Bitcoin Forum

I would like get an insight into why people sell their BTC at these prices? In order for the price to go down, there needs to be somebody willing to sell. Since dumping at these prices is a REALLY, REALLY stupid thing to do, I would like to know who is so smart to sell at these prices and why? Are you people allergic to money or what?

Because They need money and probably for most of them is still profitable to sell right now , specially if at their countries they have a FIAT currency with a low price vs US dollar .

Or they bought at 1000 USD on margin expecting it to go to 10000 USD and now sell to time the bottom as best as possible. Otherwise known as "weak hands" who buy high and sell low.

In order to profit from this sale, these people needed to buy BTC over a year ago when the price was below what it is now. So, these people ve been saving their BTC for over a year and sell now??? It does not add up. The other option is that they sell at a loss which brings them into the stupid weak handed group I ve mentioned.

Because all people don't trust.
And it's good ... for the others that they want buy a few BTC.

Buy and order.

http://i0.wp.com/www.irkitated.com/wp-content/uploads/2013/01/workaholics1-e1401845678239.jpg?resize=700%2C357

It is NOT good at all. We need people to support BTC economy. We cant build anything having so many people who got burned with their BTC investments. There are not going to come back to BTC again so easily. Just there has not been enough efforts to stop this decline.

I'm thinking about miners in East Europe , Africa , some parts of SouthAmerica , Asia ... not about people that bought BTC one year ago , for that people produce a BTC is cheaper than for people in USA or Eurozone  where electricity costs and even hardware is more expensive

I've got just over 10 BTC.

I'll be honest, I bought most of my coins at around 600 USD, I'm not happy right now, every day the price seems to go down lately.

I don't have any desperate need for the money now, I know it's a long game & I will hoard for years but it's looking pretty shit right now.

like me ... but, if you need this money every month, it's not the good invest value.
 ;D deal drug, more profits ... in a month. :D

Some miners have to sell to pay their (electricity) bills.

because they need the money or simply because they think it is going to go lower

November woke up a lot of hibernating whales.  People mined in 2009 / 2010, forgot and then when it was in the news late 2013 they came back into Bitcoin with 10,000+ BTC (some even as much as 100,000).  Even with prices as low as they are - at $400 at 10,000 BTC is still worth $4 million.


Currently these people are dumping for $Fiat or just buying things off merchants accepting BTC, who then promptly dump the BTC.  For BTC to go up they have to go through all these sellers and this could take up to two years.

i suspect the dumpers are large miners. The irony is that they're killing themselves. Every small dump they made will push weakhands to panic selling mode thus push the price futher down. So miners are taking a bigger hit until they close shop.

Bitcoin needs future and option contracts badly to keep mining alive. I'm hoping someone working on this.

Dropped 25 USD today & continuing to drop as I've been online the last few hours

Mob mentality. It takes one whale to dump, then the rest sell based on emotions, or it triggers bots to sell off to cut losses. It's a snowball effect.

people don't buy or sell.  they spend it on weed. ya idiot

The smallest price actions can trigger massive panic sells or buys. It's quite entertaining to watch. I am picking up the most that I can at these prices TBH since I always think long-term.

If this is the case then you should expect it to continue. As the miners have to pay their electric bills (they took a big risk up front - to buy their machines - in exchange for taking smaller risks in the future - to be able to essentially arbitrage bitcoin by buying it via the electric company and selling it at the spot price when bitcoin is found).

I think it is also partly due to the fact that QE is seen to be winding down soon so we will likely see less liquidity and less risk taking throughout all assets

The main reason for the price drop is not the miner dump, but not enough capital flow into Bitcoin to absorb the 3600 BTC created daily. The miners have to pay their bill in fiat, so they have to sell.

No, that is silly. There are at least 100k bitcoins changing hands daily. Even if all miners sold at these prices (which they don't) it will be just a drop in the overall volume. The amount of people who sell at the yearly lows and take fiat to never buy bitcoin again is tiny. Most sellers now wait to rebuy lower; at the first signs of confirmed reversal they will all jump in.

