Why the rapid decline in price?

[claw]

It's at 17 right now.  Every BTC you bought at 11 has nearly doubled

Nearly doubled? 11 to 17 = 54.5% increase

Yeah, fair enough.  OTOH, it did end up doubling.  And 54% is a nice gain for nine hours or whatever.  I've been giddy all day. 

[Fakeman]

Seriously, it's dropped from $32 to $10. Wtf.

What's going on? I'm seriously getting concerned now. I've lost over $100.

What, so you bought ~5 BTC at $32 and sold them at $10? Maybe this just isn't your thing, nothing wrong with that.

[kiwiasian]

Seriously, it's dropped from $32 to $10. Wtf.

What's going on? I'm seriously getting concerned now. I've lost over $100.

What, so you bought ~5 BTC at $32 and sold them at $10? Maybe this just isn't your thing, nothing wrong with that.

It's called mining, hurp durp.

I mined 10 BTC, which would have been worth $300 but it was then worth $100. So that's actually a $200 loss for me.

[bcpokey]

Seriously, it's dropped from $32 to $10. Wtf.

What's going on? I'm seriously getting concerned now. I've lost over $100.

What, so you bought ~5 BTC at $32 and sold them at $10? Maybe this just isn't your thing, nothing wrong with that.

It's called mining, hurp durp.

I mined 10 BTC, which would have been worth $300 but it was then worth $100. So that's actually a $200 loss for me.

Uhm, no you didn't lose jack except for potential USD. So yeah, if I had had money in mtgox and managed to buy when the price dipped to $10 and then sold again when the price was at $24 I would have made $14xhowever much I potentially would have had in the market, so I lost 14 x ?? amount of dollars, that sucks!

On the other side of things, you GAINED $100 for the cost of perhaps $10, so your actual loss was negative $90. Probably even bigger now that its back to $20.

[Bit_Happy]

Everyone is saying "oh, it's alright, it's just because the $30 was unsustainable and the market is just stabilizing itself"

...Alright.

Seriously, it's dropped from $32 to $10. Wtf.

What's going on? I'm seriously getting concerned now. I've lost over $100.

100 whole dollars?  Shiiiiit!  Start looking for bridges to jump off of.

The market dropped to $10 because no one wanted to buy something that was falling.  Lots of sellers, few buyers = prices going down.

I was surprised we got to $10.25. the rebound was pretty strong.
The charts are looking sick now, IMO sell now before the panic starts.

[stic.man]

what about the charts have you worried?

[Alik]

Seems too many of you playing this out emotionally. You have to put your emotions aside to be successfully making money especially a youngster like bitcoin. Successful traders on ForEx know they can't trade based on emotion.

All of this "omg i lost money! i baught at 8usd, went up to 30usd and now it's 10usd!" is nonsense. It's very natural and i'm glad to see bitcoin following the organic laws.

The 2, or 5 day average values are higher then ever. Keep mining and keep searching for ways to make your bitcoins useful in every day trading of goods and services.

[Cluster2k]

The 2, or 5 day average values are higher then ever. Keep mining and keep searching for ways to make your bitcoins useful in every day trading of goods and services.

That's a very good point: search for ways to make BTC useful (ie. trade for good and services).  So far we have seen one place where it really makes sense to use BTC, and where traditional credit card based facilities fail: Silk Road.  Without BTCs being useful for real good and services there is very little to support the current BTC/USD exchange rate.  The rarity of BTCs doesn't matter to anyone who does not need them.