Bitcoin Forum

Wow. The ongoing downtrend is relentless. This is what happens when monopoly mining interests lose their monopoly and real price discovery occurs. Oh well, it must stabilize eventually...

Could you imagine what could have happened if major e commerce website were to start accepting bitcoin? It would dump through the floor. The price wouldn't even be at 200 let alone 100. They would instantly dump their coins in trade for fiat because they know how unstable the bitcoin price is.

The issue with the price crash is that it is not caused only by the mining part. There are traders who leverage their position to sell bitcoin in order for fast gain. Technically they can sell with money they don't own. Don't worry, eventually they will need to buy back and hopefully we can see a recovery taking place.

i cant even throw my bitcoins theyre IN MY COMPUTER DAHHHHHHHHHHHH

Is maybe some of this related to the Bitcoin Bowl?  I read where Bitpay converted all of the bitcoins to $ for the Bowl.  Maybe they are holding too big a stash themselves and are flooding the market.

The price has hovered around $300 for months now and this really does look like were getting a bit of stability in the price now.
Any lower seems like a good time to buy and any higher is when to sell or hold.

If all the big company's who accept BTC are just dumping there coins as soon as they get them then of course this is going to drive the price down a bit.
What if there was something else these company's could do with the bitcoin they receive that might make them more money by holding the coins, something like the winklevoss EFT could work.
Insted of just selling the coins they receive from customers they may want to re-invest this to increase profits, just have to wait and see i guess.

Definitely a big reason why. Shorters are making $$.

There will have to be a bottom soon though

Without new comers, the price will continue to fall.

bitcoin and paycoin has one thing in common: the bottom/floor ::)

yeah Im trying to decide if I want to buy some more bitcoin at these lvls or wait. I really thought it would get support around 300$ and shoot back up to 400$ but so far just more selling pressure

Buy at floor, sell at ceiling... if only one knew where these were located...

Ouch, 279 a coin currently.

Hopefully it will stabilize and go up soon, it's been dropping all day. Great way to celebrate the birthday of Bitcoin  :P

The best thing to do for the Bitcoin economy is to buy stuff from merchants who won't immediatly dump their coins for fiat.

Was expecting it to dip below $300, to be honest. Might start slowing down around the $250 mark.

$300 was he floor for several months. Now that it has breached the $300 level I would say that it will probably end up falling to at least the $250 level if not lower over the short term

Currently at $280. I was looking at my wallet, and did a triple take when I saw the different conversion approximation. Damn, this was not a good day

Crypto / Exchange Market Capitalization increase for the year is still gigantic

your witnessing very fine manipulation moves here

What did you expect? Loads of people buying Xmas gifts and paying for holidays....

Short term price watching, will cloud your judgement.... look long term.... this will remedy itself soon.  ;)

no one is selling btc at 280

its just numbers on the exchanges at this point in time

People can buy a BitCoin on localbitcoins for ~$282, which is pretty much the same thing

What do you mean? There's no selling pressure?

oh come on, just relax, bitcoin is like a capacitor that holds potential profit, which charges as prices drop. you just need to predict when it will be discharged

This is what happens when big companies accept bitcoin they dump them instantly and price goes down then i dont blame them because they cant purchase there raw resources via btc. If Bitcoin wants to succeed as we wish then we need raw producers to accept the bitcoins basically everything could be bought via btc is the best scenario for bitcoin.

The reason they are selling is because of it's volatility. Why would any companies hold BTC if they stand to lose profits by holding the coin? $ is a much safer option for them.

This is really not good development for Bitcoin.
If merchants see how unstable value of bitcoin is, I don't think they will accept btc as way of payment.
Who will want to accept bitcoin as payment and loose money because value of bitcoin went down?
I'm afraid that it will be very hard to inspire ''big merchants'' to accept bitcoin in the future, if btc remain unstable.

I understand and agree with the core of your point, but this also goes both ways...

If i buy a flat screen TV from Overstock and pay with BTC today, then the price shoots up passed $300 again next week, Overstock just made a nice little unexpected increase of margin.

It seems people always talk about the negative effects of BTC price drops on large retailers and never focus on the flip side.
I think if anything, huge price swings hurt small retailers more.Overstock can handle payment fluctuation much easier than Al's auto garage.

We need the smaller guys (the mom n pop stores) to accept bitcoin, for it to truly organically grow into massive public adoption.

Well this doesn't surprise me. It's the traders and market manipulation mostly.
Who would sell their Bitcoin so low?

A merchant which believes in Bitcoin won't be bothered by these price changes, they will probably keep their coins.

I think he is saying that it didnt crash on big volume, but instead a slow bleeding out. Its the weekend after holidays so may not reflect the real sentiment.

This. Also I don't know if anyone has heard about a place called Las Vegas, Nevada, but it's kind of a big deal. Anyway, there is a little show there called CES the Consumer Electronics Show. That's also kind of a big deal, or used to be. There's gonna be a bunch of Bitcoin stuff there this week.