I am hodling until 370 , if bitcointalk did not exists then i would have at least 2 times more btc than now,thx for it  
Nobody knows why the price keep falling, and nobody wants to investigate it deeply,
I am sure that the price will fall more perhaps until 300, and i hope it want it too,
at levels above 500 i dont want it to drop lower, but now i dont care
so i am the next weak hand (i bought my first coin at $4, last about : $15)   in your context,
so it is time for me to dumping 500-1000 btc at about 370$ and buy back lower, it is time to accumulate more coins
i dont care if i will lost 5%-15% (buying back higher, if i am not here at the jump) ,
but i wont sit on my ass and watch btc going lower and lower
how many times i say to myself it wont go lower, it cant go lower

(i promised my sister i will pay back her mortgage , this was last winter , so it is very frustrating )

and the price is really matters ,  
when millions of average joe  look at the price and see it is lower $500, earlier they heard in the news (from their freinds , etc. ) that it was above $1000
so their final conslusion will be it is a scam, it is crashed,  wont look back bitcoin until it will reach again $1000 (on the news)

you cant convince avarage joe to use/buy bitcoin now
you cant convince me at this stage to buy more bitcoins  despite i am here at least 1,5 years , cos i do not see it could go back above $600 (in this year)

if bitcoin is so fantastic then i think there should be at least 1000-5000 billionaires to buy only 1000 bitcoins.   (1.000.000-5.000.000 btc)
(only about 10.000 people can own 1000 BTC, and how many billionaires on earth right now? 1000 btc at $400-1000 is nothing to them,
but the potential it will be worth 10-100 more is much higher then it will be 0, so where are these billionaires?   eft ?  why wait until them?  to buy higher if its starts? )

No one wants to sell, just some Future Exchanges doing a frenzied short!
Some Chinese Exchanges has launched 50:1 even 100:1 leverage!!

most "big" buyers I know are currently buying outside of the exchanges while all merchants and the huge mining farms cause selling pressure.

lol wut

big buyers?  10-100 BTC ?

1000-10000 is big buy  , where are those bitcoins from  if not from miners ?    ("huge mining farms cause selling pressure."    you mean on exchanges )

bitpay, coinbase ?  and if so,  why there is none of average joe who works for them make a story about it, that bitpay sells thousands of bitcoins to big buyers "offilne" .

Earlier i also said that  otc buying and exchange selling can cause price falling but there is no evidence , and nobody wants to give evidence,
so nobody wants that the price  rise again

This guy.

He gets it.

Yeah it isn't the little guy driving this decline.

I'm seriously puzzled by this way of thinking. Not trying to be a dick here, but how can you (with a straight face) say "don't you *like* money? why would you sell now?"... The answer is in the charts: Downtrend for more than half a year now. Getting pretty close to one full year in fact. Latest attempt to break that cycle (the June rally) completely and utterly failed. Making new local lows in fact, and getting damn close to the previous capitulation bottom.

So, that doesn't mean it's the recommended or "rational" thing to do, to sell now. If you believe there's going to be another price surge, sit tight, and don't sell. But it certainly doesn't appear to me that it's irrational either to sell now - if you think Bitcoin is going nowhere but down, or even if you just think we're going to see another 6 months of bear market, it makes perfect sense to sell.

no sorry, you got me wrong. Bitpay etc are for sure selling ON exchanges and this is why are causing selling pressure there.

and "big" was intentionally in """". And yes for average Joe 500 BTC simply is a big buy, but this is not ON the exchanges.

I  sold(spent) $5 today for a gig on fiverr..sorry guys

It's painful selling at this low price but I have to sell most of the btc I earn as I'm currently unemployed. If I had a job with no debts I wouldn't sell a single satoshi :)

Maybe because people are fickle and stupid? I can't understand why most people sell at all right now. If people held their coins for a little while I'm sure they'll double in value again eventually.


They won't be able to see a return on investment if the price keeps going down. Electricity bills arent going to get any cheaper.

 being sure of where this market is going is not that bright either

and yes, i call myself on this too

in 2011 i bought 100 coins for $ 3000 right at the top of the most epic bubble ever. prices fell for 18 months. even now, at a very desperate phase, when people say btc is dead, i still made more than 1000% profit. stay strong. it will pay out.

I would agree with you, but this is never a certainty. There's always going to be a peak at some point which it will never return to. You also must remember that the previous btc high was likely due to fake trades resulting from the gox fiasco which artificially inflated the price so it's possible we may never see those prices again, but I hope this isnt the case.

i am strong, and i am weak too, i think it will go lower , so it is time to me accumulate more coins, sell now (about 370) and buy back later
(i dont care if i will lost 5%-15% (buying back higher, if i am not here at the jump) ,
but i wont sit on my ass any more (i think 8 month was enough about it ) and watch btc going lower and lower without any reason despite of good news
how many times i say to myself it wont go lower , it cant go lower, 5-10 times ?  )

dont you think that some of us need cash ? and selling just for that.

