Bitcoin price falling steadily?!

[dnyce]

Does anyone else find it odd that the Bitcoin price has been slowly declining?

What's up with that!?
http://t0.gstatic.com/images?q=tbn:ANd9GcRY18S8Uu6MrP0ITUGgugzsn8OEjgbPUbUiVs3lkmWmOZ-h4di7

[AliceWonder]

It's just correcting to where it currently belongs, which I believe is at about $60 a coin.

I actually don't mind the fall, and here's why - I hope to acquire 6,000 of them before it reaches $500 USD a coin, which I suspect will happen sometime in next 15 years.

That's easier to do when the price is lower. Especially since I'm not willing to risk putting all my eggs in one basket.

[airbit]

Strange. I don't have a chart pulled up, can you tell me how much bitcoin has declined for the year?

I was planning on picking something up around $40

[Robixen]

It's normal. Remember that every 10 minutes 25 bitcoins are mined and we had a big price bubble a couple of months ago. The price will stabilize in a couple of months.

[DannyHamilton]

It's just correcting to where it currently belongs, which I believe is at about $60 a coin.

I figured more like $75.  But what's $15 between a couple of bitcointalk members?

I actually don't mind the fall, and here's why - I hope to acquire 6,000 of them before it reaches $500 USD a coin, which I suspect will happen sometime in next 15 years.

I agree.  This is just an opportunity to acquire bitcoins cheaper.  Sounds like a great thing to me!

[DannyHamilton]

Strange. I don't have a chart pulled up, can you tell me how much bitcoin has declined for the year?

I was planning on picking something up around $40

Rolling 12 months?  It is up from 6.8 on July 3, 2012 to $82 right now.  That's an increase of 1,105.88%

Since January 1, 2013?  It is up from 13.55 to $82.  That's an increase of 505.16%

Off its high of 266 on April 10?  It is down 69.17%

[HoB]

I have expected the price to stabilize around $75-100 over the next few months.  With the popularity of bitcoins growing faster than the supply, I expect the price to be around $150 by the end of the year.  Within 1-2 years, I wouldn't be surprised to see the price between $200-250 per bitcoin.

I'll be continuing to collect them in hopes of decent growth.

[Trillium]

Haha everyone will tell you their 0.20BTC on what they think is happening with the market. Should you listen to them? No way!

Should you read lots about investing, markets, trends, etc... absolutely! That includes outside of bitcoin too. Don't line up with the sheeple!

[Gabi]

Bitcoin is defaulting, quick, everyone delete wallet.dat!

[dnyce]

Bitcoin is defaulting, quick, everyone delete wallet.dat!

HAHAHAHA! Good One! 

It's just correcting to where it currently belongs, which I believe is at about $60 a coin.

I figured more like $75.  But what's $15 between a couple of bitcointalk members?

I actually don't mind the fall, and here's why - I hope to acquire 6,000 of them before it reaches $500 USD a coin, which I suspect will happen sometime in next 15 years.

I agree.  This is just an opportunity to acquire bitcoins cheaper.  Sounds like a great thing to me!

Yeah but the question is how cheap is cheap!?

[bugarbit]

It wasn't going to just keep going up, but if you look at the excitement I would say it's still an opportunity. Just think a whole lot of mining equipment just got a lot cheaper

[dnyce]

It wasn't going to just keep going up, but if you look at the excitement I would say it's still an opportunity. Just think a whole lot of mining equipment just got a lot cheaper

haha yeah I guess you make a valid point....

Time to stock up!

[DannyHamilton]

It's just correcting to where it currently belongs, which I believe is at about $60 a coin.

I figured more like $75.  But what's $15 between a couple of bitcointalk members?

I actually don't mind the fall, and here's why - I hope to acquire 6,000 of them before it reaches $500 USD a coin, which I suspect will happen sometime in next 15 years.

I agree.  This is just an opportunity to acquire bitcoins cheaper.  Sounds like a great thing to me!

Yeah but the question is how cheap is cheap!?

Doesn't really matter.  I was willing to buy them when they were $110.  I was happier to buy them at $100.  I was thrilled to buy them at $90.  The lower they get, the happier I am.  I figure anything under $1,000 can be considered "cheap" as long as I don't need to convert them back to U.S. currency.

[BitcoinBoss]

Strange. I don't have a chart pulled up, can you tell me how much bitcoin has declined for the year?

I was planning on picking something up around $40

Rolling 12 months?  It is up from 6.8 on July 3, 2012 to $82 right now.  That's an increase of 1,105.88%

Since January 1, 2013?  It is up from 13.55 to $82.  That's an increase of 505.16%

Off its high of 266 on April 10?  It is down 69.17%

Thanks for doing the maths on this one. The figures make for interesting reading.

To be honest BTC is holding its value remarkably well and a decline like this is just BTC finding it's current level.

[asically]

I suspect the entire $100+ plateau was an elaborate Bull Trap.

We all knew the run-up was a bubble. Seriously, from <$18 to $260 in a matter of weeks, what else would it be.

