Bitcoin takes a beating: down nearly 50% as China cracks down

[justmake]

After a record run, Bitcoin prices have tumbled back to earth after the Chinese government announced a series of bans on the currency. Here is a chart and some background.

http://gigaom.com/2013/12/17/bitcoin-takes-a-beating-down-nearly-50-as-china-cracks-down/

[server]

gigaom ?

[justmake]

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[Gabi]

From 140 to 750=crash

Weird, i tought the word 'crash' had another meaning. Well i suppose my english sucks.

[justmake]

1242 => 725 == Beating

Agreed. Bitcoin had a good run up, but now the pressure is taking a toll.

[LiteCoinGuy]

From 140 to 750=crash

Weird, i tought the word 'crash' had another meaning. Well i suppose my english sucks.

from 14 USD at the begin of the year to 700 USD = crash 

[Lauda]

Stop making accounts to spread FUD, ty.

[justmake]

I am not spreading FUD, just news. I actually like bitcoin and have a store at https://www.bitbuyonline.com/. TY

I think users on this forum should see all sides of the issue. There is a lot of positive info on the forum which is good, but users should also see some of the negative news. This will help users make informed decisions on bitcoin. One sided propaganda is never a good thing.

[Lauda]

No they should not see the negative sides from a newbie.

[justmake]

@LiteCoinGuy
14 USD => 700 USD == Insane Bull!  
Current Status == Bull Beating  

@ LaudaM
I know being a newbie is no good. Have to wait 360 secs before I can reply.  But the sources listed speak for themselves.

[Lauda]

Bitcoin is up over 1000% on a year to year basis. If one cares about these fluctuations, one has a very limited perspective.

[MatTheCat]

Bitcoin is up over 1000% on a year to year basis. If one cares about these fluctuations, one has a very limited perspective.

All depends when you got in really.

Those on this forum who were scathing latecomers for not holding at $1100, $1000, etc, need their heads stoved in.

I am a latecomer, I have made money, but did I hold when the market started turning? Like hell I did.

Did I make money by betting on a crash and bounce? Sure I did!

Do I hope to do the same again? Damn right!

Do I care that the market crash reduces some peoples Bitcoin speculation profts from 10000% to just 5000% and maybe even to just 2500%, or even less? Don't give a flying hoot!

[OC19850520]

Bitcoin is up over 1000% on a year to year basis. If one cares about these fluctuations, one has a very limited perspective.

All depends when you got in really.

Those on this forum who were scathing latecomers for not holding at $1100, $1000, etc, need their heads stoved in.

I am a latecomer, I have made money, but did I hold when the market started turning? Like hell I did.

Did I make money by betting on a crash and bounce? Sure I did!

Do I hope to do the same again? Damn right!

Do I care that the market crash reduces some peoples Bitcoin speculation profts from 10000% to just 5000% and maybe even to just 2500%, or even less? Don't give a flying hoot!

You sound like genius trader, you made millions trading forex already, right?

[MatTheCat]

Bitcoin is up over 1000% on a year to year basis. If one cares about these fluctuations, one has a very limited perspective.

All depends when you got in really.

Those on this forum who were scathing latecomers for not holding at $1100, $1000, etc, need their heads stoved in.

I am a latecomer, I have made money, but did I hold when the market started turning? Like hell I did.

Did I make money by betting on a crash and bounce? Sure I did!

Do I hope to do the same again? Damn right!

Do I care that the market crash reduces some peoples Bitcoin speculation profts from 10000% to just 5000% and maybe even to just 2500%, or even less? Don't give a flying hoot!

You sound like genius trader, you made millions trading forex already, right?

No.

I wouldn't say that I have a particularly great record trading. 2010-2011, I put about 30K GBP into precious metals, and we all know the story there. 2011, I was considering making a wildcard 500 GBP Bitcoin investment, just to support what I seen at the time as an anarchist initiative, but I just spend it all on Silk Road, the same as what I done with every coin I ever bought until Sept 2013. January 2013, I warned my brother away from the Bitcoin 'bubble' as it smashed through $30 reaching unthinkable parity with a 1 Oz Silver Round. In September 2013, I bought 15 Bitcoins, but at the first sign of a pullback in November 2013, I sold them whilst Bitcoin was around $340 trebling my money at the time, thinking I had done great. This series of Bitcoin follies resulted in a lot of self-disgust, but also the realisation that I was missing out on what I believe still could be, an investment opportunity of a lifetime. So I fainlly got my Bitstamp trading account authorised and approached the Bitcoin market tentatively, as Bitcoin kept on taking out ATHs on a daily basis.

All in all, my Bitcoin trading amounts to an approximate of 6K profit since mid/late November.

So far, since I have adopted a serious approach, I have done ok. I put this down to my ability to treat any opinion I have as completely disposable, the fact that I don't see Bitcoin as a 'noble cause' these days, but more the crypto-spawn of Satan (i.e. absolutely no emotional attachment to it), and most importantly, I don't pay any attention to the multitude of douchebags on this forum constantly telling everyone that 'bitcoin 4 tha Moon' or 'don't cry when you are buying back in at $1500'.

