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Author Topic: Why is Bitcoin tanking this afternoon?  (Read 6593 times)
AngelusWebDesign
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August 02, 2011, 07:45:09 PM
 #1

Did something happen I haven't heard about yet?

BTC are only $11.55 right now! Almost $2 cheaper than yesterday.

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bitrebel
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August 02, 2011, 07:46:40 PM
 #2

Did something happen I haven't heard about yet?

BTC are only $11.55 right now! Almost $2 cheaper than yesterday.



Tom is selling (dumping) Bruce's bitcoins on Mt Gox

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
Mt.Fun
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August 02, 2011, 07:47:14 PM
 #3

[insert reason you want people to believe bitcoins are down today here]
incraft3817
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August 02, 2011, 07:54:15 PM
 #4

Simple. When people see no securities for a currency, they are likely to be in fear mode, and devalue the currency, which caused the price to decreases. Right? lol
smoothie
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August 02, 2011, 07:55:58 PM
 #5

[insert reason you want people to believe bitcoins are down today here]

Based on the technicals I would not be surprised to see a bottom in the market in the next 7 days before moving higher and higher.

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bitrebel
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August 02, 2011, 07:56:03 PM
 #6

I think it's the rampant problems with security and trojans and wallet theft and mt gox and mybitcoins and the polish site and the wired article and the twitter stuff and the hack attacks and the SQL injections and the missing bitcoin shows....care to add anything anyone?

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wormbog
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August 02, 2011, 08:03:54 PM
 #7

Too much bad news all at once. Massive theft with (apparently) no legal recourse.

Valuations have been slowly dropping for weeks. I'd wager a lot of people have a number in mind that signals "time to get out". For me that number was 12USD. Lucky for me I was in a meeting when it dropped to 11.5.  Grin Now it's back over 12 again.
dayfall
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August 02, 2011, 08:16:11 PM
 #8

It was mostly the bad press for me as well as the long standing trend.  I also expected a quick dip to low 11 then a rise back to low 13, at which point I think it will slowly fall as usual.  I bet 12$ is where it will finally stabilize so the average person can use Bitcoin without too much fear for sub 10$.
jackjack
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August 02, 2011, 08:24:48 PM
 #9

Go on everybody, sell, sell, SELL!

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
Elwar
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August 02, 2011, 08:51:50 PM
 #10

The MyBitcoin guy is selling all of everyone's bitcoins.

And the polish exchange person who "lost" the wallet is also selling.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
BGL
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August 02, 2011, 08:53:24 PM
 #11

Did something happen I haven't heard about yet?

BTC are only $11.55 right now! Almost $2 cheaper than yesterday.



Tom is selling (dumping) Bruce's bitcoins on Mt Gox

if you look hard enough there is win to be found here.
Littleshop
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August 02, 2011, 08:54:48 PM
 #12

The MyBitcoin guy is selling all of everyone's bitcoins.

And the polish exchange person who "lost" the wallet is also selling.
If that were true there would be evidence in the block chain. Finding any?  

Elwar
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August 02, 2011, 08:58:01 PM
 #13

The MyBitcoin guy is selling all of everyone's bitcoins.

And the polish exchange person who "lost" the wallet is also selling.
If that were true there would be evidence in the block chain. Finding any?  

I do not know, I did not have a Mybitcoin address that I could check through the block chain.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
Weaver
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August 02, 2011, 09:03:29 PM
 #14

I think it's because the debt ceiling for the US got raised. But that's just me...

O.o
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August 02, 2011, 09:12:26 PM
 #15

Because someone is selling all of their coins obtained from poolhopping Anusgelus pool
adamstgBit
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August 02, 2011, 09:19:58 PM
 #16

These things are for sure going to happen...  think about it...

all kinda of bitcoin start-ups happened all at once, some where well made and others not so much
the lack of other resources forced people into using these non-secure applications.
people get burned and so bitcoin suffers.
but "what doesn't kill you can only make you stronger"
new services will come take the place of old shitty ones.
at one point the only services that will have any change at making a buck will be top notch.

if your scared about losing money then SELL SELL SELL!!
if your scared about losing period  then BUY  BUY  BUY!!

I want to see a better system in place
I don't want to pay some bank money for simply providing money
every dolor is loaned to us by the banks, the only way to pay the loans back it to barrow more money!
THIS IS ABUSIVE, THIS IS THERE WAY OF ENSLAVING EVERYONE from 9:00am to 5:00pm 5 days a week!

We can buy back our freedom. thanks to bitcoin.

F&@! MAN wake up and smell join the revelation!.... if bitcoin was invented in the 60's we wouldn't be in so much shit today... people back then didn't put a value on there freedom.

  Wink

i only cost 16$CND / hour

What dose your "freedom" cost?

truth is everyone's freedom cost the same... it cost a life time.



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August 02, 2011, 09:32:13 PM
 #17

I hope they catch these thieves... If Bitcoin really isn't "anonymous" can someone please PROVE IT! Please, while I am sure this will hurt the hackers crowd, this will fuel investments and give people some CONFIDENCE. Which is all the market requires...

Tweet For Coins http://uptweet.com
CubedRoot
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August 03, 2011, 04:06:42 AM
 #18

Did something happen I haven't heard about yet?

BTC are only $11.55 right now! Almost $2 cheaper than yesterday.



Holy crap all this guy does is spread FUD!
TrainDeluxe
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August 03, 2011, 07:57:05 AM
 #19

The explanation is simplier as anyone is guessing here. Price is based on supply and demand.

While every week 50.400 bitcoins are generated you need ca. 605.000$ coming into the market to keep the price stable at 12$.

If this does NOT happen, (which boviously doesnt) the price falls!


I am sure the price will continue to fall!

Feel free to donate: 1JRfgDwga27bh4mfjXqATRTL5mEPQtgHfQ
Blitz­
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August 03, 2011, 08:14:07 AM
 #20

While every week 50.400 bitcoins are generated you need ca. 605.000$ coming into the market to keep the price stable at 12$.
That’s assuming 100% of the new supply is sold immediately, which is wrong.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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