Bitcoin dropping like a stone

[MiBambino]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

[Yogafan00000]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

.

We peaked. Sentiment changed.  ETF denial combined with possible BTU hard fork has spooked the market.

Wait for the bottom, perhaps $800-$900(?) and buy in if you're a gambler, or HODL if you're stoic.

[BigBoom3599]

Anything under a 10% drop/rise is just daily variance IMO, no need to panic  . I think you're best of hodling atm since both coins are at their bottom I think. We'll probably see both of them rise a bit in the next couple of days. Remember cryptos are dangerous and volatile, don't trade with anything you can't afford to lose   Also this post should've probably been posted in Economics or Speculation.

[FandangledGizmo]

Because of BU (Bitcoin Unlimited) Bitcoin has been dropping since more BU blocks were mined than Segwit. Then yesterday the exchanges announced a joint plan to incorporate BU. The reality of BU is causing the drop.  

The market HATES BU but was fine when Segwit mined blocks were in the ascendency.

I have seen this play out in multiple crypto-currencies that push through a major change that doesn't have the support of the market. They become virtually worthless over the space of a few months.

[franky1]

when the price drops.. dont panic.

treat it as a discount day to buy in cheap before it goes up again

[Quartx]

I would not call a less than 15 % drop dropping like a stone, people are just worried about the hard fork more than the etf rejection. With many exchanges agreeing to put the hard fork btu under its own ticker separated from btc as they forsee equal support for both tickers much like eth and etc. I for one am going to wait this storm out by doing nothing.

[franky1]

Because of BU (Bitcoin Unlimited) Bitcoin has been dropping since more BU blocks were mined than Segwit. Then yesterday the exchanges announced a joint plan to incorporate BU. The reality of BU is causing the drop.  

The market HATES BU but was fine when Segwit mined blocks were in the ascendency.

I have seen this play out in multiple crypto-currencies that push through a major change that doesn't have the support of the market.

BU has done nothing new that has not already been proposed 2 years ago.
no deadlines. no agenda's no ban hammering of blocks or nodes.
no intention of splitting the network. they want one single network of majority where many diverse nodes collectively continue running on the network.

its actually blockstream(core) that have been vocal about causing splits and such.. but just baited the stories like they are the victims. not the perpetrators

the drama recently is from these guys
http://dcg.co/portfolio/  - DCG is owned by barry silbert.

and the corps that received VC funding are in debt and barry wants his money back.. soooooon. here is how much he threw at them
https://www.crunchbase.com/person/barry-silbert/investments

[FandangledGizmo]

The irony is Bitcoin was actually strong, resilient and hitting all time highs despite ETF rejection and was likely going to the stratosphere, $2000+, now it's going down and will take years for the market to recover confidence if at all.

Because of BU (Bitcoin Unlimited) Bitcoin has been dropping since more BU blocks were mined than Segwit. Then yesterday the exchanges announced a joint plan to incorporate BU. The reality of BU is causing the drop.  

The market HATES BU but was fine when Segwit mined blocks were in the ascendency.

I have seen this play out in multiple crypto-currencies that push through a major change that doesn't have the support of the market.

BU has done nothing new that has not already been proposed 2 years ago.
no deadlines. no agenda's no ban hammering of blocks or nodes.
no intention of splitting the network. they want one single network of majority where many diverse nodes collectively continue running on the network.

its actually blockstream(core) that have been vocal about causing splits and such.. but just baited the stories like they are the victims. not the perpetrators

the drama recently is from these guys
http://dcg.co/portfolio/  - DCG is owned by barry silbert.

and the corps that received VC funding are in debt and barry wants his money back.. soooooon. here is how much he threw at them
https://www.crunchbase.com/person/barry-silbert/investments

The market reacted to BU blocks being mined overtaking Segwit and to yesterday's announcement that BU might happen.

I don't care about the politics of any of it, I only look at the market reaction. The market appeared to be fine with Segwit, perhaps because it came from core and was perceived as a less major change - I don't know. But the market at every step BU has become more of a reality has said BTC is worth much much less.

Edit: I realise Segwit was unlikely to happen because it hurt the miners, but the point Im making is the market was fine with it. I think the miners should hopefully realise soon the damage they are doing and the potential for BU happening should decline.

[Roger Ver]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

I'm dumping my bitcoins. Bitcoiners become prideful and jubilant and need a lesson of obedience...

[InvoKing]

but now i'd sell with a significant loss.

No, that will be a mistake imo, just wait and watch the charts

What made it drop?

Big whales, normal variation bump/dump, +$1000 is reassuring, time to buy?

[MiladMax]

I'm waiting for $800-900 to sell my house and buy BTC...

