Bitcoin Forum

We just went to 590-605(bitstamp-btc-e) price in matter of minutes.

Any news that justify that, or just some whale tired of bitcoin/price manipulation?

Nothing happening, people getting bored, selling and hoping others will do the same.. at least that's what I did.

fuck all, I just know that the longer it hangs around 600 the more chance i have of collecting all 100 i want this year.

Neber panic buy or panic sell, wait first atleast a 12 hours or a day to make trades, since price is much harder to be manipulated in longer terms.
Regarding to the price falling, it was expected to happen, since there is no real reason to go up, and crypto in general doesnt seam to like stability, so it either goes up or down, its rarely stabile at any given price.

Exactly! haha
We're on summer and there's not a lot of movement so maybe that's good  ;)

It's good man, we can buy cheap coins!  ;D

Whales at work!

Index has just hit sub$600 on Stamp

Less than 600 on stamp now  :o
If you want to buy cheap coins now it's the time ;)

"Get your Bitcoins!"

Here an article with regular updates on today's movement:

http://www.cryptocoinsnews.com/news/whats-happening-bitcoin-price/2014/07/24

Any you guys think were gonna rebound to $630?

Or continue heading South?

Short term we should fall a bit, maybe because of the new companies adopting bitcoins and cashing out,
but mid term the value will rise, I'm waiting September with excitement...

Thanks man, lots of support for a short term Fall. I hope a nice September rise will happen too : )

Thought I got a bargain buying a lot @$610.27 earlier this morning

Seems we are holding the 600's nicely for now. Good I panic opened this thread, instead of panic selling, was expecting a plungue to the 550 level again.

Next 2 - 3 days will be important to determine where we are going. It can be market manipulation to get cheap coins before the rise, or people with inside info selling coins before some bad news is released and cause a huge drop. I have already seen both happening.

I think I can explain what's happening with the price.

Some over-greedy people with low IQ moved almost all of their coins to places called MtGox and SilkRoad, where they could speculate freely and buy illegal stuff. Doing that, they ignored and defeated the most important part of bitcoin: decentralization and put into the hands of a few entities hundreds of thousands of coins (Mark, USMS etc)

The Silk Road and MtGox events are very important milestones in Bitcoin's history and personally I do hope that both Mark Karpeles and Ross William Ulbricht face at least 20+ years of jail time for their deeds. Their 'businesses' had good parts also and if we were in an ideal world, I would oppose jail time and put their asses to hard work, but since this is not possible, jail it is.

Their actions brought immense bad news over Bitcoin as a whole and stopped much of the adoption phase. We have also the 'speculators', which buy and sell bitcoins only for fiat profit (never ever forget that, it's all about $) - they help a lot to crash the price, which in turn brings bad bad news. There is a small fraction of speculators which try to make their BTC holdings bigger, but that's another matter.

While I do not wish for it to happen, because too many people would suffer, a global financial crysis would put Bitcoin right next to gold and silver and potentially make it a New World Currency. But that would be a forced adoption in my opinion and I'm pretty sure we'll see lots of tears from the people that heard, used, speculated, mined or stolen bitcoin and never understood what's it's purpose. I'm sure that each one of us will regret of having even 1 BTC and not putting it to storage for a long time.

This is a nice explanation of what is happening, in few years we will look at these threads and laugh rolling over the floor
because the value will be so high that the 1000$ barrier will seem really close to zero.

people start buying notebooks, and Dell dumping BTC they sold their comps for. Sadly Dell dont pay salaries in BTC, they need Euros.

Sadly but wholeheartedly I agree, financial crisis will happen, it's matter of when. Just by looking at people around us, getting bigger houses, fancier cars, more power-trippers at work, increasing number of dishonest politicians, I'd be very very surprised not seeing one coming within 5 years.

That's what people have been saying since 2008, and yet here we are.

What happened in 2008 is nothing. I'm talking about a global event that will change the world completely, as in new financial system.

Deeply corrupted China, keeps bailing out the rich: http://news.morningstar.com/all/market-watch/TDJNMW201407233/china-may-avoid-second-bond-default-thanks-to-bailout.aspx (http://news.morningstar.com/all/market-watch/TDJNMW201407233/china-may-avoid-second-bond-default-thanks-to-bailout.aspx)

400million fresh out of printers, that was easy!

I'd say time is near.

