bitcoin price drop?

[BitCoinNewGuy]

Yeah guys, bitcoin is totally doomed :trlf:

What I am saying it it could be, isn't yet, but could be.

Exchanges need to set stop limits.

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[bitcoinanon]

No it is not far from it.

Unlike other commodities, there is no stopping panic selling if it sets in. Emotions and fear take over and control the selling, not rational  judgements. I strongly believe that if prices went sub $100 today, or if they do in the next few days, the 'panic' of the quickly falling prices would drive prices sub $40.

http://en.wikipedia.org/wiki/Panic_selling

History likes to repeat itself, and unlike other investments, there are no 'stops' with BitCoin. Unlike with gold or silver, houses, etc if BitCoin crashes your left with literally nothing.


Now with that said, BUY BUY BUY! This drives prices in the OTHER direction by doing the exact OPPOSITE! If the price is to increase in the next few days it will accelerate the rise! There needs to be another quick, rapid, hyped up jump in prices or I am fearing BitCoin might be lingering towards death (rapid decline in value).

Its all speculation. The price has been below $100 since it reached $266. And we are seeing an increase of vendors and major retailers accepting BTC not to mention there have been tens of thousands of BTC used to purchase ASIC chips. Don't you think there would be a fall in the value of BTC when all these companies liquidate their BTC into USD to cover their initial costs? I don't understand the need to freak out and suggest wild claims such as this. When the market was way more volatile just a few months ago. this seems like disinformation to trick and or scare newbies.
I hold the market will remain strong.

[BitCoinNewGuy]

this seems like disinformation to trick and or scare newbies.

Not trying to 'scare' anyone by throwing out there a possibility, just my opinion.

I don't understand the need to freak out and suggest wild claims such as this.

I am just throwing out another possible outcome rather than a fantasy projected ending.

[BitcoinAshley]

The hard part about hedges is, obviously, they don't work when either (1) what you're hedging against is getting stronger, and/or (2) they are being manipulated (in the case of naked PM shorts creating artificial supply.) In the case of bitcoin, neither is really happening - it's just bitcoin being bitcoin. Behaving like a penny stock at $100+. What else is new?

To make it even MORE difficult, is the fact that most bitcoiners believe the USD is headed for extinction i.e. it will continue to inflate and will eventually hit hyperinflation. It will... eventually. And when it does - yes, bitcoin and other cryptocoins, along with gold and silver, will rise in value significantly. The problem is, USD is still the world's reserve currency, and right now it appears that the JPY and the Euro, and a bunch of others (argentina, venezuela, etc) are going to significantly inflate before the USD does. There is MASSIVE demand for USD in argentina and venezuela! And when Abe's policies continue to fail, Japanese people aren't going to buy bitcoin they're going to buy USD. Any "global inflationary crisis" will actually have the USD deflating, because of massive global demand of the USD as a "hedge" against the various fiat currencies that end up failling first. Now, the nature of the hyper__flationary beast is that it can't be tamed once started. So either way, we'll see backwardation or sky-high exchange rates, in the end. But as has been learned many times by people who have been involved in Bitcoin for years... i.e. not "NewBitcoinGuy" or whatever... what happens day-to-day or month-to-month is not so important as what happens over a year, 2 years, or a decade.

Ok, commence your predictions of $20 price tags every time you see a $5 drop in  BTC price, despite long-term trends with no fundamental change (bitcoin is being attacked, has always been attacked, and will always be attacked, it is antifragile)

BTW, bad news must always be pitted against good news in order to properly gauge sentiment. So, to the idiot who posted the bad news list on the previous page, I expect you to follow up with a list of all the recent business adoptions, charity adoptions, press mentions, VC investments, VIP plugs, startups, new project developments, etc. Pit one against the other and it's not all doom-and-gloom - just boringly neutral.

[zackclark70]

i think you will find that some of the reason bitcoin price is droping is alt coins are easy to mine and more profitable

[BitCoinNewGuy]

alt coins are easy to mine and more profitable

It is all about making a quick buck.

[lucas.sev]

alt coins are easy to mine and more profitable

It is all about making a quick buck.

That's why bitcoin is 100$ now and not 20.

[BitcoinAshley]

i think you will find that some of the reason bitcoin price is droping is alt coins are easy to mine and more profitable

Altcoins are dropping too, against BTC and USD. Even the only worthwhile ones, LTC and NMC, have tanked.

Altcoins have been easier to mine and more profitable for quite a while now, IIRC.

Bitcoin price is dropping because investors aren't very confident; a few huge dumps in low volume is all it took to get people scared, and we've never spent any considerable length of time testing $100 or even anything between $50 and where we are now.

Fasten your seatbelts, don't get caught in any bulltraps or beartraps! 

