The bitcoin crash?

[monbux]

What do you think?
http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12
FUD or does it have some real meaning in it?

Ironically, China, the second largest economy in the world, helped push Bitcoin prices to the clouds and now is pulling prices back to earth.  In the last week, China has delivered three knockdown punches.  First the central bank forbade its banks from accepting Bitcoin as currency.  Then, Baidu, China’s Google equivalent, announced it would no longer process Bitcoins.  Finally, China banned third-party payment companies from transacting with Bitcoin exchanges.  This last announcement significantly weakens market liquidity for BTC China, the largest Bitcoin exchange.  By voting “No” on Bitcoin, China fueled greater market skepticism.  Markets have already responded by lopping off, at the low, $6 billion in Bitcoin investment value.

If this is true, I can understand why the bitcoin price has dropped a bit for now.

Discuss.

[Bittzy78]

What do you think?
http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12
FUD or does it have some real meaning in it?

Ironically, China, the second largest economy in the world, helped push Bitcoin prices to the clouds and now is pulling prices back to earth.  In the last week, China has delivered three knockdown punches.  First the central bank forbade its banks from accepting Bitcoin as currency.  Then, Baidu, China’s Google equivalent, announced it would no longer process Bitcoins.  Finally, China banned third-party payment companies from transacting with Bitcoin exchanges.  This last announcement significantly weakens market liquidity for BTC China, the largest Bitcoin exchange.  By voting “No” on Bitcoin, China fueled greater market skepticism.  Markets have already responded by lopping off, at the low, $6 billion in Bitcoin investment value.

If this is true, I can understand why the bitcoin price has dropped a bit for now.

Discuss.

I think there will be several up and down swings in the coming years before we get a more stable price. Once it stops trading like a commodity and behaves more like a currency (with less volatility) the majority of people will simply stay away from it.

~ 2 cents ~

[dopey]

I agree, there is still so much volatility and what if's to really form a solid short term speculation.

Right now the market place is flooded with noobs that have no business trading or speculating for that matter.

[Waramp22]

When i started getting into bitcoin, it was at $240. I was facinated by it, but it was dropping and I couldnt afford an ASIC. After reseaching and learning i was about to borrow 6k so id have enough for an ASIC. Silkroad got taken out.

One of the main reason for bitcoin existing got taken out by the government.

Wow.


I believed in BTC so much but came to terms with the risk vs reward, and after reading the news I didn't go through with it. I wasnt sure if the BTC i would make in years time at 110mh/s would have payed for the 11k investment.

I didn't look at the price until December. $1200 and now down to $600. I would have had 20-50k worth of bitcoin at $600 each.

This is just a bumpy road. Once the world leaders find a way to support, regulate, and tax Bitcoin, it will be the new world currency. Its just a matter of time.

[monbux]

When i started getting into bitcoin, it was at $240. I was facinated by it, but it was dropping and I couldnt afford an ASIC. After reseaching and learning i was about to borrow 6k so id have enough for an ASIC. Silkroad got taken out.

One of the main reason for bitcoin existing got taken out by the government.

Wow.


I believed in BTC so much but came to terms with the risk vs reward, and after reading the news I didn't go through with it. I wasnt sure if the BTC i would make in years time at 110mh/s would have payed for the 11k investment.

I didn't look at the price until December. $1200 and now down to $600. I would have had 20-50k worth of bitcoin at $600 each.

This is just a bumpy road. Once the world leaders find a way to support, regulate, and tax Bitcoin, it will be the new world currency. Its just a matter of time.

True, I believe that bitcoin has a great chance at becoming a big online way of payment.  I guess we'll have ups and downs, where do you guys think the price will stabilize at?  Everyone is spamming FUD about bitcoin for the past week.

[Waramp22]

True, I believe that bitcoin has a great chance at becoming a big online way of payment.  I guess we'll have ups and downs, where do you guys think the price will stabilize at?  Everyone is spamming FUD about bitcoin for the past week.

I don't know but with the amount of ASICs hitting the market, difficulty will continue to rise and price will follow. Even if every government in the world bans it, it will not die. It has an underground following and when millionaires have mining farms producing bitcoin at an alarming rate, they will continue to mine, support, and spend bitcoin. Bitcoin could survive even if not a single business accepted it, through the underlying network of BTC holders. (Just like using gold to buy a car off of someone) They're not just going to quit supporting it because the governments told them to, that is half of the reason that it exists. Like anything, it will take a generation or so to accept that it is the "in" thing. People will only accept change when they are ready. Like seat belts, diversity, debit cards etc.  

[Haidang1796]

too bad that this happened. however I saw a small increase in btc price today.