Bitcoin Forum

What is the main reason?

You are holding your coins ?

more and more merchants suddenly accepting bitcoin and not enough people buying more btc. The merchants are also converting the btc back to fiat and that also drives the price down.. good time to buy.

i'm was thinking the same... the are selling too fast at low price  :-\

Absolutely! The question is how to push up the demand of bitcoin. When the price is low enough and really bargain for consumers. More people will rush to buy bitcoin. The price will skyrocket.

I'll wait for below 100 threshold before considering placing the buy order  ;D

localbitcoins is still above $400 while sheeple are panicing while looking at the crappy btc-e/bitstamp small valuations

wake up sheep theres less actual bank movements on exchanges compared to localbitcoins

stop valuing bitcoins 13 million coins based on movements of just 200 coins!!!!

exchanges are just bot movements on a mysql database..

Most merchants are not interested in Bitcoin itself.

They see that it potentially can get them extra revenue, and that's the main reason for them to accept it.

And also, any payments made with Bitcoin will directly be converted to Fiat Currency, unless the merchant decide to keep the coins.

Merchants are real businessmen that used Bitcoin for marketing stunt and short term attention.

They don't actually believe in magic bean money and that's why they sell it on the spot.

Merchants are not stupid, bag holders and lazy nerds are the stupid ones here.

Really?

The lowe price for bitcoin will be 300.

lower than that... miners will turn off their miners.

imho

you do understand that nobody is even buying on LBC.  plus it is super over priced because of high fees and chances of loss due to scam or disputes.

shhhh I'm still trying to let them drive the price lower for cheep coinz!

sorry for those 2014 holders its a loss for them.

Continuing to accumulate and use Bitcoins as much as possible :)

Has anybody considered the possibility that Chinese and Russian miners pay almost nothing in electric because of kickbacks? Even soverign nations might be mining and dumping at this point

Why? I'm guessing pure manipulation by one or a few whales.
If you look at the order books you see there's almost no selling pressure. So basically nobody is crazy enough to sell at these prices except a few that want to trigger panic, which will work at some point of course. Then they buy back double... That's how you make money if you have money :p

Merchants are not the reason for this price fall. Why would anyone pay with BTC anywhere, if the price is shitty. It's like selling BTC for $ now

Yea, 'cause bitcoin loses all it's utility when the price isn't considered to be high...
The least you could do before saying stuff like this, is read up on what bitcoin is, how it works, the philosophy behind it's various uses.

I still use bitcoin almost every day for purchases, i stack up again and i buy stuff with it, i try to accumulate some in the process for the long term to make profit.
It's as useful to me at $50 as it is at $5000.

Normal for price to go down as high as 70%.

It has happen every year since it creation.

What's the highest you paid recently, and are you still holding them?

a press release was posted elsewhere on bitcointalk that linked to a new release in Russian that allegedly said the central bank of Russia rejected the proposals due to it not being consistent with their objectives.  Either way, they are merely proposals.  And even full out laws banning bitcoin will likely have the same effect as if they attempted to ban bittorrent.

I still think these are just epic miner dumps tbh

Once there are more possibilities to receive your income in btc and pay utility bills with btc you will see some changes in price

Why would miners shutting down keep the price from falling?

It's not the news, it's the current protocol:

http://www.youtube.com/watch?v=_-TLA3j-ic4

Upgrade to come???

their claim for banning bitcoin is ridiculous also, they ban bitcoin for reasons for which their currency could be bannable also

it sound retarded

Everyone is selling right now because they think the price go lower.. (maybe will happen) so they wont lose a lot of money

It's the PoW mining expense. If without new inflow of capital, Bitcoin will perpetually go lower, due to the PoW mining expense. As we have seen in the past year.

That could also means a lot are buying now because of its lower price.

1. Still coming off a bubble.
2. There are 650,000 BTC ($221,000,000 USD @ $340) stolen MTGOX coins being sold off not so slowly
3. The mining community is done.  They cant compete with the big guys.  Centralization
4. 3600 bitcoins are created each day.  @ $340 USD that is $1,224,000 that needs to come in to the market each day just to stay @ $340.

I don't think it will collapse completely.  I think it will stabilize around $100-$200.  Barely profitable to keep the big boys mining.  There has been a lot of adoption.  I think it's likely bitcoin will get replaced by something like Ethereum or another new entrant in the next 2-5 years.

