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Author Topic: Why is Bitcoin price tanking down? There seems to be no respite in the pricing?  (Read 218 times)
tiar4dewie
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March 09, 2018, 10:11:10 AM
 #21

We will see, this is a form of market that plays its role which is decentralization.
No person is entitled to fix the bitcoin price. The only market that shows every second bitcoin price changes gradually. Enjoy this spectacle.
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March 09, 2018, 10:13:21 AM
 #22

I think the only reason for dump is panic sales. The lies that have been spoken in the last 2-3 days may have caused this. Most people believe in these lies and sell what they have to save their money. And after the sale, the price of Bitcoin and all its altcoins goes down.
Behind many predictions that are often deceive to many people, of course there're another news or other things that it's really real and makes the price going down.
I'm still sure regardless from that.. will be many people who're still thinking otherwise and direct it to a more positive and optimistic, there will still be many people who're will buying at the price that's going down.
Of course. I think, it is profitable if we take advantage of this fall and invest some money. But, if some people see it as bubble, not as a benefit, then we will go down the deep. Good luck to all of us.  Undecided

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slaman29
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March 09, 2018, 10:34:03 AM
 #23

I'll make it really simple to everyone who can't understand why bitcoin value drops.

It costs around 5 billion dollars a year to maintain bitcoin mining. That includes the electricity and the development and production of machinery.

According to various sources there are around 5 million active bitcoin users. To me, this user count is too optimistic, but even with this optimistic count it costs 1000$ per year for a single bitcoin user to maintain bitcoin mining.

The only way for not having bitcoin holders pay for this circus with the value of their coin is to spread to new investors. That means that bitcoin needs minimum 5 billion per year just to maintain it's price. If this were a pyramid scheme, then every user would have to attract minimum 1000$ worth of new investments a year just to keep the pyramid from collapsing. As soon as the flow of new investors will slow, then bitcoin will start to collapse under its own weight and that is a lot of weight thanks to the inefficiency of PoW mining.

I also believe that's too optimistic, but I think the most recent reputable study by Cambridge in 2017 puts it closer to 3 million unique users. That's a lot more believable, and if it wasn't accurate then, it most certainly should be almost a year later today.

Now I do believe that Bitcoin mining costs that much, but that's really a small amount, relatively speaking, when it comes to the cost of maintaining security and all the benefits that come along with using Bitcoin as a decentralized, trustless means of payment. There is no circus here, except the sideshow of Bitcoin trashers who themselves are invested!

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Bardman
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March 09, 2018, 11:07:36 AM
 #24

I'll make it really simple to everyone who can't understand why bitcoin value drops.

It costs around 5 billion dollars a year to maintain bitcoin mining. That includes the electricity and the development and production of machinery.

According to various sources there are around 5 million active bitcoin users. To me, this user count is too optimistic, but even with this optimistic count it costs 1000$ per year for a single bitcoin user to maintain bitcoin mining.

The only way for not having bitcoin holders pay for this circus with the value of their coin is to spread to new investors. That means that bitcoin needs minimum 5 billion per year just to maintain it's price. If this were a pyramid scheme, then every user would have to attract minimum 1000$ worth of new investments a year just to keep the pyramid from collapsing. As soon as the flow of new investors will slow, then bitcoin will start to collapse under its own weight and that is a lot of weight thanks to the inefficiency of PoW mining.

True. ''Wasteful is one word for it. De Vries’ analysis showed that the blockchain-based cryptocurrency’s annual electricity consumption is around 32.36 terawatt-hours, around the same amount of energy used by the entire country of Serbia. He also showed that all of Visa’s transactions use about the same amount of energy as 50,000 households, while Bitcoin uses nearly three million houses’ worth''

Obviously there is something wrong here but I do think there are solutions for it like using the energy from mining farms for secondary uses.

Also, bitcoin is quite slow compared to many other coins. There is going to be a time where other top cryptos get direct fiat trading so people don't have to buy bitcoin just to buy other coins and eventually bitcoin will fall from the number 1 place. In fact I think it would be a good idea because this market is basically like 1 huge cryptocoin, everything goes down if bitcoin goes down, diversification is virtually useless when crashes happen.

