Bitcoin Forum

Lets see if we will go for new lows this time.
Nothing changed, this dead cat bounce was just bigger than the others.

The price has only been down for a day. I'd wait a few more days (like 30) until I'd call it a trend. You can always consider it a buying opportunity, too, if it goes down to $250 or lower.

http://www.coindesk.com/price/ (http://www.coindesk.com/price/)

The price falls 7$ onlt on one day and you called it ?
The price also dropped by 10$ at 270. Didn't mean we were going down from there too. Its normal.

I bought some BTC at the nice low point it was on. Its weird how it fluctuates so randomly when there are no real reasons in sight. I was trading some stocks the other day and had some first hand info of a penny share signing a new contract with a new company. I bought some shares at .05 a piece, the signing was made public on all exchanges and there was a 48% jump when the market closed.

Can you explain why even the price has risen - I was just getting ready to buy cheap because of that recent auction of 50,000 BTC, but instead the price moved up.. ::) I entered crypto not that long ago, but I noticed that things reflected in the news basically don't influence the price at all, it seems like some big whales are just manipulating the market to their needs and there is nothing you can predict here..  :( If you look at the trading graphs most of price drops happen suddenly like a stone (be it a small drop or big drop) and then trading returns to normal again, i mean its not gradual decline..

Well what can one expect? Those whales are the worst kind of people that live on the planet, greediness being their main and only attribute. They are fishing out the inexperienced "traders" (or should I say "want-to-be-traders"). For them, there is money to be made. Without a single huge investment, the price will continue to fluctuate. Someone has to take a huge chunk, for it to start stabilizing a little.
I'm actually looking forward to the block halving, but we have a lot of time before that happens. Maybe an ETF will help the price.

Nothing can be 100% guaranteed. i think that if the price reaches the 200 mark again, this would be a huge buying opportunity, at least for me.

I looks more like price correction after the rally we have seen going on for the past week. We just have to wait and observe before drawing up conclusion. And talking about the hype concerning price decline after the auction concluded, I think overall, bitcoin is still doing very well. I expect it to stay around the current level for some time before price will again rise.

It means that the market has little liquidity relative to the amounts stashed in big wallets. And when one of these big fish finally decides to shell out, the market takes a sudden deep plunge momentarily. Then small fish begin buying up, and the price slowly rebounds...

What's new? The price usually declines a little after a little rally. Nothing special or new to see here to be honest.

No one (well, almost) here believes deep inside that bitcoin can actually make it back. So when it rallies some 50 dollars, it is considered as a miracle, but when bitcoin declines just 5, it comes as expected in an anticipation of further decline... 8)

I'll give it to you since the trend has been higher lows over the average but steady drops
If the pattern breaks then we will start seeing more significant movement
As it stands now it is as others posted out a brief recline after a move upwards as the market solidifies its postion
If it goes up again then the trend is broken, if not then it needs more observation to see if its a long run repeat.

By 'here' what do you mean? This forum or the subforum of speculation? I don't believe deep inside that it can't make it back. In fact, I feel the opposite. I think bitcoin has only scrapped the surface of it's potential and can go to plus-1000 prices, but it'll take time so we just need patience. We need the general public and merchants to warm to it and this will be a slow job, but I think they will start coming around eventually.

This forum in particular and bitcoin owners as whole. No matter what you think now, a genuine reality check will be when and at what price you start selling the bulk of your bitcoins. Thereby, the consistent decline of bitcoin price through the last year (and some time before that) is a true evidence which cannot be attributed to just rampant speculation and market fluctuations...

Seems about right. This type of action is an inevitable result of having huge stashes placed in certain wallets. This phenomena is not unique to 'virtual' currencies either.

I think the decline or decreases will be small fry compared to the price rise we would see if a whole industry got on board. Bitcoin still has massive potential in the remittance/gambling/sex industry and if one of those got on board the demand for bitcoin would skyrocket though like I said we'll need patience to see this. Hopefully those that do will be rewarded for it in the future.

I've been here (by 'here' I mean both bitcointalk and bitcoin world) since 2013, even before that terrific hike to 1,000$ and beyond (I profited handsomely, by the way), and, honestly, I see no reason why this ("remittance/gambling/sex") should happen in the future if it hadn't happened already... Your ideas?

It's the weekend, during weekend a correction is always expected due the decrease in volume, some people have lifes outside of trading you know.

Because it needs time to grow. The general public are sadly generally ignorant and all technology takes time to get accepted by the masses. The internet or personal computers didn't just blow up over night. They were created by geeks and used by geeks but the mainstream realizes a great invention eventually. I think once the remittance/gambling/sex markets realize how much money they can save and the users realize how they don't have to give all their personal details to these gambling or sex sites the benefits double. We just need time.

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

I don't know but it's not going to happen over night. My examples are very relevant but they were just a few. You can use practically any piece of technology and it's relevant. Nothing happens overnight. If computers took nearly two decades to become mainstream and the internet a decade why not bitcoin in the same time? Online gambling and sex aren't the only uses and again those are just two examples but it can be used for purchasing anything online. Why did you leave out the remittance market? That's a multi-billion dollar industry alone and the people who use it are being raped by fees: http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world

Can I ask, if bitcoin is such a dead dog in your opinion why are you still here?

I didn't leave out the question of remittance market, I told you that with Visas and Mastercards money transfers can be almost instant (notably faster that bitcoin blockchain confirmations are). But please don't raise the issue that these payment systems are centralized while bitcoin is not. It is not relevant to the matter at hand...

