Bitcoin Forum

Hello! I've been out of the bitcoin scene for a few weeks and I come back to see the prices dropping a lot. I saw that BitStamp is down for now but that can't be the only reason, can it?
Of course I have faith in the price rising again, but I would like if someone elaborated to me why this is happening ^^

Well the whole Bitstamp craziness is happening because apparently a wallet was compromised so the Bitstamp staff have decided to shut everything down while they work on the problem which is actually a pretty sane procedure, as for it dropping this low I'm not sure but I'm fairly convinced it's going to be the start of something big with this much volume floating around.

I do think that one of the reason is because the price has been dropping in general anyway a lot of scared people are dumping all their coins which is why it's going even lower and why you're also seeing so many shit posts lately about Bitcoin ending and how the world is going to end etc. etc. I've seen this hundreds of times and it's always a number of people that decide to shit themselvse and go on a selling spree and are trying to convince others to do the same.

What's going to happen is people are going to be buying them up even more now the price is so cheap and it could well kick off a new rise, I'm glad something interesting is finally happening personally ;) Also, I happen to think that with the other markets everything is far too high right now and a collapse could be happening in this years first quarter because they've gotten the Christmas pump done now to make everything look good and now the whole system is going to crash.

Why is the Bitcoin price so high? Because people had been bidding it up from July 2103 through January 2014. Ever since then people have been selling their profit and/or using bitcoin as it should be used (as currency) - both things will allow the price to settle into a more appropriate level.

That's my take at least.

I'd like to see it drop further...it'll make it more approachable for new users.

bitcoin is not scarce - it can be had like tapwater for the miners.

so an increase in price relies on hype and willybot-pumps.

It's the mother of all pump and dump coins.

It's so high because it went viral for a brief time in 2013 and has dumped since then like all good ponzis do once there are no greater fools.

Bitcoin is not stock, it can be used not only to trading, and also to be living

Simply law of supply and demand. When the supply is higher than demand, price will need to go down to find buyers.

where i live nobody in the radius of 100 miles ever has heard of this esoteric shit let alone wants to buy/exchange it - how do i live on it?

Dunno. But where I live, is apparently the highest rate of accepting shops- I haven't noticed any though. Perhaps I just don't go into the right ones?

probably some faked numbers from a permabull and no shops like that even exist or they already reversed their decision again.

$275 stable in last few hours ...

My stamp ticker is down, I'm referencing btce and kraken- though I think that kraken has smaller volume.

 I think you are getting incorrect quotes. Currently the price is around $270 which is actually very low compared to a year ago.

you can buy pretty much any gift card with bitcoin noob.

kraken has no usd volume, it's a top eur exchange by volume, though.