What is happening to crypto currencies

[mrkubanftw]

Has anyone else notice the value of btc and ltc dropping dramatically over the last 24 hours?

Is there anything that gives reason to this claim? If you own bitcoins or ltc stop selling!!!!!

[empoweoqwj]

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun 

[superduh]

the biggest reason this is happening is because there is 1 online exchange where 80% of transactions happen.
it is the most liquid and thus heavily watched - people use it to assume that that is the current value of a bitcoin
as of now their site is not reliable and easily manipulated by either few or many or by bots or a combination
this will go away in the future when there are more exchanges and when mtgox takes it upon themselves to stop the heavy manipulation in continues to allow.
also when their lag gets crazy it's just a shithole

[sal002]

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun 

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed.  See - http://www.coinchoose.com/

[Stampbit]

This will be the $2 mark back in 2011, let the hype die out over the summer and then buy!

[empoweoqwj]

I think its down to about 60% now, the figure mtgox boast on their homepage is from 2011.

I actually believe the huge volatility is more to do with a relatively large % of bitcoins still being owned by a very small number of people. However many exchanges open up will not change that, people can switch which market they trade in very easily, and soon there will be "market aggregators" (coinsetter etc) that will allow people to trade across multiple markets at once.

With any market, its relatively easy to manipulate if you own a large % of whatever is being traded.

Over time, more new players will enter the market, the distribution will become wider and volatility reduced.

How long that will take, who knows.

[empoweoqwj]

I think the other reason is that a lot of noobs have never traded anything before, know very little about bitcoins, and are therefore very easy to manipulate. First sign of a downturn / DDoS / false rumours about MtGox being raided and its panic sell time.

If you don't believe in the long-term future of bitcoin, you really shouldn't bother buying any, because you'll just hit the panic button the moment anything negative happens.

[pocketkangs]

I am not new to Crypto currency and currently I have a lot of several.  I squandered so many coin in the beginning by panic selling or "day trading" BTC it would blow your mind.  Just hold your coins sir......it's all a roller coaster and it will rebound to new levels that we can even imagine someday.  I wish I had all the coins that I have made major mistakes selling.  Hold on Spartan.

[solidshotnosh]

I believe in it because I want to believe in a better future.

My co-workers say I'm too optimistic, but I say what good does being cynical and apprehensive about diving headfirst into a venture do?

At the very worst, you lose some fiat, well to that I say we're all gonna lose it one way or another, so why not go in on something potentially groundbreaking in the human saga?

[mrkubanftw]

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun 

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed.  See - http://www.coinchoose.com/

Based on that link it looks like feathercoin is the most profitable?
I haven't seen many exchanges for it though. Also btc-e doesn't even trade FTC for usd. Only btc if I'm not mistaken? If I'm wrong let me know and I might setup a miner for the hell of it. Why not right?

[nickha0]

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

[sal002]

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun 

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed.  See - http://www.coinchoose.com/

Based on that link it looks like feathercoin is the most profitable?
I haven't seen many exchanges for it though. Also btc-e doesn't even trade FTC for usd. Only btc if I'm not mistaken? If I'm wrong let me know and I might setup a miner for the hell of it. Why not right?

Vircurex, BTC-e, Cryptonit and I think BTER all accept Feathercoin but my calcs are based purely on Vircurex.

[AlexMerced]

Volatility isn't all bad, if the thing just had a straight line up that would be bubble behavior. Now huge swings isn't great either, but you got to remember the amount of people trading is still growing and the participant pool keeps growing it'll effect price discovery.

Volatility will be around till it becomes more of an everyday currency, which will probably happen in my lifetime.

[AlexMerced]

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

If you put your life savings in bitcoin your asking for trouble, anyone who puts their life savings in only 1 thing is asking for trouble no matter what that thing is.

Bitcoin is a great place to but your un-needed money, but life savings... oi, I hope people arn't doing that yet.

[barbarousrelic]

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun 

Speak for yourself; I would have an immense amount of fun if I never had to work again.

[franky1]

meanwhile Mr Miagi teaches Daniel son about bitcoin

"no no no Daniel son bitcoin like painting fence, it go UPP, DOWWWN UP, DOWNNN"

slowly increasing in value (painted panels) as time moves on

[iGotSpots]

Three days ago I called that BTC would plummet for a few days due to more ASIC's starting to ship. Guess I was right 

[ijme1989]

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

If you put your life savings in bitcoin your asking for trouble, anyone who puts their life savings in only 1 thing is asking for trouble no matter what that thing is.

Bitcoin is a great place to but your un-needed money, but life savings... oi, I hope people arn't doing that yet.

If you dont have your life savings in btc you have no faith in btc


The more people that have their money in btc the more the demand will be for places to accept it.

Also un needed money? What is this? If it's un needed i know plenty of people who need it.

[WilderedB]

I heard Silk Road closed down, at least for awhile?

[AlexMerced]

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

If you put your life savings in bitcoin your asking for trouble, anyone who puts their life savings in only 1 thing is asking for trouble no matter what that thing is.

Bitcoin is a great place to but your un-needed money, but life savings... oi, I hope people arn't doing that yet.

If you dont have your life savings in btc you have no faith in btc


The more people that have their money in btc the more the demand will be for places to accept it.

Also un needed money? What is this? If it's un needed i know plenty of people who need it.

It's not about faith it's about being prudent with funds may need liquid in the short run, someone young like me without many obligations can afford to take the risk of toeing up income in accumulating bitcoin.

If your a senior living on a fixed income or got kids to put through college I wouldnt go overboard, there is a lot potential upside but a lot of potential upside generally means a lot of potentials risks.

We don't want people over adopting because one bad turn will sour their impression of bitcoin, we want a healthy gradual natural rate of adoption.