Bitcoin Forum

The recent price drop has left many people worried. The crash has been attributed to a report by the Consumer Financial Protection Bureau, margin trading on major exchanges, and a flash crash on BTC-e. All of these factors and potentially more have been negatively impacting Bitcoin’s price over the past week.

So I ask, With the heavy turmoil in the market, what have you been doing with your Bitcoin holdings?

Go to The Cryptocoin Chronicle to complete the poll: http://cryptocoinchronicle.com/2014/08/bitcoin-recent-price-drop/

I will be doing a write up in the next few days based on the results of the poll and discuss any changes to the market from the time of this post.

Buying and spending. Just like when the price is up.  ;)
When it's down I do a little more buying than spending. When the price rises I do a bit more spending. Basically everything I buy, I buy at a discount.

That's a great strategy. As I still have only a few BTCs, I have been basically buying it during these days. I guess I am in an "accumutation phase" now. :)

For sure, when the price rises to better levels I'll start spending just like you've said you do. Hopefully, by then, more merchants will be accepting BTCs.

I just came across some very exiting technical analysis which gave me very much courage to buy the falling knife.
With success I can say. I just missed the sharp point of the knife  ;)

My miner doesn't generate enough BTC to matter what happens to the price.  It's dismaying to see the price drop, but it doesn't hurt me in the long run.  It's the investors who are worried... generally not the miners, unless they are upside-down on that as well.

If it rallies, then my meager mined coin will be worth more.  If not, then it was a fun experiment, and I learned a lot.

I've been buying more.

I'm only holding a very small portion of BTC (0.2 BTC) at present, while my money is sitting in an exchange with speculative buy orders. Regrettably I had no orders in the $ market to capitalise on the flash crash - that would have been a tasty win.

If I were holding any serious coinage then I would have considered attempting a short, though catching the knife would have been hard.

I'm yet to spend any bitcoins on real-world goods, though I hope that one day soon I will do just that :)

I've been holding and thinking about buying more.  While I would prefer the price to go up rather than down I don't view the recent price action as too disconcerting.  The "flash crash" is just a function of so many bitcoin markets being very thin.  It does not take a lot of money to move the market either way.  So I agree with Cryptopher, some highly out of the money speculative buy orders could be a great hit.

Although the price plummeted, I feel you are like a dare devil!
Good luck.

I bought $200 cad worth, but a few days ago.

Buying more bitcoins for a cheap price.

What have I done? Absolutely nothing different. Why? I see the big picture.

None of your damn business! If you are interested go check the blockchain... Dont ask us...

Bought more........ Will continue to do so on any future price weakness as well......

Buying more!

Basically business as usual -- namely, doing some light trading on Mintpal and also posting articles on Banks Worst Fear.

I've been counting my bitcoin.

There will come a day when we will not think of how much bitcoin is worth, we will just count how much bitcoin we have. Very much how we do not think of what the dollar is worth, but how much we have.

Buy Hold and Trade a lil.

BTC The Future

This seems to be a fairly common point from miners. What I don't understand is this: if you need the price to rally for your mining to be profitable, aren't you just better off buying bitcoin? Much less hassle plus you can liquidate whenever you want, unlike your mining equipment which probably has very little resale value given how rapidly the technology is improving.

I haven't been doing anything. BTC suffers enough from too many people overreacting to every little value change.

I would hope that the drop in price would somewhat encourage people to spend some of their coins. I think one problem that the bitcoin related economy has is the fact that there are too many people hording coins. I would argue that this is preventing merchant adoption from expanding faster then it is because even though accepting bitcoin is very cost efficient, less people spend it then there really should be.

I'm comfortable at the moment. I place speculative buy orders, which means that I always win if they fill.

However, on the flip side, if the price rockets then I'm behind the game. I've been pretty out of touch with recent goings on, so this price drop seems out of the blue to me.

My biggest concern is the security and intention of certain exchanges.

sold all BTC and bought ripple  :P

I'm not doing anything with my coins, I'm buying cheap coins slowly them when it hits 350$ I'll buy 2-5 coins and watch it go up, hopefully

A mix of holding and trading alts profits at the moment.  I"m not really liking it so much right now because it is hard to decide which coin will bounce back and when.  I want to add the the overall amount of Bitcoins I hold and other alts I believe have potential.  I'm trying to do better at what I tell myself is low risk speculating.  In reality it is probably more "calculated gambling".

I sold 0.1 BTC to help pay my (overpriced) electricity bill this month. It's all my fault!

When bitcoin prices fall I sell because it is worth less.

When it goes back up I buy because it is worth more :D .I am 100% sure people do this

On sale, bargain hunting 

Holyshit, the stupidity coming out of your mouth.

Spending btc is just like selling btc on the exchange because all merchants are using gateways such as bitpay or coinbase. If the price drops, that means theres MORE selling than buying.

I've been doing nothing the same I always do. Once you've been in bitcoin a while thre crashes and bounce backs are normal. Sure, I got worried the first time it happened but now I just carry on and my hope is for what bitcoin will be worth in the near future, not today or tomorrow or even later this year.

want to saving and spending when the price is up..

