Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???

[Kuroth]

Surprised not much discussion about it on here?

[ImI]

-> Economy/Speculation

Thats where those discussions are located.

Why? I would say. 60% pure psychology. 40% problems surrounding mtGox.

[TippingPoint]

California cease and desist order?

[Birdy]

I read so much of "sell now and buy back more coins later on"
Seems like most people are looking at the old after bubble-chart with the long decline and think it will be like this.
And because so much people think that, it does really go down.

If this assumption is true it will decline and rally back much faster than the last time.

[Ivanhoe]

Seems like most people are looking at the old after bubble-chart with the long decline and think it will be like this.
And because so much people think that, it does really go down.

+1 exactly my thought, self fulfilling prophecy.

[Crypt_Current]

It's all due to Jaroslaw's relentless dumping 

[bystander]

Surprised not much discussion about it on here?

Had been expecting a drop with US wires being re-opened on Gox, meaning a bunch of folks dumping in order to convert to fiat.  But not quite like this.  It didn't hold 88, punched through 80, and 76 doesn't seem all that stable either.  

[BitChick]

Surprised not much discussion about it on here?

Had been expecting a drop with US wires being re-opened on Gox, meaning a bunch of folks dumping in order to convert to fiat.  But not quite like this.  It didn't hold 88, punched through 80, and 76 doesn't seem all that stable either.  

Are the wires re-opened?

I guess it was to be expected.

It will rally I would think then..  With the wires re-opened more money can enter as well.  So it should just be a bump on the radar for now.

There is some great news out there too so it seems strange for it to drop so much. 

My theory was that we are on the brink of a holiday weekend.  Perhaps people need cash out to go vacation?  I know we are not able to buy any right now because of our "Summer Plans."  Spending a couple of weeks in New Zealand and a weekend in the mountains.  All this without selling any BTC.   I guess we are doing OK.

[rampantparanoia]

i'm hoping it stays down for a few days... pending cash transfer

[N12]

We've had a bubble and now it's deflating.

[MonadTran]

It's all due to Jaroslaw's relentless dumping 

And trolling.

[peonminer]

"Growing Pains"

[ehoffman]

Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???

#1 - Gox put money payback on hold for 2 weeks, that was 2 weeks ago because of 'too high volume of payback', and can't cope with banks.  People are fearing that it's more than just because the volume was too high.
#2 - Because of #1, prices going down, more panic, more people sell, price go down further.
#3 - With #2, that make a lot more likely that people will want to cash out.  If problem #1 is real (rumor has that Gox has not enough liquidity), then #1 can only get worse.

And, if Gox have no liquidity, then it will be exactly like it happened with the U.S. banks a few year ago.  Bankrupt!

[Birdy]

Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???

#1 - Gox put money payback on hold for 2 weeks, that was 2 weeks ago because of 'too high volume of payback', and can't cope with banks.  People are fearing that it's more than just because the volume was too high.
#2 - Because of #1, prices going down, more panic, more people sell, price go down further.
#3 - With #2, that make a lot more likely that people will want to cash out.  If problem #1 is real (rumor has that Gox has not enough liquidity), then #1 can only get worse.

And, if Gox have no liquidity, then it will be exactly like it happened with the U.S. banks a few year ago.  Bankrupt!

So why exactly are people selling their Bitcoins to have dollars on the exchange that they think is going bankrupt and doesn't allow them to withdraw at the moment?
That doesn't make sense at all.

[N12]

So why exactly are people selling their Bitcoins to have dollars on the exchange that they think is going bankrupt and doesn't allow them to withdraw at the moment?
That doesn't make sense at all.

Since when do markets make sense again?

[Jozzaboy]

It's plain irrational. Tomorrow everyone will artificially inflate MTGox with a fit of BTC purchases to move their money elsewhere because Gox will not get it fixed on time.

[Birdy]

It's plain irrational. Tomorrow everyone will artificially inflate MTGox with a fit of BTC purchases to move their money elsewhere because Gox will not get it fixed on time.

Also they are less likely to be able to fix it because so much people want to transfer it out then (at least if we assume they aren't all just trying to buy more Btc)

[ehoffman]

So why exactly are people selling their Bitcoins to have dollars on the exchange that they think is going bankrupt and doesn't allow them to withdraw at the moment?
That doesn't make sense at all.

Well, a lot of people are tied to Gox, like some payment providers, merchant, etc.  Or others just don't follow the news, and don't know about it yet.  While other just don't want to go through the hassle of cashing in from another exchange.  Just registering to an exchange is sometime complicated.  They ask you for ID, photo, etc (verification).  And, for example, for me in Canada, I use Virtex (and had to go through similar process to get validated), and using other exchanges is not really practical.

