Bitcoin price is dropping!! What to do??

[Brad Harrison]

I'm kind of in the same boat.

I have 30 Antminer S4s running and am worried if I should get out now and sell my hardware or keep going.

Your best bet is to get out and sell unless you have free electricity

[Quantus]

This shit is going below 100USD within a month, I'd get out now, right now if you can and wait till this bloatcoin Gaven-Coin Shit-coin xt-altcoin hard fork blows over.

[Krackerjack411]

I'm kind of in the same boat.

I have 30 Antminer S4s running and am worried if I should get out now and sell my hardware or keep going.

Your best bet is to get out and sell unless you have free electricity

It's not free electricity per say, but 80% of the bill is covered.

[odolvlobo]

Hi, im very worried now with the bitcoin price falling so fast...
Is it too late or should i change it all to USD or other currencies ?
Please help urgently and any advise....

If you are very worried and don't know what to do, then my advice is to sell your bitcoins and take a loss. Then invest in something that doesn't cause you to worry so much.

[dopecoindude]

Hi, im very worried now with the bitcoin price falling so fast...
Is it too late or should i change it all to USD or other currencies ?
Please help urgently and any advise....

If you are very worried and don't know what to do, then my advice is to sell your bitcoins and take a loss. Then invest in something that doesn't cause you to worry so much.

I agree with this statement.  Just take a loss if you are so worried.

[Jk423]

I think all the markets are in a downtrend. This is good, for say oil, which is around $40 a barrel now, but bad for the investors of oil. Other commodities, such as gold and Platinum aren't doing as well either.

My theory is that the Yuan decreasing in value started as a ripple in China and ended up a tsunami in other countries' exchanges. The falling prices in stocks and commodities have attracted BTC whales to dump for more liquid cash to pump into the stock market, or in the alternative, buy back BTC at a lower rate. If some one dumps a thousand BTC at $150 and gobbles them back up for $100, they have made a $50,000 profit at a time when people think there is no money in bitcoin. Yes it is risky as all hell, but a whale can absorb the loss and still feed their family. Some of us little guys like me, who owns about 7 BTC absorb a far greater percentage, makes me wish I had the cash back at around $250 a week ago. I have been putting a 1/3 of my paycheck into bitcoins every month, but I always seem to take about 1/2 of that back out to pay bills at the end of the month. Am I losing money? most Likely, but as long as I can cover my bills, I accept the risks associated with bitcoins. I still have hope that one day the level will rise high enough where I would be on the + side of things. Realistically however, I'm not going to be a millionaire, but it would be nice to cash out $50,000 ahead for a down payment on a house or a nice car. I more so feel like I'm a part of history and will have a cool story to tell my kids or grand kids, like how our great grand parents talked about electricity.

TLDR: Invest in what you can afford/The whales are going to profit no matter what/ The little guy is screwed right now/ Set your expectations lower, you wont be a millionaire / Being a part of BTC history is worth all the hassle

