Why is bitcoin price not going up?

[tokeweed]

Why is bitcoin price stuck around the same number and not  increasing, how likely  is it for bitcoin to steadily start going up again?

who knows. but the same thing happens in stocks, commodities and forex. such is trading.

[yona]

Well, maybe satoshi is back and he is fed up with the volatility so even though there is huge demand, he sales bitcoins around 100$ a bitcoin to keep it from climbing... He could go at it for ages...

[nofuture]

http://bitcoincharts.com/markets/mtgoxUSD.html

Not much sell-side resistance

[bitcoin_max]

I get interested in bitcoin in early May'2013, so I am a late-comer here, been doing lots of research, built a couple of mining rigs with 4 GPU's, getting around 1.5 Gh/s, seen the value of btc fall from $140 to $120 to $100 currently. Yes, over the long term the value has gone up from $2(?) a year or so ago; however, the short term trend right now is slow falling.

Simply, there are too many coins for sale. Probably the ASIC mfg/holders need liquidity, so they are dumping coins as fast as they mine them.

...and there is not enough activity going on in the bitcoin ecosystem to absorb it.

[prophetx]

I get interested in bitcoin in early May'2013, so I am a late-comer here, been doing lots of research, built a couple of mining rigs with 4 GPU's, getting around 1.5 Gh/s, seen the value of btc fall from $140 to $120 to $100 currently. Yes, over the long term the value has gone up from $2(?) a year or so ago; however, the short term trend right now is slow falling.

Simply, there are too many coins for sale. Probably the ASIC mfg/holders need liquidity, so they are dumping coins as fast as they mine them.

...and there is not enough activity going on in the bitcoin ecosystem to absorb it.

Anyone know the volume of purchasing activity on SR over the last 6 months?

[Kiders]

correct me if im wrong but isnt mtgox the majority of the reason btc is so low? mtgox has legal problems. and cash problems. i heard lots of ppl cant withdraw stuff from there = less people put money inn there and less volume is being moved . less volume = smaller price changes .

this is exactly why we need to break free from mtgox. they/he cant keep deciding what the price of btc is .

i would love to see something like average price from top 3-4 exchanges with most volume = price of Bitcoin.

[vokain]

I get interested in bitcoin in early May'2013, so I am a late-comer here, been doing lots of research, built a couple of mining rigs with 4 GPU's, getting around 1.5 Gh/s, seen the value of btc fall from $140 to $120 to $100 currently. Yes, over the long term the value has gone up from $2(?) a year or so ago; however, the short term trend right now is slow falling.

Simply, there are too many coins for sale. Probably the ASIC mfg/holders need liquidity, so they are dumping coins as fast as they mine them.

...and there is not enough activity going on in the bitcoin ecosystem to absorb it.

Anyone know the volume of purchasing activity on SR over the last 6 months?

you can never measure accurately on that site as just a merchant or customer

[bitmateco]

Why is bitcoin price stuck around the same number and not  increasing, how likely  is it for bitcoin to steadily start going up again?

Are you sure it's not increasing:

16 months ago: $4
12 months ago: $6
8 months ago: $10
4 months ago: $35
today: $100

It all depends on your perspective, doesn't it?

A nice but mainly a TRUE perspective.

that was before asics.
now you can say this

2 month ago $250
1 month ago $130
today $80

also true.

so huge as peak and big fall.
i think asics are bitcoin biggest devaluer

[nofuture]

Why is bitcoin price stuck around the same number and not  increasing, how likely  is it for bitcoin to steadily start going up again?

Are you sure it's not increasing:

16 months ago: $4
12 months ago: $6
8 months ago: $10
4 months ago: $35
today: $100

It all depends on your perspective, doesn't it?

A nice but mainly a TRUE perspective.

that was before asics.
now you can say this

2 month ago $250
1 month ago $130
today $80

also true.

so huge as peak and big fall.
i think asics are bitcoin biggest devaluer

yeah I agree that ASICS are what is driving prices down.  if that's the case it's best to sell now.  if you can hang on long enough (the next halving day) you will be rewarded.  By Then ASICS will be > 80% of the mining and bounded by the cost of energy.  To produce one bitcoin in that environment will be costly no whether you are using an ASIC or not. 

