Massive Sell Off- Crash or Correction?

[buggrock]

Sell Now!, and buy back lower.

Alot of pumpers will say it is just correction.

If the stock market, bond market, or any market went down 30% in a matter of hours. That my friend is a severe crash..

This is no correction. BTC is collapsing.

[maurya78]

Okay, that's great wisdom
Thanks for sharing...

[GrandeLarge]

I was there when people were panicking back in April I think it was, and it plunged from around 200$ to 30$. There were a lot of people cheering and jeering at the news, even though it soon bounced back to around 100$ and, more importantly, as we all know today- Eventually soared far beyond 200$ to the point where even people who bought at that peak could have made huge profits.

That's the big thing- Could have. Such a volatile currency requires caution if any profit is to be made.

So yeah, it might crash all the way into the ground and never go back up again. It might crash and slowly crawl back even higher than its previous record. Right now its rapidly swinging in value hundreds of dollars at a time- When we all wake up tomorrow it could be in double or quadruple digits- It's that uncertain.

People complain that digital currencies lack value, which I believe is an unfair assessment. All currency's value is only as high as the confidence of its users. Even such commonly accepted currencies as gold are floundering in these absurdly uncertain economic times. The fluctuations of digital currencies are extreme, but so is it's potential. Just don't treat it as a get rich quick scheme, because it will likely have the opposite outcome.

GrandeLarge has spoken.

[Habeler876]

i'd say massive sell-off. but the further down we go, the more dangerous it is to sell. remember that. don't lose all your btcs now!

[uncelestial]

It's a correction and a good time to buy. Just watch for a meaningful uptick and jump back in. It would only be a crash if you really believe the future of Bitcoin is dismal, but I believe digital currency is here to stay, and Bitcoin is the gold standard of it.

[LarryLiu]

Only the discovery of a serious design flaw would cause a detrimental crash. Dumpers will be very frustrated if they fail in their repeated attempts to crush people's faith in Bitcoin through traditional market manipulative tactics. We will see who prevails at the end.

[C.mil]

This somewhat reminds of Tulip bubble in 17th century when people bought up tulip bulbs and it was so expensive that you could buy 12 acres of land with one bulb.
Bitcoin has better value than tulips. Bitcoin is like money that never expires. Tulips had limited lifetime. Tulips were expensive when they were initially introduced in Europe then came sharp decline in value. Bitcoin was super cheap when it was introduced and its value rose over time. I think when the panic is over, BTC price will stop declining at some point and will stabilise before any other great news are announced, like Singapore adopts it as second currency or something like this, after which it will rise again to new heights.

[mybogusname]

@LarryLiu Agreed.

This crash is because lots of people who don't understand what cryptocurrency is, are afraid of it... and with the announcement made today, they clearly don't understand how reinforcing it was that the government did that. I am sure the "higher ups" that made the call to ban banks (and so forth) are secretly buying these up.


It won't be long before you have ALOT of rich "government" types. Maybe Obama should buy some, wait for the price to go thru the roof, and then pay off our debt..

Oh wait, that would be a good idea, and Obama doesn't like good ideas.

[Konety78]

News come out -> over-reacted -> Panic-sell -> Price is so attractive -> buy buy buy -> booming -> bubble? -> another news -> ...


Check http://blockchain.info/charts/market-price
You will see the repeated trends: steady increasing -> crazy increasing -> hugh fluctuation in a few days -> steady increasing -> ...

[cowandtea]

It is already under priced, anybody that buy now is smart... BUY!!

[Habeler876]

naw 400 here we come! maybe even 300!

[realizt]

Sell Now!, and buy back lower.

Alot of pumpers will say it is just correction.

If the stock market, bond market, or any market went down 30% in a matter of hours. That my friend is a severe crash..

This is no correction. BTC is collapsing.

It is not an adequate comparison because the conventional markets are being operated by professionals behind large institutions. These professionals have a vision of large earnings by spreads, slippage and commissions but also by trying to shift the markets in constant opposite directions, the difference from here is that alot of these amateur traders that work the conventional markets have alot of experience and base their decisions on rational thinking.
These fluctuations that are occuring here at the moment is mainly caused by inexperienced, emotionally driven traders. How would anyone otherwise accept a ask 30-45 % lower then two days ago?
Yes there might be some manipulation being brought upon the exchange services by large BTC holders with capital earnings as there only motto which is one of the dangers i see with bitcoin.

[LarryLiu]

@LarryLiu Agreed.

This crash is because lots of people who don't understand what cryptocurrency is, are afraid of it... and with the announcement made today, they clearly don't understand how reinforcing it was that the government did that. I am sure the "higher ups" that made the call to ban banks (and so forth) are secretly buying these up.


It won't be long before you have ALOT of rich "government" types. Maybe Obama should buy some, wait for the price to go thru the roof, and then pay off our debt..

Oh wait, that would be a good idea, and Obama doesn't like good ideas.

