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Galahad (OP)
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June 15, 2013, 09:51:13 AM |
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I was just wondering what the reason behind the recent decline was? It's gone from £89 to £63.50. Does anyone know?
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tabnloz
Legendary
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Activity: 961
Merit: 1000
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June 15, 2013, 10:02:36 AM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
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Galahad (OP)
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June 15, 2013, 10:06:43 AM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
How come you only have one post but know so much about BTC? Forgive me but I'm always a bit wary to listen of listening to people with that low post count. |
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AliceWonder
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June 15, 2013, 10:14:40 AM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
How come you only have one post but know so much about BTC? Forgive me but I'm always a bit wary to listen of listening to people with that low post count. I bet the percentage of BTC users ative on this forum is rather small. And you can create multiple accounts here and sell them. |
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tabnloz
Legendary
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Activity: 961
Merit: 1000
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June 15, 2013, 10:18:22 AM |
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Probably because I'm a new user.
It is all my opinion, as IMHO signifies.
You can do whatever you want with your BTC, I just gave you my reasoning.
These are my impressions about BTC. I like to read and form my own opinions, however idealistic or naive they turn out to be:)
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Birdy
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June 15, 2013, 10:19:59 AM |
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I think the two main reasons are that quite some ways to get money into Bitcoin from the USA have been stopped (+some Fincen news that they discuss Bitcoin) and someone with a lot of Btc decided to dump them into the market.
Other than that we had good news only.
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exogan
Newbie
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Activity: 32
Merit: 0
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June 15, 2013, 10:35:39 AM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
How come you only have one post but know so much about BTC? Forgive me but I'm always a bit wary to listen of listening to people with that low post count. I've been a miner since around 2010, you don't need to be active or have an account at all on bitcointalk to know something about BTC. |
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tabnloz
Legendary
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Activity: 961
Merit: 1000
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June 15, 2013, 10:35:56 AM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
How come you only have one post but know so much about BTC? Forgive me but I'm always a bit wary to listen of listening to people with that low post count. I bet the percentage of BTC users ative on this forum is rather small. And you can create multiple accounts here and sell them. Well, this is my first and only account. But thanks for the suspicion. It's all just words on a screen. Take them all with a pinch of salt. |
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Welsh
Staff
Legendary
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Activity: 3318
Merit: 4115
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June 15, 2013, 10:38:24 AM |
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I think the two main reasons are that quite some ways to get money into Bitcoin from the USA have been stopped (+some Fincen news that they discuss Bitcoin) and someone with a lot of Btc decided to dump them into the market.
Other than that we had good news only.
Agreed, I agree one of the major causes would be Bitcoin from the USA has been stopped. USA were the biggest buyers/sellers |
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Birdy
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June 15, 2013, 11:13:30 AM |
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I think the two main reasons are that quite some ways to get money into Bitcoin from the USA have been stopped (+some Fincen news that they discuss Bitcoin) and someone with a lot of Btc decided to dump them into the market.
Other than that we had good news only.
Agreed, I agree one of the major causes would be Bitcoin from the USA has been stopped. USA were the biggest buyers/sellers It's not stopped, but it's more limited than before. It would be good if they get some more good exchanges/ways to send money to them soon. |
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Galahad (OP)
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June 15, 2013, 11:23:43 AM |
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Sorry tabnloz, don't know what's got into me lately.
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HongkongShanghaiBitCoin
Newbie
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Activity: 16
Merit: 0
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June 15, 2013, 11:24:36 AM |
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Just my take on this...
Selling is constant. Miners have to sell on a daily or weekly basis to earn fiat to cover their real world costs (electricity, rent, food)
Buying comes in waves. People learn about bitcoin, and get involved in bitcoin, and buy bitcoins, in non-linear time frames. Events and news usually cause these buying spikes, as we saw with the Cyprus events from earlier this year.
It looks like we are in a quiet buying period combined with a constant selling cycle.
Just my two bits...