People don't want to face the facts but we are currently playing a game of Musical chairs.
How many of you want to truly exit the market and how many are in it to accumulate more coins?
The reality is that it is impossible for both you and the guy who shorted/sold at the top of the bubble to increase your holdings unless there is someone else who eventually loses out.

It is wildly amusing to see predictions of double or single digit coins. With the current acceptance at larger retailers a market cap that comes with single digit coins makes bitcoin virtually useless.
Any larger purchase would completely screw up supply and demand as a significant portion of coins would need to be involved. If that happens bitcoin HAS failed because to get there you would have to unwind a large portion of user adoption.

Is it impossible to go there? not at all. But if it does happen the party is most likely over.

Agreed with your main point in principle (if price would go back to single digit and stays there, pretty much every proposed usage case of Bitcoin can be considered failed), but I disagree that *hitting* single digits (which I don't expect either) would be a death sentence, or sign that crypto failed. Panic driven momentum could bring us into a range that is not motivated by the fundamentals, and the market should quite clearly and obviously to the observer reject that price region. In that sense, going even to single digits isn't a problem per se: if the market would take that a clear reversal signal (again, I don't think we will hit single digits, and double digits aren't much more likely either. Back to $200... possible, otoh.)

because if you look at the charts bitcoin looks finished... Services like bitcoinwisdom should start serving charts in log scale by default  :P

Won't sell right now, but I do think I'll sell in next mini-peak because this is going down, longterm.

Maybe they bought much under 400 USD. And they expect they will have chance to buy cheaper then 400 USD to buy once again.

Sometimes people sell on the way down because they believe the price will be even lower in a week, or a month.  I sold some bitcoins at $1k when this forum was full of cheer squads claiming $10k was the next target.  Why did I sell?  Because I believed the price was 'good enough' value.

mostly because those who sell are scammers, and wallet stealer, and now the trend is just "sell sell sell", so everyone(not smart enough) will follow the pattern

those who have "weaker" hands than me , (i have not sell any btc so far, from 2013 March) , is far more in better position than me ,
if somebody have listen to for example fallllling user and "scared" they are all in better position now than those who hodling like me  
they can buy back lower and accumulate more coins

so who is the smarter ? who dumping at from $450-680 or me who is hodling? (who is following or going against the market?)  and now cant buy back lower

 i would be happy now if somebody could scared me so much at price range $500-$680 that i panic sell 50% of my btc  

Because Bitcoin is dropping and likely will continue it's slow decline for the foreseeable future.

No one knows where the bottom is and its likely we haven't hit it yet.

Last week we had some HUGE news with paypal announcing that they will accept bitcoin. Bitcoin immediately jumped $40 on to settle back into its slow decline the next day.

If news like that can't end the decline, then not much will.

Bitcoin will go up again, but there are no signs that it is going to be in the near future.

Best bet is to sell now and buy back in at the bottom, which could be as low as $100, maybe lower.

btc is headed down in the near term, too much selling pressure by means of new merchants accepting btc, but instantly converting to fiat. No real new use by the general public. Once these merchants initial acceptance levels out, btc should slowly begin to climb up. then people should start buying/feeling bullish again

some sell bcoz they need cash
and others sell just bcoz they are afraid that what if price dropped more,

There's no guarantee that price ever recovers.  I think many are beginning to doubt there will ever be a new ATH.  That the moon rocket will ultimately fail to launch and that this is the best price they will see for their coins.    For someone who is all in, there would be at least some motivation to sell some now if they believe the above is possible.  This is specifically why I chose to invest only what I could afford to lose entirely, because that makes it easy to hold through the despair phases that typically precede bubbles. 

Yes, exactly. Look at the past 6 months. There has been a very steady decline with no real increases since the $1000 bubble. Ever speculator that was interested in bitcoin is already involved. And without signs of the price reversing, despite good news, they are slowly pulling out to cut their losses.

I'm a big bitcoin believer and still I sold all my coins in the past couple of weeks (save for a few). If there is a turnaround, it won't be for a while.

If the winklevoss etf goes live and people start adding bitcoins to their retirement plans that could mean a turnaround for bitcoin. But as of right now bitcoin has not been a good investment this year and that is looking unlikely.