Calling people "sheep" who may disagree with your opinion is unlikely to get them on side.  You at least resisted the temptation to use "sheeple".  Oh wait, you didn't  ::)

Ironically I pre-ordered 'the rise and rise of Bitcoin' Still waiting 6 days for that to come through.... Don't think watching that will have the same effect it would've late last year  :-\

Right, they'd have to also not sell their bitcoins, which they might if they aren't racking up any more electricity bills. Even after that, the market will still mine the same amount of bitcoins. So, it just depends on the psychology of the individuals still mining and what they are willing to sell for. Is there a different market psychology surrounding one large scale miner who turns off his equipment, versus the next guy who gets those coins because he didn't turn his rigs off?

They aren't going to "upgrade" to POS or DPOS. Invest your money into one of the alts that uses it if you think that's the answer.

no one wants / needs bitcoin, you have been lied by bulltrolls and permabulls

drop your false hope and cut losses now! or you will lose everything during the final capitulation!

Why create a new account to tell us this urgent news? Why not use your main one?

another falling aka lmao

stop this fudding already no one care

Merchant Acceptance.. that turned out to be the initial reason for this fall.
And recent fall maybe the Russian ban might had some impact on it.

Because BTC is only good for buying drugs at the moment.
Average Joe/Joesephine is not interested in private keys, sending cash to shady Slovenian/Bulgarian online exchanges, using weird BTC-ATM´s, etc.

BTC is for the techy druggie until mosaic-of-BTC comes around.

Bitcoin: for the techy druggie in all of us

 :o

I heard elsewhere that it was just a proposed ban that may not go through.

The market is getting rid of miners with datacenters commitments and manufacturer with soso efficient technologies.

No, there are people on localbitcoins trying to sell Bitcoins above $400. Buy prices are as low as $289.

Those are just bids and asks that are far from the market, like the ones you see on any exchange.

$289 ain't that far

Agreed - but think he has partly identified the reason for current price profile. Who knows maybe the instigator, Satoshi is working on it now, something much more sophisticated than DPOS/POS - perhaps a POW 2.0

Clarification


1 IF merchants are receiving bitcoin then they will convert to FIAT immediately. The price of their product in bitcoin is likely to be linked to FIAT so all they are doing is recovering their cost in bitcoin and immediately converting.

So, keeping this simple they are not selling too fast at a low price at all.

2 The next point is that if merchants are receiving bitcoin then that begs the question Why would bitcoin owners use bitcoin when they KNOW the price is low and its better to purchase using FIAT

3 This now explains why the price is going down.. on the most part its probably speculators dumping and some miners being forcded to recoup costs.

So maybe there is a lot of cash sitting on sidelines just waiting till they see the bottom stabilise out and then pounce!

Either that or everyone has suddenly lost faith in bitcoin now the Bank of England, Bill Gates, Paypal, Richard Branson and a host of others have stated its here to stay!

So Chillax, ignore day to day and wait for the rise...

 
 :P ;D ;D ;D :P BTC-e: 319.619   ;D ;D ;D ;D :P

Ding, ding, ding we have a winner, but why do they think the price is going to go down? Because bitcoin's value was blown way out of proportion by speculators and the mt gox fraud, now it will go down to the a market cap that is some where near what is need to facilitate trades, which is like 20 bucks.

Price isn't really relevant to LocalBitcoins buyers, anyway. Most people buying on LocalBitcoins are using bitcoin to buy something and only care about the USD value. Investors generally buy on exchanges, where they can get better rates.

I have noticed an unusual number of sellers lately looking to sell for cash in person at exactly Bitstamp market price. It looks like some people are exiting.


God do I miss 2012. I'd still consider it Bitcoin's best year. It was all about facilitating trade back in 2012 and it slowly rose literally the entire year.

Despite this drop in prices, (TRUE ;)) investors  Bitcoin  are not panicking - they are stocking.

What is needed to facilitate trades is not a small / high market cap, but stability.  :)

The reason is it can shoot 2x in the matter of days, any minute now. I just can't sell, watching the price falling from 500$. If I still didn't do it, I won't. I don't in any way believe it can go to 0, even if biggest stashes were converted to fiat.

The cycle will take 9-12 months to purge inefficient miners and ASIC manufacture.

Stability comes when there is a market to back up the price.. it is the ability to redeem that gives currency its value.