[pooya87]

~~~

or even LTC that halves in just 2 days and has BIIIIIIG profit chance

i was thinking the same thing too. litecoin was always the second choice and whenever bitcoin market is bad a lot of traders go to the litecoin market instead.
besides it has a block halving coming up which can change everything,

[onlylikeloud]

could it be crashing because dow jones crashed hard today?

It could. It might be wealthy people moving everything into actual goods. Bad signs in every market I know of. Personal I'm watching price of gold real close. If actual gold starts to rise quickly in the next few days I'm going to be scared as s%#*. If I had money I would invest in Bitcoin or stock market because if it keeps going down its a sign of bigger things to come.

[irfan01]

I think it's better we keep bitcoin we have until the price goes up again 

[caliburn]

Hi thanks for all the response

but how low should i wait to buy more?

What if bitcoin drops till $50 usd for 1 btc?

[Kakmakr]

The people telling all these newbies to sell is just greedy. C'mon man, all of you know this will blow over and these guys
would have lost a lot of money. We cannot give sound financial advice here, because nobody has a crystal ball. You can only base your speculative advice on the facts you have in front of you :

~ The Bitcoin price is known for volatility
~ We will have a halving next year, and it will push the price upwards due to a increased rarity factor.
~ The Core vs XT thing will soon be sorted out.
~ The spark for the decline was due to bugs on a exchange
~ The whole economic world is in turmoil at the moment, because China is doing bad.
~ US interest rates are causing doubts in the global financial markets

We need to stay calm, and hold on what you have and buy more if you can. Look at the bigger picture, before you panic.

[bitbaby]

Hi, im very worried now with the bitcoin price falling so fast...
Is it too late or should i change it all to USD or other currencies ?
Please help urgently and any advise....

If you are very worried and don't know what to do, then my advice is to sell your bitcoins and take a loss. Then invest in something that doesn't cause you to worry so much.

Exactly.

OP did anyone promised you that the price will go up when you bought it? It was an investment on your part and you must have had some confidence in it when you bought them and same way now it's up to you, if you're confident that bitcoin will bring good return in future (which I think it will but that's me) then keep it, if you're scared that it won't then sell it. It's your decision, we cannot tell you what will happen in future.

Hi thanks for all the response

but how low should i wait to buy more?

What if bitcoin drops till $50 usd for 1 btc?

What if it reaches $300 tomorrow? than you'd have missed your window to make a profit. You can't predict the Market, you only have to do your research and based on that you have to take calculative decisions. If you want my personal advice, it is a good time to buy.

[futureofbitcoin]

doesn't it seem like someone or a group of people is trying to support bitcoin at around 210-230? Everytime bitcoin drops (this year), it bounces back up to the 220 range pretty quickly...

[daehbew]

why not just take a step back and look at what's really going on.

I see major causes for price drop:

1. Bitfinex crash
2. Bitcoin XT fork rumors





On the other side of the coin we have trusty fiat

see "nails in coffin" here on youtube:

https://www.youtube.com/watch?v=G5rJyntrmfI



look at that logic then ask yourself, do I buy or sell?

[futureofbitcoin]

why not just take a step back and look at what's really going on.

I see major causes for price drop:

1. Bitfinex crash
2. Bitcoin XT fork rumors





On the other side of the coin we have trusty fiat

see "nails in coffin" here on youtube:

https://www.youtube.com/watch?v=G5rJyntrmfI



look at that logic then ask yourself, do I buy or sell?

Unfortunately by FAR the biggest factor in the value of a currency is its network effects, and fiat far outperforms bitcoin in that aspect. We can bet that one day bitcoin will take a significant share of the pie, or even possibly catch up and surpass fiat. But really all the other factors matter very little compared to the biggest problem: how many people will accept and transact with it.

[Tstar]

we are just in the beginning of the BITCOIN world and how can you expect stability from a just born currency when compared to 100 + years old fiat's
BUT donworry it wont collapse .

[8up]

Currently we are pricing in all uncertainty, that sorrounds the market.

PSA: Nobody knows where this is heading for.

[Blawpaw]

could it be crashing because dow jones crashed hard today?

I was also thinking the same thing

It was the bitfinex bug that crashed bitcoin yesterday

https://twitter.com/bitfinex
https://www.reddit.com/r/BitcoinMarkets/comments/3i5thz/daily_discussion_monday_august_24_2015/cudrtfc
http://www.coindesk.com/bitcoin-price-slumps-following-bitfinex-outage/

So, you're saying Bitfinex had a bug that forced the price down? Is it fixed now, or will we see BTC go under the $100 barrier?

[Yoga4]

If one website having some "technical" issues can cause the price to drop over $30 in 24 hours thats pretty damn scary lol. However I guess it is possible!

[pliv84]

Now is an excellent time to buy. You won't be able to time the sudden recovery upwards.

Just as the price crashed due to cascading margin calls (people borrowed too much to buy bitcoin, and the bank forced them to liquidate their positions), there are now a ton of short positions that the traders will be forced to cover on the upswing - which will cause the price to rocket upwards suddenly.