Long term down trend?

[freedomno1]

I find it hard to believe you missed the part where craploads of companies are accepting Bitcoins and that it is growing every day. 

I find it hard to believe you missed the part where you are supposed to explain how this would prevent the price from falling.

Price will fall correlated to interest in bitcoin however the next time its in the spotlight development will probably cause a stronger base making it harder to fall again to another low point. Good time to start building up total bitcoins not so much for worrying about exchange rates
Core support levels are rising as price levels are dropping at least that's my theory

[dipsy]

Gox have had some funding options cut off, which means less liquidity on the buy side. The fact that more ASICs are coming online means there are more blocks than usual right now, which means more new coins are probably being cashed out. More new coins + less fiat getting to Gox = lower priced coins.

Despite Gox's issues, there are now a number of funded startups (Coinbase, BitPay, Bitinstant, Coinlab, Coinsetter, Open Coin..) who should be able to create a more stable & professional base for the ecosystem to kick on from.

Now is a great time to be building stuff and/or buying coins before we see the next push.

[Luckybit]

Am I the only one seeing this?

YES!
I hope it goes down to around 50 so I can stock up.

[Luckybit]

Gox have had some funding options cut off, which means less liquidity on the buy side. The fact that more ASICs are coming online means there are more blocks than usual right now, which means more new coins are probably being cashed out. More new coins + less fiat getting to Gox = lower priced coins.

Despite Gox's issues, there are now a number of funded startups (Coinbase, BitPay, Bitinstant, Coinlab, Coinsetter, Open Coin..) who should be able to create a more stable & professional base for the ecosystem to kick on from.

Now is a great time to be building stuff and/or buying coins before we see the next push.

I agree stock up, build, invest.

[Zaih]

Time to stock up on cheap coins 

[Maged]

I find it hard to believe you missed the part where craploads of companies are accepting Bitcoins and that it is growing every day. 

I find it hard to believe that this same quote keeps being used after every crash. Yes, people were saying this in 2011 before we fell below $10.

[newmars]

now below 100 

[BitMay]

Almost reached 90$  .

[dandannn]

Gox have had some funding options cut off, which means less liquidity on the buy side. The fact that more ASICs are coming online means there are more blocks than usual right now, which means more new coins are probably being cashed out. More new coins + less fiat getting to Gox = lower priced coins.

Despite Gox's issues, there are now a number of funded startups (Coinbase, BitPay, Bitinstant, Coinlab, Coinsetter, Open Coin..) who should be able to create a more stable & professional base for the ecosystem to kick on from.

Now is a great time to be building stuff and/or buying coins before we see the next push.

I agree stock up, build, invest.

What makes you so sure the price will eventually go up again? Realistically it could drop below $10 and stay there...

Of corse I don't want this to happen though!

[Cluster2k]

Factors (IMHO) pushing bitcoin down:

- MtGox requiring all currency withdrawls to have ID.  I've made several without any ID at all with MtGox, but from May 30 photo and address ID is required.  Scares some people away.

- Liberty Reserve.  Most articles stating the alleged criminal nature of LR also put bitcoin into the same article.  Some people may associate bitcoin and crime.  Not good at all for attracting people who want to use bitcoins for legal transfers.  Users who got burnt with funds stuck in LR are unlikely to rush into another structure like bitcoin, unless they have no other options (drug purchases, child porn purchases, etc).


Factors (IMHO) not pushing bitcoin down:

- BFL shipping product to end users, with those users cashing out bitcoins into money to recoup their purchase costs.  It's too early in the shipping cycle, the vast majority of BFL customers haven't got their units yet, and if BFL miners decide to sell whatever they generate we would be heading down to single digits pretty damn quick in the next few months.

[N12]

I find it hard to believe you missed the part where craploads of companies are accepting Bitcoins and that it is growing every day. 

I find it hard to believe that this same quote keeps being used after every crash. Yes, people were saying this in 2011 before we fell below $10.

Right. Bitcoin can grow behind the scenes and the market can still go down despite it. It happened before, it can happen again.

[lophie]

The fact that more ASICs are coming online means there are more blocks than usual right now

Bitcoin 001: Block generation time might be affected a little "technically". But generally no. That does not mean more blocks and more coins.

[dipsy]

The fact that more ASICs are coming online means there are more blocks than usual right now

Bitcoin 001: Block generation time might be affected a little "technically". But generally no. That does not mean more blocks and more coins.

Average block time is falling during every period of recent new difficulty. Just before the last jump in difficulty, average block time was down to around 6.5 minutes; doesn't this mean more blocks & therefore more coins?

Obviously the network adjusts so blocks should be every 10 mins, but new ASICs keep shortening that time at the moment.

[hgmichna]

I find it hard to believe you missed the part where craploads of companies are accepting Bitcoins and that it is growing every day.

I am not missing it. It is one of the most noteworthy things right now.

But the question is not how many people offer bitcoin payment. The question is how many bitcoins are actually moved, and the answer to that is, not many.

Remember, the rally and bubble started at $3. Now I estimate a base price of $20, which is a more than sixfold rise already. Moreover, it is quite possible that the starting price of $3 a year ago was already high, because the first, 2011, bubble was not fully deflated when the second bubble already began. A fair base price then might well have been $2.

Anyway, let's carry on. Bulls make money, bears make money, pigs get slaughtered.

[N12]

But the question is not how many people offer bitcoin payment. The question is how many bitcoins are actually moved, and the answer to that is, not many.

Humble Bundle confirms:

The Humble Double Fine Bundle was actually our first bundle to support it, which came out last month. It represents less than .1% of our sales for Humble Indie Bundle 8

[lophie]

The Humble Double Fine Bundle was actually our first bundle to support it, which came out last month. It represents less than .1% of our sales for Humble Indie Bundle 8

Comeon guys I got them both for BTC and paid above average spend some for charity and get games in the same time..... I thought it would be something like.

"We were surprised of how many people actually chosen to pay with Bitcoin. It was higher than expeted"

[tokeweed]

That's not long term , that's only a ripple

just a ripple indeed. it could be 2011 all over again.  

[coco23]

According to this chart we're now in August (as the high was 2 months earlier) and will see the low in September at around $25-50

[Seal]

Yep, we're definitely seeing a lot of traders go short. The current sentiment and the popular TA trading signals (moving average crossovers, MacD) are also showing a downward trend.

Protect your positions. I hope you're all protected against a drop, if not to speculate then at least to hedge.

[Jozzaboy]

That's not long term , that's only a ripple

just a ripple indeed. it could be 2011 all over again.  

Eh, who cares. If I hold for a year, i'm almost guaranteed a profit without a bubble. If there is a bubble, well, I just multiplied my capital. Works for me either way.

If it crashes to 0, I might plop a couple grand on it and wait for inevitable financial collapse, the rebirth of Bitcoin.