[Fugger]

One other aspect to consider is simple supply and demand of Bitcoin in the market. Could it be that a few miners who started over a year ago and had "many" Bitcoins are selling? This would be quite understandable.

The farther we look in the future the more importance will be on demand of BTC than on supply from mining. The demand will be driven by how much BTC is actually used as a means of payment. So if people want BTC prices to go up, they should use BTC for what it is actually meant for - to pay goods and services with it and not simply regard it as another asset. The value of BTC comes not from speculation but from the acceptance as a currency.

[bitbitcoins]

Why is bitcoin price stuck around the same number and not  increasing, how likely  is it for bitcoin to steadily start going up again?

Good question ... market is irrational by definition

[Bitcoinorama]

Because ASICminer who are awarded 25% of all Bitcoins are surprising the price whilst relinquishing coins. They are now powerful enough to manipulate the market is a definite possibility...

[Asrael999]

The worldwide economy is worse than the numbers suggest and people need fiat to pay the bills.

If they use fiat, they could never payback the bills

Each fiat dollar is backed by a equal amount of debt, when they get 100 dollar to pay the bill, they created a 100 dollar's debt to be paid somewhere else in the society, plus interest. So someone else might get a 103 dollar bill to pay, society as a whole become more and more debt laiden

Ah no you see - that is unfortunately the beauty of fiat, consider this story.
A man stops for a beer in a small town and leaves his wallet behind. The bartender, Fred, collects the wallet and finds $20 in it, after about half an hour with no sign of the man coming back he decides to keep the money. Knowing that he owes Mildred who makes the cakes he sells in the bar $20 he pops round to her shop and pays back the $20 he owes her. She owes $20 to Albert the repairman who repaired her ovens the other week , so she hands him $20 when she sees him. Now Albert owes a local hooker $20 for the quick one they had behind Freds bar the other night so he duely pays her back, and the hooker goes back to Freds bar and pays her bartab with the $20.

Half an hour after Fred gets the $20 back, the wallets owner walks back into the bar and asks if he left his wallet behind. Fred checks behind the bar and quickly puts the $20 back in it, smiles and hands over the wallet.

Net Net, no one lost out and $80 of debt got repaid.

[joae1975]

The worldwide economy is worse than the numbers suggest and people need fiat to pay the bills.

If they use fiat, they could never payback the bills

Each fiat dollar is backed by a equal amount of debt, when they get 100 dollar to pay the bill, they created a 100 dollar's debt to be paid somewhere else in the society, plus interest. So someone else might get a 103 dollar bill to pay, society as a whole become more and more debt laiden

Ah no you see - that is unfortunately the beauty of fiat, consider this story.
A man stops for a beer in a small town and leaves his wallet behind. The bartender, Fred, collects the wallet and finds $20 in it, after about half an hour with no sign of the man coming back he decides to keep the money. Knowing that he owes Mildred who makes the cakes he sells in the bar $20 he pops round to her shop and pays back the $20 he owes her. She owes $20 to Albert the repairman who repaired her ovens the other week , so she hands him $20 when she sees him. Now Albert owes a local hooker $20 for the quick one they had behind Freds bar the other night so he duely pays her back, and the hooker goes back to Freds bar and pays her bartab with the $20.

Half an hour after Fred gets the $20 back, the wallets owner walks back into the bar and asks if he left his wallet behind. Fred checks behind the bar and quickly puts the $20 back in it, smiles and hands over the wallet.

Net Net, no one lost out and $80 of debt got repaid.

Nice!  But there is a net. 1 cake, 1 fixed oven, 1 quicky, & beer.  Funny how that capitalism works.

[RapidCoinz]

We've experienced a fairly notable drop in price the last few days as gox appears to be once again under the gosh with their legal requirements and FinCen breathing down their necks...

