What happened today? BTC lost 160€

[UBS]

Hi there

I'm new to this forum - welcome to everyone!

I'm wondering what happened today. Couldn't find any information on google yet. Any idea what's the cause of this market break:

High: 1089$ Low: 151$
This looks to me like some event has disturbed the market quiet a lot.
Any specialist here?

Cheers
USB

[cedivad]

"specialist"? You just need a newbie to tell you that yes, btc lost [1-5]00$, after gaining 700$ in a week or so.

Nothing really happened

[Birdy]

The only event that happened was a senate hearing in the US. It was quite positive though.

[UBS]

"specialist"? You just need a newbie to tell you that yes, btc lost [1-5]00$, after gaining 700$ in a week or so.

Nothing really happened

Yea.. or no: There must be some cause... Just to say: It is like it is - that's not very satisfying.
I mean: It lost over 1/4. This does not happen that often...

[cedivad]

I mean: It lost over 1/4.

After gaining how much during the last week? So your point is? Yes, it's a bubble. Bubble explodes. Prepare for cheap coins and depression all over the forum. I personally will buy.

[PenAndPaper]

Nothing really happened

Some people doubled their coins while others don't have to work for another hour in their lives.
You don't call that nothing...

[nickgaff]

what were bit coins price before that drug site went down? i started getting into bit coins 2 months ago and they were $150 now they are $700 happy i bought i few at that low end

[jarhed]

Yea.. or no: There must be some cause... Just to say: It is like it is - that's not very satisfying.
I mean: It lost over 1/4. This does not happen that often...

Bitcoin is Bipolar?

[UBS]

I mean: It lost over 1/4.

After gaining how much during the last week? So your point is? Yes, it's a bubble. Bubble explodes. Prepare for cheap coins and depression all over the forum. I personally will buy.

OK I see your point. But still I'm sure there is always some reason for such a break.

Someone is willing to spend over 1000$ whilst some other pay only 151... Someone got some news the other didn't.

[zhask]

The only event that happened was a senate hearing in the US. It was quite positive though.

It would be stupid if they decided to put a law on bitcoins or even banning them, as if the "bad" things aren't purchased with Dollars and Euro's

[UBS]

Yea.. or no: There must be some cause... Just to say: It is like it is - that's not very satisfying.
I mean: It lost over 1/4. This does not happen that often...

Bitcoin is Bipolar?

LOL

still 2 posts to got... 

[boggle]

Bitcoin is still in its infancy. A bit like how the internet started out - started slow with limited people using and providing content and 20 years on now alot of us cant do without it..
BTC price will continue to rise and fall until bitcoin is widely accepted and used.

The senate discussions are a big step in the right direction..

MTGOX BTC to USD

HI of $900
Current price $570

[cmilliorn]

I see it like this, people are just getting into it. They buy at 500,600,700 whatever... Then the price starts going down. Say you invested $5,000 for 10 coins at $500, but then in like 20 minutes the price has fell to $400 a coin. Well holy crap your investment just lost $1,000. So then you want to sell now before you lose more but do so do a bunch of other people. Bam the price soars down to $150...Then a guy whos like WTF??? Why are these rejects selling so low. Heck ya Ill take your coins for $150 a piece heck Ill take them for up to $400 a piece. 2 hours later the price jumps back up to $600 and the guy who bought all the coins now sells. Making about $3,000 while investor A lost $3000.

The only way for you to make money on bitcoins is for someone else to lose it or spend it. It isn't backed by anything its technically worthless. So if people decide theyll only pay $151 a coin thats all its worth. If people will pay $1,000 a coin thats all its worth. Remember that the coins were worth $13 at the beginning of the year, if it can jump up that fast it can surely decline just as fast. Especially when those who are in bitcoins simply for how much money they can make are involved.

Just my two cents!

[UBS]

The only event that happened was a senate hearing in the US. It was quite positive though.

It would be stupid if they decided to put a law on bitcoins or even banning them, as if the "bad" things aren't purchased with Dollars and Euro's

I'm quite sure there will be some regulation sooner or later. And what about taxes? I'm wondering if it's already illegal to mine without telling the collection office...

[slowares]

If price goes down - BUY!

[PenAndPaper]

I'm wondering if it's already illegal to mine without telling the collection office...

First of all what is the collection office? And yes mining is and will be legal...

[UBS]

I see it like this, people are just getting into it. They buy at 500,600,700 whatever... Then the price starts going down. Say you invested $5,000 for 10 coins at $500, but then in like 20 minutes the price has fell to $400 a coin. Well holy crap your investment just lost $1,000. So then you want to sell now before you lose more but do so do a bunch of other people. Bam the price soars down to $150...Then a guy whos like WTF??? Why are these rejects selling so low. Heck ya Ill take your coins for $150 a piece heck Ill take them for up to $400 a piece. 2 hours later the price jumps back up to $600 and the guy who bought all the coins now sells. Making about $3,000 while investor A lost $3000.

The only way for you to make money on bitcoins is for someone else to lose it or spend it. It isn't backed by anything its technically worthless. So if people decide theyll only pay $151 a coin thats all its worth. If people will pay $1,000 a coin thats all its worth. Remember that the coins were worth $13 at the beginning of the year, if it can jump up that fast it can surely decline just as fast. Especially when those who are in bitcoins simply for how much money they can make are involved.

Just my two cents!

From this point of view I wonder what's the difference to other currencies. You even can open a bank for it and give interests...

[UBS]

I'm wondering if it's already illegal to mine without telling the collection office...

First of all what is the collection office? And yes mining is and will be legal...

Tax office?

Yes, mining IS legal. But paying no taxes for it will be not... sooner or later.

P.S. Sorry i always have to wait 6 min. before i can answer to new post. Ridiculous

[Bitsurprise]

Hi there

I'm new to this forum - welcome to everyone!

I'm wondering what happened today. Couldn't find any information on google yet. Any idea what's the cause of this market break:

High: 1089$ Low: 151$
This looks to me like some event has disturbed the market quiet a lot.
Any specialist here?

Cheers
USB

Totally expected , why you're surprised , huge bubble and it will burst , 9 folds in a very short period of time is a bubble , however it may rise again in the future , but any major sell off right now is totally expected , don't expect to make money instantly without taking any risks ....

[PenAndPaper]

Yes, mining IS legal. But paying no taxes for it will be not... sooner or later.

P.S. Sorry i always have to wait 6 min. before i can answer to new post. Ridiculous

Are you serious? Paying taxes in bitcoins? Maybe in 100 years.
You will pay taxes when you convert your coins to $.