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Question: Did you dump your Bitcoin?  (Voting closed: October 14, 2017, 11:16:58 PM)
Yes - 2 (4.1%)
No - 46 (93.9%)
Not sure what to do - 1 (2%)
Total Voters: 49

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Author Topic: Why is everybody dumping Bitcoin?  (Read 2471 times)
Qunenin
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September 21, 2017, 07:20:39 PM

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

They must be new in the world of bitcoins and afraid to invest. On the other side people who contain a lot knowledge aren't dumping it because they know its useless and gain nothing with it. Most of peoples are still  buying and selling the bitcoin with today's price as for them they have to keep on transact on whatever is the price to keep running their business. Price is still very high and attractive to dump and get profits.

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September 21, 2017, 09:11:45 PM

I did dump it at around $4700, not that I had a lot to begin with.  I don't
regret it now.  I actually spent it (as opposed to selling it for cash).
The China thing has people spooked,  and I didn't figure it was going
to take much to puncture this bubble.  But then again, this could just
be a serious dip.  We'll see in a week or two if bitcoin rebounds.

Congrats on your timely selling, and also on the recognition that Bitcoin displays bubble-like properties, if it's not an outright bubble. Most of the people on this board post things like price drops mean it will go even higher! That's the type of blind optimism that loses people life savings while they were chasing pipe dreams. I'm not wishing ill on anyone, but I wouldn't feel bad about those people getting burned. But I want to point out something interesting: even as recognize the risk of this bubble being punctured, you then said "we'll see in a week or two if bitcoin rebounds." That in itself is a perfect encapsulation of how pervasive this bubble is in that even someone who thinks they're being skeptical thinks that a bubble popping would be resolved in a week or two!


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September 21, 2017, 09:26:25 PM

There are groups that make a huge dump by selling very large quantities, after they have earned their profits, they are switching to another coin.



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Rainbot
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September 21, 2017, 09:32:06 PM

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

A friend just dumped his bitcoin even he is not new on those bad news and FUD's. It might be that China's declaration on banning ICO's or exchanges are more devastating for him than the August 1 fork because he is positive about that time. Or sometimes too much pressure he forget about the normal thing to do and that is to "calmed down". He is looking and monitoring charts on bitcoinwisdom.com the whole day, even I told him not to. He was disappointed afterwards but I told him there always time to get back.
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September 21, 2017, 09:50:42 PM

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

I don't think everyone was dumping Bitcoin. In the near future bitcoin prices will increase again. We should not panic. We will win again in the long walks.
Take care of your BITCOINs.

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September 21, 2017, 10:29:32 PM

Well some seasoned coin traders usually use this strategy to lock in profits and buy again once they see an opportunity. They know that this type of news are catalyst for a very big movement of price in the market. Usually they will sell their Bitcoin then right away short it toget another profit then buy again.  Also according to the news we can expect another price drop on  November because of the Bitcoin split but i do not know if this is a legit news.
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September 21, 2017, 10:38:32 PM

Simple, a lot of bitcoin holders are traders and after China's announcement to close exchanges they have expected that the price will fall.

What do traders do if they expect that prices will fall? Exactly, they will sell!
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September 21, 2017, 11:19:23 PM

I don't know why people got panic so easily. People are currently dumping massive coins in the market because of China's action to regulate Bitcoin. What do you think people should do instead of dumping their coins just like that in the market that lead to damage the value of bitcoin?

I think the others dumping bitcoin because they had already earned profit with their investments and they are taking advantage of it. The others are in the mode of panic thats why they dump bitcoin. We really cant blame anyone for dumping their bitcoin possession they have their own reasons. But for me i would still hold and wait for bitcoin to have higher value.

