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NineLives (OP)
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November 10, 2013, 02:42:30 AM |
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Over the past few hours, BTC's value dropped from around $360 to $318 and still dropping.
What do you think the cause is? Do you think its going to keep dropping or is it yet to boom and why?
Just curious and wondering what the community thinks.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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high110
Sr. Member
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Activity: 728
Merit: 253
A Blockchain Mobile Operator With Token Rewards
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November 10, 2013, 02:45:25 AM |
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This usually happens when it rises too quickly. I know Silkroad 2 was back up and running. There was likely a rush for people to buy bitcoins so they can start purchasing on it...so after that died down...it would make sense for bitcoin to fall.
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NineLives (OP)
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November 10, 2013, 02:48:58 AM |
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What are the future predictions? Many people claim its yet to double? I don't think it will. Or will it? And why?
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vpitcher07
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November 10, 2013, 02:58:52 AM |
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What are the future predictions? Many people claim its yet to double? I don't think it will. Or will it? And why?
I doubt it's a bubble. We might see a small correction down to the upper 200's / lower 300's but not lower than that. Just my opinion. |
Bitcoin: The currency of liberty
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Shallow
Sr. Member
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Activity: 938
Merit: 255
SmartFi - EARN, LEND & TRADE
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November 10, 2013, 03:02:07 AM |
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After watching the wall for about an hour i think we will see a correction soon
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J.Socal
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November 10, 2013, 03:04:37 AM |
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also is .01 transaction fee a lil much now?Its like $3..Who collects those fees?
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bitwhizz
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Activity: 910
Merit: 1000
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November 10, 2013, 03:33:33 AM |
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also is .01 transaction fee a lil much now?Its like $3..Who collects those fees?
miners |
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Syke
Legendary
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Activity: 3878
Merit: 1193
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November 10, 2013, 03:41:18 AM |
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also is .01 transaction fee a lil much now?Its like $3..Who collects those fees?
It's more like $0.03. You can get by with a 0.0001 btc fee and still have the network relay it to everyone. |
Buy & Hold
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bg002h
Donator
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Activity: 1463
Merit: 1047
I outlived my lifetime membership:)
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November 10, 2013, 03:44:34 AM |
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Bankers don't work weekends; with all the newbies who don't know the money stops flowing, they're surprised by the fall in price as we head in to sunday. If it weren't for china, I should think we'd rise every morning and crash every night!
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Hfleer
Sr. Member
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Activity: 448
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Changing avatars is currently not possible.
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November 10, 2013, 04:01:43 AM |
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Think some people were selling a bit to take advantage of the new higher prices, they jumped quite a bit really fast. Looks like there's some support in the mid to high 200's and more in the lower 200's as well. Let's see what happens with the selling pressure though.
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LouReed
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November 10, 2013, 04:06:59 AM |
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This usually happens when it rises too quickly. I know Silkroad 2 was back up and running. There was likely a rush for people to buy bitcoins so they can start purchasing on it...so after that died down...it would make sense for bitcoin to fall.
WTF, really?! Silk Road has absolutely no bearing on the Bitcoin price what so ever! I am truly amazed how many people think that SR, in any way dictates the price of Bitcoin! |
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chrism1
Newbie
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Activity: 51
Merit: 0
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November 10, 2013, 04:12:21 AM |
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wow its sinking......hold on.... GOING UP........No... wait a minute......now DOWN ....within matter of minutes. should be an interesting night Looks like it could drop like a rock into the upper 200's crazy to see tomorrow It should be going stabilize back at 230- I hope +1 no sleep tonight  |
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TheJuice
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November 10, 2013, 04:13:27 AM |
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I'm not worried. I'm a long-term believer. I love the price swings for my day trades. Up about 20% today (on my overall BTC-value)!
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Melbustus
Legendary
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Activity: 1722
Merit: 1003
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November 10, 2013, 04:43:30 AM |
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Yawn. Going to bed now. Wake me up in a few years and bitcoin will be either thousands or pennies. What happens in-between is just irrelevant detail.
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Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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Nemesis
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November 10, 2013, 04:55:31 AM |
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For noobs :
Value != price
Fundamental hasnt changed, and there are no news.
This is what we call "shake-off" weak hands.
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superduh
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November 10, 2013, 05:02:53 AM |
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took 60,000 btc on gox to drive up price from 300 to 400ish
took 15,000 btc to knock it down to 300 ish
... it's going up.
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ok
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mvidetto
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November 10, 2013, 05:22:27 AM |
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took 60,000 btc on gox to drive up price from 300 to 400ish
took 15,000 btc to knock it down to 300 ish
... it's going up.
Considering people can't remove money from gox, it seriously has only one way to go. Back up... |
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Nemesis
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November 10, 2013, 05:27:46 AM |
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took 60,000 btc on gox to drive up price from 300 to 400ish
took 15,000 btc to knock it down to 300 ish
... it's going up.
Considering people can't remove money from gox, it seriously has only one way to go. Back up... exactly Also fiat money are still moving into the exchanges due to recent good news, it just takes abit longer thanks to banking system |
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Krikke81
Newbie
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Activity: 40
Merit: 0
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November 10, 2013, 05:30:32 AM |
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Normal reaction after a rise like this. Unexperienced day-traders panic and sell their stash even with a lose... I hope we will consolidate a bit just above $250-260, finding a higher bottom and staying around the $300 mark maybe shows that a stable BTC can contribute to profit for many businesses. We are still in a Bullish market, but everything on earth gets attracted by earth gravity, maybe afterwards a new impulse can make it fly to the moon (and not come back).  |
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