Bitcoin Forum

Currently price is dropping because gox coins being dumped on the market.
No proof, just my opinion based on the price action.

No ones panicing, just you

People are also moving money around. I notice some of the altcoins like Goldcoin (GLD) are actually up on the day.

People always start panicking when they hear "Don't panic"...  :)

This is buy time ;)

Panic time is going just because of this OP want to say Don't panic  ;)

Where exactly are they being dumped?  There is a blockchain, you can see if they are moving bro.

Why not panic? Something wrong with Bitcoin to panic about?  +-70000 transactions today last time I checked.

Or did you mean to post this in the Speculation sub-forum???

Newbies had read about litecoin "skyrocketing" and selling their bitcoins (which they've purchased at $800) to buy litecoins at a new price.
"Very wise sir, very wise" (Mr. Delbert Grady, The Shining)

My 2 cents

I'll panic sell at 6$ a coin.

It's scary how relatively few coins can still move the price significantly.

It's still a very low volume/illiquid market in comparison to other investments.

Quote: If you're gonna panic, panic early ....

OP is probably panicing early :D

This is actually a great reason to panic.  If you truly believe that these are gox coins being dumped, there are many more on the way, and most of them will get sold right off the bat.

Don't worry, whatever is going on is mostly harmless.

I don't get the dumping idea. If I had thousands of coins I would wait for businesses to open that don't convert them to fiat. It's sure to happen within a few years.

First, trading makes sense if you want to increase your holdings.

Second, it will be a very long time before anything beyond a small business holds onto their Bitcoins.  If you have ever run a business, you'd understand why very quickly.

I don't see panic. Yet. :D

This was a crash ?
Hardly saw any movement in the price

panic n sell

All it would take is for your suppliers to accept bitcoin as payment. It could be as little as a year off before that starts happening on a scale large enough to be noticed, and eventually we will have a functioning bitcoin economy without any need to involve fiat.

With all due respect, you must be fucking high.  It will take decades for something like this to happen.

Overstock CEO holds bitcoin. That's the first step. People are being paid in bitcoins already. It's already started.

He personally holds Bitcoin.  Overstock itself does not hold Bitcoin reserves.  It would be irresponsible to do so when vendors, employees, contractors, lenders, etc. expect prompt payment in fiat.

Again. People are being paid in bitcoin. It's a small number now, and may only be small businesses, but that's how it begins. And nothing is more prompt than bitcoin. Even handing over a stack of money takes longer than a bitcoin transaction.

You're missing the point.  I'm not debating the merits of Bitcoin.  Full vertical integration in run-of-the-mill businesses isn't "as little as a year off", not even close.  A few decades?  Sure, that's possible.  Between now and then, Bitcoin is an alternative to credit cards and bank accounts.

Didn't say it would be fully realized in a year. I said it could begin to be noticeable in as little as a year. Once it begins it will only keep growing, just a question of when we get there. And I don't think it will be decades.

its been creeping down steadily from $640.... not much swings, just down down down...
which leads me to believe there's a large seller

Not enough volume.

Sure it is, nothing says all the coins have to get dumped in one fell swoop and certainly not by a single entity.  Perhaps this is simply a prelude ..

With this tiny volume, prices can be going down simply because of a lack of buying - there doesn't have to be a huge seller. Given that most of the volume on any exchange is daytraders, I don't think there's even enough volume to buy the 3,600 coins that are mined per day, and prices are just slowly bleeding out. I have never seen such a consistent low volume accompany a decline in bitcoin before - it is looking really bad. There's just no interest for some reason. If someone was actually dumping a load of coins, at any rate, the decline would be a lot worse, and you would see more volume to accompany it.

yeah I second that, the liquidity has been significantly low for a couple of weeks now. I dare say if the lack of demand is genuine, and even the larger investors have walked away, we are heading to new lows (only briefly)

I am sure if you wait about 24 more hours you will get some large dumps.  $500 soon!

No panic here, BTC is on sale this week.  :)

Was it on sale at $800? $700? $400?

According to some people here, btc is always on sale until it reaches $1,000,000

For long-term traders, maybe/somewhat.
For traders who enjoy a 10 to 20% profit ASAP = YES!  :)

That Zombie pic totally impressed me also Damn  ;D

Good time to buy low btw.
Oh well, it will go up again

Haha, maybe - but Karp has suddenly 'found' 200k coins he didn't know were there before.
Panic the supply isn't as limited as people thought? Gox loses coins, price goes down. Gox finds coins, price goes... down.