However, I sure think that exchanging and keeping in fiat at another exchange is the best bet for now.  If Gox go down, them the other exchanges have more chances of staying up.  And also may be a good bet to spread your BTC across a few exchanges (in fiat over there, as the prices continue to go down).

Gox announced the halt on Thursday 2 weeks ago.  go forward 2 weeks and that give out tomorrow.  So you see why people are nervous, may it be legitimate or unfounded...

[ImI]

The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.

[BitChick]

The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.

Yes.  Where are all the VCs that are supposedly pouring money into creating better exchanges and infrastructure?  We need them NOW!

[Hippie Tech]

Is this just the next part of the ongoing plan to centralize BTC ?

DING DING DING !!! CORRECT ANSWER.

In a way, I predicted this over a month ago, btw.

After that, the code will be written and the asics will ravage the alts.

HT xD

[Crypt_Current]

The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.

Yes.  Where are all the VCs that are supposedly pouring money into creating better exchanges and infrastructure?  We need them NOW!

notice network hashrate > 200 TH ... THAT's where VC $ is going.

[cryptoanarchist]

It's all good since I'm about to do some buying

[N12]

The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.

Yes.  Where are all the VCs that are supposedly pouring money into creating better exchanges and infrastructure?  We need them NOW!

It doesn't work that quickly, singularity simply doesn't happen and even though things are built, it changes nothing about the bear market. Same as 2011.

[chufchuf]

We've had a bubble and now it's deflating.

Stop using Xrumer.

[N12]

We've had a bubble and now it's deflating.

Stop using Xrumer.

I'm not. Why would I answer the same question differently in essence multiple times?

It's a simple fact, we had a speculative bubble where people chased gains and now this bubble is deflating so we return to more sensible prices.

[papaminer]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

[N12]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

I'm all for Bitcoin and I'm a long-term bull. I'm against making stupid financial decisions however.

Also, proudhon is a long-term bull too (and has always been).

[blackboy]

Dunno, I think a bunch of people are buying LTC. They'll buy BTC back after LTC hits Gox. That plus the Gox withdrawal issues and the lack of recent good press.

[Hippie Tech]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

No. Its called being realistic and honest.

[BitChick]

If the Gox withdrawal issues are fixed, we should see a good spike in price I would imagine.  People are anxious about that I think.

[xorglub]

People see price going down, panic sell, causing price to go down even more, more panic selling, rinse and repeat. No fundamental reason behind it, it's pure speculation.
It was the same on the way up to $266.

[N12]

People see price going down, panic sell, causing price to go down even more, more panic selling, rinse and repeat. No fundamental reason behind it, it's pure speculation.
It was the same on the way up to $266.

Precisely. It's too funny that people somehow don't acknowledge that explanation and rather seek some "news" to explain things.

[Tirapon]

It was more fun on the way up to $266  

[ImI]

If the Gox withdrawal issues are fixed, we should see a good spike in price I would imagine.  People are anxious about that I think.

Why? If those issues are fixed, everybody will expect the next issues incoming. Its all about TRUST. And lost trust isnt restored just by taking care of some existing issues.

To rebuild necessary trust again a prolonged period of time with NO ADDITIONAL issues is needed.

[MAbtc]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

You people are crazy.

[oxoa]

-> Economy/Speculation

Thats where those discussions are located.

Why? I would say. 60% pure psychology. 40% problems surrounding mtGox.

Well said!

[chufchuf]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

Don't forget proudhon turned out to be a tranny, finally admitting all tearful that he was a bull and that his bearishness was just the final desperate act of a contrarian.

[BitChick]

It was more fun on the way up to $266  

Way more fun! 

[vokain]

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

Don't forget proudhon turned out to be a tranny, finally admitting all tearful that he was a bull and that his bearishness was just the final desperate act of a contrarian.

i'm glad he made all the money he did, really a refreshing guy to have around. jaroslaw had big shoes to fill

[tokeweed]

We've had a bubble and now it's deflating.

this.  all bitcoin had going for it at those high prices was hype.

[BitChick]

We've had a bubble and now it's deflating.

this.  all bitcoin had going for it at those high prices was hype.

I would think it would have crashed even more then.  At least it did not go down to $60 like last time.  I am encouraged it is almost back to 80 after the dip today.  I think it will be back in the 90's in a few days.  Of course, people are probably awaiting news from Mt. Gox with regard to the USD cash Withdrawals being on hold.

[SOSLOVE868]

The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.

Yes.  Where are all the VCs that are supposedly pouring money into creating better exchanges and infrastructure?  We need them NOW!

