Bitcoin Price | Flash Crash

[odolvlobo]

Anybody can explain what happened yesterday. And if the BTC falling down will continue.

My Magic Eight Ball ^TM says, "My sources say no."

[GRWer]

Anybody know what is happening with the price? I hate this low price BTC will be useless if the price is low.

The price of a bitcoin does not affect its usefulness. It is just as useful at $1 as it is at $1000.

Are you kidding me ? 1usd means btc is totally useless like shit .

[wasserman99]

Actual price: $445. What do u think? Are we going up?

Anybody can explain what happened yesterday. And if the BTC falling down will continue.

It is likely due to margin calls on both btc-e and bitfinex. Both exchanges allow for margin trading and both sites have shown signs of the amount of funds available to borrow shrink as people do not want to risk loosing their bitcoin that they lend out. This causes people to be forced to sell their long position when they cannot borrow to continue to carry their position which causes prices to fall which causes people to have critically low equity in their account causing the exchange to force close long positions.

[odolvlobo]

Anybody know what is happening with the price? I hate this low price BTC will be useless if the price is low.

The price of a bitcoin does not affect its usefulness. It is just as useful at $1 as it is at $1000.

Are you kidding me ? 1usd means btc is totally useless like shit .

It is no harder to send 100 BTC than it is to send 1 BTC. If I want to buy something at overstock.com or send money to relatives in Argentina, the exchange rate doesn't make Bitcoin any more or less useful. Perhaps you could explain what you mean by "useless".

[QuestionAuthority]

Anybody know what is happening with the price? I hate this low price BTC will be useless if the price is low.

The price of a bitcoin does not affect its usefulness. It is just as useful at $1 as it is at $1000.

Are you kidding me ? 1usd means btc is totally useless like shit .

It is no harder to send 100 BTC than it is to send 1 BTC. If I want to buy something at overstock.com or send money to relatives in Argentina, the exchange rate doesn't make Bitcoin any more or less useful. Perhaps you could explain what you mean by "useless".

What he means is he doesn't understand what Bitcoin is and how it works. He thinks it's an investment platform.

[TopherB]

Anyone think it will sink below $400?

When bitcoin dropped back to $800 I sold a lot. I valued it at $375.
Then it hit $600 and I sold more. But companies like newegg had come on board and btc had weathered a few storms without flinching and I raised my floor value to $450. It hovered near $600 for a long time and I started to wonder if I hadn't missed this boat.
A few more businesses started taking btc and there was some other good news and I moved the floor to $470. Which we crossed today and I put those funds back in.
Could it go lower? Sure, and personally I hope there is a quick panic as I will buy all the way down.
It should spring back to this level at least and then climb as the market dictates.
Just my 2 cents.

[INSTANTpr]

partys over  : sweep the books to $150 ...weeee