Bitcoin Forum

Guys guys!! what is the floor?

yes. it will go under 150 USD very soon. many people are selling, they are sick of hacking and other similar stories.

Also, the average people cannot mine anymore so Bitcoin becomes drab.

$230 at the moment.

The chinesse exchangers(OKcoin, BTC-china, Huobi, LakeBTC) will try to manipulate the market for another few days by using a lot of fake transactions(as they always did) and then....under 150 USD

40 USD is the floor.

30$ Buy thousands! :)

Current average at $233.58.

Great.
Getting ready to buy.

i don't think the fake transactions have any impact on the price of it! They r just trying competing with each other with the trading volume!

Current TODAY'S LOW$227.79

Many transactions = people are interested in Bitcoin and they keep buying
Few transactions = no interest in Bitcoin and they are selling

It is like a fire. you have to put some wood in it if you want to keep burning. The wood is the fake transactions.

Imagine that the exchangers will show the real transactions. 1/10 from what it is now. The people will be no longer interested about this business.

It's going down alright. 40 bucks drop in just 24 hours period. Amazing.

I think the floor is 200 ............... For today only ;D

I will be buying today if price goes below $200 for sure! Bargain time!

I am very curious when the big exchangers will start selling their Bitcoin.

Example: Bitstamp or Bitfinex cannot stay and waiting how the price is falling. They have a lot of BTC which will worth "dust" soon if they do not exchange now. They will have to sell to each other  ;D

i think as you
i will buy 2 bitcoin if we will see prize which under 200 dolar..
it has some risk but i think i should buy...

What :o where you got that number from , It will never drop that much , never .
what could possibly make it drop to that price

Right.  Just like it couldn't drop to 500 when it was 700.  Or it was impossible to drop to 400 when it was 500.  

The indicators, trade volume, and trends all point to a huge price crash.  Breaking 200 resistance would be both a gigantic blow to the market physically and psychologically.  It's already to the point miners are losing money.

Hell, the fact it breeched its previous low of $250 is significant.  

Will be interesting to see where this long downtrend eventually goes.  I'm hesitant to buy in just a bit, but I think I'm going to wait.  Feels like a huge trap right now, and the only ones making money are the daytraders shorting every 5 minutes.

According to Bitcoin.org, the price of a bitcoin is determined by supply and demand. In reality, the price is set by the big exchangers (4-5).

But they will forced to cut the price down in the end. Now, the people are selling and the exchangers will have to sell too. This moment it will be so funny. We will see how large amount of BTC is moved from other to each other until one of them will remain with the loss. :))

You thing there must be fake transactions for that trading volume? Chinese exchanges operate with 0% trading fee, traders there are using that for high frequency trading on smallest move. That is generating tons of volume.

Exchangers sells to who exactly ? since they are manipulating the price ...if they bought when the price was about 300$ for example , what they are going to earn if they sell it for lower price now like ~235$ , It wouldn't make sense if they are losing money instead of earning money to be honest
shouldn't they inscrease the price so they earn more ? or they manipulate it and make it lower so they buy a lot of BTC and sells after

can you please tell me how the chinesse exchangers are earning money without fees? They are not voluntaries for sure :)


https://www.cryptocoinsnews.com/fake-transaction-chains-double-2014-bitcoin-volume/

http://www.coindesk.com/reality-chinese-trading-volumes/

 http://www.ibtimes.co.uk/chinese-bitcoin-exchange-accused-faking-trade-data-1430122

I think the price is reflecting professional traders working with TA and ignoring big news. I don't think there was enough liquidity to open it up to the trading floors. Microsoft and Paypal were both big names talking about Bitcoin last year. These are massive stories not to say anything for the amount of talent flooding into the industry. We'll see what happens but price will have a massive and misguided publicity for the technology. I've held Bitcoin from £70 to £700 and back to £150 I don't really care about the price because what it represents for me is something bigger that profit.

@mayax
1. link is talking about blockchain transactions, not exchange transactions.
2., and 3. link, point taken. Thanks.

My miners will not be switched on and have been switched off for the last few days. This is the downfall, there will be no recovery. Why? The chinese farms which are still holding coins will rapidly dump what ever they have. Thank those pools for killing the btc. People only cared about the liquidity of the btc and that was it. Get it, sell it for USD. Get it and sell it. No one actually used it.

I actually bought a couple items off eBay using my BTC to other BTC users, not just dumpers. But now they have to dump because soon, these will be worth pennies.

Bitcoin had potential to be revolutionary, now its being murdered and just a way for people to try make a quick buck. I won't sell my miners. I'm really enjoying the fact that if the BTC price drops, asics value will drop, no one will buy these china machines anymore and so forth. Hopefully that boots a lot of the giants out of the game and the btc stays at around $10 - $20 usd a piece and its mineable for those dedicated to mine from home.

