Bitcoins to crash??

[Cluster2k]

Maybe bitcoins will finally return to the value of their actual utility instead of speculative betting on possible future uses.  Did people expect bitcoin to continue doubling in price every week?

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[SuperHakka]

now all you bulls who just panicked selled in the last hour, you got a much bigger problem, just how the fudge do you all get the cash out of Mt Gox's bank account together? answers on postcards.

[lophie]

We really saw this millions of times, now it will be down all weekend then there will be a surge upward on monday, at its peak it will fall here and there and...... NEVER SETTLES....


If we hit a massive correction it wont settle 500+, All above that is just weekly panick and a chance to make serious moneeeeee

[Kenshin]

For Fuck sake it went to $650 early. It is dropping like no tomorrow. I think China is selling their bitcoins since they can't use them.

[navidos]

For Fuck sake it went to $650 early. It is dropping like no tomorrow. I think China is selling their bitcoins since they can't use them.

What do you mean they can't use them )

It's not fiat

[axxo]

Such a big loss for those who bought it at price $1000+ if the current trend continues...

[beaconpcguru]

Patience and holding rewards..

[Paya]

Unfortunately for all this time btc hasn't really become much more usefull for common folk and in everyday life than it used to be, say, two years ago, It's still just speculators game with almost nothing to give it a solid, strong back. That 1000+ price was just ridiculous. But as btc markets are driven primarily by wishes, hopes and a bit of delusion, it may bounce back to 4-digit numbers in near future... bagain to same unsustainable, unhealthy and highly volatile spot vulnerable to wild market manipulations which are constantly driving away any serious business as well as "normal" people. Freak show still goes strong.

[PenAndPaper]

Maybe bitcoins will finally return to the value of their actual utility instead of speculative betting on possible future uses.  Did people expect bitcoin to continue doubling in price every week?

Care to name that actual utility price? I don't think that using bitcoin as a currency is something outside bitcoins utility. It's just that china ruined it.

[merv77]

Maybe bitcoins will finally return to the value of their actual utility instead of speculative betting on possible future uses.  Did people expect bitcoin to continue doubling in price every week?

Care to name that actual utility price? I don't think that using bitcoin as a currency is something outside bitcoins utility. It's just that china ruined it.

I think the Chinese shouldn't panic, they are savers and in the long term things will change.

The German government has accepted bitcoin as legal currency recently. http://youtu.be/okNhH7EoV6I other countries will follow. 

it's probably a good time to start buying, otherwise will be kick ourselves when it goes up and over $1000 next year.

[PenAndPaper]

Maybe bitcoins will finally return to the value of their actual utility instead of speculative betting on possible future uses.  Did people expect bitcoin to continue doubling in price every week?

Care to name that actual utility price? I don't think that using bitcoin as a currency is something outside bitcoins utility. It's just that china ruined it.

I think the Chinese shouldn't panic, they are savers and in the long term things will change.

The German government has accepted bitcoin as legal currency recently. http://youtu.be/okNhH7EoV6I other countries will follow. 

it's probably a good time to start buying, otherwise will be kick ourselves when it goes up and over $1000 next year.

Afaict the chinese are panicking because everyone else is panicking.
Also if you are referring to the german news from some months ago then no they haven't accepted bitcoins as a legal currency. It's a little more complicated than that.

[RoadTrain]

Unfortunately for all this time btc hasn't really become much more usefull for common folk and in everyday life than it used to be, say, two years ago, It's still just speculators game with almost nothing to give it a solid, strong back. That 1000+ price was just ridiculous. But as btc markets are driven primarily by wishes, hopes and a bit of delusion, it may bounce back to 4-digit numbers in near future... bagain to same unsustainable, unhealthy and highly volatile spot vulnerable to wild market manipulations which are constantly driving away any serious business as well as "normal" people. Freak show still goes strong.

You miss the point.
Bitcoin can't be stable unless it has a massive market cap. That means it HAS to be expensive.
Otherwise hot money will come in and out everytime causing volatility.

[cowandtea]

I say its just a temporary crash due to china ban bitcoin for transaction... its about to go up again....

[testerx]

For Fuck sake it went to $650 early. It is dropping like no tomorrow. I think China is selling their bitcoins since they can't use them.

What do you mean they can't use them )

It's not fiat

Companies in China were also banned from pricing things in BTC, i.e. you can't treat it as a real currency in China.  That's why Baidu had to pull Bitcoin acceptance.

Unfortunately while you can still speculate in China it's not going to be able to take off as a viable currency in China because of this stupid ass ruling so until they change their mind it's pretty much prevented what was a very, very, promising start in China.  What we need are Chinese folks who will do what the Bitcoiners here did before congress-lobby the hell out of their politicians to make Bitcoin work. 

[GriTBitS]

i just put my order in for 10000 at a $1 each  i wanna be in the valdamer club too!!!!

[t1000]

i just put my order in for 10000 at a $1 each  i wanna be in the valdamer club too!!!!

I assume that many are doing the same at $2, $5 and $10.

[PenAndPaper]

i just put my order in for 10000 at a $1 each  i wanna be in the valdamer club too!!!!

I assume that many are doing the same at $2, $5 and $10.

If bitcoin goes back to $1 then it will take some clicks in a faucet to get one. Not going to happen obviously.

[EETanner]

I don't post very much.  However, I wanted to point out the current graphical trading patterns on fiatleak.com.  Not that it can't change, but I think it means something that trading is still heavy in comparison to all other countries -- even after this announcement.  Just for consideration.

Edit: bad comma.

[PenAndPaper]

I don't post very much.  However, I wanted to point out the current graphical trading patterns on fiatleak.com.  Not that it can't change, but I think it means something that trading is still heavy in comparison to all other countries -- even after this announcement.  Just for consideration.

Edit: bad comma.

I think what we see here is everyone else panicking except the chinese. Actually they panic also but because of everyone else. 

[niothor]

now all you bulls who just panicked selled in the last hour, you got a much bigger problem, just how the fudge do you all get the cash out of Mt Gox's bank account together? answers on postcards.

Do you honestly believe nobody can get cash out of Mtgox?