Was there a Serious event causing current drop?

[btc237ftw]

Does anyone know? Because I was looking around the forum and on several news sites and did not see anything that can be a bases for a sudden drop in price.
I am not trying to speculate here, I'm looking for a serious General-discussion about why this current drop accrued.

[Elwar]

My guess would be one of those big million dollar investors from the bubble time is tired of seeing his money sitting in something that is not bringing a large return. So they moved on to something else.

[Jgguy]

The hype over bitcoin is dying back down.  Honestly it might be better this way as bitcoin needs people to use it to buy things, not hold it like gold.

[reg]

most of the channels for buying have been taken out! however I used localbitcoin.com for the first time today and was pleasantly surprised (included escrow etc). I do not know about selling though. the drop in my "opinion" is due primarily to market forces. on the plus side adoption seems to be growing exponentially-we may be close to a tipping point. reg

[NeonRonin]

We're also going into the summer months for North America and Europe; people are going to want liquid cash to spend on holidays and vacations.  I would suspect we'll see some volatility for the next month or two, with some great buying opportunities presenting themselves.

[CanadianGuy]

yeah everybody got confused when the media stopped talking about it for 5 days and started a panic.  "OMG WE HAVEN'T MADE HEADLINES FOR TOO LONG, SELL SELL SELL.  THE HYPE IS GONE".  
Umm yeeeeah, i love daytrading

[ChrisJ]

Someone else asked this. I have been following a guy on Twitter called @SirBitsALot and commented on it here: https://bitcointalk.org/index.php?topic=229979.msg2419960#msg2419960

He thinks it is price manipulation, someone dumping coins shaking weak hands out of their positions and then buying back lower. If true this would mean he must be quite bullish.

[ChrisJ]

It was because of this fake email which was distributed on Saturday night, and then the usual noobs started panic selling. And I publicly accuse the "fontas" moron of doing this. He "predicted" a crash on June 8/9, and spread the scam email to make sure it would happen so he could recoup the losses from his previous failed pumps and dumps. I won't reply to anyone about this, I've said enough on the BTC-e chat box already. It's because of scum like this guy that Bitcoin's price is so unstable and the end result is that more "serious" people who would be welcome to join Bitcoin avoid doing it.

BTW, notice the pathetic invalid IPv4 address on the email, with one of the 4 numbers being 523...

This is interesting and would certainly have all the hall marks of Fontas MO. He tends to leave hidden messages for those smart enough to find them in his communications.

[btceic]

It was because of this fake email which was distributed on Saturday night, and then the usual noobs started panic selling. And I publicly accuse the "fontas" moron of doing this. He "predicted" a crash on June 8/9, and spread the scam email to make sure it would happen so he could recoup the losses from his previous failed pumps and dumps. I won't reply to anyone about this, I've said enough on the BTC-e chat box already. It's because of scum like this guy that Bitcoin's price is so unstable and the end result is that more "serious" people who would be welcome to join Bitcoin avoid doing it.

BTW, notice the pathetic invalid IPv4 address on the email, with one of the 4 numbers being 523...

Can anybody with access to the original email grab the headers we might be able to trace is source.

[Micky25]

it could have been

1. the 3 black helicopters floating around my home, shooting radio waves at my computer,
2. people realizing that soon all BTC-cashout options are destroyed,
or
3. the asic guys (manufacturers) cashing out

[vokain]

psychological shift is all

[skilo]

The whole thing with Mt.Gox is probably causing most of it.

[QuestionAuthority]

Jeez, I'm sorry. I just wanted to buy a new Airstream trailer to vacation this summer and needed some cash. I had no idea you would all get bent outa shape over it.
jk

[Shawshank]

It may also have to do with the fact that we are producing far more than 3600 bitcoins per day, in a sustained rate for several months now. At this moment, for example, we are at 176 blocks per day. Last week I believe we reached 200 blocks per day just before the difficulty change.

[Welsh]

Well, in my personal opinion. I believe it was the manufacturers of the ASIC were simply cashing out.

[Stark-Fujikawa]

Can anybody with access to the original email grab the headers we might be able to trace is source.

These people are time wizards of some sort. June 9 2013 is now a Saturday.

[reg]

It may also have to do with the fact that we are producing far more than 3600 bitcoins per day, in a sustained rate for several months now. At this moment, for example, we are at 176 blocks per day. Last week I believe we reached 200 blocks per day just before the difficulty change.

I did not know this? I thought the difficulty rate kept block production at 1 every 10 mins? what happens when asics really hit then?. reg

[kjj]

It may also have to do with the fact that we are producing far more than 3600 bitcoins per day, in a sustained rate for several months now. At this moment, for example, we are at 176 blocks per day. Last week I believe we reached 200 blocks per day just before the difficulty change.

I did not know this? I thought the difficulty rate kept block production at 1 every 10 mins? what happens when asics really hit then?. reg

The difficulty increases only every 2016 blocks.  If a lot of hashing power comes online quickly, the network can find blocks faster, for a short time.  The same thing happens in reverse if the hash rate drops for some reason.

[reg]

The difficulty increases only every 2016 blocks.  If a lot of hashing power comes online quickly, the network can find blocks faster, for a short time.  The same thing happens in reverse if the hash rate drops for some reason.

ok I get that-but if the pools hold the coins that should not affect the price . is it not only if there are more sellers than buyers the price drops? if so where are they selling? it appears mtgox and other exchanges are having difficulty in getting fiat into them to sell in high quantities?. reg.

[kjj]

The difficulty increases only every 2016 blocks.  If a lot of hashing power comes online quickly, the network can find blocks faster, for a short time.  The same thing happens in reverse if the hash rate drops for some reason.

ok I get that-but if the pools hold the coins that should not affect the price . is it not only if there are more sellers than buyers the price drops? if so where are they selling? it appears mtgox and other exchanges are having difficulty in getting fiat into them to sell in high quantities?. reg.

You really need to learn to use the quote feature.

I was just answering the difficulty question.  The cause of exchange rate shifts is unknowable, no matter how many threads pop up asking about or blaming gremlins.

P.S.  The quantity sold is exactly equal to the quantity purchased.  Shifts in price reflect a change in the relative desires to hold of the parties involved, only.