Bitcoin Forum
December 11, 2016, 12:02:36 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 4 5 »  All
  Print  
Author Topic: Why is BTC in the toilet right now?  (Read 12358 times)
bitcoinminer
Sr. Member
****
Offline Offline

Activity: 322



View Profile
August 06, 2011, 05:09:21 PM
 #1

Just curious... stopped paying attention for a week, and now all of a sudden we're at 8 bucks.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481457756
Hero Member
*
Offline Offline

Posts: 1481457756

View Profile Personal Message (Offline)

Ignore
1481457756
Reply with quote  #2

1481457756
Report to moderator
BitPay Business Solutions
Hero Member
*****
Offline Offline

Activity: 756


View Profile WWW
August 06, 2011, 05:11:52 PM
 #2

Just curious... stopped paying attention for a week, and now all of a sudden we're at 8 bucks.

most likely all of the stolen bitcoins from mybitcoin are being laundered and converted to cash.


BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
thehairymob
Full Member
***
Offline Offline

Activity: 132


View Profile WWW
August 06, 2011, 05:13:27 PM
 #3

I think it has something to do with the world markets taking a hit this week.
Anonymous
Guest

August 06, 2011, 05:18:41 PM
 #4

I think it has something to do with the world markets taking a hit this week.
I was thinking a massive loss in confidence is far more likely.
dinzy
Member
**
Offline Offline

Activity: 98


Fuck Intel!


View Profile
August 06, 2011, 05:31:38 PM
 #5

I think it has something to do with the world markets taking a hit this week.
I was thinking a massive loss in confidence is far more likely.

Probably.  There has been nothing 'exciting' happening in the BTC scene for a while.  I am hoping for a magical rebound once school starts and young undergrads start buying their drugs through Silk Road, but that is a huge if.
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
August 06, 2011, 05:36:51 PM
 #6

i think its only going to get worst.

when poeple get their bitcoin back from mybitcoin, what do you think there gana do, sell....

jackjack
Hero Member
*****
Offline Offline

Activity: 882


May Bitcoin be touched by his Noodly Appendage


View Profile
August 06, 2011, 05:38:12 PM
 #7

get their bitcoin back from mybitcoin
What?

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.
STP
Jr. Member
*
Offline Offline

Activity: 33


View Profile
August 06, 2011, 05:40:38 PM
 #8

Well most have a price at which they will stop mining. I also have a price at which I stop selling and that already happened. I will just hold coins going forward until a rebound. Why people keep dumping is beyond me. Even if your mining and cashing out immediately to cover costs at least only cash out what costs you have to pay for and hold any profit.
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
August 06, 2011, 05:41:13 PM
 #9

get their bitcoin back from mybitcoin
What?

ya mybitcoin has setup a claim process... most likely poeple wont get all their btc back but the little they get back they will possibly sell

Fakeman
Full Member
***
Offline Offline

Activity: 154



View Profile
August 06, 2011, 05:41:35 PM
 #10

A massive influx of new capital is needed so that we can all cash out at USD $1000 and live like kings. Talk it up with all your most gullible friends, relatives and acquaintances.

16wEsax3GGvJmjiXCMQUWeHdgyDG5DXa2W
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
August 06, 2011, 05:44:12 PM
 #11

A massive influx of new capital is needed so that we can all cash out at USD $1000 and live like kings. Talk it up with all your most gullible friends, relatives and acquaintances.

now theirs an idea...... lets screw over all our friends and relatives

Piper67
Legendary
*
Offline Offline

Activity: 1008



View Profile
August 06, 2011, 05:52:38 PM
 #12

i think its only going to get worst.

when poeple get their bitcoin back from mybitcoin, what do you think there gana do, sell....

Nah... I doubt people will get anything back from mybitcoin (tens of thousands dumped into the market recently does not look promising), but if they do, they'd be stupid to sell off immediately, and they know it.
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
August 06, 2011, 05:55:44 PM
 #13

i think its only going to get worst.

when poeple get their bitcoin back from mybitcoin, what do you think there gana do, sell....

