Bitcoin Forum

The price is $10.50 per BTC and falling!  What's going on?

Come on, guys!  Get in there and buy!

AHhhhhh!!!  I can't sell my video cards fast enough!!!!  Oh noes!!!  The floor is falling, Anusgleus just lost his shirt in the market by buying 500 bitcoins at $14.50

I'm the guy that bought them at 33 ... remind me never to time the market.

OH LAWWWWD !

Would you guys just stop crying about the price.

Watch as in the next week the price will rebound.

OH LAWWWWD ! $10.50 !!!!

the cure for low price is even lower price :)

when it goes too low, there will be a rally...

relax,
improvements are done almost weekly,
startups are proliferating,
mining difficulty is increasing, that also means something

many people try to steal it,
everyone wants it...

Nothing is going on, everything goes as planned.

http://img215.imageshack.us/img215/3406/youa.gif

Meh, I'm cutting my loses when it comes to BTC. I've lost confidence in the market and feel the true value should be somewhere down in the $2-4 range. No sense in taking a hit all the way down.

Finally people are understanding that there is no reason bitcoins should have ever risen as high as they are. You can't rely on a market that is full of hoarders and a product that offers currently no benefit.

Well, what did you expect?  There was a speculative bubble in something with no intrinsic value, and it collapsed.

Go read "Extraordinary Popular Delusions and the Madness of Crowds".

Relax guys,is just those Mybitcoin and Polish exch. fuckers dumping BTC on the market.

LOT of activity at 10.0000.  I'm seeing a lot of 100BTC trades at that level.  Damn!

Panic selling from irrational people. Buy them while they're cheap :)

This only works if you can find someone to sell them to at a higher price, or buy something useful with them.

The irrational people are the ones who expected this to hit $1000.  They didn't realize that it was just a few rational people riding it up, and were rational enough to get out once the new money stopped coming in.

+1

I can always buy something useful with bitcoins. There are plenty of merchants out there. :)

As for $1000, I don't expect to see that anytime before 2020. Though I could be wrong.

I am hoping the price drops even further...then it will cause the following chain reaction:

    1.  Prices of video cards to come back down to reality as miners quit buying more and more cards, increasing their prices
    2.  Miners to leave mining as it because more profitable to do something else (possibly purchase)...causing difficulty to slow or even decrease
    3.  Me to mine more   ;)

You folks forget that the bitcoin market cap is a tiny pin in the scheme of things. Any small amount of money coming into the market will drive the price up.

Just think about it, there is 1.5 quadrillion dollars in derivatives on planet Earth.

Just $10 billion would take bitcoin to $1000 each:

$100,000,000 = $10/btc
$1,000,000,000 = $100/btc
$10,000,000,000 = $1000/btc

The entire silver market is like 800,000,000 oz. x $41/oz = $32.8 billion and silver market is like 1% of the market cap of that of the gold market.

Money can move fast. There will always be more paper fiat than bitcoins so that means the likelihood of bitcoins staying > $1 or > 1 Euro etc is very likely.

Guys...

 Honestly, I don't give a shit about Bitcoin pricing in dollar or whatever... I have only interest in Bitcoins itself. I already forgot about the old dollar!  ::)

 I know that this (forget USD, EUR, BRL...) is impossible in a global scale today but... The really sad thing around all of this is that the mining difficulty does not drop alongside with Bitcoin dollar price...   :-\

 In fact, the difficulty is still increasing!

 I think that we need to do is:

1- Help Bitcoins being widely accepted around the globe;
2- Stabilize goods and services prices in Bitcoins only;
3- Close your bank account.

 And there is more, that isn't only the Bitcoins that drops today, here in Brazil, the BOVESPA reaches -2.26%!

 http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/02/bloomberg1376-LPCPGP0YHQ0X01-05FJPK510HBEEKBRRB2VQ3HRUG.DTL

 So, who cares about this sick market?! I don't.

 Americans (Obama and many) think that raising the debt and print more money will save the planet from caos!!! Who believe in things like this?! This would be a joke if not a sad reality.

Cheers!
Thiago

Can you buy something useful cheaper (or more useful) by using Bitcoins (if the value is dropping)?  If no, then you are doing it wrong.

Indeed.  I bet merchants are lining up to adopt bitcoins after they've just seen the USD$ exchange rate drop by 20% in a day.  I saw a recent post on these forums that suggested merchants should charge a 25% premium for their products denominated in bitcoins.  Well, 25% doesn't seem to be enough any more, and further more, why would anyone pay 25% more for a product when they can use a credit card or PayPal and pay maybe 2% in fees?

As a merchant, the only advantage for me to using bitcoins would be no chargebacks.  As a customer, that is a huge disadvantage.  Also I would have to pay a lot more.  Apart from Silk Road, I don't really see a point to using bitcoins.  Judging by the falling value of bitcoins, it seems a lot of other people agree with me. 

I don't understand your point here. You talk about forgetting the dollar, but at the same time you expect bitcoin's algorithms to be based on dollar exchange rates?
I'm really glad to see more people realizing that we need merchants using bitcoin and having stable bitcoin-based prices instead of dollar prices translated into bitcoin.
Now despite of the excellent point you made above, this recommendation unfortunately makes your post look like a joke. As long as there is no real opportunity to get food and residential property using bitcoins only, you cannot expect people to abandon these essentials. Furthermore, this would bar many ways of receiving income.

I actually think the most important thing is to have a critical mass of merchants using bitcoins to sell various goods and services. This will stabilize the currency and make it more interesting for even more merchants and consumers.

We should not forget that BTC-USD rates are no absolute measure of bitcoin value. Volatile exchange rates may indicate BTC volatility, but they may also be related to USD volatility...

I will have to revise my statement in light of new information. It was more likely panic selling by Bitcoin thieves.

This might be a good time to promote bitcoin businesses to people new to bitcoin. Bitcoins are incredibly cheap to buy now, especially for USD, so we can export our services to people using other currencies very well.

That's what people should have been doing all along, rather than trying to run with the day traders.

Great walls at lower prices. Its a speculation tricks from wall street guys.

 http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html

Wall street professional on a market with less than 1M USD volume on most days? I dunno. Trainees, maybe. Or people who know the methods. The real masters won't waste their time on something this size just yet.

Good, since I would probably chicken out against these guys -- I have other things I do in life and would fear losing to them. Right now, I still place day-trading orders every now and then. Not something I'd like doing against pros.

Have you noticed that the walls seem to vanish as soon as the price gets near them?  At least on MTGox, there were similar walls at $6, $6.50...all the way up to $8, but they didn't seem to do anything.  Maybe people are pulling out when the price gets close in hopes of getting an even better deal?

Okay, I wont trust flexcoin for bitcoin advice.

PS: You aren't the first bitcoin bank.

That's been happening for 3 weeks. MTGOX never should have implement a realtime api in the first place.  More mature exchanges can't deal with the HFT bots. There is noway a small bitcoin market can. The exchanges are being gamed. In case no one has noticed tere has been a persistant ask and bid wall that has been sliding down in parallel for quite some time. Some jerk is going to end up wit alot of coins and sit on them till it goes back to $30.

Ummm......

http://www.placeofclocks.com/files/2866794/uploaded/Fotolia_6419107_S.jpg


It's about time some realized this. I made a thread about it in the main room titled: Attn: Mt Gox.



But I think Mt Gox is the one running the bot.

If not, he is making some mad money off the small trades.

But he would have made more money in the long run because you can't make money if the exchange is dead.

Good game.