The only things can save BTC is become P2P trading.... centralized Exchange I guess won't help.....they should all be closed eventually.

[tokeweed]

We've had a bubble and now it's deflating.

this.  all bitcoin had going for it at those high prices was hype.

I would think it would have crashed even more then.  At least it did not go down to $60 like last time.  I am encouraged it is almost back to 80 after the dip today.  I think it will be back in the 90's in a few days.  Of course, people are probably awaiting news from Mt. Gox with regard to the USD cash Withdrawals being on hold.

nope.  it's just trending down.  why?  cos this aint the 'panic' yet.

your bolded statement says you are in a state of 'denial'.  and that's what most of the people are in right now... denial.

[SOSLOVE868]

We've had a bubble and now it's deflating.

this.  all bitcoin had going for it at those high prices was hype.

I would think it would have crashed even more then.  At least it did not go down to $60 like last time.  I am encouraged it is almost back to 80 after the dip today.  I think it will be back in the 90's in a few days.  Of course, people are probably awaiting news from Mt. Gox with regard to the USD cash Withdrawals being on hold.

nope.  it's just trending down.  why?  cos this aint the 'panic' yet.

your bolded statement says you are in a state of 'denial'.  and that's what most of the people are in right now... denial.

I need a strong cigarette to peace my mind.....just check my assets....almost 10K disappear in past 4 days...

 
 

[BrightAnarchist]

We've had a bubble and now it's deflating.

Exactly... all these other explanations are just... crap

[Frozenlock]

I need a strong cigarette to peace my mind.....just check my assets....almost 10K disappear in past 4 days...

Any plan to protect the remaining?

[TippingPoint]

The only things can save BTC is become P2P trading.... centralized Exchange I guess won't help.....they should all be closed eventually.

Were centralized exchanges ever envisioned by Satoshi?

They are what is known as a "target rich environment" for the government.

Maybe they are an evolutionary dead end.

[SOSLOVE868]

I need a strong cigarette to peace my mind.....just check my assets....almost 10K disappear in past 4 days...

Any plan to protect the remaining?

I am freak out.....I just sold all my BTC...But still keep my AM shares......I hope this portfolio is a wise choice. otherwise I am go on silk road ,use my remaining to buy some happy stuffs....you know what I mean ....hahaha

[SOSLOVE868]

The only things can save BTC is become P2P trading.... centralized Exchange I guess won't help.....they should all be closed eventually.

Were centralized exchanges ever envisioned by Satoshi?

They are what is known as a "target rich environment" for the government.

Maybe they are an evolutionary dead end.

I hate MT.GOX very much ,people regard it as price index...but because it is a target for government , it just contributing to destroying people's faith in BTC...

localbitcoin is a good place to go ,but sad thing is it still linked price with MT.GOX.

[TippingPoint]

The only things can save BTC is become P2P trading.... centralized Exchange I guess won't help.....they should all be closed eventually.

Were centralized exchanges ever envisioned by Satoshi?

They are what is known as a "target rich environment" for the government.

Maybe they are an evolutionary dead end.

I hate MT.GOX very much ,people regard it as price index...but because it is a target for government , it just contributing to destroying people's faith in BTC...

localbitcoin is a good place to go ,but sad thing is it still linked price with MT.GOX.

I have not yet gotten to the point that I hate them, but I have instinctively avoided them.  I used a combination of localbitcoin and craigslist.

[SOSLOVE868]

I have not yet gotten to the point that I hate them, but I have instinctively avoided them.  I used a combination of localbitcoin and craigslist.

I think eventually MT.GOX will become a history, because its trade mechanism isn't perfectly fit the needs of BTC..once MT.GOX and other similar centralized exchanges become history, I see a bright light of BTC ahead of me....

[DoomDumas]

I see no plroblem here, and do not seek explanation.  This is trading.  From a trading point of view, going from 100 to 70 it's the same as going from 10 to 7.  From 2 to 20 is the same as from 20 to 200..
bitcoins are just as volatile as they where most of the time in history.  

When Bitcoin will be use by 1000x more peoples/business, then we may arrive at some stabilty versus fiat.. a bullish stability indeed, due to how fiat currencies are created.

Enjoy and try to keep emotions away from your decisions.

I buy as much as I can, IMO every BTC under 100 is at discount !


p.s. anyone know what's going on with the Havelock Investment web site (HIM) ?  Down for a while now..  
https://www.havelockinvestments.com/

[SOSLOVE868]

I see no plroblem here, and do not seek explanation.  This is trading.  From a trading point of view, going from 100 to 70 it's the same as going from 10 to 7.  From 2 to 20 is the same as from 20 to 200..
bitcoins are just as volatile as they where most of the time in history.  