Just sit it out guys, we have seem much larger drops recently and the price always bounced back  :)

We haven't seen any crashes like last April's crash. Now that was panic. This price movement is still boring...

When you look on bitcoin history we already has situations like that. People who invested then probably right now get some tan on tropical island.

Who's to say he is not going to find another 200K tomorrow? There were no hints of stability in BTC world, and news such as these are not helping at all.

price fall because of fake china ban btc news

http://www.businessweek.com/articles/2014-03-20/btc-chinas-bobby-lee-bitcoin-isnt-really-banned-in-china-and-its-quickly-gaining-ground

READ!!!

http://www.reddit.com/r/Bitcoin/comments/20znt2/the_news_about_china_banning_bitcoin_is_false/

wake up guys!!

It's a good time to invest more money to btc, probably many people selling now because just afraid of something.

lol, I'll panic buy your coins at that price

And I'll panic-buy yours when you cut your losses at $0.80

The alts/usd on btc-e are looking really cheap this week.
Why panic when you can lower your average cost?

I prefer my strategy of using TA to place buys. I might not get the exact bottoms but I won't end up going down with a sinking ship one day either.

I tend to agree. However people saying "don't catch a falling knife" have a point.

No need to panic, bitcoin gradually drops in value, holds at a lower value, the drops again.
All you need to do is realize your constantly losing money by not selling your bitcoin or using your btc when you should of.     

Game Over Man!!!!! SELL SELL SELL!

_{While I keep buying...}

Don't panic?
Slow weekend, prices down, down, down...
Panic! now and buy back at lower prices?

Well waiting for a certain price to buy in as it still lurks in its variation range

HELP IM PANICING OMG WTF DO I DO I JUST SPENT MY ENTIRE PARENTS LIFE SAVINGS ON BITCOINS AND I PROMISED 1000% RETURNS BY THE ND OF THE YEAR HOLY SHIT MY DAD IS GOING TO KICK MY ASS

MY INVESTORS WILL LITERALLY BURN ME AT THE STAKE FOR THIS PLEASE HELP GUYS

LOL.... When did you buy in?

Just hold and reek the profits in a couple years

we probably aren't gonna go down much more

hahha thanks for the panics =) bought 60btcs of cheap coins =)!!! sell sell sell oh yea!!!

And I'll just hang out on the successor coin  ;)

Will you still Love us in the morning?   :D
Probably by sometime next week you will be ahead...

It would have to drop at least below $400 for me to start panicking.

what's the difference between:

1100 and 600

1100 and 500

1100 and 400

?

"Left to right", 500 to 700 difference
1st line to 3rd line 200  difference
Is there anything else you would like to know?   :P

The difference is 1100 is a price from a manipulating company that has committed probably every financial crime there is, while creating new ones. 
600 is the number from two months ago people were starting to panic about going below.
500 seems to be the new number for now.
400 will be the next.

See a trend?  I do.  I'm done being greedy, my new sell price for the vast majority of my btc and ltc will be lower, since i'm not missing the next rally above 6 and being greedy.  Also i'm done on the buying until a clear trend other than continual decline followed by brief rally here and there emerges, because if i'm sleeping during the rally again after i buy to make a quick flip and then i'm stuck holding..... lmao fuck :).
I'll let the brave ones chase the ten, while I settle for the drunken 6 at the bar :)         

what do you mean don't panic AAAhhhh haven't you heard the news????!!!! AAAHHHHH!!!!      lol jk.

Thanks for the heads up I would like to have some insight on the current dip from everyone that way I can decide what makes the most sense to me, cheers.

A lot of people are selling, but since there are sellers there must be buyers. Even though numbers are lower right now, there is as many people who think it will go down as there are people who think it is good idea to buy now and get profit later. Otherwise you wouldn't be able to sell it.

if there where as many people who wanted to sell as wanted to buy price would stay at the same level, not falling as is the case now.

there are slightly more people who want to sell then want there are that want to buy atm, thats why prices drop.

when demand exceeds suply again, prices will rise.

As long as there are sellers there still are buyers for bitcoin. So I guess someone will make some nice money on it soon.

On the weekly chart:

Price is below the lower envelope band (SMA20) and below the SMA25. Both are still rising.

One could expect a (re)test of at least the SMA25, which is at 612$ right now. Indicators would allow this to happen.

If bitcoin would manage to close above 643$ (EDIT: by Sunday), it would be a bullish sign.

If not it will go south for a long time.