Why is BTC in the toilet right now?

[bitcoinminer]

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

[BitPay Business Solutions]

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.

[thehairymob]

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

[Anonymous]

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]

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]

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]

get their bitcoin back from mybitcoin

What?

[STP]

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]

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]

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.

[adamstgBit]

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]

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]

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]

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).

[Morebitcoinsplease]

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).

LOL

[laydum]

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

[Morebitcoinsplease]

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]

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]

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

[EuSouBitcoin]

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.