I agree, we are all just draeming the same bad dream.
Let's go back to stick our head in the sand please.

Look at localbitcoins; people are selling for $282. They have tremendous amounts of BitCoin and are still profitting regardless, most likely, since they probably invested early on in the game.

What would you guys do if it completely skyrocketed into the low $100s? Just curious.

Looks like bear whale has finally been proved right, are we going to see a 30k BTC buy order pop up soon i wonder.

BTC is gonna continue dropping until it finds a sustainable price. It's still coming out of the price bubble of 2013, and it may be that the bottom is closer to $100 than where it is now, maybe even less. Thing is, if everyone bails and sells off now the price will plummet, which is good because then BTC can be snatched up later for a considerable discount price. With that in mind, I've divested of my BTC and exchanged it for XRP and GBP. I hope the price drops considerably, and when it reaches the bottom, where its actual non-bubble price lies, it can then start a sustainable, slower rise in value that's in proportion to its growing popularity and acceptance.

Price on localbitcoins is mostly just bitstamp-price +/- a certain percentage.

There's always panic sellers at low prices. Also bots which trade their algos at any price that can push price in illogical ways. Lets see, but I think there's one more push down left before any uptrend can be 'reliably' se, imo.

I'm sure today we'll go down to 250. More curious about what happens then. I actually, from an objective perspective, don't think it so bad that Bitcoin will be cheap. New blood can enter and we need that.

Bitcoin price has nothing to do with the miners converting to fiat, it's mostly these bear whales manipulating the market.

Oh well, time to reach in my pocket and pull out some pesos to buy some of this oversold coin... :'(

While that's true, these sort of crashes can also scare people off. It's a great buying opportunity for those waiting to get in, but for others it's also worrying that the price can drop this low and so quick for no good reason. We've had a year of nothing but good news and adoption yet the price has sadly not reflected this.

Well if you are looking to profit you could always short the coin for now and then rebuy later down the line.

No way, it could rebound anytime, It is really risky to short...

Of course, I mean only if you think the trend is truly downward. And, more importantly if you have some to risk. I certainly wouldn't encourage anyone shorting with coin they need.

www.Coindesk.com is so crap - it hasn't even acknowledged/headlined the crash!

I don't think they want to spread FUD, it would just cause more people to panic sell, making the price lower.

But people have the right to know, don't they?

I am of the opinion that several companies dump their BTC for fiat currency at the end of each year, I am also of the opinion that by the end of Jan 2015 the BTC price will break back through into the $300 arena.

I could be wrong and of course I am open to other opinions as well as my own.

I guess so, but people could just go to preev.com or any other website that has a bitcoin price widget on it.


That's a good observation, that could be quite possible.

Well, the low for today, so far, was $255.  There's been enough of a drop today to expect some rebound, but the long term trend remains downward. It's been steadily downward for a year now. 

There was a claim that Bitcoin had never fallen below the all-time-high of the previous bubble. The Silk Road bubble peaked at $266. That bottom was broken today.

I still have faith in the BTC and believe it to be an end of year dump for companies. I shall be holding onto my coin rather than panic selling which I think has contributed to the price dropping a little further than it naturally would with the above factors alone.

The economics of bitcoin has changed a lot since the last bubble. There is a lot of VC invested in bitcoin and bitcoin related companies. The times of the previous bubbles the vast majority of the money invested in bitcoin were "retail" investors who only would invest a few thousand dollars worth

I do strongly believe in BTC. I know that everything will find its place in time.

People would have to buy coins to use them at the site, thus cancelling out that effect.

Strongly agree, people need to have faith in the strength of BTC, it's volatile yes but not fragile.

If you contacted a seller though, wouldn't they sell it to you at the listed price?

In a couple days Bitcoin could possibly crash through the $200 floor and beyond, pending the BitStamp news.

Crossing my fingers that this isn't the case, but hardly a vote of confidence with the 2nd major exchange in 2 years getting compromised yet again.

Why would they? They sell it higher than the "listed"(I guess you mean the price on exchanges) price.

Looking good to break back through $300 already (BTC $292.5) at time of post

What exchange?

Yea, don't see that price either, just the $291.94 Bitfinex price from last night and $290.73 Bitfinex price from this morning.

CEX.IO it peaked at $295 yesterday for a brief click

Gotcha, I see it now:

https://i.imgur.com/bkFJgfa.png

Normally just look at Bitcoinwisdom.

Good catch!

Peaked just recently at $295 aswell by the looks of it, I've not been watching it the last few hours

CEX.IO @ $298 right now, looking good for a quick recovery back into the $300's

Crossed $300 again :)

WOOHOO that's what we like to see, quick turnaround back into the $300's  ;D

WOW, $306.50 in the space of an hour, this is why I ♥♥Bitcoin♥♥  ;D

Not clear how real this is. Many traders have assets stuck on Bitstamp and are out of the market for now.

Agree. This rally seems premature.