What's with the price dropping?

[Uberse]

Wikileaks/CIA?

[ebliever]

Nonsense. My best guess is that it is because the PBOC opened it's mouth again. Never mind that it said something entirely reasonable, bitcoin drops whenever the PBOC acknowledges its existence.

Link: http://www.coindesk.com/pboc-china-bitcoin-exchanges-strict-supervision/


Alternative explanation: https://imgur.com/a/KDwtE
 

[vodaljepa]

Whenever price drops you start buying!

[OROBTC]

Nonsense. My best guess is that it is because the PBOC opened it's mouth again. Never mind that it said something entirely reasonable, bitcoin drops whenever the PBOC acknowledges its existence.

Link: http://www.coindesk.com/pboc-china-bitcoin-exchanges-strict-supervision/


Alternative explanation: https://imgur.com/a/KDwtE
 

The Speculation thread offered up a possible explanation: a Trust Attack.  Kind of like gaslighting us all that BTC cannot retain its value (and so spreading FUD and so scaring off people from buying and BTC).  By big players like banks and .govs.  The article is a little old, but a plausible reason:

https://medium.com/@lukeparker/the-trust-attack-a6241a08a9cd#.6gyojk6hb

[RoommateAgreement]

it is all about drama once again like the other times before. one miner said something about one of these block size proposals and now everyone is spreading FUD and becoming experts in everything while whales dumping to manipulate weak hands into selling them their coins

[n0ne]

This time the price drop is due to the major mining pool antpool mining blocks with bitcoin unlimited which is the first to get updated to the servers causing a 7% of the entire bitcoin network. The same effect was felt upon the price but in a short it retained the price move forward.

[iram3130]

it is all about drama once again like the other times before. one miner said something about one of these block size proposals and now everyone is spreading FUD and becoming experts in everything while whales dumping to manipulate weak hands into selling them their coins

Most probably, but for some people it's the time to wait for the right time and buy some Bitcoins for the future.  
Although it's sad when people panic and dump their Bitcoin for such things..

[Uberse]

Maybe just pre-ETF decision jitters.

[Kakmakr]

My guess is, people got fed up with the long waiting periods for confirmation and realized that Bitcoin has serious scaling issues and that developer politics are ruling the show now. The miners also have the power to veto most decisions and some of them are sabotaging the network with "selective" mining during these spam attacks.

We are nearing a crucial point with adoption and we still fighting each other for power trips. ^hmmmmmm^

[spiderbrain]

The price was pretty high, no? The pre ETF pump seems to have got a scare from the Bitcoin Unlimited threats of a fork. Meh.

[pooya87]

this is a combination of two things:

- correction of price because of the fast rise from $1100 to $1280 and it needed to come down to sell on top and then accumulate on lower price once again.

- and also some FUD because of block size drama like always. something small happened and they are making it too big and whales love these opportunities to dump and manipulate.

in short this is a temporarily dip and it may continue for a week until the ETF deadline reaches here then the direction will be determined that day and in a month we are back to normal rise again.

[MNDan]

The ETF news has slipped out to a few key players.

[ImHash]

The price was pretty high, no? The pre ETF pump seems to have got a scare from the Bitcoin Unlimited threats of a fork. Meh.

I want to know something, what do you think will happen if BU can successfully fork and become the majority? do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Miners will have to stop operations because their ASICs will no longer be able to function as before?
Will I be able to still buy and sell bitcoins or not?
These things should be thought of when community wants to get scared and dump, stop being dumb and think about every aspects of any possible scenario.

If bitcoin's price only goes up without any drops it's not called bitcoin it's called bubblecoin.

[Yuuto]

Wikileaks/CIA?

Price is still above the all time high in 2013. You cannot expect bitcoin to go up all the time, as that is just unrealistic. People may be unoptismistic about the result of the ETF, or maybe a big player is exiting because he doesn't think bitcoin has potential.

Lots of things may have happened, no one can exactly say what.

The biggest focus right now is obviously the ETF approval, coming up on Friday.

If that gets approved then bitcoin will probably skyrocket. If not, then bitcoin might drop to sub $1000 level. Either way it's going to have a big impact on the price of coins.

[notme]

The price was pretty high, no? The pre ETF pump seems to have got a scare from the Bitcoin Unlimited threats of a fork. Meh.