Flushing those greedy, speculative, blind "investors" out of the bitcoin universe may not be a bad thing for bitcoin's future. Once they are gone we can continue to work on perfecting the ecosystem one step at a time. They are such a distraction. I lost a lot of money today but I will be happy if this self-inflected "crash" keeps them staying away.

[Cetot]

@LarryLiu Agreed.

This crash is because lots of people who don't understand what cryptocurrency is, are afraid of it... and with the announcement made today, they clearly don't understand how reinforcing it was that the government did that. I am sure the "higher ups" that made the call to ban banks (and so forth) are secretly buying these up.


It won't be long before you have ALOT of rich "government" types. Maybe Obama should buy some, wait for the price to go thru the roof, and then pay off our debt..

Oh wait, that would be a good idea, and Obama doesn't like good ideas.

Flushing those greedy, speculative, blind "investors" out of the bitcoin universe may not be a bad thing for bitcoin's future. Once they are gone we can continue to work on perfecting the ecosystem one step at a time. They are such a distraction. I lost a lot of money today but I will be happy if this self-inflected "crash" keeps them staying away.

I really don't understand what those panic-sellers are thinking about.

Some said they are "worried" about the statement by chinese government the day before, but seriously?
The price at BTC-China is a lot higher than mtgox, bitstamp and btc-e. Why? Because, Chinese people understand the statement better.

[Santel]

@LarryLiu Agreed.

This crash is because lots of people who don't understand what cryptocurrency is, are afraid of it... and with the announcement made today, they clearly don't understand how reinforcing it was that the government did that. I am sure the "higher ups" that made the call to ban banks (and so forth) are secretly buying these up.


It won't be long before you have ALOT of rich "government" types. Maybe Obama should buy some, wait for the price to go thru the roof, and then pay off our debt..

Oh wait, that would be a good idea, and Obama doesn't like good ideas.

Flushing those greedy, speculative, blind "investors" out of the bitcoin universe may not be a bad thing for bitcoin's future. Once they are gone we can continue to work on perfecting the ecosystem one step at a time. They are such a distraction. I lost a lot of money today but I will be happy if this self-inflected "crash" keeps them staying away.

I really don't understand what those panic-sellers are thinking about.

Some said they are "worried" about the statement by chinese government the day before, but seriously?
The price at BTC-China is a lot higher than mtgox, bitstamp and btc-e. Why? Because, Chinese people understand the statement better.

I didn't notice the price difference lol.
At this very moment, mtgox: 670USD, bitstamp: 620USD, btc-e: 640USD, btcchina: 4400CNY(about 720USD).
Maybe you are right.
It seems the Chinese are not that worried about that statement; while the others are panic lol. This is interesting.

Everyone can check it here. http://bitcoinwisdom.com/

[AceWallen]

i dont think its just a correction this time. i think this bull run is over. what do you all think? 

[adworker]

This is no correction. BTC is collapsing.

Collapsing would mean dropping towards 0, which is not true.

[samsam]

i dont think its just a correction this time. i think this bull run is over. what do you all think? 

The bull run is definitely over for now. In some ways, that is good since BTC needs stable growth and patient investors if it hopes to reach its full potential.

The guys who were investing in BTC as a "get rich quick" scheme deserve to get burned.

[vendetahome]

It is just speculative sell offs because of China news, driven by FUD

[LarryLiu]

@LarryLiu Agreed.

This crash is because lots of people who don't understand what cryptocurrency is, are afraid of it... and with the announcement made today, they clearly don't understand how reinforcing it was that the government did that. I am sure the "higher ups" that made the call to ban banks (and so forth) are secretly buying these up.


It won't be long before you have ALOT of rich "government" types. Maybe Obama should buy some, wait for the price to go thru the roof, and then pay off our debt..

Oh wait, that would be a good idea, and Obama doesn't like good ideas.

Flushing those greedy, speculative, blind "investors" out of the bitcoin universe may not be a bad thing for bitcoin's future. Once they are gone we can continue to work on perfecting the ecosystem one step at a time. They are such a distraction. I lost a lot of money today but I will be happy if this self-inflected "crash" keeps them staying away.

I really don't understand what those panic-sellers are thinking about.

Some said they are "worried" about the statement by chinese government the day before, but seriously?
The price at BTC-China is a lot higher than mtgox, bitstamp and btc-e. Why? Because, Chinese people understand the statement better.

The significance of the Chinese government's statement was blown out of proportion. PBOC's note is not that much different from the Feds' position. Both of them are essentially saying Bitcoin is not something that fits their currency category, but if people want to use it then use it at their own risk. Because most banks and financial services companies in China are backed by the PBOC, it wants further make sure that those entities don't get directly involved in bitcoin businesses or involved in pricing things in bitcoin. I thought such stance was pretty defensive and generous. Why there was this sell-off Friday your guess is as good as mine. I do feel however  speculators are selling perhaps because they saw the chance of them selling bitcoins at $100000 each is diminishing. Just a greedy bunch.