Hmmm. Something interesting happened last night

[JayCoDon]

someone people are needing to pay tax bills in the US. By selling off a losing commodity like bitcoin, they can pay the tax and get a write off for their losses for next year.

At least that's what I'm thinking, because that's the boat I'm in

That actually makes perfect sense. They have the funds to cover the money that they owe and, simultaneously, they can have a much smaller bill next year. That person might turn around and buy again in a couple days/weeks.

[whap]

Before Bitcoin can rise again, the majority of trader-type investors that only buy Bitcoin for USD profits need to be washed out of the market. It's possible that we see new lows in the process.

It'll need decades to change that mindset. When we are old we'll probably deal in Bitcoin without calculating the corresponding USD value, but this is far off. Until then, BTC will always be traded for USD profits. That means there is a long, bumpy road ahead indeed.

Still today you find people in Germany secretly converting the EURO to the former Deutsche Mark which even doesn't exist anymore. And then they say "Wow this is expensive, i don't buy it." 

[mrhelpful]

The only reason would be a early adopter, or you just got large sums as a gift as well.

Or possible stolen coins, who knows? But, yeah if I was a early adopter this would be a no brainer since I been seeing it on the decline from after the 700 value to all the way down where it is now.

Regardless its a quick profit for them, since they didnt really pay that much.

[hellscabane]

Someone should also mention this same drop range happened at multiple other exchanges too (such as btc-e, bitfinex, etc.). From what I got, the total aggregated volumes was around 15k.

[pleaseexplain]

Before Bitcoin can rise again, the majority of trader-type investors that only buy Bitcoin for USD profits need to be washed out of the market. It's possible that we see new lows in the process.

It'll need decades to change that mindset. When we are old we'll probably deal in Bitcoin without calculating the corresponding USD value, but this is far off. Until then, BTC will always be traded for USD profits. That means there is a long, bumpy road ahead indeed.

Still today you find people in Germany secretly converting the EURO to the former Deutsche Mark which even doesn't exist anymore. And then they say "Wow this is expensive, i don't buy it."  

   yes perception is everything.  am old enough to remember when we went from pounds to dollars in New Zealand in the 1960s. it was a 'simple' 2 for 1 exchange yet for years people would mentally convert the price back to pounds to check on a an items price for "reasonableness". as with your deutsche mark example it distorts their thinking about cheap or expensive