Digital Currency Tanks After Chinese Internet Company Suspends Usage Read mor

[mateo]

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12

So China is out now?

[embracebitcoin]

in the end, bitcoin is from people, not countries. It will stabilize over time, along with more and more businesses adopting it.

[p2pbucks]

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12

So China is out now?

 Restaurants still accept BTC in Beijing ,so why bother

[EvilPanda]

This is exactly why people lose money. "I read on some forum that BTC is dead cause China banned it, I better sell now" In a few days when all of these coins change owners they will wake up to a rising price and start spamming "Did I miss the train?".

[mateo]

This is exactly why people lose money. "I read on some forum that BTC is dead cause China banned it, I better sell now" In a few days when all of these coins change owners they will wake up to a rising price and start spamming "Did I miss the train?".

Only goes to show that the current BTC price was built on speculation, not on "rising demand" or other BS that dishonest pumpers were spouting here.

[mateo]

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12

So China is out now?

 Restaurants still accept BTC in Beijing ,so why bother

Restaurants might not have caught on yet, and it doesn't matter really anyway, Baidu stopped accepting Bitcoin and others might follow. I knew that the entry of so much new money wasn't good. I don't want Bitcoin to fall, I really don't, but if some of those people who were buying Bitcoin just to speculate, are now losing money, then I'm glad.

[EvilPanda]

This is exactly why people lose money. "I read on some forum that BTC is dead cause China banned it, I better sell now" In a few days when all of these coins change owners they will wake up to a rising price and start spamming "Did I miss the train?".

Only goes to show that the current BTC price was built on speculation, not on "rising demand" or other BS that dishonest pumpers were spouting here.

The price went up because people believed in future gains and went down when they became scared of losses - it's all speculation. BTC is worth what it's worth only because people think so, not because some chinese bank says it is.

[mateo]

And if people would be buying bitcoin to pay for goods and services instead of hoping to get rich, BTC would be actually behaving like a currency and not some Wall Street derivative. If those people lost money now, then I'm glad, they deserve it.

[CoinCidental]

bitcoin has to many advantages over fiat  to fail
this price drop makes no differnce in the bigger picture
except we can get more coins at a discount b4 it rises again

[franky1]

in the end, bitcoin is from people, not countries. It will stabilize over time, along with more and more businesses adopting it.

+1

we can get more coins at a discount b4 it rises again

+1

[mateo]

bitcoin has to many advantages over fiat  to fail
this price drop makes no differnce in the bigger picture
except we can get more coins at a discount b4 it rises again

Except this comparison is meaningless now, because people aren't using it as a currency anyway. And it's pretty bad as even a commodity right now with these wild swings.

[bryant.coleman]

"Digital currency tanks"............. not much after rising to 1,200 from 100.

But still, the volatility is worrying me. Shops will be scared to use BTC, if the value can go down by 50% in a matter of hours.

[franky1]

Except this comparison is meaningless now, because people aren't using it as a currency anyway. And it's pretty bad as even a commodity right now with these wild swings.

bitcoin is not a commodity!
its an asset
commodity = raw product with international standard of quality and vale, used to make other products
asset= possession held for storage of value.

assets can be used as part of trade as a currency for barter or held in storage for a store of wealth and should not be thought of as shares of a company or a raw material investment.

those worrying about the tank, dont panic. there is alway negative news the first week of each month. this has happened ever since april.. then folowed by 3 weeks of growth.

atleast research the past and dont panic about the future. bitcoin is still young. it is at the teenage rebellion stage fighting authority.. it is not at retirement age yet.

the 7 stages of life.. bitcoin life
2008- Birth: satoshi white paper
2009- first step: bitcoin pizza
2010-2012- troublesome toddler stage: silk road propoganda
2013- rebellious teen: fighting authority
the future- marriage: agreement with Fiat to be together for mutual benefit
the future- midlife crisis: maybe a major technical disaster to test bitcoins resolve
2140- retirement: no longer required to work(mine) for income but still useful around the community

[p2pbucks]

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12

So China is out now?

 Restaurants still accept BTC in Beijing ,so why bother

Restaurants might not have caught on yet, and it doesn't matter really anyway, Baidu stopped accepting Bitcoin and others might follow. I knew that the entry of so much new money wasn't good. I don't want Bitcoin to fall, I really don't, but if some of those people who were buying Bitcoin just to speculate, are now losing money, then I'm glad.

Why they follow ? Any reasons ? Bitcoin is a better way to avoid taxation and it's anonymous . Merchants don't give a sh1t to who don't accept BTC , they only care about their biz !

[mateo]

"Digital currency tanks"............. not much after rising to 1,200 from 100.

But still, the volatility is worrying me. Shops will be scared to use BTC, if the value can go down by 50% in a matter of hours.

And this is the whole point. Most people here think about themselves, not Bitcoin, which is why people keep blabbering about bankers and governemnts when the biggest problem with Bitcoin is it's instability, But of course, the speculators like this instability, which is why they try to play it down. But the obvious truth is, Bitcoin will never be anything (currency, commodity, asset) until it's stable, so the discussions on this forum should focus on what can be (has to be) done about volatility, not banks and conspiracy theories.

[franky1]

bitcoin is still in its teenage rebellion stage of life.. it is not yet truly ready for the big wide work of business. it is still growing. so calm down and relax, bitcoin will stabilise as soon as its 'sown its wild oats' and got control of its volatile hormone induced decisions without thoughts of others.

[mateo]

bitcoin is still in its teenage rebellion stage of life.. it is not yet truly ready for the big wide work of business. it is still growing. so calm down and relax, bitcoin will stabilise as soon as its 'sown its wild oats' and got control of its volatile hormone induced decisions without thoughts of others.

It will be in teenage rebellion stage forever if this continues. The only way for Bitcoin to become big and stable, is if business and consumers adopt it, but Baidu just dropped it stating volatility as the reason.

[p2pbucks]

It will be in teenage rebellion stage forever if this continues. The only way for Bitcoin to become big and stable, is if business and consumers adopt it, but Baidu just dropped it stating volatility as the reason.

Volatility is not the reason , it's CBC's announcement . People are irrational in nature you cant stop speculation it's the part of eco market.
 

[btcton]

I will not worry about this. As someone before me said, we will keep growing in the next few weeks. We just have to be patient.

[mateo]

It will be in teenage rebellion stage forever if this continues. The only way for Bitcoin to become big and stable, is if business and consumers adopt it, but Baidu just dropped it stating volatility as the reason.

Volatility is not the reason , it's CBC's announcement . People are irrational in nature you cant stop speculation it's the part of eco market.
 

Apparently you can, there are regulations around fiat trading, which keep the price stable in short-term.