC isn't cascino gambling, nor btc is it a high risk commodity, well not outside of Norway (and perhaps some others I'm unaware of), it's a currency or at least this is our understanding.

Recently BTC-e I believe also announced that they too were halting withdrawals for the same reason that Mt.Gox halted their withdrawals.  however it didn't have the same effect on the market, why?  Because there is a way to handle matter like that correctly and apparently one exchange knew how to do it without distrupting the market and the other didn't. 

Self-regulating standards would mitigate disruptions caused by matter such as that.

Seems like times for cheap coins are close :P good :)

buy buy buy

Bitcoin is still very new and volatile, of course it is never nice to lose money but I think that someone careful should not have more than 1% of his wealth in Bitcoin if he doesn't want to be too emotionally invest, except if you don't have much wealth : if you have 5000$ in the bank and you buy 500$ of BTC you won't be too annoyed by losing 20%