[SirMintALot]

Lot's of reasons that cause the bitcoin to go down at the moment:

1.) In april there was money moved out of cyprus with the help of bitcoins. There was a high demand that caused the price to go up. But this has ended. So less demand and value
2.) Until the end of may the Winklevoss Twins bought lots of Bitcoins for their Bitcoin fund (they claim that they have bought bitcoins for 11 million USD. In april they owned 1% of all existing bitcoins). They probably stopped that which means there is now less demand and lower value.
3.) ASIC Miner is now doing 20% of the hashrate, plus the other ASIC mining people driving the difficulty up a lot. This is the cause that lots of GPU Miners stopped mining bitcoins. But when they don't mine bitcoins anymore, they don't spend them in shops like bitmit or bitcoinpride, they don't place bets or play poker with bitcoins anymore... Which means less demand and lower value too. The ASIC miners seem just to dump their bitcoins to get their investment back or to buy even more ASIC miners.

Hashrate Distribution: http://blockchain.info/pools?timespan=4days
Hashrate goes up: http://blockchain.info/de/charts/hash-rate
Revenues go down: http://blockchain.info/de/charts/miners-revenue
Transaction Value went down: http://blockchain.info/de/charts/estimated-transaction-volume
Number of Transactions went down: http://blockchain.info/de/charts/n-transactions
Number of used Bitcoin Adresses went down: http://blockchain.info/de/charts/n-unique-addresses
Market cap going down: http://blockchain.info/de/charts/market-cap

[BitcoinBoss]

Lot's of reasons that cause the bitcoin to go down at the moment:

1.) In april there was money moved out of cyprus with the help of bitcoins. There was a high demand that caused the price to go up. But this has ended. So less demand and value
2.) Until the end of may the Winklevoss Twins bought lots of Bitcoins for their Bitcoin fund (they claim that they have bought bitcoins for 11 million USD. In april they owned 1% of all existing bitcoins). They probably stopped that which means there is now less demand and lower value.
3.) ASIC Miner is now doing 20% of the hashrate, plus the other ASIC mining people driving the difficulty up a lot. This is the cause that lots of GPU Miners stopped mining bitcoins. But when they don't mine bitcoins anymore, they don't spend them in shops like bitmit or bitcoinpride, they don't place bets or play poker with bitcoins anymore... Which means less demand and lower value too. The ASIC miners seem just to dump their bitcoins to get their investment back or to buy even more ASIC miners.

Hashrate Distribution: http://blockchain.info/pools?timespan=4days
Hashrate goes up: http://blockchain.info/de/charts/hash-rate
Revenues go down: http://blockchain.info/de/charts/miners-revenue
Transaction Value went down: http://blockchain.info/de/charts/estimated-transaction-volume
Number of Transactions went down: http://blockchain.info/de/charts/n-transactions
Number of used Bitcoin Adresses went down: http://blockchain.info/de/charts/n-unique-addresses
Market cap going down: http://blockchain.info/de/charts/market-cap

An excellent analysis, with some really interesting information. Thank you

[dnyce]

Lot's of reasons that cause the bitcoin to go down at the moment:

1.) In april there was money moved out of cyprus with the help of bitcoins. There was a high demand that caused the price to go up. But this has ended. So less demand and value
2.) Until the end of may the Winklevoss Twins bought lots of Bitcoins for their Bitcoin fund (they claim that they have bought bitcoins for 11 million USD. In april they owned 1% of all existing bitcoins). They probably stopped that which means there is now less demand and lower value.
3.) ASIC Miner is now doing 20% of the hashrate, plus the other ASIC mining people driving the difficulty up a lot. This is the cause that lots of GPU Miners stopped mining bitcoins. But when they don't mine bitcoins anymore, they don't spend them in shops like bitmit or bitcoinpride, they don't place bets or play poker with bitcoins anymore... Which means less demand and lower value too. The ASIC miners seem just to dump their bitcoins to get their investment back or to buy even more ASIC miners.

Hashrate Distribution: http://blockchain.info/pools?timespan=4days
Hashrate goes up: http://blockchain.info/de/charts/hash-rate
Revenues go down: http://blockchain.info/de/charts/miners-revenue
Transaction Value went down: http://blockchain.info/de/charts/estimated-transaction-volume
Number of Transactions went down: http://blockchain.info/de/charts/n-transactions
Number of used Bitcoin Adresses went down: http://blockchain.info/de/charts/n-unique-addresses
Market cap going down: http://blockchain.info/de/charts/market-cap

An excellent analysis, with some really interesting information. Thank you

Agreed....

This has me thinking that now would be a good time to swap some of these bad boys out for another currency.... Sad... because I stand to lose a bit.

[BitCoinNewGuy]

It is called a "crash". Similar to the dot come "crash" which took about 2 years. Crashes don't happen in one day like people think, it takes place over the course of months with ups and downs, but a steady downward trend.

BitCoin is crashing. Sorry, $238 to $77 over the course of 2-3 months is a classic crash, and it is continuing.

[dnyce]

It is called a "crash". Similar to the dot come "crash" which took about 2 years. Crashes don't happen in one day like people think, it takes place over the course of months with ups and downs, but a steady downward trend.

BitCoin is crashing. Sorry, $238 to $77 over the course of 2-3 months is a classic crash, and it is continuing.

Well this guy just traded those shiny coins in for some LTC. At least there it's been a bit more steady and in fact shows signs of improving.