[phunixx]

Just creating a good opportunity to buy in again...nothing wrong here 

[FandangledGizmo]

I'm waiting for $800-900 to sell my house and buy BTC...

Good luck unfortunately ETH didn't recover for 9 months after ETC and it only recovered because of major investment by some of the world's largest players, furthermore ETH was not seen as a digital gold like BTC is.

When you make a major change that isn't supported by the market you can destroy the value completely. BTSX is another example 3/4th largest currency and rising a few years ago till they had the brilliant idea to have a 'value adding' merger unfortunately you lose all value as a currency and they rapidly became worth <10%.

BTC was on track for moon, why the human species consistently shoots itself in the foot regards currencies I'll never know. I guess that's why we chose gold, it's hard for a bunch of humans who think they know whats best at a specific time to mess it up.

[20kevin20]

BU, ETF, Brexit, China, Altcoins, Dutch elections. These are just a few of the factors that changed the Bitcoin price substantially. What I'm afraid of is Dash possibly going over Bitcoin's price, because a free fall is happening right now. The traders are scared. In some way I'm scared too. You just don't have any idea what's about to happen with the markets.. If there were so many decisions in only a few days, I'm wondering what one more similar decision would do to the Bitcoin price and community.

[PhucS]

Any idea hy bitcoin is dropping so fast? Last night i was expecting it to go back up a little so i could take some money out of it and put it in ETH, but now i'd sell with a significant loss. What made it drop?

I think the price of Bitcoin drops sharply due to the appearance of Bitcoin Unlimited (BTU). Bitcoin Unlimited (BTU) is a bifurcated version of Bitcoin designed to allow users to customize their transaction block size via a graphical user interface. Bitcoin Core does not want to shift the power of power to other members in the Blockchain cyberspace: it's the miners and the owners of the node. At that time, Bitcoin Unlimited - by allowing block size to be changed based on demand on the Blockchain network, allows the technology to be freely changeable depending on the situation. These two versions seem to have made the civil war, the very high possibility that Bitcoin will be split into two versions: Bitcoin and Bitcoin Unlimited. About 20 exchanges have begun to plan for the case of split Bitcoin. Bitcoin Unlimited will become an Altcoin alternative to Bitcoin and tackle Blockchain's block size expansion. I think this has reduced the price of Bitcoin

[aardvark15]

This is just a correction. The price will rise again after it hits bottom. The problem is that we don't know where the bottom is. It could be $1000 or $900 or even lower.

[tiggytomb]

Perhaps some have moved their bitcoin over into DASH? I missed it when it was much cheaper so will not be getting into it at this level, I wouldn't worry about the drop as it will come back in a day or two.

[btcmerich]

Because of BU (Bitcoin Unlimited) Bitcoin has been dropping since more BU blocks were mined than Segwit. Then yesterday the exchanges announced a joint plan to incorporate BU. The reality of BU is causing the drop.  

The market HATES BU but was fine when Segwit mined blocks were in the ascendency.

I have seen this play out in multiple crypto-currencies that push through a major change that doesn't have the support of the market. They become virtually worthless over the space of a few months.

right, so if  exchangers going to list BU then why sell Bitcoin core.  Everyone sitting on Bitcoin will get same amount of BU for free. I am holding my bitcoins and if BU does happen then i can make profit by selling BU  or Bitcoin or both. In this scenario it does not matter even if bitcoin sinks down to 500 USD before BU is listed because  i will get same amount of BU and BU will be also around same price as BTC.  if i have 20 BTC  i will get 20 BU and i can sell them even att 500 USD and still  get profit. well you get the point

if anything people should buy BTC now based on fork and double chain .

[1Referee]

BTC was on track for moon, why the human species consistently shoots itself in the foot regards currencies I'll never know.

Bad motives, hidden agendas, etc. Eventually it's all about certain entities that will greatly take advantage of this situation and earn possibly hundreds of millions of dollars. With Bitcoin there are no guarantees, people say, but the only thing that is guaranteed when it comes to Bitcoin, is drama. It's no surprise that everytime the price goes up nicely, we'll face whatever form of negativity that will cause the price so sink very deep. Current situation fits nicely in that category.

[AdolfinWolf]

This is just a correction. The price will rise again after it hits bottom. The problem is that we don't know where the bottom is. It could be $1000 or $900 or even lower.

Doesn't look like it yet. Bitcoin has been steadily falling for the last couple days, and we just hit 990$. This is not good, I wonder if this is solely because of the BU hard fork that they are trying to push? Could anyone further explain it?




Looks like it will go further down to atleast 950$.

I'm waiting for $800-900 to sell my house and buy BTC...

That's going to be a very risky investment.