[Random Bit]

i think you will find that some of the reason bitcoin price is droping is alt coins are easy to mine and more profitable

Altcoins are dropping too, against BTC and USD. Even the only worthwhile ones, LTC and NMC, have tanked.

Altcoins have been easier to mine and more profitable for quite a while now, IIRC.

Bitcoin price is dropping because investors aren't very confident; a few huge dumps in low volume is all it took to get people scared, and we've never spent any considerable length of time testing $100 or even anything between $50 and where we are now.

Fasten your seatbelts, don't get caught in any bulltraps or beartraps! 

Currently ALT coins are only good to trade against Bitcoin.  Take Bitcoin away there is no reason to have the ALT coins since they can't stand on their own, there is no solid market to support them.

[Maged]

If bitcoin drops to 10-20 it is pretty much dead.

Then that could very well be our target price. If you aren't feeling as miserable as you felt in 2011, we haven't yet bottomed. I speculated that this correction could take about 1 year a few days after the bubble popped.

[johnyj]

Everywhere, people are talking about that FED's going to tighten, so there will be less printed money playing bitcoin/gold/silver speculation. Or you can say, the previous strong price appreciation of bitcoin is caused by excessive free money provided by FED's QE infinite. When free money is not available anymore, it is a real test for the true demand for bitcoin

[Salivan]

Only a very  decisive action from  government  could bring bitcoin to knees.
Otherwise is the best  investment ever. Quote me on this.
Those  drops are completely irrelevant I laugh at them.

[BrightAnarchist]

Only a very  decisive action from  government  could bring bitcoin to knees.
Otherwise is the best  investment ever. Quote me on this.
Those  drops are completely irrelevant I laugh at them.

The problem is this kind of sentiment.

The last bitcoin magazine had an article called "the rise and rise of bitcoin"... They don't realize it, but that means only one thing: bear market

It's going to take a while but the only way this bear can bottom is when people completely stop viewing bitcoin as an investment

[WishIStartedSooner]

The hard part about hedges is, obviously, they don't work when either (1) what you're hedging against is getting stronger, and/or (2) they are being manipulated (in the case of naked PM shorts creating artificial supply.) In the case of bitcoin, neither is really happening - it's just bitcoin being bitcoin. Behaving like a penny stock at $100+. What else is new?

To make it even MORE difficult, is the fact that most bitcoiners believe the USD is headed for extinction i.e. it will continue to inflate and will eventually hit hyperinflation. It will... eventually. And when it does - yes, bitcoin and other cryptocoins, along with gold and silver, will rise in value significantly. The problem is, USD is still the world's reserve currency, and right now it appears that the JPY and the Euro, and a bunch of others (argentina, venezuela, etc) are going to significantly inflate before the USD does. There is MASSIVE demand for USD in argentina and venezuela! And when Abe's policies continue to fail, Japanese people aren't going to buy bitcoin they're going to buy USD. Any "global inflationary crisis" will actually have the USD deflating, because of massive global demand of the USD as a "hedge" against the various fiat currencies that end up failling first. Now, the nature of the hyper__flationary beast is that it can't be tamed once started. So either way, we'll see backwardation or sky-high exchange rates, in the end. But as has been learned many times by people who have been involved in Bitcoin for years... i.e. not "NewBitcoinGuy" or whatever... what happens day-to-day or month-to-month is not so important as what happens over a year, 2 years, or a decade.

Ok, commence your predictions of $20 price tags every time you see a $5 drop in  BTC price, despite long-term trends with no fundamental change (bitcoin is being attacked, has always been attacked, and will always be attacked, it is antifragile)

BTW, bad news must always be pitted against good news in order to properly gauge sentiment. So, to the idiot who posted the bad news list on the previous page, I expect you to follow up with a list of all the recent business adoptions, charity adoptions, press mentions, VC investments, VIP plugs, startups, new project developments, etc. Pit one against the other and it's not all doom-and-gloom - just boringly neutral.

BitcoinAshley, every post I've ever read from you is incredibly smart and usually teaches me something.

I wish there was a way I could have you a baby, even though I'm a guy.

[BitCoinNewGuy]

Unlike other commodities, there is no stopping panic selling if it sets in. Emotions and fear take over and control the selling, not rational  judgements. I strongly believe that if prices went sub $100 today, or if they do in the next few days, the 'panic' of the quickly falling prices would drive prices sub $40.

http://en.wikipedia.org/wiki/Panic_selling

History likes to repeat itself, and unlike other investments, there are no 'stops' with BitCoin. Unlike with gold or silver, houses, etc if BitCoin crashes your left with literally nothing.

Looks like my statement has been true thus far, even though I hope it doesn't come completely true.