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March 09, 2018, 11:14:20 AM
Merited by Coffee135 (6)
 #25

We will see, this is a form of market that plays its role which is decentralization.
No person is entitled to fix the bitcoin price. The only market that shows every second bitcoin price changes gradually. Enjoy this spectacle.
The price of bitcoin is easily corrected by whales. They have a large supply of coins which helps them to put pressure on the market. This will continue until such time as the coin will only be used for speculation on the market. They should be distributed among a large number of people. This will only help trade. Then prices will be more stable.

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March 09, 2018, 12:00:28 PM
 #26

More and more people wants to see Bitcoin fall just for buy it at small price. I just wait for some point that Bitcoin will grow from.

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March 09, 2018, 12:30:04 PM
Merited by Bardman (2)
 #27

I'll make it really simple to everyone who can't understand why bitcoin value drops.

It costs around 5 billion dollars a year to maintain bitcoin mining. That includes the electricity and the development and production of machinery.

According to various sources there are around 5 million active bitcoin users. To me, this user count is too optimistic, but even with this optimistic count it costs 1000$ per year for a single bitcoin user to maintain bitcoin mining.

The only way for not having bitcoin holders pay for this circus with the value of their coin is to spread to new investors. That means that bitcoin needs minimum 5 billion per year just to maintain it's price. If this were a pyramid scheme, then every user would have to attract minimum 1000$ worth of new investments a year just to keep the pyramid from collapsing. As soon as the flow of new investors will slow, then bitcoin will start to collapse under its own weight and that is a lot of weight thanks to the inefficiency of PoW mining.

True. ''Wasteful is one word for it. De Vries’ analysis showed that the blockchain-based cryptocurrency’s annual electricity consumption is around 32.36 terawatt-hours, around the same amount of energy used by the entire country of Serbia. He also showed that all of Visa’s transactions use about the same amount of energy as 50,000 households, while Bitcoin uses nearly three million houses’ worth''

Obviously there is something wrong here but I do think there are solutions for it like using the energy from mining farms for secondary uses.

Also, bitcoin is quite slow compared to many other coins. There is going to be a time where other top cryptos get direct fiat trading so people don't have to buy bitcoin just to buy other coins and eventually bitcoin will fall from the number 1 place. In fact I think it would be a good idea because this market is basically like 1 huge cryptocoin, everything goes down if bitcoin goes down, diversification is virtually useless when crashes happen.

The answer is moving forward from the current PoW model that is heavily flawed.
Major flaws of PoW come out when creation of ASICs is possible. This creates the need to build new machinery that can only solve one problem, and that problem doesn't even has to exist. Overheating of the mining sector is inevitable with PoW and that also creates problems with market stability. If the price drops, the miners can't just switch their mining farms to become regular server parks. They are stuck, and the only way in not going under is to blow up the price with debt and shadier shenanigans.
PoW could only work if the work can be done by home desktops and building specialized asics isn't possible. Then you would get decentralization, cheaper costs and more stable market. But I think that even better models like pos and newer hybrids have also surfaces.

I compare bitcoin a lot to Apple II. Both were based on old concepts, but were very innovative products themselves, with a lot of future development potential. Knowing that bitcoin will be obsolete soon and will only keep it's novelty value is as logical to me as knowing the same about Apple II 1980. Fanatical ideas that bitcoin will be the global reserve currency etc. are just as dumb to me as someone saying in 1980 that Apple II will be the supercomputer of the future. Sorry, but I see a lot more potential here then just gimmicky actions that apple 2 could offer then, and bitcoin can offer now. Crypto-assets will become A LOT more complex in the coming years
Not only are bitcoin transactions low, but the development is also extremely low. Bitcoin has hard time in developing in it's block size, while other crypto-asset teams are developing and testing new more efficient and complex mechanisms for upkeep and distribution. If comparing to Apple2 again, then it's like fighting over the question if the space bar should be 10 or 11cm long, like it was the major factor for future dominance, while the rest are building exponentially more practical and complex models.

:
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March 09, 2018, 12:59:50 PM
 #28

Good time probably to accumulate btcs for your portfolio but you have to be ready to see the value dip a little further since it's likely that we're just in the middle of the dump. And it's not only the sec announcent about it's regulation but mainly on the mtgox sell off

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March 09, 2018, 03:36:14 PM
 #29

the only reason we didn't keep growing was thanks to the stupid person in charge of the Goxcoins sold it on Kraken instead of OTC as anyone that isn't a complete clueless idiot or someone that doesn't want to damage the market price would do (and I think this was a plan to do just that).