I act on a combination of instinct and what the charts are blatantly telling everyone.

My only interest in Bitcoin at this point in time is the opportunity it affords me, if I play my cards right, to turn some wedge. If Bitcoin should ever finally stabilise at any given price point, then perhaps I might come to value it as an alternative unit of account, but until then, its just one big Monte Carlo roller coaster.

[smurf2094]

If you think about it... If it was the other way around, as in China still being able to work with btc and the US not being able to, the price would be soooooooo much lower than this.. Like Probably 200.

Probably lower cause China would've panic sold, then like $5 lol

[aminorex]

If you think about it... If it was the other way around, as in China still being able to work with btc and the US not being able to, the price would be soooooooo much lower than this.. Like Probably 200.

Probably lower cause China would've panic sold, then like $5 lol

Funny thing about this post is:  Things ARE the other way around.  It is far, far easier to fund your BTCChina account from a Chinese bank than to fund your Bitstamp account from a U.S. Bank.

[shmadz]

Bitcoin is up over 1000% on a year to year basis. If one cares about these fluctuations, one has a very limited perspective.

All depends when you got in really.

Those on this forum who were scathing latecomers for not holding at $1100, $1000, etc, need their heads stoved in.

I am a latecomer, I have made money, but did I hold when the market started turning? Like hell I did.

Did I make money by betting on a crash and bounce? Sure I did!

Do I hope to do the same again? Damn right!

Do I care that the market crash reduces some peoples Bitcoin speculation profts from 10000% to just 5000% and maybe even to just 2500%, or even less? Don't give a flying hoot!

You sound like genius trader, you made millions trading forex already, right?

No.

I wouldn't say that I have a particularly great record trading. 2010-2011, I put about 30K GBP into precious metals, and we all know the story there. 2011, I was considering making a wildcard 500 GBP Bitcoin investment, just to support what I seen at the time as an anarchist initiative, but I just spend it all on Silk Road, the same as what I done with every coin I ever bought until Sept 2013. January 2013, I warned my brother away from the Bitcoin 'bubble' as it smashed through $30 reaching unthinkable parity with a 1 Oz Silver Round. In September 2013, I bought 15 Bitcoins, but at the first sign of a pullback in November 2013, I sold them whilst Bitcoin was around $340 trebling my money at the time, thinking I had done great. This series of Bitcoin follies resulted in a lot of self-disgust, but also the realisation that I was missing out on what I believe still could be, an investment opportunity of a lifetime. So I fainlly got my Bitstamp trading account authorised and approached the Bitcoin market tentatively, as Bitcoin kept on taking out ATHs on a daily basis.

All in all, my Bitcoin trading amounts to an approximate of 6K profit since mid/late November.

So far, since I have adopted a serious approach, I have done ok. I put this down to my ability to treat any opinion I have as completely disposable, the fact that I don't see Bitcoin as a 'noble cause' these days, but more the crypto-spawn of Satan (i.e. absolutely no emotional attachment to it), and most importantly, I don't pay any attention to the multitude of douchebags on this forum constantly telling everyone that 'bitcoin 4 tha Moon' or 'don't cry when you are buying back in at $1500'.

I act on a combination of instinct and what the charts are blatantly telling everyone.

My only interest in Bitcoin at this point in time is the opportunity it affords me, if I play my cards right, to turn some wedge. If Bitcoin should ever finally stabilise at any given price point, then perhaps I might come to value it as an alternative unit of account, but until then, its just one big Monte Carlo roller coaster.

This is actually a very sane and cautious approach. Just keep your powder dry.

[MatTheCat]

This is actually a very sane and cautious approach. Just keep your powder dry.

Just to highlight (to anyone who cares) that I am not your typical Bitcoin forum 'Pro Trader', picking em up at absolute bottom, punting em at the ATHs.

I had a buy order fullfilled as I slept for $21 BTC ~ $547.

By time I awoke, Bitcoin was at low $400s.

Counting on the bounce, I was holding out to break even and perhaps even take a small profit away on the bounce. I could have done this just about 20 minutes ago, but my nerve went at the short-term pennant that formed at sub $500, and fearing that another spike down could be on the cards, I sold everything for $490.

That is a 12% loss.

But boy, am I glad to be out!

This sucker could really go all the way to double digits as result of the great China Bitcoin wind down....or the great China Bitcoin pump n dump, depending on your point of view.

[raid_n]

This is actually a very sane and cautious approach. Just keep your powder dry.

My only interest in Bitcoin at this point in time is the opportunity it affords me, if I play my cards right, to turn some wedge. If Bitcoin should ever finally stabilise at any given price point, then perhaps I might come to value it as an alternative unit of account, but until then, its just one big Monte Carlo roller coaster.

I think those that profit in the long run are those that believe in the technology behind bitcoin.
If you do not see any real value behind it it is much easier to call double digits because your value estimate is much lower.

Could double digits actually happen? absolutely! But I firmly believe that pandora's box has been opened. Cryptocurrencies are here to stay and Bitcoin is taking the lead.
Maybe we should do some Thread necromancy in half a year, if Bitcoin still exists ;-)

[Gabi]

But boy, am I glad to be out!

See you later at 10000