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Mickeyb
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August 26, 2015, 08:11:20 AM |
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No. The decline in Bitcoin price is directly related to the XT debate and nothing else. If nothing, the stock market crash should have propelled Bitcoin price upwards. If there was no block size debate, this would have happened 99%.
Now, maybe we would also see much more dumping and bigger price decline if there was no stock market crash. We can never know this for sure though.
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batesresearch
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August 26, 2015, 09:27:05 AM |
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I think it is a combination on the XT debate and stock market crashing as I think people may have dumped out of BTC to gain on the stock markets. That's what I would have done if I was still interested in the stock market.
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Visit Satoshi's Place, a Bitcoin Hub based in Bury, Manchester, UK. Website: https://satoshisplace.co.ukGoals: Educate & Onboard users in to Bitcoin. Lightning network⚡️
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NorrisK
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August 26, 2015, 09:28:38 AM |
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There was total panic all over the world. I think people just did know what to do with any type of stock asset or bitcoin for that matter.
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Kprawn
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August 26, 2015, 09:40:29 AM |
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Yes, I think it's a direct response to a combination of factors. The BitFinex bug started this all and then the stock market and the Chinese situation just made it worst. The XT fork just put the cherry on the cake, for more people to panic. Once people investigate a little deeper and they get the whole picture, the status quo would return and people will once again return to Bitcoin investment. World stock markets react on the smallest bump in the road, and when the bump is pretty big, the wheels tend to come off very quickly. In Bitcoin we have some road side assistance to change the wheels for us. Let's journey on fellow Bitcoin travelers.
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tadakaluri
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August 26, 2015, 10:19:13 AM |
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No stock market fundamentals are influence Bitcoin price. Bitcoin price depends on Miners costs and trading values.
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Herbert2020
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August 26, 2015, 10:28:34 AM |
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NO, in my opinion the only thing that has affected bitcoin price recently is the Bitcoin XT debate and also the bitfinex bug which is one of the biggest bitcoin exchangers right now.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip. Whales are those who keep buying the dip.
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Heutenamos
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August 26, 2015, 10:56:03 AM |
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In my opinion the answer would be no, the price of Bitcoins is mainly affected by the need of the coins and the miners.
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yo
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tiggytomb
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August 26, 2015, 10:58:33 AM |
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No. The decline in Bitcoin price is directly related to the XT debate and nothing else. If nothing, the stock market crash should have propelled Bitcoin price upwards. If there was no block size debate, this would have happened 99%.
Now, maybe we would also see much more dumping and bigger price decline if there was no stock market crash. We can never know this for sure though.
I agree with this, one would assume that the price of Bitcoin would have gone up with the stock market crash but there has been so much doubt flying about regarding XT that this would surely have halted this rise.
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Digit-0
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in the end, you only find the beginning
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August 26, 2015, 10:59:51 AM |
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i think that yes, everything is related with everything, well maybe have more influence the miners costs and trading values, but in the end i think that everything counts.
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alani123
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August 26, 2015, 11:05:35 AM |
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Lots of events took place in the last few days and the combination must've scared a lot of traders. Must importantly, bitfinex has serious issues with trading are now mentioning data corruption issues. Trading in their platform was halted. This created a lot of frustration among traders and the price went down for a short period of time. And aside of that, the blocksize debate is continuing and I'm sure it also plays a role in the uncertainty haunting the bitcoin markets at the moment.
So to answer the question in OP, while global markets are collapsing, bitcoin's ecosystem has it's own internal issues that are more significant to the traders that drive the price.
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Elwar
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Viva Ut Vivas
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August 26, 2015, 11:19:43 AM |
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Having followed gold price for over a decade, the gold price tends to go down when the stock market crashes. Even though it is a hedge long term.
Low prices on the stock market are great opportunities for those hedging the market to take from their hedge and buy cheap stocks.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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coinpr0n
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August 26, 2015, 11:30:20 AM |
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I do think it there is a relationship. Day traders (not so much long-term bulls) will take out profits from one system to participate in another.
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Cluster2k
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August 26, 2015, 01:26:24 PM |
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If I was a gambler on Chinese share markets and got threatened with margin calls (millions of accounts are getting them right now) I would be tempted to sell whatever liquid assets I had on hand. Bitcoin is quick and simple to turn into cash. I would suggest at least a part of the recent falls were due to the volatility on Chinese markets.
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Biodom
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August 26, 2015, 06:17:57 PM |
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I don't know where to post it, so will stick it here. first-i don't think that btc will correlate, except on high down days. However i found an interesting blurb on the market conditions; CNBC Pisani says that conditions of yesterday/today should exist (theoretically) only one time in 140000 tries or once in 383 years, yet then he says that we had one in 80ies (he probably meant 1987), then in 2011 and now in 2015. http://finance.yahoo.com/video/pisanis-market-open-p-500-134300969.htmlgo to ~1:55min
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madjules007
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August 26, 2015, 07:41:57 PM |
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I do think it there is a relationship. Day traders (not so much long-term bulls) will take out profits from one system to participate in another.
I agree that there is a relationship, but I think there is more to it. I think when money moves out of risky, speculative markets (like equities, or bitcoin) it moves into safer investments and stores of value. I don't see money flowing out of the stock market and into bitcoin -- not at all. Rather, I think mass psychology -- predominantly, fear, at the moment -- has become a black cloud over speculative markets. This is one reason why we see many markets turn bearish at once.
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notme
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August 26, 2015, 09:03:31 PM |
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I don't know where to post it, so will stick it here. first-i don't think that btc will correlate, except on high down days. However i found an interesting blurb on the market conditions; CNBC Pisani says that conditions of yesterday/today should exist (theoretically) only one time in 140000 tries or once in 383 years, yet then he says that we had one in 80ies (he probably meant 1987), then in 2011 and now in 2015. http://finance.yahoo.com/video/pisanis-market-open-p-500-134300969.htmlgo to ~1:55min If you still follow theories that assume stock prices are normally distributed than you need to read Mandelbrot.
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Monopoly
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August 26, 2015, 10:00:39 PM |
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Bitcoin was a good idea but there came at an inopportune time .............. Bicoin is more valuable when the people on earth be mush richer than now ....
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Biodom
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August 26, 2015, 11:23:33 PM |
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I don't know where to post it, so will stick it here. first-i don't think that btc will correlate, except on high down days. However i found an interesting blurb on the market conditions; CNBC Pisani says that conditions of yesterday/today should exist (theoretically) only one time in 140000 tries or once in 383 years, yet then he says that we had one in 80ies (he probably meant 1987), then in 2011 and now in 2015. http://finance.yahoo.com/video/pisanis-market-open-p-500-134300969.htmlgo to ~1:55min If you still follow theories that assume stock prices are normally distributed than you need to read Mandelbrot. no, i was just quoting him contradicting himself in the same sentence. What Mandelbrot's book would be relevant-the (mis)behavior of markets?
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