Bitcoin Forum

Wikileaks/CIA?

Nonsense. My best guess is that it is because the PBOC opened it's mouth again. Never mind that it said something entirely reasonable, bitcoin drops whenever the PBOC acknowledges its existence.

Link: http://www.coindesk.com/pboc-china-bitcoin-exchanges-strict-supervision/


Alternative explanation: https://imgur.com/a/KDwtE
 ::)

Whenever price drops you start buying!

The Speculation thread offered up a possible explanation: a Trust Attack.  Kind of like gaslighting us all that BTC cannot retain its value (and so spreading FUD and so scaring off people from buying and BTC).  By big players like banks and .govs.  The article is a little old, but a plausible reason:

https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd#.6gyojk6hb

it is all about drama once again like the other times before. one miner said something about one of these block size proposals and now everyone is spreading FUD and becoming experts in everything while whales dumping to manipulate weak hands into selling them their coins :D

This time the price drop is due to the major mining pool antpool mining blocks with bitcoin unlimited which is the first to get updated to the servers causing a 7% of the entire bitcoin network. The same effect was felt upon the price but in a short it retained the price move forward.

Most probably, but for some people it's the time to wait for the right time and buy some Bitcoins for the future.  ;D
Although it's sad when people panic and dump their Bitcoin for such things..

Maybe just pre-ETF decision jitters.

My guess is, people got fed up with the long waiting periods for confirmation and realized that Bitcoin has serious scaling issues and that developer politics are ruling the show now. The miners also have the power to veto most decisions and some of them are sabotaging the network with "selective" mining during these spam attacks.

We are nearing a crucial point with adoption and we still fighting each other for power trips. ^hmmmmmm^

The price was pretty high, no? The pre ETF pump seems to have got a scare from the Bitcoin Unlimited threats of a fork. Meh.

this is a combination of two things:

- correction of price because of the fast rise from $1100 to $1280 and it needed to come down to sell on top and then accumulate on lower price once again.

- and also some FUD because of block size drama like always. something small happened and they are making it too big and whales love these opportunities to dump and manipulate.

in short this is a temporarily dip and it may continue for a week until the ETF deadline reaches here then the direction will be determined that day and in a month we are back to normal rise again.

The ETF news has slipped out to a few key players.

I want to know something, what do you think will happen if BU can successfully fork and become the majority? do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Miners will have to stop operations because their ASICs will no longer be able to function as before?
Will I be able to still buy and sell bitcoins or not?
These things should be thought of when community wants to get scared and dump, stop being dumb and think about every aspects of any possible scenario.

If bitcoin's price only goes up without any drops it's not called bitcoin it's called bubblecoin.

Price is still above the all time high in 2013. You cannot expect bitcoin to go up all the time, as that is just unrealistic. People may be unoptismistic about the result of the ETF, or maybe a big player is exiting because he doesn't think bitcoin has potential.

Lots of things may have happened, no one can exactly say what.

The biggest focus right now is obviously the ETF approval, coming up on Friday.

If that gets approved then bitcoin will probably skyrocket. If not, then bitcoin might drop to sub $1000 level. Either way it's going to have a big impact on the price of coins.

No miner in their right mind would create an excessive block larger than the majority is willing to accept.  The majority won't accept larger than 1mb until they have assurances that the exchanges will follow the longest chain.  People would rather run around screaming about the sky is falling than to take the time to understand how emergent consensus works.  It is the underpinning of the entire bitcoin network and always has been.

- block sizes will start to rise marginally
- the permanent backlog of transactions waiting to clear will start to shrink, and likely eventually zero out from time to time
- the fee required to get included in a block will tend downwards


Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).


Incorrect. If BU becomes the dominant mining solution, legacy miners can participate fully. Of course, they'll need to allow for blocks larger than 1MB, if > 1MB blocks start getting mined. Just as they adapted to >250KB, then >500KB, then >750KB limits.


Yes.

There's nothing about it. It's just a matter of supply and demand since the price did went into it's ATH for this year.

People tend to break it out and sold some of their coins and those guys that saw it dropping then just did the same thing.

I guess it's a matter of preparation of bitcoin for the next pump after the ETF approval.

This price drop is just another way to shake the weak hands. As long as we are still over the four digit mark, I am still confident that the price would soon recover and might even attempt to break new resistances, especially now that we are just a few days away from the SEC decision on the ETF.  With what’s going in bitcoin nowadays andall the speculation that lead to FUD, the good news is there is still a generally positive sentiment towards bitcoin so I wouldn't worry too much and lose any sleep over things.

That's my point, thanks for the input, people should know not to panic when they read: BU will probably win so we better dump and leave bitcoin or when they read: SW LN will probably win so we better dump and exit bitcoin. the confidence that we have for bitcoin shouldn't fade way by such news.
If BU wins then you should join them to have whatever they're going to have.
If SW activates then you should upgrade and have and do whatever they're going to have and do.
You should only panic and dump and exit bitcoin if after any of the forks/upgrades you no longer can have access to whatever the victor majority have access to.

The price is still high and historically, when the price is high, the price has been volatile!
A $100 drop overnight obviously isn't great, but I am more surprised that it wasn't a huge dump, rather that it looks like a more controlled fast price drop.