When Bitcoin will be use by 1000x more peoples/business, then we may arrive at some stabilty versus fiat.. a bullish stability indeed, due to how fiat currencies are created.

Enjoy and try to keep emotions away from your decisions.

I buy as much as I can, IMO every BTC under 100 is at discount !


p.s. anyone know what's going on with the Havelock Investment web site (HIM) ?  Down for a while now..  
https://www.havelockinvestments.com/

Summer sales is on .....

[Frozenlock]

I buy as much as I can, IMO every BTC under 100 is at discount !

Oh goodie...

[oda.krell]

I buy as much as I can, IMO every BTC under 100 is at discount !

Oh goodie...

There's nothing wrong with this statement, from the perspective of a (long-term) optimistic investor. In another thread I advised to sell now and buy back later, like many others have done before me, but I don't sneer at the "I'm buying now, it's at a discount" strategy either.

In 2011 (I wasn't around then, but I read the old forum posts) people said the same, and then price dropped another, say, 50%. So from your perspective they were fools to buy at that point, just like they're now, right?

Well, you know as well as I do that they weren't. They could have maximized their btc stash had they waiter a bit longer, but in the end, they still bought below 10 USD, and if they had wanted to, could have sold at a 10x ROI.

tl;dr The best strategy, IMO, is to sell now and buy back later. But buying right now isn't dumb either, if you're in for the long run and don't lose your sleep over seing the fiat value of your stash erode for a while longer.

[Rampion]

We've had a bubble and now it's deflating.

Stop using Xrumer.

I'm not. Why would I answer the same question differently in essence multiple times?

It's a simple fact, we had a speculative bubble where people chased gains and now this bubble is deflating so we return to more sensible prices.

This.

We've had a bubble and now it's deflating.

how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic...

Are you joking? To be a mod in here you have to be a bullshitter in denial of the cold hard facts?

Wow, so much butthurt and fail in these forums...

We've had a bubble and now it's deflating.

this.  all bitcoin had going for it at those high prices was hype.

I would think it would have crashed even more then.  At least it did not go down to $60 like last time.  I am encouraged it is almost back to 80 after the dip today.  I think it will be back in the 90's in a few days.  Of course, people are probably awaiting news from Mt. Gox with regard to the USD cash Withdrawals being on hold.

Still way to go. This is just the beginning of fear. Before it goes up again you will have despair and capitulation, Bitcoin needs to be really undervalued before consistently going up again, triggering a positive cycle.

Just remind it was traded at $13 in January. Right now it's still trading at inflated prices, the bubble is far from deflated yet.

[oxoa]

  Stop spreading sh*t people, things should go better now:

https://mtgox.com/press_release_20130704.html

But it doesn't mean we should all depend on them... we should use more exchanges.
Also spooking everyone isn't helping either.

Instead of spreading sh*t we should spread the use of bitcoins for consuming.
Local shops, bars, asking your favorite internet shop if they gonna use it,
affirming that we are a strong community.  

[Rampion]

Stop spreading sh*t people, things should go better now:

https://mtgox.com/press_release_20130704.html

But it doesn't mean we should all depend on them... we should use more exchanges.
Also spooking everyone isn't helping either.

Instead of spreading sh*t we should spread the use of bitcoins for consuming.
Local shops, bars, asking your favorite internet shop if they gonna use it,
affirming that we are a strong community.  

Why are you crossposting this everywhere in speculation?

You feel bad when BTC price goes down, we get it, just sell.

[cryptoanarchist]

Man, reading this thread really makes me lose faith in humanity. Full of dumbasses.

[oxoa]

Stop spreading sh*t people, things should go better now:

https://mtgox.com/press_release_20130704.html

But it doesn't mean we should all depend on them... we should use more exchanges.
Also spooking everyone isn't helping either.

Instead of spreading sh*t we should spread the use of bitcoins for consuming.
Local shops, bars, asking your favorite internet shop if they gonna use it,
affirming that we are a strong community.  

Why are you crossposting this everywhere in speculation?

You feel bad when BTC price goes down, we get it, just sell.

crosspost on 2 post trying to spook everyone...

[oxoa]

Man, reading this thread really makes me lose faith in humanity. Full of dumbasses.

I get the same feeling.

[niothor]

Man, reading this thread really makes me lose faith in humanity. Full of dumbasses.

You still have faith in humanity?
Are you a shut-in with no interest in history?

[cryptoanarchist]

Man, reading this thread really makes me lose faith in humanity. Full of dumbasses.

You still have faith in humanity?
Are you a shut-in with no interest in history?

I just figured that maybe people who were into bitcoin would be smarter than this. Guess I was wrong.