It's driven by speculation and that psychological outlook of 'magical numbers' ie $100 is sending speculators running as it drops and drops.  First time we have seen a drop to $83 on Bitstamp since April...

A lot of activity on the exchanges these last 24 hours... question is, will it level this week and climb slightly higher edging towards that 'magical number' so many speculators hold so dearly..

The life and times of bitcoin.. exciting 

[Lohoris]

Ah no you see - that is unfortunately the beauty of fiat, consider this story.
[...]
Net Net, no one lost out and $80 of debt got repaid.

This story isn't much different from those used to explain you why money exists in the first place...

PS: fun thing, Ripple actually kind of solved this kind of issue...
(not implying that it isn't without issues itself)

[Zoznoz]

I believe that Bitcoins was hyped up in the media for sometime around the early part of this year which probably caused the bubble. At that time many people wanted Bitcoins only to discover how difficult it is to purchase them. I believe it is fundamentally supply and demand. As others have raised Mt Gox may be contributing to the decline and subsequent stagnation of the price but that depends on how large of a stake in the currency that the exchange has. However, I don't believe the price will be going down very much soon, it appears that even with a small amount of attention causes a huge surge in price. Not only that but bitcoins are designed to be limited in number and as we are aware can be divided to 0.00000001 BTC, I believe this could allow Bitcoins to reach even thousands of dollars one days yet at the same time we can comfortably divide the currency into very small portions.

[johnyj]

The worldwide economy is worse than the numbers suggest and people need fiat to pay the bills.

If they use fiat, they could never payback the bills

Each fiat dollar is backed by a equal amount of debt, when they get 100 dollar to pay the bill, they created a 100 dollar's debt to be paid somewhere else in the society, plus interest. So someone else might get a 103 dollar bill to pay, society as a whole become more and more debt laiden

Ah no you see - that is unfortunately the beauty of fiat, consider this story.
A man stops for a beer in a small town and leaves his wallet behind. The bartender, Fred, collects the wallet and finds $20 in it, after about half an hour with no sign of the man coming back he decides to keep the money. Knowing that he owes Mildred who makes the cakes he sells in the bar $20 he pops round to her shop and pays back the $20 he owes her. She owes $20 to Albert the repairman who repaired her ovens the other week , so she hands him $20 when she sees him. Now Albert owes a local hooker $20 for the quick one they had behind Freds bar the other night so he duely pays her back, and the hooker goes back to Freds bar and pays her bartab with the $20.

Half an hour after Fred gets the $20 back, the wallets owner walks back into the bar and asks if he left his wallet behind. Fred checks behind the bar and quickly puts the $20 back in it, smiles and hands over the wallet.

Net Net, no one lost out and $80 of debt got repaid.

You misunderstood me, by debt I did not mean private debt, I mean the debt incured when the money was created

In order to pay your $100 bill, you have to first earn $100 cash. Maybe you received this $100 cash as part of your salary, but have you ever given it a thought where this money originally come from?

It is created by FED by purchasing government bonds or MBS, both are debts. So behind every $100 cash note flown into the society (and eventually reaches you as a form of salary), there is a corresponding debt from government or household is generated, and they could not payback this debt since even if they get all the money back, the amount of money will never reach the amount of debt + interest

[Tzupy]

Maybe someone wants to buy a ton of BTC at a lower price and has started this pump-down.
Looking at the order distribution, the price should be around 92 right now, and it's 82, the pump-down is obvious to me.
Once the sell orders accumulate at the desired value and volume, IMO there should be a massive buy.
Or it's just the market deciding that BTC has been overvalued for months... We'll see.

[NewLiberty]

correct me if im wrong but isnt mtgox the majority of the reason btc is so low? mtgox has legal problems. and cash problems. i heard lots of ppl cant withdraw stuff from there = less people put money inn there and less volume is being moved . less volume = smaller price changes .

this is exactly why we need to break free from mtgox. they/he cant keep deciding what the price of btc is .

i would love to see something like average price from top 3-4 exchanges with most volume = price of Bitcoin.

Or weighted by volume per exchange and use all exchanges with more than 5% volume/week?