I am guessing many speculators are playing catch the falling knife.

Many will probably end up in full bloody hand.

Diversifying into alts

HAHAHAHAHA!!!!

Should do opposite and buy low sell high.

Like always, spending, earning and trading. Things didint change for me at all.

This is the kind of people we need. When the price drops their are selling their btc cheap and when the price goes up they buy the coins and pump the price even more.
P.S. I know that you don't do it.

As I earn, I spend.  :)

New CPU water cooler on it's way from this months work.  Thanks Stunna and PD

I am buying more and more of Bitcoins and hoarding them.
Its a good long term investment :)

I expect to earn atleast 200$ per coin/

Price swings do not affect my long term holdings.

I think there are still users who remember the dramatic crashes from ~$31 and ~$260 and the following "depressions".

Also, intraday volatility was a lot worse before 2013.

I'd say no.  There is no guarantee that there will be a rally.  Buying and holding is just as dangerous as mining in this respect.  Now, if you spent a small fortune on your mining gear, then yeah... maybe you should have just bought your coins.  The simple fact is... there will be winners and losers in the buy/hold game.  Most will lose.

The way I see it, mining increases (albeit, slowly) your holdings in bitcoins sort of like an automatic faucet that will eventually dry up.  Buying coins requires a lot of willpower to drop it in an investment, and is a bigger mental hurdle.  I didn't invest a lot of money in mining, and I'll probably lose out over the long run.  But I don't see mining as an investment... just a good way to get your feet wet and generate some coin.

I think your forgetting that bitcoin is a currency and was invented to be spent. It was not invented to make you rich. Indeed, if people are not spending bitcoin then it's days are numbered as it would be nothing more than video game credits.

Hold and buy some more every day.  :D

i do nothing. i am fresh out of btc

holding since my first btc, i want to accumulate a good amount, i don't care about the current price to be honest

This is the best mindset to have. These fluctuations are probably just minor teething problems in the grand scheme of things. If yousee the potential value in bitcoin just keep holding and don't worry about it.

Just waiting for the price to rise again. 8) 8)

it's only a matter of time, it will rise, i'm pretty confident

I have been hodling it safely in my local wallet  ;D

Since no more fiat left for buyin... I just HODL  8)

For long term invest, an easy way to buy all the way down is to create a ladder

At $500 you buy 2 coins, at $250 you buy 4 coins, and at $125 you buy 8 coins and at $62.5 buy 16 coins... So you put in same amount of fiat money all the way down at each price halving, and at each level you buy double amount of coins, and your average cost will always close to the lowest purchase price

Of course crash from $500 to $250 is a bit too much, and to $125 is even more insane, you could use smaller steps, like a purchase every $50, all the way down to $100

Thank you for the input everyone! I will be doing the write up on thursday with the results from the poll and the responses here. Stay tuned for the article, I will be posting it in the link in this thread and create an additional thread after publication.

Please check out The Cryptocoin Chronicle (http://cryptocoinchronicle.com) for more news and polls!

I am getting as much as i can :). I have also started to give loans :D

The strong user base back then is the reason why bitcoin survive this long and have strong support price.

New waves of users will be tested for 100+ range, non-believer will be flushed out.

I stored my bitcoins, and even bought new ones, knowing the price will surely rise back again :)

The price drop didn't worry me at all. I read some articles and found it normal. Glad I didn't dump :)

I try to hold more in a price drop or I'll buy bitcoins. I try to transact when the price is higher. I doubt anyone would be any different.

This is a good idea, but there is no guarantee that bitcoin will ever recover in price. I personally think it will go up a lot over the long term, but this is far from certain. I think it would be better if people were to spend some of their coins to grow the bitcoin related economy and marketplace.

It isn't much of a drop.. like what was it.. low $600's to low $500's ? Not quite $1400 down to $500
seems to just be a normal month/week, right ?

People will no doubt come up with crazy reasons as to why... but doesn't this same thing happen like every 2 weeks pretty much ;) ?

of course holding is the best way to keep our btc , sell when price is up,
and when price is drop buy some to increase the profits.
it's simple, but sometimes some people impatient and choose to sell it, for fear the price is down again

I m buying and holding. We have been through much worse periods than this.

The write-up to the poll and comments on this thread has been posted! : http://cryptocoinchronicle.com/2014/08/bitcoin-price-reaction-community/

Price drops, I buy, prise rises, I spend. Simple as that, nothing much to it

Buying more. I've never sold. 8)

if the prize down to 200$ i will buy 5 BTC and sold it when the prize is up

I'm not doing anything with my coins, I'm buying cheap coins slowly

At the moment it is a mix of spending and saving..  Which sucks.  I wish I was just able to stack but I've got to pay for the things that will enable me to buy many more Bitcoins in the coming months.  I will be aiming to start saving only after I get back to work but right now with bills on the horizon and classes I'm left with limited options.  It kills me every time I have to spend a Bitcoin that is why I can't understand what da bears are talking about when they say Bitcoin is going nowhere.   ::)