Bitcoin Forum

Hello !

The BTC price drop dramatically under $800.
I am aware by DOGE and others "swarm" coins, but c'mon !
What do you think about the drop ? Are other factors involved here ? There is any chance to climb again to $1000 ?

Have you not heard about the bitinstant silk road scandal that surfaced today sir?

I don't understand: all people involved in Bitcoin economy are criminals ? From miners to ASIC producers, all people are against the "law" just because they use Bitcoins and other coins ?
To use Bitcoin as coverage for illegal activities IMHO it is just a fair tale for kids. Mafia or other entities need more than several Satoshi transactions to hide the trails.
If this is "logically" & "politically" correct, that means all people that use fiat (USD, EUR, RUR, JPY etc.) are criminals too !
Think about:
- how much real money  cost a gun / a war in a 3rd world country !
- how much real money are offered as bribe everyday at all levels !
- how much real money are spent every day for drugs, sex, alcohol !
- ..................
Where is the BITCOIN involved in all above?

It is just sad because the Bitcoin it is so vulnerable to any scandal..

And a Russian central bank warning on same day:
https://bitcointalk.org/index.php?topic=435259.0

After silkroad enclosure the price droped. But just a week after this "drop" it reached record high limits. That's hw bitcoin works. The human factor here is stronger than any other market since everything is decentralised.

If you combine the Silkroad news, with the russian bank, plus the chinese law that will take effect in 3 days, you have your answer, but i personnally think that the prices will go back up very soon.

I would think all the new business who take bitcoin(tiger and overstock) but sell them ASAP may be overwhelming the buyers and driving the price down a bit also. But all things considered not as much movement as in the past. A 50% drop on bad news was the norm not that long ago.    

With all the 3 bad news, there is like just 10% drop.
Indeed I am pretty surprised to see the drop is not as bad as I expected.

In the world of Bitcoin, the exchange rate goes up and down rapidly. All it takes to push it up is another debacle like Cyprus. Personally, i agree that the most likely reason for the current fluxuation is the Big stores that started accepting Bitcoin exchanging them for fiat at whatever the current rate is. Supply is exceeding demand.

if u call "dramatically" 2-3$ ... u shouldnt be here

Really ?
Let's do some math then ! 8)

Let assume that the reference price is $800
Why ? Because most of the people, will never sell 1 BTC under $800, so the price of $800 mark a psychological threshold too.
Today the average price is:  $780

The difference is: $800-$780= $20, so where are your "2-3$" ??

How much is the drop in fact??
$800 .... 100%
$20 .... x%
------------------
x% = (20*100)/800
x% = 2.5%

Actually, price is holding up pretty good considering everything. Not so long ago, things like Chinese pressure on exchanges, Russian statement and especially arresting one of the most prominent names in bitcoin community would produce a lot more unrest.

i dont see how one arrest would cause bitcoin to plummet though....

Just asking but wouldn't the fact that Bitcoin is getting ore popular mean that the price would go up due to more demand and less of it?

+1
But in this moment, after the big fall from the end of 2013, with few exceptions the price didn't cross the $900 barrier..

I don't understand but we did have a few panic sell in the past.  ;)

Why are you assuming that there is less of it? People may be liguidating their savings.

price is even lower now, but it is a holiday dumy panic sell, price will be ok soon.

lol what holiday? this is all in relation to the 3 huge news stories to hurt Bitcoin


1. Apple Bans Bitcoin Apps

2. Mt. Gox Holding 40,000 BTC In Que

3. Russia Bans Bitcoin



Even after all that in a 24 hour period Bitcoin survives

I personally think it displays not only the faith of the community, but the maturity that Bitcoin has gained as a form of currency.

1. Non event.  Apple will be out of business in 3 years.
2. Most of it was unloaded on the way down to about 700
3. Can  have a negative impact long-term, especially if other countries follow the ban.  I would not trust anything king Putin says.  Maybe we are looking at a prelude to US-Russia crypto war.

Apple out of business in 3 years, that's just so ridiculously false, join us in the real world.


Have you seen MAC sales?

Have you seen iPod sales?

Oh ya not to mention the iPad being the number one tablet as well the iPhone being the number one phone (By a huge margin)


That kind of public repertoire can not be forgotten in a matter of 3 years. 

Russia like China DID NOT ban BTCitcoin.  Times like this I wish a saw a D'oh!  emoticon here.

They may as well have, it makes Russia not able to viably spread the word of Bitcoin

And they will not.
Thsi price drop is of the stupid mtgox annauncment, time for buying cheap.

IMHO mtgox  is playing with the price of BTC. Perhaps mtgox wish to buy some cheap BTC  :P
As trading platform mtgox is not anymore very attractive. Others will replace it: BTC-E, Bitstamp ...

Price is already going back up as we speak, It is time to buy guys

Same as any other business - you need to have some deep knowledge of how things work before you invest.

This was literally just all the lemmings seeing the bad press and panic selling. Long term effect: zero.

value already getting to normal level.

Indeed, BTC seems to be stronger than ever. Not even the so called flaw in protocol which Gox used as an excuse for their own failure managed to crash the market, at least not catastrophically and --apparently-- everything is going back to normal.

Many bad new is test for BTC and it really passed test.BTC very strong.Its very useful in many areas .for price many people buy and sell BTC with 800 $ now minners can inflate currency maximum 10% per year after a few years this will be 5% per year  this if they mine all coins free but they invest money on this and use electricity so I think soon 90% of btc holders will not sell under 800usd. Now Gox in gox they can show price even 10usd but what this mean that You can't withdraw Your buyed BTC.Its just fake price.

As result of it price seen 615 then Bill Gates Speaks and price welcome again 700s. I feel like big players manupulating these news and benefiting.

mtgox has a lot of coins locked.  They can use them to short sell on any exchange they desire, including their own.

Nobody should deposit any bitcoins/$ to mtgox, ever!

Bitstamp has frozen BTC withdrawals too. But i think they will resolve it faster than gox and will have more customers because of that.
I can't see any reason to use mtgox anymore.

+1

lame excuse used by mtgox