any reason why btc is dropping again so much?

[Bitconian]

I can understand a crash.....people panicking, a big amount sold, mtgox lag....

but then, after a storm, there is always a calm and we saw a recovery from $50 to $165...but then again a drop from $165 to $79.

Funny thing is that it took 9 days to recover up $165, and also 9 days to drop to $79.

is there anything I'm missing? did it happen something in the world that is affecting the drop of btc (and I'm not aware of that)?

are people abandon slowly the btc and it will drop more?

what do you guys think?

thx!
A.

[Lgetty17]

MtGox was sued by a company called CoinLab

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Shitty article, read the legal document

[Elwar]

Aliens

[Bitconian]

MtGox was sued by a company called CoinLab

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Shitty article, read the legal document

hey Lgetty17, thanks for that post.

I read the article it actually makes sense. What a shame....hopefully it won't affect the price of the btc too much.

thanks for the tip!
A.

[Babylon]

MtGox was sued by a company called CoinLab

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Shitty article, read the legal document

hey Lgetty17, thanks for that post.

I read the article it actually makes sense. What a shame....hopefully it won't affect the price of the btc too much.

thanks for the tip!
A.

It should be good for it in the long run.  MTGox isn't a very good exchange.

[wopwop]

need more losers buyers

[smoothie]

People selling. OMFG lol u dont know this?

[yocko06]

when bitcoin had its first ever spike to $30. then fell it came back up to somewhere around the$21. for little bit. just chilled there for a few weeks then fell again. it's what it likes to do after a big media run. it'll prob go down hill again from hear then sit around and people will lose interest. then all the new tech will be launched and bitcoin will be back in the media and will prob do the same thing again each time staying a little bigger and easier to use.
maybe 

[naphto]

Btc is seriously overpriced at the moment.

[Gabi]

Btc is seriously overpriced at the moment.

Nah

[yocko06]

overpriced only because a huge percent of bitcoin users don't understand it. not because it's not worth the current value. it jumps up rapidly because people are using only for a short term investment rather than knowing it's future applecations and revolutionary potential.
that's right people are slowly abandoning their short term investment.

[yocko06]

It's just normal volatility. Huge price swings will continue to be the case for the foreseeable future.

yeah this is right but there is defenate patterns to the spikes due to massive media attention

[naphto]

overpriced only because a huge percent of bitcoin users don't understand it. not because it's not worth the current value. it jumps up rapidly because people are using only for a short term investment rather than knowing it's future applecations and revolutionary potential.
that's right people are slowly abandoning their short term investment.

Basically the prices are goind up because nobody wants to sell it (thinking that it will be worth 1 million USD by tomorrow morning), and the price is going down when some people are pissed off waiting for nothing ...
But the truth is that btc is over-valued right now, because you can't do shit with it.

It does not provide any improvement or advantages by using it over fiat.
Maybe in the future it will have some improvement, and find a reasonable price.

[Babylon]

overpriced only because a huge percent of bitcoin users don't understand it. not because it's not worth the current value. it jumps up rapidly because people are using only for a short term investment rather than knowing it's future applecations and revolutionary potential.
that's right people are slowly abandoning their short term investment.

Basically the prices are goind up because nobody wants to sell it (thinking that it will be worth 1 million USD by tomorrow morning), and the price is going down when some people are pissed off waiting for nothing ...
But the truth is that btc is over-valued right now, because you can't do shit with it.

It does not provide any improvement or advantages by using it over fiat.
Maybe in the future it will have some improvement, and find a reasonable price.

Price also goes down when people need to pay bills and realize their profits or settle for their losses by selling.  it's not always due to being pissed about waiting.

[Zaih]

Mt Gox getting sued, I think I read something on the Bitcoin ATM being canned as well, that coulda hurt it.

The news about China is some what saturating this news though I believe.