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Talk to them. Someone has to cool out the marks.
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People are overreacting to the drop below $300 in the last 24 hours. There's been about ±$50 noise in the price of Bitcoin for months.
However, they've been under-reacting to the year-long slide from $1100 to $300. There's been a huge amount of denial about that.
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$300 was he floor for several months. Now that it has breached the $300 level I would say that it will probably end up falling to at least the $250 level if not lower over the short term
Well, the low for today, so far, was $255. There's been enough of a drop today to expect some rebound, but the long term trend remains downward. It's been steadily downward for a year now. There was a claim that Bitcoin had never fallen below the all-time-high of the previous bubble. The Silk Road bubble peaked at $266. That bottom was broken today. |
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you should know that historically bitcoin has never dropped below the previous ATH of the last bubble. so in this instance that would be the April 2013 peak of $266. i highly doubt it will act differently this time.
That ended today. Today's low, so far, was $255. |
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I think bitcoin is dropping because merchants are selling the bitcoins they received during christmas shopping. When those who spent bitcoin replenish their bitcoin holdings, price will rise again.
Most merchants use Coinbase, which means the merchant never owns Bitcoins at all. Coinbase then dumps their incoming Bitcoins on Bitstamp, so they can pay the merchant in fiat. Thus, all the holiday season transactions are over. |
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The Year of Bitcoin was 2013.
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"ESPN made the smart move there. Since the Bitcoin St. Petersburg bowl ended, the Bitcoin price has fallen by nearly 10%."
Good move by ESPN. They're not suckers.
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There have been attacks on buyers who accepted zero-confirmation transactions. This happened most notoriously with SatoshiDICE. At one time they paid out immediately on wins of zero-conf bets. Someone realized they could undo a losing bet by attempting a double-spend. This didn't generate extra Bitcoins, but it invalidated the payment to the betting firm, effectively canceling the previous transaction. With everything anonymous, this could be repeated endlessly.
So, nobody does zero-conf transactions with instant return of anything of non-trivial value any more.
A true double-spend would generate new Bitcoins from nothing. So far, nobody has been able to do that. If they had, it would be recorded in the block chain.
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Bitcoin has had two bubbles - Silk Road, and China exchange controls. Those were driven by Bitcoin being a way to get around some law. That's what makes Bitcoin go up.
Merchant adoption hasn't made Bitcoin go up. Big investments in mining farms haven't made Bitcoin go up. Getting rid of the flakier exchanges hasn't made Bitcoin go up. Gimmicks for contracts in the block chain haven't made Bitcoin go up. Short of another bubble, Bitcoin is going to do what it's been doing for most of 2014 - decline slowly.
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"Bitcoin made rich just a few but it ruined many" Look, Bitcoin is zero-sum. For every win, there must be a lose. Somebody has to put in cash and not get it back. Bitcoin needs a lot of suckers losers to keep it going. They're called HODLrs. |
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Yes. Further details on Jan. 3.
Until now, the Tokyo Metropolitan Police Force has said very little about Mt. Gox. That just changed.
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Yomiuri Shimbun exclusive"Among about 650,000 bitcoins that went missing from failed Mt. Gox’s exchange system, about 7,000 bitcoins, or only about 1 percent of the total, were lost due to cyber-attacks and it is highly suspected that the remaining 99 percent disappeared after the system was fraudulently operated by an unknown party, according to sources in the Metropolitan Police Department. The missing amount — about 650,000 bitcoins — is worth about ¥24.7 billion as of Wednesday. The MPD is currently investigating Mt. Gox, suspecting a person who is familiar with the exchange system may have misappropriated bitcoins of the company’s customers." To read more, pick up the Jan. 3 print edition of The Japan News.
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$312. And that's it for 2014. Thank you for playing. Further discussion should go in the 2015 thread.
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First of all, the only thing disastrous about 2014 was the price drop. Good things happened in every other facet of Bitcoin. Er, Mt. Gox? Forgotten about that disaster already? oops...for some reason thought it was last year. Other recent shutdowns: That's just December. Many Bitcoin businesses shut down in 2014. None of those stole customer assets in a big way, so they didn't get as much press as Mt. Gox. |
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First of all, the only thing disastrous about 2014 was the price drop. Good things happened in every other facet of Bitcoin. Er, Mt. Gox? Forgotten about that disaster already? |
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Fiat Credit Card System : 5-8% of fee on ALL transaction + cost of "asking agreement" of each transaction + LOAN of credit card POS. Movie "the rise and rise of bitcoin" explain this very easly in a supermarket. Bitcoin : 0,0001 BTC for each transaction ( http://bitcoinfees.com/ ) + Wifi (fix cost) + Personal Phone to monitoring transaction (3x less than a POS cost). Robocoin Bitcoin ATM: 5% fee, 7% spread. |
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Think of it as asset reallocation.
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It looks more like somebody caught a drafting problem. The proposed Russian anti-Bitcoin law was so broad it hit business loyalty programs.
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There's been a sudden large increase in hash rate in the last week, after a previous drop.  What happened? Were some substantial hashing assets off doing Peercoin for a while, or what? |
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Due to lack of interest, the bull run has been canceled.
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