Price Drop Cause?

[dimka]

Hey I am new to bitcoin, getting used to it and going to invest soon. The prices dropped today @Bitstamp to under $600 a piece. Is this good if you are going to buy them for that price? What is causing this huge price drop? Should I buy?

Thanks!

[1714679189]

1714679189

[TiagoTiago]

Last i heard, it was because some unfounded rumors about China banning Bitcoin; people that don't understand Bitcoin's long term potential panicked.

[dimka]

ahh, do you think the U.S. will ban bitcoin too?

[TiagoTiago]

Even if the rumor was true (i don't think they are), it shouldn't affect Bitcoin's long term value.

Regarding the U.S., news from that side have been relatively positive. Not as good as if they had just let it be, but they seem to indicate they are willing to let people use it, as long as they pay taxes on it.

[SaltySpitoon]

I too am curious about the price drop. Normally whenever there is major news that effects the price majorly, there are thousands of links circulating to media announcements. I can't seem to find any besides the coindesk article which everyone keeps referencing.

It may just be me hoping that BTC goes back up, but I'm thinking that there is some major price manipulation going on by someone who knows how to spark panic. Same with then China said that Bitcoins weren't currency, people got all panicky and then the price went back up.

[dimka]

I too am curious about the price drop. Normally whenever there is major news that effects the price majorly, there are thousands of links circulating to media announcements. I can't seem to find any besides the coindesk article which everyone keeps referencing.

It may just be me hoping that BTC goes back up, but I'm thinking that there is some major price manipulation going on by someone who knows how to spark panic. Same with then China said that Bitcoins weren't currency, people got all panicky and then the price went back up.

Salty, your a veteran and a moderator, is this price drop good or bad, and what aesthetic chances of me getting a profit off buying right now?

[TiagoTiago]

Buy now, odds are a year from now you'll thank me.

[bballer0141]

The problem with the U.S. taxing us for our usage of BTC is that the whole goal was to decentralize the currency, correct me if I'm wrong. Plus, the mining difficulty has gone to shit, thus I have decided to move to LTC mining, and I would recommend you do the same.

[prophete]

So I guess its a good time to buy some bitcoins.

[bitcoindigi]

China of course. I wouldn't buy now though, guess the price will continue to go down

[TiagoTiago]

The thing is, it will eventually go up again. And sometimes things move quite fast with Bitcoin. Only wait to buy if you're confident you will manage to get the purchase done before it rises back past the current price.

[SaltySpitoon]

Salty, your a veteran and a moderator, is this price drop good or bad, and what aesthetic chances of me getting a profit off buying right now?

Well see thats the problem, if I knew, I'd be a multi millionaire. In my opinion, there are two likely outcomes

1) The rumors are debunked by someone who can actually verify what they are saying, and the price goes back up

2) The rumors are true, and the price drops even further

In my personal opinion, I think we are at a median point between holding and hoping for the price to go back up when we all find out this is an elaborate hoax, and getting ready to sell off before BTC drops back down to what it was before the Chinese rush.

The interesting thing with Bitcoin is that a lot of psychology and sociology principals apply to how the market is doing, but every so often all scientific logic is defied, and things just happen. I, like many others believe the Bitcoin price will be $1000+ in the medium to long term, so I'm strictly discussing my speculation on the value in the immediate future. Personally, I'm holding, because I haven't found enough evidence to convince me that what coindesk is reporting is true, and that people are getting caught up in hysteria. But, the hysteria would continue even if debunked until enough people knew to spread the news, so we could be in for a rough couple of days, even if BTC is still openly traded in China and set to rise.

If I didn't stress it enough, these are my own opinions, and I have been wrong in my speculation more than once in the past, so I'd advise looking for some info regarding the drop, think about the factors and the possible outcomes, and rationalize the senarios by your own logic. (Thats my way of saying don't hold me liable if you buy in now and lose money due to a drop, or buy in late and miss out)

[rorygb]

I just sold my bitcoins I didn't want to take the risk. Got a decent price on them anyway at www.c-sale.tk thought it was a scam at the price they offered but maybe it's just a crappy businessman at the helm haha.

[Captain Gadget]

Hi I also am new, I just retired and hated using paper in business, was really hopeful when Kaiser & other HMOz started going paperless charting.
Somehow Bitcoin really makes sense 2 me.
I am a real Apple fan & wish Steve Jobs was still around, I think he would c the future benefit if it, 2 bad they removed it 4m the App Store .
I thought of mining but decided 2 wait until the price dips, really glad I did.
I really feel it's the future...
Glad 2 b a part if this 4ward thinking group!😊

[tanatos]

1.Price dropped because the "money makers" simply do not like competition.
2. People are greedy fools and this makes them part of the problem.


Bitcoin in the future being made illegal is also something that can not be discounted as a possibility.


More on 1: bitcoin was suppose to be an alternative to the establishment and not some speculative instrument traded by bots to later...transfer it all back to fiat and make a quick buck from it at the expense of everyone else...not to mention...that as in fiat...also in bitcoin....few own the large majority of it.     

[Kasandra]

I don't think we have reached the bottom yet.

[torrentheaven]

Just wait for official announcement. Speculation about China situation just helps the fear and uncertainity.

[Origami]

Hi,

I think the price drop is fordue to Christmas. People use the opportunity to be able to buy gifts.

[manofcolombia]

very true. everyone sold their coins on the same day cuz they all just realized that they havent bought gifts yet XD

[X2D]

FUD.  Lot's of different opinions here but it's obvious you're either a Bull or a Bear during moments like this though.  Can't wait to see how this unfolds and is probably the most exciting the charts have been in quite awhile.