Bitcoin Crashing Again?

[NUFCrichard]

it's having a bit of a hissy fit crash now...

[Gordonium]

THE GREAT CRASH!!!!!!

[MatTheCat]

it's having a bit of a hissy fit crash now...

It looks to me as though a clear correcting phase is forming here.

Btc-e, MtGox, and BtcChina, are now all showing bounces on the 15m charts, each one failing to reach the highs of the previous peak. However, new lows are not being tested either.

[BitcoinAshley]

Guys, I think it's obvious The Great Crash(TM) has arrived. I know we'd all like to pretend it isn't happening, but just admit that Gordonium is right and you're all bagholders. The Great Crash(TM) has begun.

(Just don't tell Gordonium that it's an upwards crash) 

My BTC bag has been a lot heavier lately. I don't mind being a bagholder if this is what it entails.

[zeroday]

THE GREAT CRASH!!!!!!

You may repeat it 100 times but it won't recover the coins you sold a few days ago.
Just re-buy now with loss and enjoy that you will have it when price passes $2k/btc.

[torry28]

THE GREAT CRASH!!!!!!

Just small correction so far.

Ok, so what price you need to rebuy the coins you sold ?
Or you will be trolling at any price?

[PenAndPaper]

Why waste bitcoins on investing in businesses when fiat will do just fine?

One of my smartest decisions was to pay for my BFL pre-order with dollars last February, instead of using bitcoins. By the time I actually received my miner in late October, difficulty had increased so much that it took me a whole month to mine my first whole coin.

Of course if you have fiat you may invest using fiat. I 'm talking about guys that don't have enough fiat but bought hundreds or even thousands of coin early on and the only thing they do now is hoarding and waiting for others to give value to the ecosystem.

[donjoe]

You say that I am a troll looking for lower prices, perhaps, but if that were the case, that would be no different to being a troll trolling for higher prices, like the majority on here, who serve up nothing in their posts but pure idiocy on toast, so long as it somehow supports Btc going to the moon.

I am long on Bitcoin and intend to go longer. But unlike most of the rest of you, I strongly believe that one day Bitcoin will not exist. Even if it goes to $10000 before it implodes into oblivion.

Refreshing to see the occasional other guy who gets it speak up.

The problem with hoarding is that people don't invest their btc in businesses and technologies around bitcoin.
They just hoard and wait for the miracle to happen.

Exactly. And it could damage the concept of bitcoin.

Uh, wut? Damage the concept of Bitcoin as a medium of exchange? I'm afraid it's a little late for that - a certain mr. Nakamura took care of that one a long time ago.

[Syke]

3600 NEW Coins daily, thats a lot in market trades.

It's actually more like 4k coins daily average 8.9m between blocks or about 4044 btc a day.

More than 22k coins change hands just on MtGox alone. Add all the exchanges together and you'll see that even if all new coins were sold every day, they are but a few percentage points of the trading market.

[Logik]

Why do people keep calling "crash" on very short lived, ~20% dips? That's pretty normal for this [rally/bubble]. At least wait for a 2 day red candle, or something.

[TERA]

At this rate of descent, it'll be single digits within a month. So you better sell me your coins now.

[Okurkabinladin]

Well when ppl started getting there mini rigs beginning of OCT they were selling them off. Now they are getting low amount of coin return so they're holding on to them... The next batch of miners with the 28mm rigs will get here soon and the price will shoot up again. They will be the new money and wanting to sell except they will need to sell for more to get payback. This cycle will continue to repeat for a long time... Investment needs payback. So they sell. Selling creates Vol. People start holding out for more money but still willing to sell. Then the Increase in difficulty hits and they are back to hording.... March Apr of this year is when BLF started issuing their first mini rigs I believe.

miners participation in today market is negligible

3600 NEW Coins daily, thats a lot in market trades.

It's actually more like 4k coins daily average 8.9m between blocks or about 4044 btc a day.

So we are talking about three million dollars daily minimum just to keep the price from tanking  

EDIT: Whoop dee doo. We not only broke last all time high at two hundred sixty six pre bitcoin, we even broke into less than two hundred. This was hellish ride, I tell you, kids. Its not going to come back, is it? IS IT? I hope not. That would be my end for sure.

- Pyrrhus

[zuckerant]

Yeah. Today I sold a few coins at 760 and probably will buy back a few at 850 tomorrow. Best decision ever.

I've lost hundreds of BTC to relentless rallies.  If you are a long term supporter, it's better to just spend them on stuff you want.  That way, you can support merchants, provide liquidity, and either lock in some profits, or rebuy them to not lose out on future gains.

I do spend bitcoins because I also see the need to push the market. No big spends,  as a non-american there aren't that many possibilites. But it's great for steam keys or amazon.com. Because of the drops I still can buyin later. I do the "spend in bitcoins, resupply bitcoins with cash afterwards".

[bathwater]

Yeah. Today I sold a few coins at 760 and probably will buy back a few at 850 tomorrow. Best decision ever.

I've lost hundreds of BTC to relentless rallies.  If you are a long term supporter, it's better to just spend them on stuff you want.  That way, you can support merchants, provide liquidity, and either lock in some profits, or rebuy them to not lose out on future gains.

I do spend bitcoins because I also see the need to push the market. No big spends,  as a non-american there aren't that many possibilites. But it's great for steam keys or amazon.com. Because of the drops I still can buyin later. I do the "spend in bitcoins, resupply bitcoins with cash afterwards".

nice that you do that (sell and spend bitcoin) but isnt that a problem, you can only spend bcoin at certain places that it is a limited market. the market isnt there. and after a while support will die down. while speculators and investors will only be holing the majority of coins. when a closed circuit holds control. the market will suffocate.
 

[zuckerant]

I see it as a great danger that with all the speculation a few people will gather most bitcoins so I want to avoid decreasing the amount and also try to hold at least some cash between trading. If they drop all of their bitcoins, bitcoin will be dead. That's why i spend some of them during the uptrend. They will have no value if bitcoin crashes for the one last time. I didn't put my life issurance in bitcoins, only money I can lose.

Bitpay & Co is my hope. A middle men between buyers and merchants will be needed for most earth citizens  as long as it isn't someone like paypal. Bitcoins will be useful as a cheap and easy way of instant transfer over the world. I don't care if bitcoins will be hold by investors in the few years coming. Transfers from one side of the world to the other side shouldn't take days. If the future bitcoin transfers go with expensive fees I guess it will be forked (like in open source or lite coins). Paper virtual credit cards (in shops) were an alternative but I think they got more restricted and not accepted by all companies. AND you get tracked by the credit companies so the opposite of anonymous.

Profit is nice but I'm a little IT geek so the technical possibilities are a big reason for buying bitcoins even if I could lose money. As said above I wouldn't put my life insurance into it. But who would put it at prices of $10.000/BTC? That's real future stuff.