Bitcoin drops $60

[Blawpaw]

Bitcoin has dropped more than $60 dollars since yesterday.

What do you think it could be the cause for this dump?

[Altynbekova]

Nothing really, because if you see the couple of years the price always have been going down in the beginning of the year.
I am sure if we take some time the price will go up again is nothing new.
The good thing about it that is now cheaper to buy.

[kntdookoo]

And most stock portfolios are down the same percentage since the beginning of 2016. I'm down 7% myself. It's emotional selling. Bitcoin was oversold anyway.

[lenoli]

i think the main reason is Mike Hearn's announce and situation on cryptsy

[Etoiliste]

yeah some people expected this to happend and they also say that the prices will get more higher after this
i think it culd be an opportunity to buy before it goes up again

[randy8777]

it's probably a combination of the cryptsy shut down and the news about mike hearn. the news here reports with big letters "BITCOIN IS ABOUT TO COLLAPSE" due to what mike hearn said. it amazes me time on time again that bad news about bitcoin gets picked up and published very fast, and when bitcoin has some good news, then it takes a few days before the media here writes or say anything about it.

[spazzdla]

Cryptsy.... is 100% the reason.  For better or worse I still believe they are not thieves and just got screwed and are trying to fix the situation... We should start looking for who took those 10k BTC and 300K LTC..

[QuestionAuthority]

It's normal. For the last couple years I've sold my coin before Christmas to buy presents then bought the coin back in Jan-Feb when the price goes down. Nothing to see here.

[LuckyYOU]

it's probably a combination of the cryptsy shut down and the news about mike hearn. the news here reports with big letters "BITCOIN IS ABOUT TO COLLAPSE" due to what mike hearn said. it amazes me time on time again that bad news about bitcoin gets picked up and published very fast, and when bitcoin has some good news, then it takes a few days before the media here writes or say anything about it.

I agree with you there.
I think these are the reasons as to why bitcoin is dropping

[BTCBinary]

Cryptsy.... is 100% the reason.  For better or worse I still believe they are not thieves and just got screwed and are trying to fix the situation... We should start looking for who took those 10k BTC and 300K LTC..

Yes, I agree. I believe this massive dump started because of Craptsy. They are saying they got hacked, but it is just a move to enable them to dump all the BTC and LTC they stole from us. The Hack thing is all a charade to fool us to believe they were hacked when in the reality they are a bunch of conniving bastards.

[mayax]

Cryptsy.... is 100% the reason.  For better or worse I still believe they are not thieves and just got screwed and are trying to fix the situation... We should start looking for who took those 10k BTC and 300K LTC..

Yes, I agree. I believe this massive dump started because of Craptsy. They are saying they got hacked, but it is just a move to enable them to dump all the BTC and LTC they stole from us. The Hack think is all a charade to fool us to believe they were hacked when in the reality they are a bunch of conniving bastards.

all the unregulated exchangers may do that sooner or later. BTC-e, Bitfinex, BTC China, Bitstamp...they can all do the same. They are just shady companies(even they seem "huge") and they can disappear overnight.

[franky1]

Cryptsy.... is 100% the reason.  For better or worse I still believe they are not thieves and just got screwed and are trying to fix the situation... We should start looking for who took those 10k BTC and 300K LTC..

that supposed 10k btc was from 18 months ago

imagine it 1 person holding just 1btc. trades 2 times a day (=0.01btc fee's)
100 days=1btc fees
500 days=5btc fee's

now multiply that by just 2000 people = 10k

now also take into account all of the other altcoins, 200 of them.. and you will see that after 18 months fee's would easily cover losses hundreds of times over.

also.. if only bitcoin and litecoin were affected. then they can easily hand out the altcoins..
but oh wait. the order book was not filled with genuine orders from holders.. so buys and sells wont tally holdings either..(fake orders=fractional reserve) which explains where all the altcoins went

[Patatas]

It's very hard to predict and belive. I'm guessing it's the cryptsy scam? Though there is no logic that I can figure out and relate how it will affect the market prices but I'm starting to belive it now. Good time to buy them though.

[bitlancr]

It's very hard to predict and belive. I'm guessing it's the cryptsy scam? Though there is no logic that I can figure out and relate how it will affect the market prices but I'm starting to belive it now. Good time to buy them though.

I believe this is the reason as well. I don't mind it at all though. Bitcoin was bound to come down at some point. Bitcoin can't keep on rising without it falling down again. I'm actually glad to see this happen. It gives some of us a chance to buy again.

[Farma]

no, it will not happen at this time, how much was the price reduction bitcoin today it would not be served until at the price of $ 60 for the moment, I believe it

[partysaurus]

hope it stay cheap so i can buy some huge volume when i get payed the 25th , was getting kinda concered that the price was getting to expensive before the halvening , but thanks to this random dude writing for times and the scam , was thinking anything under 500 was a buy until the halvening , so anything under 400 has to be a must buy then

[keepdoing]

it's probably a combination of the cryptsy shut down and the news about mike hearn. the news here reports with big letters "BITCOIN IS ABOUT TO COLLAPSE" due to what mike hearn said. it amazes me time on time again that bad news about bitcoin gets picked up and published very fast, and when bitcoin has some good news, then it takes a few days before the media here writes or say anything about it.

Just wait until R3CEV/HyperLedger/BigBanks/IBM/Cisco/IMF/Global Govts release the new global fed coin.

You ain't seen nothing yet.  It could have been avoided.  Bitcoin could have been the coin.  Odds of this happening are dropping like a rock right now.  Bitcoin Core/Blockstream has destroyed the integrity of bitcoin.  Nobody at any serious level of intelligence trusts the governance team.  And there is too much at stake fianncially.

If Classic doesn't shut the hell up and just DO the fork to 2mb, then I think Bitcoin IS effectively dead within 2 - 3 months.  It may not die to Zero - but it may very well get dumped to permanent altcoin status.

You simply cannot make as many mistakes as have been made (pointing at CoreDev/Blockstream) without their being consequences.  The Consequence is that everyone who believed.... is about to lose a ton of money.

[eternalgloom]

It's very hard to predict and belive. I'm guessing it's the cryptsy scam? Though there is no logic that I can figure out and relate how it will affect the market prices but I'm starting to belive it now. Good time to buy them though.

I believe this is the reason as well. I don't mind it at all though. Bitcoin was bound to come down at some point. Bitcoin can't keep on rising without it falling down again. I'm actually glad to see this happen. It gives some of us a chance to buy again.

Just look for 'Mike Hearn' on Twitter and you'll see quite a lot of people sharing his Medium article ( https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.fxetdnlw9 )
Even by people who are not really into Bitcoin, so I think it's pretty obvious that this is the cause of it.

[keepdoing]

PS.... I have warned and warned and warned..... there is no time.  Things are getting ready to happen FAST.

[Snorek]

Apparently Mike Haern, one of the prominent bitcoin developers said that Bitcoin has 'failed'. Also Cryptsy situation which is by many considered to be MtGox 2.0.
People are now panicking and selling everything. More info: https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html