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

[Kuroth]

Surprised not much discussion about it on here?

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[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!