Is this The Great Bitcoin Crash?

[bonker]

Prices have dropped nearly 10% today, that's pretty big, but is it a crash?

I guess mining is about to become unprofitable so shit should stabilise as all the miners turn off their
pointless rigs?

[Babylon]

Prices have dropped nearly 10% today, that's pretty big, but is it a crash?

I guess mining is about to become unprofitable so shit should stabilise as all the miners turn off their
pointless rigs?

Miners turning off their rigs will not slow down the amount of bitcoins being produced.  It will just make mining easier for those left in the game.  Miner's holding coins instead of selling immediately would push prices up.

[tacotime]

Is this the great DJI crash?  I doubt it

[Hunterbunter]

Kind of, imo.

There's just no one buying any more. BTC are just not worth $10/coin as an anonymous trade tool, so they'll go back to their mean of like $4 or something, all will despair, and it'll get back to business building from scratch. It'll take about a year to shake off the resentment from speculators, which is probably a good thing giving time for the currency to sort out a few more of its issues.

[bonker]

Kind of, imo.

There's just no one buying any more. BTC are just not worth $10/coin as an anonymous trade tool, so they'll go back to their mean of like $4 or something, all will despair, and it'll get back to business building from scratch. It'll take about a year to shake off the resentment from speculators, which is probably a good thing giving time for the currency to sort out a few more of its issues.

$4 is starting to look likely, MtGox ask has just dipped below $10 already, holy shit!

[compro01]

$4 is starting to look likely, MtGox ask has just dipped below $10 already, holy shit!

and tradehill is now below $9.

[achillez]

... sigh $50 in electricity wasted for my 5 bitcoins ...

[Bind]

It is not a crash.

It's the free market correcting itself.

[MatthewLM]

The crash from 30 already happened. I think people are getting bored with bitcoin, maybe they expected the "bitcoin economy" to rise in no time at all. Too little patience. Maybe after some time speculators got scared about the risks.

[Neptune]

It is not a crash.

It's the free market correcting itself.

Dude you are definately doing something wrong!!! 

[bonker]

It is not a crash.

It's the free market correcting itself.

Thanks for that, it makes poverty much easier to live with.

[ManOfKnight]

Personally I believe bitcoins were raised in price too quickly because of the press.  I would like to see them in the single digits for a while, it would make them more stable.  For some reason when a person sees them drop from 10 to 8...it is harder than watching them drop from 8 to 6, even though percentage-wise the 8 to 6 was a larger drop.  Bitcoins are still new and if they are to survive they must grow steadily and slowly, instead of in bursts.

[compro01]

and we're back up to 11 now.

[bonker]

and we're back up to 11 now.

Bull run!!

[compro01]

and we're back up to 11 now.

Bull run!!

or a dead cat bounce.

[walidzohair]

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!

[Piper67]

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!

Hey, Walid, if you keep posting the same sentence in lots and lots of different threads, maybe it will turn out to be true...

Magical thinking, the last refuge of a small mind, really. 

[amincd]

This should be in speculation.

[walidzohair]

The word among the horde in UK that bitcoin will vanish by the end of august. I dunno how they got that idea and where from .. but with these prices it sounds just about right!

Hey, Walid, if you keep posting the same sentence in lots and lots of different threads, maybe it will turn out to be true...

Magical thinking, the last refuge of a small mind, really. 

maybe it is!

anyways miners have bills to pay. price tanking is bad for business!

[The Script]

Same old, same old.  Read and learn some before panicking about bitcoin crashing.  Or perhaps just look at charts of bitcoin history.