Technology is already here, but adoption is still lagging behind (to put it mildly)


I didn't say (nor implied) that bitcoin is a dead dog. All I wanted to say is that we shouldn't expect significant expansion of the bitcoin universe in the future (read, higher exchange rates)...

Technology is not already "there", at least not enough to deliver mainstream adoption. As Andreas has said things may chang al ot in the following years. We may end up not even using wallets as we know them, with the non very user friendly addresses and whatnot.

Until things get dumbed down so average joes can use it we will see a moon.

I will disagree. I think technology is there. Fine and ready to be used by people. You are talking about future evolution of known concepts - that is something totally different. We are ready to embrace bitcoin in our everyday life but people need to know about that something like bitcoin exists.
Technology has nothing to do with this process really.

Two days = Established daily trend.

Ok.

btw, it was my birthday yesterday, based on that sample size of one day I've worked out roughly when my birthdays will occur, I have managed to deduce that it is also my birthday today and tomorrow.

It is a bit early to call for 3-5% daily decline since we had ONE day with a 5% decline ;D

The price fluctuations may seem random because there's no great or awful news out but really the price fluctuations are far from random and have very real reasons. The reasons are just more simple than you expect. It's all linked to supply and demand. If there are more people that want to buy bitcoin than want to sell it today they price will go up. If there are more people that want to sell than buy today the price will go down. The price will travel to an equilibrium between buyers and sellers. In fact, this is the only reason that drives price. Now positive or negative news can influence price, but not unless the news is significant enough to cause more buyers than sellers (or vice versa).

Here's some more information on the topic: http://futures.tradingcharts.com/learning/supply_and_demand.html (http://futures.tradingcharts.com/learning/supply_and_demand.html)

Yeah, essentially this is what it boils down to. If there was some new innovation with bitcoin, this could really pump up interest and the value.

It's too early to jump at any conclusions yet. This phase is called consolidation, which is a period of market indecision (today is a weekend, which pretty much explains it). When it ends (that should be tomorrow), the price will break beyond, either up or down...

You wrote
""

WRONG

VISA and Mastercard give you a message they are taking care of the transaction.
The transaction is not finalized and irreversible until many weeks later.
If you receive a payment using the VISA or MC networks, you can not spend the money before the money land in your bank account.
And this take time, a lot more than 6 confirmations.
After one hour you can spend your bitcoin.
Technically one could spend them after one confirmation, if the receiver trust you and the network.

This isnt just another dead cat bounce, this really is trend reversal, but its impossible to keep going 5% a day up and never go down a bit and correct the price.
I think we may even go to ~260 usd before things stabilize. It was expected and welcomed by many traders to fall from this ~300 hill, and now its just about predicting floor to maximize profits.
Recent flow of good news, and auction that had more bidders than recent ones, it all clearly shows that bitcoin is here to stay, but if u want to go to 1000$ overnight, ure hallucinating.

cheers

I pretty much don't care if they actually transfer the money as long as I can spend it after the "receipt". And I've never seen a situation (or heard of) where I couldn't spend the just-received money. Are you sure that you aren't confusing instant payments with common bank transfers?

Why didn't you create this thread when we were going up ?

All indicators are pointing up: venture capital, wallets and addresses created, amount of transactions.

Do not get fooled with the price going down, things are moving up, and sooner or later it will translate into the price.

not that concern me, since we are still floating above $250 which is a good indicator to me that bitcoin isnt dying, people just dont realize that we might not see $1200 again anytime soon, this would need some times before we get back to that stage

The dead cat has been landing higher ever since 160. It was never meant to go straight up, but seeing the low everytime being higher than last time shows that the downtrend is over.

A big rally will take time to form and there will still be bragains if one can buy in the fips.

Exactly. I would say the price has sky rocketed since the OP.

Nope, it's like complaining that people didn't use the internet 1993. Of course they wouldn't because they don't see a point in using it. We are in 1993 in terms of cryptocurrencies. In 10 years Bitcoin will be huge.

Supply and demand is sharp and real way to read price, but the current price is very different from the perceived price. Namely, a lot of investors think Bitcoin will be a success, but they aren't gotten all in yet just to keep buying cheap coins.

Because when it goes up it's just a dead cat... I've shown this time and time again.

Well it seems like your winning this round
It's been a consistent trend for a while now new lows might be breached again sigh
Then retracing to a new lower high

It is interesting to note that other cryptocurrencies (at least, dogecoins) are also losing in their dollar value, but, at the same time, keeping their value in respect to bitcoin. Surely not something that you would expect in the world of fiat where major currencies are not linked to each other that strong (if at all)...

BTC ecosystem generates about 3500 BTC per day. As long as demand does not manage to absorb more then that, the price ll be going down.

I think all these ponzies and scams we are surrounded with contribute to the slow growth of user base. We need to work on exposing and eliminating ponzi website to ensure BTC growth.

I don't know if this is seen as a trend by most of you, but Bitcoin has been on the steady decline for the past few months after it peaked.  Am I the only one who looks at Bitcoin like a stock? Because it is seeming like a shitty stock.  I think when it hits a ceilling for how low it will go, it won't really change too much. 

we have only headed to the previous floor(it seems to recover right now), not really a big deal, i don't see a 3-5% decline to be honest, i can only see some swing here and there

These 3,500 bitcoins don't necessarily hit the market after they have been generated. Many of them (if not most) are being stashed right away and won't be exchanged for years. It is like Fed printing huge amounts of new money that never enters real economy, thus keeping inflation from soaring (that you would expect)...

It is a means of exchange but if we were looking at it like a stock it's good on the fundamentals but in terms of performance price wise its sucking pretty hard, in other words the market isn't reacting to the news.
If we treat it like a currency it's dropping relative to all currencies lol.