Bitcoin Forum

Is the correction period really over?

Can the rally resume again?

I have my doubts.

But hope it picks up again.

https://www.cryptocoinsnews.com/bitcoin-price-rally-resumes/

We are currently at ~$378.... we went down from $450 a week ago. How the fuck did "the rally resume"??

I think the announcement of the upcoming auction quieted any chance of that rally resuming.

no rally this year.

Come back in 2015

yes, the price will resume to $350.

The upcoming auction is in early December, and there was a rally after the last auction. Perhaps we might see a rally for Christmas after the auction is over.

Yeah I don't think there has been any sort of rally in the last 8-10 months.  Temporary price jumps yes, but no sustained/sustainable rally at all

If there will be a rally this year I think it will start just before christmas.

The new year means a new start, so that might be a reason for a rally with people panic buying  :D

Surely some people will be spending BTC on Xmas presents?

It's funny because you think people buy stuff with BTC :D

Nah I'm kidding. But in all seriousness, I've only bought 2 things with BTC and I've been involved since early 2011... hosting & one thing off Adafruit. I'd guess 90% of people do nothing w/ BTC but trade or hold as a speculative vehicle.

maybe until march 2015 we will not see big movement in bitcoin price.
just see the world economic now , still not going better.

It's difficult at this point to buy stuff with your Bitcoins beside domains, servers, hosting, etc.

I'm sure people would spend their coins if there were plenty of stores in your city that accept Bitcoin as form of payment.

It takes time till people switch their mindset, at this point Bitcoin by most people is seen as "investment" rather than form of payment.

I don't know in what bitcoin world you live, but you can buy a lot of things with bitcoin now ... Amazon via purse.io, food (and i live in paris, i can have several different types of food delivered for bitcoin), electronics, clothes. Gift cards that allow to buy in different stores.

However, i have to recognize that it's not "Very easy" yet.

Not easy (for anyone outside our core community of fanatics), and not practical. Hence why nobody is doing it aside for the occasional novelty factor, or when a site like newegg offers a discount (rare).

It's not reached the point where bitcoin pay points are as common as chip and pin pay points. It seems to be mostly online stuff you can buy ATM, though that's a lucrative market judging by paypal's turnover.

...and once you factor in that everything (other than meh drugs @meh prices & wait &...) is also available via conventional payment methods with chargeback/security, why would anyone go through the hassle of converting fiat->BTC?

i think so too!

Bitcoin "Powered by drug addicts" ;)

everyone was a victim to a pump and dump. Keep denying it.

That's not a bad surmise. The darknet markets aren't going away any time soon and will be the mainstay of Bitcoin until it hits the big time.

I have a theory that the web in general was massively helped by people wanting to watch pornography from the relative anonymity of their own home (no embarrassing renting of VHS/DVD's any more) and from there sprung the commerce driven web we have today.

So nefarious services will continue to help Bitcoin stay alive. I have no problem with people buying drugs from the privacy of their own home if they do their research and use them wisely/safely.

What we're seeing looks like a thinly traded pink sheet stock followed by momentum investors. When the price happens to go up, buyers pile on and run the price up for a short period. The same thing happens in the other direction. Neither effect lasts very long. That's sort of the last 6-8 months of Bitcoin, since the China bubble popped.

That's why we need more legitimate online traders I think. The more that Bitcoin gets used for buying electronics, clothing, toys, gaming, utility bills etc from legitimate online sites the more widespread it becomes and the less power these whales have of pumping and dumping.

The price of Bitcoin stabilises and gives the average person confidence in it and the price should steadily, maybe even drastically rise. Just my thoughts on the matter of these whales spoiling it for the smaller bag holders who want to see a systematic financial change in the world.