What I think: A lot of people have their summer vacations right now, and many of us (tech geeks at BTC forums) has all or most of their savings in BTC.
So they sell some to get money for travel and vacations. Sell pressure. At the same time that buy pressure is low when a large part of us is on vacation.
And major investors won't step in right now. Probably in september/october we will see a lot more action.
Personally I would actually LIKE to see BTC be at this level or lower, for at least another couple of years (!!) so that I can save and invest more money in BTC.
Also stability aroung $600 would probably help for more mainstream adoption.
The main criticism and skepticism I've heard is about the volatility. Personally I think 1 BTC should be worth at least $2000 by the end of the year, and I believe that it possibly could be worth x10 times that, in 2014. But it would be much more profitable for ME if thoose level is delayed a couple of years.


 

Yep, I'm short on funds for more BTC partly due to the season. A stagnant price would definitely benefit me, assuming we see another growth spurt at some point after that.

Expect a big price drop. Already predicited months back where coin is going to go. Was at $600s to $680s then down to mid $630s to $650 areas Now market is where I said it would be at $600s to $580s.

Next week to 2 weeks prices will be at $550s to $440 area dont believe me watch the markets already sloley happening as bigger numbers in smaller trades over time are increasing in BTC vols increasing and other coins being bought  up. end of weekend LTC will get back into the $10s and $12 area so if you want to goon ltc markets id be moving stuff over their for now and enjoy some price increases on a lot of the other alt coins including one of the newest ones BitcoinDark and Curecoin. and a few others.

Ethereum

All or most of savings in bitcoin? I hope most of even the forumites are smarter than that...unless you are young and/or have very little savings.

So it will soon be a good time to buy?

I have all my savings in BTC. Of course. I'm not and idiot.
Are you american? (and still a strong believer in your monopoly toy money?)

The price is really boring these days. Hovering around the 600-700 mark and just slowly falling. I want some excitement!

Wow people still say this

Hasn't the bitcoin price gone up every year recently?  What did it start at this year (I could look it up but I'm being lazy).  In any case we only have a few more months and there should be another explosion up in price, unless we have hit saturation of the market for now.  I mean what else could happen in the US that would increase the price?  US Gov. "endorses" Bitcoin?

There are a whole lot of places in the world that aren't the US.

theres always manipulation in price. lol. nothing new here man look at mt.gox who made it overpriced during the time it was $1,000.

Oh, be careful what you wish for.  You just might get it. ;)

If we can't hold the $600 level, it will likely get quite exciting.

Of course, seriously how many countries really matter to bitcoin?  8? Canada, us, uk, Germany, Russia China Japan?  No one would care if Croatia, no offense to Croatians, endorsed bitcoin or something.

The price of bitcoin has always been volatile

2-3% price movement is nothing out of ordinary.

Yup price dropped bellow 600$ now is back on 600$ again.
Seem like no big deal this happen from time to time.
More likely price will stay around 600% +/- few dollars.

As much as I hate having our beloved coin's image being tainted by that stuff, I can't help but feel that these black markets are actually helping BTC's cause. The auction of the seized coins was ultimately a good thing for BTC and the fact that these markets are actually using this currency in the way it's designed instead of hoarding it, is a dirty,  but working "proof of concept" at the very least.

Yay for me, long time listener, first time caller. . I've been reading this forum for a long time now and I am long on BTC and have invested a signifiant proportion of my limited wealth. I'm currently torn as to weather to invest the lot and sell bits and pieces when I need cash. This would ensure that I'm well placed for the "moon" but hopefully can quickly change my position if things look seriously grim.

Whales are rocking the boat since price has been stationary too long. Shaking out all the weak hands :)

cut lose now or cut lose at $4xx

Yes why don't you sell. I'm not selling it's not my position.

many are cuting lose, that's why price dropped, you better follow

I don't do either, I just add 10 per month to my collection. I will have 100 by december as long as the rate doesn't shoot over 600 by too much.

If it drops to 450 all the better, I'm in it for the long haul and that'd mean I collect 13.3 per month.

(I've earmarked approx $6000 per month for my bitcoin investment fund)

The first 100 I bought were at $7, sold them all off early for little profit. Bought back in at $80-120ish, sold off at $1000 or thereabouts, now trying to get back to 100, then I'm gonna HODL for 5 years.

This time around the first 20 I bought at $450 so I'm fine with it dropping back to 450 again. Means I'd get to 100 sooner.