Nah... I doubt people will get anything back from mybitcoin (tens of thousands dumped into the market recently does not look promising), but if they do, they'd be stupid to sell off immediately, and they know it.

in anycase these low prices are likely to stick with us for a while.

everytime the market will go up, poeple will think its a good time to get out... making the price stable at about 10$ for weeks IMO

Steve
Hero Member
*****
Offline Offline

Activity: 868



View Profile WWW
August 06, 2011, 05:56:16 PM
 #14

Look at the bright side...maybe we won't need to shift the decimal place as soon as we thought.  And if it collapses, we can always burn our worthless bitcoin to heat our homes in the winter (oh wait, nm...I guess fiat currency does have some intrinsic value after all).

Grin

(gasteve on IRC) Does your website accept cash? https://bitpay.com
Morebitcoinsplease
Member
**
Offline Offline

Activity: 84



View Profile
August 06, 2011, 05:56:52 PM
 #15

Look at the bright side...maybe we won't need to shift the decimal place as soon as we thought.  And if it collapses, we can always burn our worthless bitcoin to heat our homes in the winter (oh wait, nm...I guess fiat currency does have some intrinsic value after all).

Grin

LOL
laydum
Jr. Member
*
Offline Offline

Activity: 42



View Profile
August 06, 2011, 05:59:15 PM
 #16

Maybe the drop in price is causing investors to dump their BTC in large amounts?

Morebitcoinsplease
Member
**
Offline Offline

Activity: 84



View Profile
August 06, 2011, 05:59:55 PM
 #17

i think its only going to get worst.

when poeple get their bitcoin back from mybitcoin, what do you think there gana do, sell....

Nah... I doubt people will get anything back from mybitcoin (tens of thousands dumped into the market recently does not look promising), but if they do, they'd be stupid to sell off immediately, and they know it.

in anycase these low prices are likely to stick with us for a while.

everytime the market will go up, poeple will think its a good time to get out... making the price stable at about 10$ for weeks IMO


I agree, confidence in bitcoin has taken yet another hit, but not unlike other markets I believe it will return back to $10 - $13 in the coming weeks as well.

I see 5970's on ebay once again for "Buy it now" which rarely ever happened since the beginning of bitcoin mining.
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
August 06, 2011, 06:01:44 PM
 #18

lol, are you going to buy durning this disaster?

i for one think, bitcoin will only get stronger, faster because of this... its had so many disasters,  good news coming soon!

wareen
Millionaire
Hero Member
*****
Offline Offline

Activity: 742

bitcoin-austria.at


View Profile
August 06, 2011, 06:03:20 PM
 #19

I honestly don't see a problem - nothing has changed really. Bitcoin isn't supposed to be a get-rich-quick scheme. The system behind Bitcoin is as strong as ever - we have more exchanges, more merchants, more hashing power, more users, etc. than we had a month ago.

I don't see why anybody would sell all his/her Bitcoins now - those who believe in the unique qualities of Bitcoin obviously won't sell because they haven't changed a bit. People who are just here for some quick buck could hardly have chosen a worse time to sell either...

My guess is it's mostly speculators which sell low but hope to buy back again even lower.

Anyway - lower prices also lower the barrier of entry for new people so go and sell away all you like Smiley
EuSouBitcoin
Sr. Member
****
Offline Offline

Activity: 463


View Profile
August 06, 2011, 06:04:04 PM
 #20

Excluding hardware costs, what is the USD cost of electricity required to generate 1 BTC?

That's the price around which BTC will stabilize, I think. If the price is higher than that cost, miners will generate new coins and sell to push the price down. Below that cost and the miners will turn off their mining rigs. Since they are not mining at that point, they won't have new BTC to sell. Of course other sellers could continue to aggressively push the price down but at least the miners won't be the ones doing the selling.
Pages: [1] 2 3 4 5 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!