Bitcoin Forum

Economy => Economics => Topic started by: The_JMiner on August 03, 2011, 11:26:38 PM



Title: Thoughts on the Bitcoin "crash" ?
Post by: The_JMiner on August 03, 2011, 11:26:38 PM
I personally just think its the mybitcoin coins being dumped in the market. It will take some time to absorb and then we will go back up slowly.

- my 02 btc


Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: makko on August 03, 2011, 11:39:22 PM
Yes, I was beginning to wonder how the price would be supported.

Firstly, you've (most) of the miners selling their BTC once it's mined to get payback for the hardware.

Then, it seems that Silk Road is offline so the demand that was there for site is gone. But, maybe there are other underground markets where BTC is accepted.

Anyway, i'm no economist or anything of the sort. I just think that once difficulty gets to a certain level and bitcoins are no longer being minted at great speed then the number of new miners will decrease so it should even things out.

Hopefully the price will increase slowly but steadily. That is if the US doesn't try to outlaw it..


Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: tvbcof on August 04, 2011, 06:17:24 AM
I think it may be the Polish stash and fear of the MBC loot that has brought the volatility today.  I keep hearing that the MBC coin has not been spent.  Is there anywhere that anyone knows of where anyone is publishing analysis of this detail?

Anyway, if we assume that the MBC guy is a crook, and still among the living, then he would be laying low and waiting for a correction, or better yet, a likely upcoming bull hysteria to make his move.  I would have thought that he would be laundering in preparation, but that would be as detectable as if he would have liquidated I think (unless somehow he had been doing it all along...and he does seem like a pretty sharp player from what I can see.)



Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: Atom on August 04, 2011, 06:19:58 AM
next resistance is $9

Honestly though if you're not in a shot-term trading position this isn't anything to get upset about.  Outside of the internet failing the realities of bitcoin are too compelling for it to die.   And in an environment like this (the broader financial markets), Bitcoin isn't going to get any less attractive.

As far as the move goes - I chalk it up to growing pains - lots of amateur hour shenanigans from the various exchanges and businesses, plus the difficulty of getting your $$ into BTC.

I bought some more at $10 and will buy again at $4 if we get there


Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: The_JMiner on August 04, 2011, 02:41:16 PM
next resistance is $9

Honestly though if you're not in a shot-term trading position this isn't anything to get upset about.  Outside of the internet failing the realities of bitcoin are too compelling for it to die.   And in an environment like this (the broader financial markets), Bitcoin isn't going to get any less attractive.

As far as the move goes - I chalk it up to growing pains - lots of amateur hour shenanigans from the various exchanges and businesses, plus the difficulty of getting your $$ into BTC.

I bought some more at $10 and will buy again at $4 if we get there

Great input agree with you 100% consider this a great buying opportunity for long term.


Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: tonto on August 04, 2011, 03:18:33 PM
ugh!  always my luck!  a while back I pulled out my bids for buying at 10 *and* 9 dollars thinking it'd never get this low again. 
 
*le sigh*
 
but I had traded them off for other goods and services and now have to "start over" :)


Title: Re: Thoughts on the Bitcoin "crash" ?
Post by: GideonGono on August 04, 2011, 09:30:56 PM
There is no "crash," it's just idiots jumping into the sea so the smart ones get the boat all to themselves. This is a massive buying opportunity.