I want to know something, what do you think will happen if BU can successfully fork and become the majority? do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Miners will have to stop operations because their ASICs will no longer be able to function as before?
Will I be able to still buy and sell bitcoins or not?
These things should be thought of when community wants to get scared and dump, stop being dumb and think about every aspects of any possible scenario.

If bitcoin's price only goes up without any drops it's not called bitcoin it's called bubblecoin.

No miner in their right mind would create an excessive block larger than the majority is willing to accept.  The majority won't accept larger than 1mb until they have assurances that the exchanges will follow the longest chain.  People would rather run around screaming about the sky is falling than to take the time to understand how emergent consensus works.  It is the underpinning of the entire bitcoin network and always has been.

[jbreher]

I want to know something, what do you think will happen if BU can successfully fork and become the majority?

- block sizes will start to rise marginally
- the permanent backlog of transactions waiting to clear will start to shrink, and likely eventually zero out from time to time
- the fee required to get included in a block will tend downwards

do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).

Miners will have to stop operations because their ASICs will no longer be able to function as before?

Incorrect. If BU becomes the dominant mining solution, legacy miners can participate fully. Of course, they'll need to allow for blocks larger than 1MB, if > 1MB blocks start getting mined. Just as they adapted to >250KB, then >500KB, then >750KB limits.

Will I be able to still buy and sell bitcoins or not?

Yes.

[jossiel]

There's nothing about it. It's just a matter of supply and demand since the price did went into it's ATH for this year.

People tend to break it out and sold some of their coins and those guys that saw it dropping then just did the same thing.

I guess it's a matter of preparation of bitcoin for the next pump after the ETF approval.

[Doms]

This price drop is just another way to shake the weak hands. As long as we are still over the four digit mark, I am still confident that the price would soon recover and might even attempt to break new resistances, especially now that we are just a few days away from the SEC decision on the ETF.  With what’s going in bitcoin nowadays andall the speculation that lead to FUD, the good news is there is still a generally positive sentiment towards bitcoin so I wouldn't worry too much and lose any sleep over things.

[ImHash]

I want to know something, what do you think will happen if BU can successfully fork and become the majority?

- block sizes will start to rise marginally
- the permanent backlog of transactions waiting to clear will start to shrink, and likely eventually zero out from time to time
- the fee required to get included in a block will tend downwards

do you think that bitcoins prior to the fork will no longer hold any value or if you try to transfer them then they will never get included and validated by miners and nodes?

Why would you think that? BU makes Bitcoin transactions on the Bitcoin network. The transaction format is unchanged. (Unlike The SegWit Omnibus Changeset, which introduces a new transaction format).

Miners will have to stop operations because their ASICs will no longer be able to function as before?

Incorrect. If BU becomes the dominant mining solution, legacy miners can participate fully. Of course, they'll need to allow for blocks larger than 1MB, if > 1MB blocks start getting mined. Just as they adapted to >250KB, then >500KB, then >750KB limits.

Will I be able to still buy and sell bitcoins or not?

Yes.

That's my point, thanks for the input, people should know not to panic when they read: BU will probably win so we better dump and leave bitcoin or when they read: SW LN will probably win so we better dump and exit bitcoin. the confidence that we have for bitcoin shouldn't fade way by such news.
If BU wins then you should join them to have whatever they're going to have.
If SW activates then you should upgrade and have and do whatever they're going to have and do.
You should only panic and dump and exit bitcoin if after any of the forks/upgrades you no longer can have access to whatever the victor majority have access to.

[NUFCrichard]

This price drop is just another way to shake the weak hands. As long as we are still over the four digit mark, I am still confident that the price would soon recover and might even attempt to break new resistances, especially now that we are just a few days away from the SEC decision on the ETF.  With what’s going in bitcoin nowadays andall the speculation that lead to FUD, the good news is there is still a generally positive sentiment towards bitcoin so I wouldn't worry too much and lose any sleep over things.

The price is still high and historically, when the price is high, the price has been volatile!
A $100 drop overnight obviously isn't great, but I am more surprised that it wasn't a huge dump, rather that it looks like a more controlled fast price drop.

We might well be back at $1250 later today, or at $1150, or $1050!  I think ETF punters will keep the price up for a while longer yet though.