Good luck with holding it for 5 year that is much but i hope u will accomplish it or u will sell it if price suddenly jump so high.

People is impatient and they are butthurt they missed on the Bitcoin boat, so they are impatient to get massive gains and if it doesnt happen quick they will just keep panic selling. Once weak hands are shaken it's showtime.

Karpeles yes, Ross fuckin' NO! He just made a market anyone is free to trade anything they want! You're blinded.

I am buying in little bits of coin every time people 'bail out'. let's wait and see this through.

IMO both should do time, for criminal negligence...  ;)

As for what is happening with the price, nothing special yet, wait until we test support at 540$ again.

Well, it's your call, of course, but as with any risky investment, make sure you don't invest more than you can lose.  Markets are forward-looking, so if it were a guarantee that the price of bitcoin were going to be thousands of dollars or more, it would already be there.  And also consider how you would feel if the price starts dropping significantly.  Make sure you have the stomach to handle it if you have all of your wealth invested and the price drops $200.  And be sure you don't fall into the trap of thinking that you'll just sell if it drops $100.  Emotions start to kick in and you start to hope it will recover instead of being willing to admit that you were wrong and take a loss.

@coinscoinseverywhere: I will hold to a new ATH or to zero, no problem in losing my investment. It is not very much(to me).

If you can lose it all without it keeping you up at night, then that's perfect.  It's a lot easier to make good decisions when you're not being controlled by fear.

I have a well I diversified portfolio (including some bitcoin). I am not overexposed to any particular risks. I sleep very, very soundly at night.

Yeah even in bitcoin people should diversify between bitcoin and most important alts, i mean 2-3 alts.

Well, I am not sure that would meet the standards of classic portfolio diversification, but again, if you haven't had time to accumulate enough assets to bother diversifying...to each his or her own.

Diversification would certainly dilute massive gains in any one area, but it helps me sleep well.

Its good time to buy now and ride the waves of $10 swings and more but have to wait $600 is about the high atm give or take a few dolla in-between but expected to drop still before it goes back up

Technical analysis would suggest that we'll see $550 before $600 really holds again.  But, IMO, the price has been amazingly resilient since it broke below $600.  I expected a quick drop to $550.  At least on bitstamp, there's a really nice buy wall at $590 that's holding things up.  So I'm slowly becoming more hopeful that we'll start going back up soon.

You cant judge bitcoin like some stock that realy has calculatable value behind it.
Bitcoin is speculative guess at best, since there is nothing backing it up.

The reasong why its so volatile, and currently experiencing another dip, is by my opinion mass of investors that went in on bitcoin expecting very fast progress that didnt happen, and they are currently leaving the market, worrying that they will have further losses.

That's quite possible.  There are probably some investors who are doing that.  However, in my experience with auction markets like bitcoin, I would expect price to drop more violently if there were a bunch of investors dumping their coins.  My guess is that a slow bleed like this is more indicative of miners selling off what they're mining to make ROI.

Sure you can depending on where your trading and give a good indication on where things are at currently and seeing some big dips and if you follow all the new around Bitcoin you will find your answers within news and current trades going on all over the place. Theirs some big ish walls to get past $590 area however I see a down trend and it will continue unless some big players decided on hopping on having said that dell now accept Bitcoin but they not really doing that much in terms of buying selling or people buying their products.

I was really puzzling over why the price kept trending downward given that running a full node has shown me that the volume of bitcoin usage has gone up significantly lately.  But this explanation makes a lot of sense to me, I'd wager this is what's going on.  Just wish I had bought now instead of several weeks ago when it was $650.  Oh well, I'm still confident that it'll go up again - eventually.

This makes sense to me because I was considering selling some of my investments to go on vacation myself

Go right ahead and sell then ill buy them up xD Sell later n go on bigger longer vacation or go in Dec for Christmas :)

Unfortunately, I decided not to have a holiday because they are usually shit anyway. I'm sure you will find plenty of sellers though, judging by the way the price is falling.

At this point, I think that adoption is only going to have much effect in the longer term.  If I buy some BTC so I can spend it right away on Dell's website, what I'm doing is effectively price neutral.  And if you have people that already have BTC from the early days or mining, when they spend at merchants, the merchants will likely trade in their BTC for fiat, and you end up with downward pressure on the price.  For the price to go up, we need investors.