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Author Topic: What is with the sudden decline in BTC value?  (Read 2006 times)
Rassah
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June 18, 2011, 03:51:10 AM
 #21


4th - Sell off creates doubt, doubt becomes fear, fear leads to "Panic" - more people start to sell.


Don't you mean Sell off creates doubt, doubt becomes fear, "fear leads to anger, anger leads to hate, hate.. to suffering?"

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peacepcf
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June 18, 2011, 04:26:31 AM
 #22

Hows the difficulty right now? Something's wrong with my miner or its ridiculously high, at 600m/hash on slushs pool since I switched to api.bitcoin.cz, I have not gained any bitcoins. Sorry for asking here, but I can't post in slushs thread.
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June 18, 2011, 04:49:20 AM
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major spikes, I hope it normalizes soon.

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June 18, 2011, 05:29:43 AM
 #24

people freaking out, not looking at it longterm
Karen Palen
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June 18, 2011, 05:42:01 AM
 #25

My assumption would be the following chain of events:

1st - New people exposed through media want in right now, yields High Demand
2nd - People with already comfortable positions in Bitcoin seize opportunity and sell at premium.
3rd - Same New people who bought at the top, probably on impulse, decide it's not worth it and sell.
4th - Sell off creates doubt, doubt becomes fear, fear leads to "Panic" - more people start to sell.

I would agree with all of your observations and add a couple of my own:

1) ALL "currency" (even Gold) is based on some sort of religious (in the technical sense) faith and the resultant "belief" that others share the same belief in the value of whatever.

As a professor of mine observed many years ago: "I will give you a bag of gold coins then sit you outside in the snow for a couple of hours with no clothes. Lets see how long it is before the entire bag of gold is worth trading for a $2 blanket!

2) A truism in any market - what goes UP fast will also come DOWN fast.

3) Fools rush in where angels fear to tread! NEVER NEVER invest money into ANY venture that you cannot afford to lose! NEVER!  Undecided

and finally:

4) Bitcoin is VERY immature and wherever there is big money there will also be big time thieves - as we are seeing with the Trojan attack.

It is not fun to watch (even less to be victimized), but it is the only way to really work out the security holes. I am old enough to remember when most banks did not even bother with a password on their 300 baud modem link because "no one could possibly duplicate that ..." Yes it was a LONG time ago - before even "Captain Crunch Whistles"!

If guns magically made you safe then US cities would be the safest in the world!

A firearm is NOT a "magic talisman" it is a TOOL just like a hammer!
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