Tips if you found this info informative or entertaining. 1DQGTLJxiKnvRaYizpRo1Cy4hcHa4HqKqo
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exogan
Newbie
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Activity: 32
Merit: 0
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June 15, 2013, 11:27:16 AM |
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Just my take on this...
Selling is constant. Miners have to sell on a daily or weekly basis to earn fiat to cover their real world costs (electricity, rent, food)
Buying comes in waves. People learn about bitcoin, and get involved in bitcoin, and buy bitcoins, in non-linear time frames. Events and news usually cause these buying spikes, as we saw with the Cyprus events from earlier this year.
It looks like we are in a quiet buying period combined with a constant selling cycle.
Just my two bits...
Tips if you found this info informative or entertaining. 1DQGTLJxiKnvRaYizpRo1Cy4hcHa4HqKqo
You are awesome. |
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Galahad (OP)
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June 15, 2013, 11:34:56 AM |
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Selling is constant. Miners have to sell on a daily or weekly basis to earn fiat to cover their real world costs (electricity, rent, food)
Buying comes in waves. People learn about bitcoin, and get involved in bitcoin, and buy bitcoins, in non-linear time frames. Events and news usually cause these buying spikes, as we saw with the Cyprus events from earlier this year.
It looks like we are in a quiet buying period combined with a constant selling cycle.
Good analysis. |
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ImThat1Guy
Newbie
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Activity: 57
Merit: 0
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June 15, 2013, 12:09:09 PM |
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It's been getting harder to get BTC in and out of the network recently, especially stateside.
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Deepweb
Newbie
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Activity: 29
Merit: 0
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June 15, 2013, 02:31:36 PM |
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I would guess its the total lack of news about mtgoxs problems in the US.
I mean i wouldnt send any money to mtgox at the moment and im sure others are thinking the same.
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Loredo
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June 15, 2013, 02:40:40 PM |
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Check out the historical chart at http://bitcoin.clarkmoody.com/ (put the time frame on D1). Aside from the parabolic run up into the USD 200's, the level of 100 seems to be, for now, a new baseline valuation. When markets don't know what things are fundamentally worth, they tend to trade around "round numbers." Currently 1BTC = 1 Barrel of oil, approximately. |
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Welsh
Staff
Legendary
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Activity: 3318
Merit: 4115
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June 15, 2013, 03:05:47 PM |
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Better start advertising Bitcoin to you're friends & family  |
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ranlo
Legendary
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Activity: 1988
Merit: 1007
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June 15, 2013, 03:08:14 PM |
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Could be many things. BTC is still volatile to individual events and the market is still a bit nervy IMHO.
I think it's prudent to not worry too much about short term prices. I haven't invested any more than I'm willing to lose and with such a good potential upside, I'm pretty relaxed about it. In the least a small stake is still being part of change. I think it is interesting to follow all the developments - who knows where it will go?
Can't believe you were put down for this post. I agree 100% with both points. The system is definitely volatile right now and will likely remain so until media attention starts to plateau. As for short-term prices, that follows the volatility and BTC is just like anything else: only invest what you can afford to lose. |
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HongkongShanghaiBitCoin
Newbie
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Activity: 16
Merit: 0
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June 15, 2013, 03:11:03 PM |
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Check out the historical chart at http://bitcoin.clarkmoody.com/ (put the time frame on D1). Aside from the parabolic run up into the USD 200's, the level of 100 seems to be, for now, a new baseline valuation. When markets don't know what things are fundamentally worth, they tend to trade around "round numbers." Currently 1BTC = 1 Barrel of oil, approximately. hmmm interesting...not saying that 1 btc should equate to a barrel of oil, but would like to see the cost of mining one btc compared to the cost of drilling for one barrel of oil. of course the costs of mining one btc cannot be broken down like that and the costs of producing one barrel of oil cannot actually be determined what with all the government intervention in oil markets...but it would be a good thought experiment nonetheless. |
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