Bitcoin down because of people panic buying precious metals

[Hyena]

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I suspect the real reason of BTC taking the hit lately is due to people selling their coins to buy precious metals. I'm a bitcoin hoarder and I did exactly that and plan to do it again. Thus there ought to be other people like me doing the same thing. BTC might continue to fall.

I sold some BTC at 260$ to panic buy physical silver a couple of weeks ago. It's because of this:
https://www.youtube.com/watch?v=rkELgi6EkNo

and also because silver is currently massively undervalued and probably at the bottom.

[1715196881]

1715196881

[1715196881]

1715196881

[smoothie]

I disagree. This move to me is about uncertainty in the block size issue going forward.

[Hyena]

I disagree. This move to me is about uncertainty in the block size issue going forward.

Come on, that uncertainty was out there long ago. Why would it suddenly reflect in prices just NOW?

[1Referee]

Nah, don't think that's the case as Bitstamp isn't exactly a leading exchange anymore. It's all due to XT. Traders shit their pants by just thinking XT will take over.

[gentlemand]

Nah, don't think that's the case as Bitstamp isn't exactly a leading exchange anymore. It's all due to XT. Traders shit their pants by just thinking XT will take over.

More like traders capitalising on others shitting their pants. There'll always be something to trade be it XTGavinNSACoin or CoreCrippleBlockstreamCoin.

[Hyena]

Nah, don't think that's the case as Bitstamp isn't exactly a leading exchange anymore. It's all due to XT. Traders shit their pants by just thinking XT will take over.

More like traders capitalising on others shitting their pants. There'll always be something to trade be it XTGavinNSACoin or CoreCrippleBlockstreamCoin.

Then why don't I give a shit about XT? This XT drama is a false flag drama. It doesn't hurt bitcoin. You don't lose your coins because of it. It doesn't matter which direction bitcoin takes, in the end you still have your coins. Stop spreading this bullshit XT drama as a reason for the price drop. It's not.

[smoothie]

Markets are irrational
If xt drama is bullshit....it still is drama.

[Hyena]

Markets are irrational
If xt drama is bullshit....it still is drama.

True. Also, this question does not have a binary answer. We're probably both right.

[1Referee]

Nah, don't think that's the case as Bitstamp isn't exactly a leading exchange anymore. It's all due to XT. Traders shit their pants by just thinking XT will take over.

More like traders capitalising on others shitting their pants. There'll always be something to trade be it XTGavinNSACoin or CoreCrippleBlockstreamCoin.

Then why don't I give a shit about XT? This XT drama is a false flag drama. It doesn't hurt bitcoin. You don't lose your coins because of it. It doesn't matter which direction bitcoin takes, in the end you still have your coins. Stop spreading this bullshit XT drama as a reason for the price drop. It's not.

For you and me, and other people out there the whole XT bullshit doesn't mean anything. But as you know the largest part of the traders a.k.a weak hands are very affraid of anything that can drag the price of Bitcoin down. It's the reality whether you like it or not. Better use this situation in your advantage to buy up some coins. 

[Gyfts]

Went to check the price again today and notice another big hit. It's a bit confusing as the Chinese stock market is down, and Wall Street isn't doing well either. I expecting the price to get out of this slump, but it never occurred to me that people were taking their Bitcoin investments and turning them into precious metals. I can see a lot of people doing this in actuality as the stock market isn't looking good.

[dothebeats]

I think that somehow, the XT vs Core issue has something to do with this hit. It's been on a downtrend since the issue on XT intensifies. Stock markets aren't looking that good also.

[techgeek]

Its hitting hard, but I think the main reason is due to the fact where we are almost really near with the "fork situation".

And also the fact that they arent sure people are willing to see people want to see bitcoin split.

[lissandra]

I think that somehow, the XT vs Core issue has something to do with this hit. It's been on a downtrend since the issue on XT intensifies. Stock markets aren't looking that good also.

Is there any difference after the hardfork or the split is done?

I think most people are just confused as much as I am with what the effects are eg: slower transaction times, or just no response in the core.

[titulng]

interesting points, but anyone really think so?

as for me, I always feel like it is cheating by bitfinex behind the scenes, XT or other just a reason for it to do.

[solid12345]

Do people forget Bitcoin was over $1,000 2 years ago? What is a drop from $300 to $200 compared to $1,100 to $300?

[gogxmagog]

the price of silver and gold is not rising. both are fluctuating around where theyve been for the last year more or less. if money was moving into PM en mass we would see an uptick in prices. Happens every Chinese new year and also diwali... people put money into PMs at those times and it is visible in the market effect.