I've been wondering about this as well. It's like he is doing it on purpose. Jesse Powell recommended him to do otherwise, and yet he is dumping them on the market.

There is no other explanation possible than these 2:

1) He is a total noob and he doesn't care. Insane amateur our by the japanese government appointing some random guy to do the job instead of someone that actually knows how bitcoin works.

2) This is a coordinated attack and they avoided OTC in purpose in order to tank the market and probably buy cheaper.

I don't see any other possibilities.

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March 09, 2018, 05:52:32 PM
 #30

I'll make it really simple to everyone who can't understand why bitcoin value drops.

It costs around 5 billion dollars a year to maintain bitcoin mining. That includes the electricity and the development and production of machinery.

According to various sources there are around 5 million active bitcoin users. To me, this user count is too optimistic, but even with this optimistic count it costs 1000$ per year for a single bitcoin user to maintain bitcoin mining.

The only way for not having bitcoin holders pay for this circus with the value of their coin is to spread to new investors. That means that bitcoin needs minimum 5 billion per year just to maintain it's price. If this were a pyramid scheme, then every user would have to attract minimum 1000$ worth of new investments a year just to keep the pyramid from collapsing. As soon as the flow of new investors will slow, then bitcoin will start to collapse under its own weight and that is a lot of weight thanks to the inefficiency of PoW mining.

True. ''Wasteful is one word for it. De Vries’ analysis showed that the blockchain-based cryptocurrency’s annual electricity consumption is around 32.36 terawatt-hours, around the same amount of energy used by the entire country of Serbia. He also showed that all of Visa’s transactions use about the same amount of energy as 50,000 households, while Bitcoin uses nearly three million houses’ worth''

Obviously there is something wrong here but I do think there are solutions for it like using the energy from mining farms for secondary uses.

Also, bitcoin is quite slow compared to many other coins. There is going to be a time where other top cryptos get direct fiat trading so people don't have to buy bitcoin just to buy other coins and eventually bitcoin will fall from the number 1 place. In fact I think it would be a good idea because this market is basically like 1 huge cryptocoin, everything goes down if bitcoin goes down, diversification is virtually useless when crashes happen.

The answer is moving forward from the current PoW model that is heavily flawed.
Major flaws of PoW come out when creation of ASICs is possible. This creates the need to build new machinery that can only solve one problem, and that problem doesn't even has to exist. Overheating of the mining sector is inevitable with PoW and that also creates problems with market stability. If the price drops, the miners can't just switch their mining farms to become regular server parks. They are stuck, and the only way in not going under is to blow up the price with debt and shadier shenanigans.
PoW could only work if the work can be done by home desktops and building specialized asics isn't possible. Then you would get decentralization, cheaper costs and more stable market. But I think that even better models like pos and newer hybrids have also surfaces.

I compare bitcoin a lot to Apple II. Both were based on old concepts, but were very innovative products themselves, with a lot of future development potential. Knowing that bitcoin will be obsolete soon and will only keep it's novelty value is as logical to me as knowing the same about Apple II 1980. Fanatical ideas that bitcoin will be the global reserve currency etc. are just as dumb to me as someone saying in 1980 that Apple II will be the supercomputer of the future. Sorry, but I see a lot more potential here then just gimmicky actions that apple 2 could offer then, and bitcoin can offer now. Crypto-assets will become A LOT more complex in the coming years
Not only are bitcoin transactions low, but the development is also extremely low. Bitcoin has hard time in developing in it's block size, while other crypto-asset teams are developing and testing new more efficient and complex mechanisms for upkeep and distribution. If comparing to Apple2 again, then it's like fighting over the question if the space bar should be 10 or 11cm long, like it was the major factor for future dominance, while the rest are building exponentially more practical and complex models.

Totally agree. There are ''new'' technologies being applied to other coins like PoS. Proof of stake is definitely more energy efficient, the amount of electricity needed to process the blockchain is lower and the probability of a 51% attack is also reduced.

Better algorithms and methods will be invented in time. For now I do think PoS offers a better solution than PoW and a lot of new coins are using it.