You also have to remember that every day 1.35 million dollars are mined. The market needs to grow at that rate just for the price to stay stable!

with all those big merchants / paypal enabling rich btc hodlers to spend their coins, price shall fall, until btc demand increases, such as Circle enabling world population to acquire btc easier than before, or grassroot people start seeing the point of btc by the more widespread acceptance of merchants/paypal/ebay/whatnot and start cashing fiat in for some coins.

they weren't smarter, they were lucky, big difference here, what if bitcoin rised to 700 or around that? unless you can predict the future in a very accurate way, i think holding is the best strategy

if so, then there wont be buying only more selling pressure  by payment processors (coinbase,bitpay, etc)

everybody can see in the order books of exchanges that there is no buyers , only selling walls

Obviously the miners, but also people with weak hands that can't afford bitcoin to goto nothing (which obviously won't happen).

I am selling my coins over $1000 or not selling at all, no matter if it goes to 0. Having BTC feels like being on a guaranteed financial rocket, it will change your life in the future.

I've signed up for Circle, and I've used it already and I don't see how it is any different that Coinbase.

I know they claim they aren't an exchange, but that is just marketing. They ARE an exchange and they do the exact same thing Coinbase does.

Only worse, because there limits are so low. It is of no use to me to buy or sell $2500 worth of coins a day. I like Coinbase's $50k rolling limit.

Circle is way faster than coinbase. You can order and get your coins in minutes with a brand new account.

dont you think that some of us need cash ? and selling just for that.

I bought an iPhone 6 for the equivalent of $550 worth of bitcoins.

I spent bitcoins and someone purchased it for me with their credit card through purse.io

That is why I "sold".

I will buy more on Friday though.

Sounds like heaven for carders and gamblers/junkies dimeing out their credit cards.

Excelsior!

some sell because they need cash
and others sell just bcoz they are afraid that what if price dropped more,

here we are again

i promise to sell at $370 about 500 Btc  (and by back later)

i used bitstamp earlier so i plan to sell there ,  

could be any problem at bitstamp to sell so much btc? (bitstamp block my account, etc. ?)
( i dont want to withdraw the money , only wait some months until we reach 300 to buy back)

it is sure that this is not the bottom  (i do not care if i lose 10-20% , i could win 10-20% too, but i wont sit on my ass and watch how many times i could sell higher)

otc buying will keep the price down until otc follow exchange rates ,  perhaps their volume 3-10 times more than exchanges but still follow exhange prices, the question is how long could it take  

if i were a big whale i would buy otc and dumping constantly on exchanges to push the price to the lowest level to accumulate as much coin as i can
nobody will see my buying order (offline), but everybody will see my big selling orders in the order books and will shift their orders too (to follow the "market")

or you can try to convience me not to sell and why you think $370 is the bottom and from here we go to da moon

Please sell.

Pay day is here.

People sell, because they are not stupid, they know it's going lower. Stupid people like you hold and ruin your financial life, while others point and laugh at bag holder fools.

Time to sell was $1000, you had your time. Didn't use it? Too dumb then, hold til grave.

First you call people stupid for not sharing your vision of what the price will do tomorrow and beyond.

Then you call them stupid for not knowing the future back when the price was at $1000.

Since you know the future, tell me your prediction for the price of bitcoin at the end of October. Then we can determine if you're an idiot by your own definition. If you're within 10% I'll give your opinion some credence.

i can lose only 10-20% if that was the bottom, but if not and it goes more down for example to 200 then i can accumulate 40-60% more coins after buying back

i think 40-60% gain is much better than 10-20% loss, much better than only to watch the price decline despite of the good news (while nobody wants to investigate/nobody could give the real reason of the price decline. )

Sure, under 350.

There you go.

I almost sold at $2 because everyone was talking about how it would probably go below a dollar.

yeah and that day was when Bill Clinton say something good about bitcoin, and that day was when merchant adoption rising , and that day was when everything is cool except price


i believe in bitcoin but what i see is only market manipulation and nobody cares (exchanges/foundations/VCs/payment processors/miners) ,  , so i will follow the market

paged and waiting

probably exchanges know the truth but say nothing about it

if i were the owner of Bitstamp (unregulated market, unregulated exchanges) and i can see that only for example 10 sellers who account for the 90% of the volume (by dumping bitcoins and constantly withdrawing fiat) then i would share it (the fact, some statistic, not the user infos)  to the public  (if this is not acceptable some users then they have the option to leave and use another exchange)
our goal is to spread bitcoin , but with this manipulation exchanges only slow down the adoption

average joe/newcomers  wont buy bitcoin until the price declining
i and many others wont say nobody to buy bitcoins because we dont want to lose our friends, if the price keep declining
the price will recover it is for sure but i dont want to get the negative comments form my friends that this investment suxxx , about half a year or more,
and i probably cant convience them to keep it when it lose half its value, so it will be too late for them and for our friendship  if the price will skyrockets 1 or  2 years