In terms of ecosystem development however, VC like to see mining in datacenters vs in basements. However, I'm not averse to some adjustment in balance of power and the downfall of those who egregiously abused the community to bootstrap themselves a megamine.

I don't get this about fake transactions, isn't bitcoin designed so that doesn't happen? supposedly the Chinese have been doing this a lot...
Can someone explain please? :)

yea, it is going to down imo
even the believer that thinks the bitcoin price will rise also sells their bitcoin, just like they have no trust in this world anymore... just like me lol :D

as always, imho, and forget about my english :)

The transactions are legit but they are just dummy transactions(sent back and forward) to create the impression there are still many transactions happening. If you sent 0.01btc to your second address 20 times and send them back 20 times, that's 40 arbitrary transactions.

I think this is last BARGAIN SALE ;D

we´ll see 100$ in a month

I agree the Chinese exchanges don't have the coins they claim.  The issue is does that result in the price recovering, as they buy to try and cover the claims on them or a total collapse as everyone loses faith in bitcoin.

Based on recent price action it seems like the latter which is too bad.

Can't use those log charts any more to make it look like BTC is constantly rising

Transactions on exchanges are internal, not in bitcoin blockchain. Exchanges have their internal database of trades. No bitcoin get moved, just numbers on accounts. Only when btc is withdrawn, that transaction is on blockchain, and bitcoin moved from exchange.

I don't think they are fractional reserve, just high frequency.

Example, draw a line across a table, one side of line is exchange, the other side is you, tape a 1 BTC wallet to the rim of a bicycle wheel, $250 on the other side,  now spin it at 500 RPM.... congrats, you just created 30,000 BTC an hour volume. If measured by the forex standard of a buy counting as 1 and a sell counting, each buy/sell pair counting as 2, you've got 60,000 BTC volume.

There is some heavy action on Chinese exchanges, however, I think this might be related to the holiday and end of year. Also, we're getting some media spin that the DPR trial is "Crackdown on bitcoin" which I could imagine, sent through the Chinese version of google translate, (baidu translate??) might come out as "US bans bitcoin" or something equally drastic sounding. Just as their multiple stiffening/confirming of regulations came out several times as "china bans bitcoin" on this side.

Guys this is clearly because of the https://cryptodouble.com/ and its ponzi scheme.

Well now that i have everyones attention... will SendChat save Bitcoin by bring BTC to the mainstream? Is that an alternative to consider?

Bitcoins just keep going down.... hope it doesn't reach 100$ next month or maybe in a few weeks... Intead of see this like an opportunity to buy cheap they are selling like a crazy

Maybe if people stopped being so retarded and putting money into what is clearly a scam bitcoin might actually survive.

i hope so

if reach 100$ it will be big trouble for my little farm

it will reach for sure.

it's 230 USD :)

Yes people should invest in projects backed with real value instead of gamble/ponzi "get rich quick"-schemes.

Projects like maidsafe and storj.io are potential game changers for every internet user.
Investing in these projects will give users a voice in the future.

But I doubt if people will learn from past mistakes.

This is ancient history - the Chinese exchanges brought fees back in long time ago;

Can't believe people still buy into this fake volume theory.

it's from 10 months ago not an ancient history. yes, the Chinese exchanges(and not only) are faking transactions. this is the truth.

I like your volume illustration, and they are certainly high frequency, I just don't see those two things as being mutually exclusive.

If the Chinese exchanges are still no fee, admittedly at odds with gog1, then it explains how they pay their bills.

I don't like it, but it is consistent with price moving down on no real developments.

USD 220 now.
Does this qualify as free fall? :D

I dont know why people always blame China for every prices fall/rise. Its got to be the Chinese

im thinking the bottom is around $150.  so sell all your coin now and buy back when its at $120

the chinese sell you equipment worth $100, you buy it for the "potential" "possible" profit you will make.  they put the difference in their pockets.

I really believe the bottom is going to be much lower than $150. We will crack the $1xx tonight. Dump galore. People thought $280 was the bottom, then $250. Any home miner still running this and pay any power bill will be playing this game at a loss.

Check out this buy order on an exchange.

0.01000000   100.00000000   1.00000000

I think this guy was born a retard. He wants to buy 100btc for $0.01 each. There are significantly more buy orders under $200 now.

Bitcoin could reach Oct.2014 (pre-bubble) levels which is well under 150.

So I go to shed my last .5 btc and places that used to take them now don't.  I guess I'll sink it into a few more silver eagles.

Zero indicators look good for the poor btc because if there are few places to use them then why have them.

Bye bye, Bitcoin. It was a fun ride.

yes, the many merchants stopped accepting Bitcoin lately.

Bitcoin has a bad media now because it is related to scams, hacks, drugs, terrorists, child porn.

BTC is completely tied to these source of activities. It's not just used for them, it drops in value when these activities don't take place.

Remember Silk Road. The price dropped A LOT after SilkRoad was taking down.

Yep. And then what happened?  ::)