We might well be back at $1250 later today, or at $1150, or $1050!  I think ETF punters will keep the price up for a while longer yet though.

it sound like BU isn't just synonymous of big block, but it will adapt to what the people need, if this is the case than i misunderstand BU early, a block size that adapat based on demand in my view is good

unless i'm missing some implications that make this not so attractive for the exchange or miners, well yes miners would lose these crazy fee, which are unfair in any case, but there is something more about miners don't wanting to go with BU?

ETF will be declined causing a major crash.
China announced strict supervision on Bitcoin and are lokely to shutdown exchanges in the near future.
BU bitcoin hardfork will cause big chaos within the ecosystem.

Oh i almost forgot... Bitcoin does not scale ornoffer any usable privacy!

You really wonder why it's coming down from deluded insane high prices?

I guess we will see in the future if your stance was spot on or wrong.

Give it 6 months to a year to be revisited.

because of FUD.
people fear the word "Fork" or i better say they are programmed to fear it by the propaganda both sides use. and when this word is accompanied by the word "Hard" they are again told to panic.

you can see an example of this above my comment by kwukduck and others in this board and other places, when they throw in words like "hardfork" with the words like "split" and then they slip in a line about "ETH/ETC split because of fork". and to someone who doesn't know anything it seems like bitcoin is ending :D

May I know how long it will drop? Lucky to them the put a SELL position earlier in their bitcoin trading accounts.

That is correct. Max block size can ratchet up -- or down -- based upon the requests of the network participants.


Indeed, many people misunderstand BU - it is partly a consequence of active suppression of information in the leading venues of discussion. Fortunately, this suppression seems to be lifting somewhat.

I think the antpool has about 15% of the hash rate.

It's a it of price correction due to a qick run up the last weeks. Have a look at the weekly chart and with BBANDS. We broke the upper band and now see some correction happening.
Furthermore it's again also some blocksize drama, Antpool mined  2 or 3 BUblocks, where a few people got scared.Also the ETF decision plays some significant role now. Some big fish and smart traders of course try to take advantage of this situation in the market now. "Shake the tree!".
Guess that's all.

The reason of price is because the big 3 exchanges are announced that they they are still suspends BTC withdrawal.
http://news.8btc.com/bitcoin-withdrawal-still-not-available-big-3-exchanges-of-china-are-still-upgrading-systems
I think thats the reason why we see price drop. But its just a small dump.

When they first announced it the price went down a bit and continued to move upwards shortly after. Why would it drop now?
I'd say it's natural for the price to look for resistance lines. If it fails to break resistance when going up, it will go down until it finds the bottom line and bounce back.

It is simple profit taking. If you have been riding this pump from mid Jan, when the price was around $900, then it makes sense to sell a bit and bank some profits. That way if the ETF gets denied you don't lose too much. And if it is approved, you still have some holdings left to profit that way.

The Rockerfellers used to say that they got rich by not being too greedy...

The price dump didn't went much lower. As the price decrease reason is because of the antpool mining based on the bitcoin unlimited. The withdrawal suspension by exchanges too contribute to a small amount of dumping in the price.

the funny thing is that this "drop" that you are calling why about, is only a rise if you look at the previous 30 days! which means we are still in rise if you look at the last month and it is about 17% rise.

that is why i always suggest that it is a good idea to check the charts with some zoom out instead of zooming in the last couple of hours.

I think the prices are on correcting again, similar to what happened in january where the prices dropped from $1,100 back to $750. But I don't expect to see the prices drop below $1,000 again. This may also be brought about by the correction due to the hype that happened because of the ETF. So maybe it is coming back to it's non bloated levels.

Its a common scenario on bitcoin,maybe some holders  wants to have  profit  or maybe some believes in those trolls that says bitcoin will gonna drop this week.

Precisely, Precisely, Precisely

Anyone troll and hype bitcoin but the thing what we see in the price chart. I think value stands on 1250$ and more now. Traders might expect bitcoin to move down to 500$ also to buy a maximum number of bitcoins. If supply increases with the demand then value will be in upwards. It won't go down again.

No.

Conspiracy theories are fun but the reason for the price drop isn't close to this exciting.

People are selling their profits. We just hit an all time high, people are going to take their winnings off the table. It's just that simple. You can either do the same, let it ride, or back the truck up and buy some more!

I agree, I don't see bitcoin will go below $1000 again since there is no major issue regarding China about bitcoin. ETF issue would be resolved soon and we'll see bitcoin would continue rising over again.

Yes true, I sure bitcoin will never under $1,000. I think these things are okay, as long as there is no guarantee the State, then the price of the bitcoin will continue like this, up and down like a roller coaster. the most important is we must profit from up and down the price of the bitcoin.

As per bloomberg report the story is different. It says that major exchanges will life the suspension after regulators approve internal compliance upgrades. More information at [1]

[1] https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals (https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals)

Actually you mean in your words about the fluctuations of bitcoin price, and as we can feature out with regards to price droppings it will just affect little profit changes. But if we are positive and determined into the progressive movement of btc economy, certainly you could survive the challenges that we are experiencing right now. However please take note that you anytime now price is not stable and maybe in time it will drop again and in a few hours it will rise up higher, depending on the buy and sell frequency.