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September 22, 2017, 07:10:33 AM

I didn't dump my Bitcoin, I always holding most of my Bitcoin and just cashing out 1/4 of it everytime. Others are dumping Bitcoin because they are afraid that Bitcoin will not get back up, they are afraid when they saw Bitcoin is falling and never thought that it might go up again. As for me i've been in their shoes before when i was still new in Bitcoin.
The smart ones are of course looking for days like this and I so much love those 3 quick points you dropped. The truth is we can never stop people from dumping anyways. We are still in the initial stage and bitcoin is gradually getting noticed by the day and it takes some experience or information about bitcoin not to actually dump in the first place.

Even on this thread, so many newbies were scared and asked questions what could be going on but at some point they had some balls to hold. Not every newbie had that opportunity and not everyone will.


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September 22, 2017, 07:25:42 AM

I didn't dump my Bitcoin, I always holding most of my Bitcoin and just cashing out 1/4 of it everytime. Others are dumping Bitcoin because they are afraid that Bitcoin will not get back up, they are afraid when they saw Bitcoin is falling and never thought that it might go up again. As for me i've been in their shoes before when i was still new in Bitcoin.
The smart ones are of course looking for days like this and I so much love those 3 quick points you dropped. The truth is we can never stop people from dumping anyways. We are still in the initial stage and bitcoin is gradually getting noticed by the day and it takes some experience or information about bitcoin not to actually dump in the first place.

Even on this thread, so many newbies were scared and asked questions what could be going on but at some point they had some balls to hold. Not every newbie had that opportunity and not everyone will.

i see there is many new people which join into bitcoin world become afraid because btc price is volatile and they are fast selling if they see the price is down although is only for small reduce. if they do this over and over, then they can dump bitcoin price but if they can hold it for a while, then they can see that their patience is work and they can make profit because of the price is increase.

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September 22, 2017, 07:47:13 AM

No, not at all yes i sell a little bit of my bitcoin but i cannot sell them all because i know that bitcoin will be higher and higher for sure in the next few year and i know also that this bitcoin will be my way to success.

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September 28, 2017, 07:18:47 AM

According to an old Wall Street saying, "Financial markets are driven by two powerful emotions, greed and fear." The same applies to Bitcoin, in a highly volatile free market, if you ignore the fundamentals and rely on short-term profits, FUD happens, fear happens, instant reaction is to sell at whatever price. Panic sellers.

Good thing, greed or a better term, hope. A panic seller's loss is another hopeful person's gain who relies on fundamentals and has a broader long-term view.

The Chinese FUD ain't over yet.
I think Japan will be great option among three you mentioned and it is a big relief for them if China did not ban the transfer of money in the form of bitcoins to other countries. I think China should soon remove this ban because this is not going to give them any benefit in the near future.

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September 28, 2017, 08:10:40 AM

There are groups that make a huge dump by selling very large quantities, after they have earned their profits, they are switching to another coin.
I think not, the habit of speculators is a profit when the price goes up or down, I'm sure that speculators can control the price of bitcoin so they easily control prices bitcoin.

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September 28, 2017, 08:26:23 AM



It looks like Japan wants to be the frontrunner in embracing cryptocurrencies:

https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

According to an old Wall Street saying, "Financial markets are driven by two powerful emotions, greed and fear." The same applies to Bitcoin, in a highly volatile free market, if you ignore the fundamentals and rely on short-term profits, FUD happens, fear happens, instant reaction is to sell at whatever price. Panic sellers.

Good thing, greed or a better term, hope. A panic seller's loss is another hopeful person's gain who relies on fundamentals and has a broader long-term view.

The Chinese FUD ain't over yet.
I think Japan will be great option among three you mentioned and it is a big relief for them if China did not ban the transfer of money in the form of bitcoins to other countries. I think China should soon remove this ban because this is not going to give them any benefit in the near future.
whoisyourking
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September 28, 2017, 08:36:44 AM

If you are not in that country why should you do that? dumping all your bitcoins.. the effect of banning the bitcoin in china is huge like in value of bitcoin it raise up to quickly.. i think those people are scared after that announcement.. now china is planning to have a legal step or procedure to totally eliminate bitcoin on their country.. because bitcoin don't have a legal bases so some legal action from the government of china the bitcoin will be automatically announce as illegal..

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