Is the market crashing?

[kiwiasian]

It went from a high of $32 USD to a low of $13 USD. That's more than 50%, over about 3 days.

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[wujh]

i'm just wondering why nobody mentioned the price crisis minutes ago. Is it because that all such kind of the threads were treated like fools?

[bittersweet]

It went from a high of $32 USD to a low of $13 USD. That's more than 50%, over about 3 days.

*Sigh* If it can go up by 50% over 3 days, it can go down too, no?
It's not like there appeared 50% more merchants accepting Bitcoins in the last week.

I'm glad the bubble bursts, I hope it will teach people that price must have solid foundations or it won't be sustainable.

[Grant]

It went from a high of $32 USD to a low of $13 USD. That's more than 50%, over about 3 days.

Zoom out your charts a bit

On may 31th they went for as low as 8.5$ (only 12 days ago)
Since then we had many rally days, until it peaked at $32 (thats an increase of +276%)

Even at $13 its still up a lot since that $8.5

[hugolp]

i'm just wondering why nobody mentioned the price crisis minutes ago. Is it because that all such kind of the threads were treated like fools?

Actually, the forum is full of threads talking about it.

Also, the forum was down for a while.

[neptop]

It's fun to watch and you can make a few bucks.

A few people wanted to make some quick money and sold their BCs cheap (and in a sudden movement) to cause a panic and be able to buy them at an even cheaper price probably even selling them on another market at a high price.

What do we learn from this? The market is a bit small and most users are inexperienced. Nothing to worry about. The price isn't even as low as it was just one or two months ago. Try to make some money or ignore it.

Making the forum unreachable was maybe another way to "artificially" lower the price even more.

[Ookami]

Yes, the market is crashing.
To ensure the project Bitcoin does not cause further damage just send me your remaining bitcoins @ 1NZLgm99ZnfbGwGaj8Y2Gcs8aDr5gDYXiF so I can use my expert knowledge to securely convert them to electricity again. That way electricity gets a bit cheaper and everybody cuts their losses.

[kiwiasian]

So perhaps the market would stabilize at $25 USD throughout this next week?

[neptop]

Or even grow or stay at a lower or higher price. Depends on asks and bids. The usual stuff. Maybe the people selling at lower prices will learn something and don't do it again.

[unixdude]

The market is not crashing. The massive leap in value was the result of people who knew very little about what bitcoin actually is jumping in the market and speculators pushing the price up. Once it hit the 32 dollar high people who probably had a lot of coins from last year or bought a lot of coins cheaply  started cashing in - (my opinion). I personally think it will go lower but will end up rising again at a much slower pace. This fluctuation in price is meaningless in the long run and you will see rallys and sell offs like this all the time.

If you want high values blame the ones who sell at low prices to make money if they don't sell low the prices will remain high.

[EconomicOracle]

BTC cannot crash. It is impossible. Believe in BTC and you won't have any problems.

[unixdude]

So perhaps the market would stabilize at $25 USD throughout this next week?

I think it will be around about the 18 dollar mark with occasional high of around 25 dollars. Again it will all depend on demand.

[Vandroiy]

So perhaps the market would stabilize at $25 USD throughout this next week?

I think it will be around about the 18 dollar mark with occasional high of around 25 dollars. Again it will all depend on demand.

I personally have multiple scenarios, one that is quite likely includes a blood-and-ashes bust way into single-digit value. I can't tell whether it will happen, I'm just saying it can happen at double-digit probability.

But there also are possibilities to a continuing hype fed by more money that could see absurdly high prices again -- I would tread with caution if that happens.

[unixdude]

So perhaps the market would stabilize at $25 USD throughout this next week?

I think it will be around about the 18 dollar mark with occasional high of around 25 dollars. Again it will all depend on demand.

I personally have multiple scenarios, one that is quite likely includes a blood-and-ashes bust way into single-digit value. I can't tell whether it will happen, I'm just saying it can happen at double-digit probability.

But there also are possibilities to a continuing hype fed by more money that could see absurdly high prices again -- I would tread with caution if that happens.

If the your first scenario happens it wouldn't bother me too much since I haven't actually spent any money getting in to bitcoins but I would find these forums entertaining

[Kakoon]

The fact that the price is dropping actually makes me more interested in buying more BTC. And so might others. Demand increases -> Price will rise again.

Or am I thinking too simplistic?

[jme621]

its the weekend, no need to worry

[stick_theman]

I was getting worried when the price went parabolic.  I'm glad we are back to a reasonable level.  This means BTC is not in a bubble.

[Cluster2k]

This morning Australians will wake up to this article in a major newspaper:

http://www.smh.com.au/technology/technology-news/drugs-bought-with-virtual-cash-20110611-1fy0a.html

"Drugs bought with virtual cash". 

"To make a purchase, buyers use bitcoins, an unstable virtual currency championed by hackers and other cyberpunks and available through several online exchanges."

The public has only one image of *punks and hackers, and it's not a good one.

"Critics argue that the currency could make it easier for criminals to buy all manner of illegal products, including weapons and child pornography."

That's all we need, for the currency to be associated with narcotics and child porn. 

[Grant]

This morning Australians will wake up to this article in a major newspaper:

http://www.smh.com.au/technology/technology-news/drugs-bought-with-virtual-cash-20110611-1fy0a.html

"Drugs bought with virtual cash". 

"To make a purchase, buyers use bitcoins, an unstable virtual currency championed by hackers and other cyberpunks and available through several online exchanges."

The public has only one image of *punks and hackers, and it's not a good one.

"Critics argue that the currency could make it easier for criminals to buy all manner of illegal products, including weapons and child pornography."

That's all we need, for the currency to be associated with narcotics and child porn. 

The media is all about spin. A while ago when Second Life was getting very hyped i found this article and was laughing my ass off...

http://www.theaustralian.com.au/news/features/virtual-terrorists/story-e6frg6z6-1111114072291

[Oldminer]

That's all we need, for the currency to be associated with narcotics and child porn. 

And how is this different to laundered US dollars?