BTC $66, seems everyone is dumping?

[coinprize]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

How many of bitcointalkers having deep knowledge of bitcoin network design, especially network difficulties changes and block chain protocols AND STILL think ASIC, BFL, Avalon mining are good investment?

For those who's still holding bitcoins with great values, you might bet better start thinking of solving the issue of bitcoin circulation in ordinary life, like bitcoin ebay, bitcoin movie, bitcoin music, bitcoin food.... that's the only way to save bitcoin.

[Wekkel]

It's just time.

[MykelSilver]

So everyone now understands that Bitcoin can never be taken serious as an alternative currency. One day a bread costs one Bitcoin, the other day you pay 100 Bitcoin

[WinVery.com]

It's potentially very costly having currency controls imposed like this.

[grue]

So everyone now understands that Bitcoin can never be taken serious as an alternative currency. One day a bread costs one Bitcoin, the other day you pay 100 Bitcoin

circular logic. price jumps are caused by... price jumps.

[DannyHamilton]

BTC $66, seems everyone is dumping?
- snip -

Nah.  Not everyone is dumping.  Every single one of those trades where someone is selling has someone on the other side of the trade that is buying.  There are as many people taking advantage of this drop in exchange rate to purchase cheap coins as there are people panicking and dumping what they own.

[KWH]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

Nope, hold and/or buy..

[Phinnaeus Gage]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

Nope, hold and/or buy..

Good idea! But BFL bitcoin miners. Plug the current exchange rate into an ROI calculator and see how profitable them babies are now.

[DannyHamilton]

Good idea! But BFL bitcoin miners. Plug the current exchange rate into an ROI calculator and see how profitable them babies are now.

Interesting though.  I wonder how low the exchange rate has to go before ASIC stop producing more than operating costs, and miners start shutting off their rigs for a bit?

[TheBanker]

I told you so

I predicted this days ago - price is now headed to 50 - Read: https://bitcointalk.org/index.php?topic=249490.0

[flyguy]

Just wait....   have you guys seen this?

http://www.nbcnews.com/business/winklevoss-twins-plan-ipo-bitcoins-digital-money-6C10512260

This will help to further legitimize BTC.  Given time this $66 price will seem like child's play.  I am stacking more BTC right now at $65.60!

[Wekkel]

Good idea! But BFL bitcoin miners. Plug the current exchange rate into an ROI calculator and see how profitable them babies are now.

Interesting though.  I wonder how low the exchange rate has to go before ASIC stop producing more than operating costs, and miners start shutting off their rigs for a bit?

They will mine at a loss for quite a while.

[johnyj]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

There is a projection that FED is going to tighten, means many institutional traders' available USD will be reduced, they have to liquidate on exchange. Same thing happens on gold and silver market now

[xavier]

Oh dear. Bitcoin is dead

[tclo]

BTC $66, seems everyone is dumping?
- snip -

Nah.  Not everyone is dumping.  Every single one of those trades where someone is selling has someone on the other side of the trade that is buying.  There are as many people taking advantage of this drop in exchange rate to purchase cheap coins as there are people panicking and dumping what they own.

This is funny.  So when bitcoin is at $1 and this is happening (someone is selling and someone is buying) you will still say that all is well?  

The point is not that no one is buying bitcoin, it's that it's value is rapidly falling.

[Littleshop]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

How many of bitcointalkers having deep knowledge of bitcoin network design, especially network difficulties changes and block chain protocols AND STILL think ASIC, BFL, Avalon mining are good investment?

Again, two of these companies support decentralized mining and are a good thing not a bad thing.  The company that mines hardcore with their own ASICS is the one causing the problem. 

[cp1]

I wish it were easier for me to buy at this price.  Closest localbitcoins person is not very close.

[DrGregMulhauser]

Interesting though.  I wonder how low the exchange rate has to go before ASIC stop producing more than operating costs, and miners start shutting off their rigs for a bit?

That's an interesting question -- no idea what the answer might be now, but you can get a first glimpse from an historical perspective by comparing the graph of total network hashing rate with the graph of USD vs. BTC:

http://bitcoin.sipa.be
http://bitcoincharts.com/charts/mtgoxUSD

The latter has a checkbox for "Custom Time", which lets you set whatever interval you'd like.

When BTC took its sudden dip in mid-2011, for example, there was a less sudden drop in total network power which began soon after. No doubt there's more to the decision, but the exchange rate is bound to be a big part of it.

[Luckybit]

BTC $66, seems everyone is dumping? Anyone has an idea about why? I don't understand, people are not trusting bitcoin anymore? or it's because people are rushing for the BFL boxes?

How many of bitcointalkers having deep knowledge of bitcoin network design, especially network difficulties changes and block chain protocols AND STILL think ASIC, BFL, Avalon mining are good investment?

Mining Bitcoin isn't profitable anymore. Most of the people backing Bitcoin were making money from mining. They are switching to LTC and PPC.

[DannyHamilton]

BTC $66, seems everyone is dumping?
- snip -

Nah.  Not everyone is dumping.  Every single one of those trades where someone is selling has someone on the other side of the trade that is buying.  There are as many people taking advantage of this drop in exchange rate to purchase cheap coins as there are people panicking and dumping what they own.

This is funny.  So when bitcoin is at $1 and this is happening (someone is selling and someone is buying) you will still say that all is well?  

Of course.  Because it would still be true.

The point is not that no one is buying bitcoin, it's that it's value is rapidly falling.

If that was the point, then instead of saying "seems everyone is dumping?", it would have made more sense to say "seems the exchange rate is dropping?"  (exchange rate and value are not always the same thing).

Obviously it is falling rapidly.  But "everyone" isn't "dumping". There are as many people "shoveling in" what they feel are cheap bitcoins as there are people "dumping" what they feel are over-priced bitcoins.  The fact that *you* feel they are over priced, and that many others feel the same shouldn't blind you to the fact that there are still many buyers.