goons are crashing the market again

[opticbit]

I sell my Bitcoins when they get down to $10-$13 because I might lose everything.

I buy Bitcoins when they are at $25, because then they are doing well.

Buy high, sell low.

any time your on otc I'll buy them from you at $10 and sell back at $25, we can repeat the process as many times a day as you like.

[killer2021]

I sell my Bitcoins when they get down to $10-$13 because I might lose everything.

I buy Bitcoins when they are at $25, because then they are doing well.

Buy high, sell low.

I do opposite but all kidding aside.

Thats what most buyers/sellers do. When the price is dropping they panic and sell, "before they lose everything" and when the price starts going back up, they buy, "before they miss out." The end result is sell low buy high. Greed and fear at its finest.

[TheGer]

Directly no.  Indirectly through its psychological effect on those mining coins yes.

I don't get how the price is going down after a difficulty increase... anyone able to englighten me (and others)?

The price of bitcoins is not determined by the difficulty of mining them.

[Alex Beckenham]

Directly no.  Indirectly through its psychological effect on those mining coins yes.

I don't get how the price is going down after a difficulty increase... anyone able to englighten me (and others)?

The price of bitcoins is not determined by the difficulty of mining them.

This argument comes up so many times on this forum.

Imagine if the difficulty rose tomorrow to 10,000,000,000,000,000,000.

Do you think miners will want to sell you any coins for today's low low prices?

Or do you think they'll hold out for higher prices since the prospect of them mining more tomorrow is now diminished?

[malditonuke]

Directly no.  Indirectly through its psychological effect on those mining coins yes.

I don't get how the price is going down after a difficulty increase... anyone able to englighten me (and others)?

The price of bitcoins is not determined by the difficulty of mining them.

This argument comes up so many times on this forum.

Imagine if the difficulty rose tomorrow to 10,000,000,000,000,000,000.

Do you think miners will want to sell you any coins for today's low low prices?

Or do you think they'll hold out for higher prices since the prospect of them mining more tomorrow is now diminished?

The cart pushes the horse.

[Dude65535]

Directly no.  Indirectly through its psychological effect on those mining coins yes.

I don't get how the price is going down after a difficulty increase... anyone able to englighten me (and others)?

The price of bitcoins is not determined by the difficulty of mining them.

This argument comes up so many times on this forum.

Imagine if the difficulty rose tomorrow to 10,000,000,000,000,000,000.

Do you think miners will want to sell you any coins for today's low low prices?

Or do you think they'll hold out for higher prices since the prospect of them mining more tomorrow is now diminished?

If the difficulty went that high without much higher prices first the price of bitcoin would go to $0. Because the only way that much computing power would be set to mining at current prices is if the owner of the computing power wanted to kill bitcoin. With enough computing power to drive difficulty that high they would succeed.

[Alex Beckenham]

If the difficulty went that high without much higher prices first the price of bitcoin would go to $0. Because the only way that much computing power would be set to mining at current prices is if the owner of the computing power wanted to kill bitcoin. With enough computing power to drive difficulty that high they would succeed.

That was just an example figure, meant to show 'an increase in difficulty'. I could have chosen 877221.666667 (1 more than the current difficulty), but my example would have lacked impact, while still retaining it's point.