the price is falling, the price is falling!!!

[massivebitman]

Reference to chicken little there...

Anyway I figure people are now able to cash out of Gox?

Not a big move yet I guess, but what do you guys think is gonna happen?

[massivebitman]

I'm scared this will turn into a full blown panic...

Price hasn't been going up for a while now

[tokeweed]

I'm scared this will turn into a full blown panic...

Price hasn't been going up for a while now

the fact that you're getting scared, most likely others are getting scared too. full blown panic is just around the corner. sell now and buy back later, btc won't go away.

[massivebitman]

hrmmm... well I'm already sold out..

What I'm really scared about is missing the bottom, lol

That or buying in too high.

Seems to be a definite downward trend, and I want to capitalise on it... Long term BTC will bounce back for sure, but I don't want to be one of those suckers who bought in at 260, and are stuck holding their half priced BTC.

Who knows what the real value is atm, personally I think there's a lot out there to push the price down. BTC isn't exciting anymore, and if I was an ASIC miner (which I will be as soon as BFL finally delivers my order) I'd like to see some fiat for my mining efforts.

[tokeweed]

Reference to chicken little there...

Anyway I figure people are now able to cash out of Gox?

Not a big move yet I guess, but what do you guys think is gonna happen?

what's gonna happen is people might panic driving btc lower.

[Jozzaboy]

I think everyone is waiting for american normies to wake up in the morning and check the BTC. Reaction imminent.

[massivebitman]

Ah well... whatever happens, this is what I'll be doing

Bitcoin Surfing



You saw it here first.

[tokeweed]

knowing what to do whatever happens. that's a start.

[rwilliams]

While bitcoins were climbing SLOWLY from a few dollars to around $25 US, everything was great. I expected to have to wait for two to three years for them to reach $100. After bitcoins skyrocketed from the mid twenties to over $250, I couldn't believe the rapid growth in vaalue.

Then came the fall to around $60, and I felt sick. The price came back, and climbed to over $150 again. Once again, all was good.

Then came the SLOW decent. Each week the price seems to drop a little more. So if you compare the value today to $260, it appears to be in a rapid downward trend. However, if you consider the value on January 1st, 2013, today's value is 400% to %500 what it was just six months ago! That is still awesome growth.

Even it the value drops to $50 by December 31st, 2013, it would still be over %100 return in a year. A great profit compared to almost anything else you could have invested in this year.

It was nice to see the value go up each day, or hour. And it hurts to see the value gradually decay. Sometimes I thing the best thing to do is just ignore the price, and sit back and wait, expecting gains over the long run.

[wonkytonky]

the price push down today is clearly a manipulation lol..   but it's ok.. i got me bids on the good spots

[naphto]

the price push down today is clearly a manipulation lol..   but it's ok.. i got me bids on the good spots

The whole market is a manipulation, since bitcoins is a bubble ...
Nobody in the real world gives any credits to that "currency".

[ThatDGuy]

While bitcoins were climbing SLOWLY from a few dollars to around $25 US, everything was great. I expected to have to wait for two to three years for them to reach $100. After bitcoins skyrocketed from the mid twenties to over $250, I couldn't believe the rapid growth in vaalue.

Then came the fall to around $60, and I felt sick. The price came back, and climbed to over $150 again. Once again, all was good.

Then came the SLOW decent. Each week the price seems to drop a little more. So if you compare the value today to $260, it appears to be in a rapid downward trend. However, if you consider the value on January 1st, 2013, today's value is 400% to %500 what it was just six months ago! That is still awesome growth.

Even it the value drops to $50 by December 31st, 2013, it would still be over %100 return in a year. A great profit compared to almost anything else you could have invested in this year.

It was nice to see the value go up each day, or hour. And it hurts to see the value gradually decay. Sometimes I thing the best thing to do is just ignore the price, and sit back and wait, expecting gains over the long run.

I agree with you, but I would't say you even need to ignore the price due to your feelings of confidence, rather justify them by looking at a different set of metrics.  One I've been tracking recently is the lowest $ price per BTC per month, since 2011.

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

• 23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
• We are in the 16th consecutive month of an increased monthly low price.
• The average change from one monthly low price in this time period to the next: +35.70%

Short term, yeah if you want to make some money on the ups and downs, have at it.  Long term, though, I'm not too concerned with the daily value when the absolute lowest point every month is going up by +35% over the past two years.

[massivebitman]

Well I'm gonna call it. I think from this point on sustained triple digits are a thing of the past... At least for 2-3 weeks (or many bitcoin world months)

[keelba]

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

[Jaroslaw]

50$ my old friend, we meet again

[ThatDGuy]

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

While I partially agree with the latter part, the value going up again will have the speculators along with it - and likely in larger numbers both of speculators and fiat thrown in.  Speculation isn't an "unfortunate" aspect of the Bitcoin economy - it is a naturally occurring and important aspect that is just one more way to bring attention to it.

I would suspect most speculators are not so much getting out right now, as they are just on the sidelines waiting until there is money to be made again. 

There are a lot more people paying attention to BTC now, compared to before the 4/2013 bubble, just like there were more then than there were for the 5/2011 bubble.  This forum itself had 83,400 members by the end of 2/2013, and March/April/May/June increased that user count to 134,300.  A 61% increase in registered users is pretty significant.

The next bubble could very likely push the value higher by an order of magnitude.

[N12]

There are a lot more people paying attention to BTC now, compared to before the 4/2013 bubble, just like there were more then than there were for the 5/2011 bubble.  This forum itself had 83,400 members by the end of 2/2013, and March/April/May/June increased that user count to 134,300.  A 61% increase in registered users is pretty significant.

That's why the price topped out at 266 instead of 32. It's already priced in. The underlying psychology is the same.

[Inedible]

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

[derpinheimer]

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

They wanted bitcoins as much as plants crave Brawndo.

[ThatDGuy]

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

They wanted bitcoins as much as plants crave Brawndo.

...but it's got electrolytes.  Plants love electrolytes!