I do believe that bitcoin will slowly lose its value but we could see another run to the ''moon'' before it finally dies.

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March 09, 2018, 06:34:58 PM
 #31

I’m getting annoyed with this crap now, I’m not going to lie. I fear we could have a long bear market ahead.


Me too. And reading posts in this forum makes me thinks most people here are wishing for a multi-year bear market, be it for masochism, psychopathy or whatever another sick reason.

I've just withdraw any funds from exchanges and locked it all in my wallets. Fortunatelly for me, I didnt go all-in. But I just imagine the despair of people who got all-in, and worse still, got into it during November and December.

By the impression I get from the market, it seems we are going for $2000 now, the price before the BCash fork. And this will last more than two years, with the price floating between $2000 and $6000 during very painful months.

The bears can have 2-3 years of party hard, bulls only one. Thats how stock markets works, and since people dont want bitcoin to be a currency, but only a speculative asset, we wont see the adoption we wanted. There will be no adoption if grandmas and taxi drivers wont use it. There's no place for elitism, if bitcoin is to succeed as a currency.

If you have put more than 20% of your holdings into it, decrease your exposure, and lock the rest. Dont ever try to sell it, because the storm will eventually pass. Plan ahead for three years.
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March 09, 2018, 06:43:59 PM
 #32

It depends on our behavior. I can easily afford a few years without bitcoin. I'll buy the coins and hold them. If many users do the same, we will see a very rapid stabilization of the market and price growth will be guaranteed. Can be largely to blame whales but all depends on us. Let the whales sell their coins for $ 2,000.
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March 09, 2018, 06:49:22 PM
 #33

I’m getting annoyed with this crap now, I’m not going to lie. I fear we could have a long bear market ahead.


Me too. And reading posts in this forum makes me thinks most people here are wishing for a multi-year bear market, be it for masochism, psychopathy or whatever another sick reason.

I've just withdraw any funds from exchanges and locked it all in my wallets. Fortunatelly for me, I didnt go all-in. But I just imagine the despair of people who got all-in, and worse still, got into it during November and December.

By the impression I get from the market, it seems we are going for $2000 now, the price before the BCash fork. And this will last more than two years, with the price floating between $2000 and $6000 during very painful months.

The bears can have 2-3 years of party hard, bulls only one. Thats how stock markets works, and since people dont want bitcoin to be a currency, but only a speculative asset, we wont see the adoption we wanted. There will be no adoption if grandmas and taxi drivers wont use it. There's no place for elitism, if bitcoin is to succeed as a currency.

If you have put more than 20% of your holdings into it, decrease your exposure, and lock the rest. Dont ever try to sell it, because the storm will eventually pass. Plan ahead for three years.

We are way past the times when people thought of bitcoin as a currency. We call it the ''new gold'' now. It's clear that bitcoin will never be used as a currency because it simply wont work well, is not that people don't want it to become a currency, it's just that it doesn't work. Fees get too high, transactions too slow, it's not profitable for small companies to accept bitcoin.

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March 09, 2018, 07:10:56 PM
 #34

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?
Why are some exchange are tried to limit people and traders not to withdrawing above some I think the withdrawal is too high compare to weread we were about a week ago and this is what is contributing to this falling. Binance one of the biggest exchange is also having a very serious attack, however there have assure people that they invest is save.
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March 13, 2018, 06:21:30 AM
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Hey that was pretty much informative. I have bought little bitcoin. I just hope the prices increases now

Is it due to new SEC Rules passed for Excahnges or are there other reasons attached to this fall?
Any idea when should one start investing more and when can we see an upward spike?

Haven't you heard about the Binance supposedly hack?

https://cointelegraph.com/news/binance-reverses-irregular-trades-resumes-trading-amidst-community-confusion-about-hack

And then this:

https://mashable.com/2018/03/07/bitcoin-sec-statement-potential-illegality-binance-hack/

Followed by a big whale in Japan dumping his bitcoin. Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet

https://www.bloomberg.com/crypto

As far as investing, then this is the right time. Why? Bitcoin is cheap, you can buy more and accumulate it overtime. That's how successful traders do. Buy cheap and sell high. And then waited it out. It will eventually bounce back. But we don't know when. No one can predict the price movement. You need patience and mental toughness to not panic in this time of crisis.

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