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Author Topic: Here we go again, another major price drop for bitcoins  (Read 21510 times)
mizike29
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August 26, 2011, 08:31:47 PM
 #1

Its been pretty stable for over a month now, sitting around 10 to 11 bux even during the weekend down time.  Now its pretty quickly dropped to 8 bux a coin.  So how low we going this time.  I bought a bunch when it hit 9 today, now wish I would have waited of course.  Problem is, if bitcoin keeps freaking going from 11 to 7, to 12, to 8 back and forth its just making it harder and harder for there to be a strong bitcoin economy.  Sellers are not going to want to sell products and services for something that changes its value so dramatically and so quickly.  We need to fix that somehow, it has to stabilize even if its at 5 bux a coin, it just has to be stable withing a dollar for there to ever be any future economy for bitcoin, or at least thats how I feel.

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August 26, 2011, 08:36:16 PM
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Its been pretty stable for over a month now, sitting around 10 to 11 bux even during the weekend down time.  Now its pretty quickly dropped to 8 bux a coin.  So how low we going this time.  I bought a bunch when it hit 9 today, now wish I would have waited of course.  Problem is, if bitcoin keeps freaking going from 11 to 7, to 12, to 8 back and forth its just making it harder and harder for there to be a strong bitcoin economy.  Sellers are not going to want to sell products and services for something that changes its value so dramatically and so quickly.  We need to fix that somehow, it has to stabilize even if its at 5 bux a coin, it just has to be stable withing a dollar for there to ever be any future economy for bitcoin, or at least thats how I feel.
The more it swings, the more it will attract day traders.

They will eventually stabilize the economy because eventually they will cancel each others trades out, making manipulation much harder.

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August 26, 2011, 08:39:54 PM
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what bitcoin needs is Derivative!

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August 26, 2011, 08:42:40 PM
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i dont mind if its low or high.  Grin
mizike29
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August 27, 2011, 12:55:10 AM
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We have to mind if you use or want bitcoin to grow.  You cant buy something for 5 bitcoins when there `12 bux each, then someone 2 weeks later buys same product for 5 bitcoins when there 7 bux each, thats going to lessen people that are sellers accepting bitcoin I belived.  And yes I do day trade and I agree its good for day traders when you get them low.  My issue with that is theres a 4 day delay to get money from bank account, to dwolla to MTGOX so bitcoin changes so much in 4 days, from 11 to 8 just like that, but if u wanted to buy, it would take 4 days just to get money in the account.  That is hurting too.

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August 27, 2011, 01:39:25 AM
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I've been waiting for the dip - I'm not necessarily happy or sad, just that I had set some buys two weeks ago and just waited for it to happen.
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August 27, 2011, 01:57:39 AM
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I had a buy order in . I missed the bottom by .09 too low Sad now it's .75 higher.
stryker
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August 27, 2011, 09:57:39 AM
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A bitcoin is supposed to be worth what someone will trade for it... not how many dollars its worth.  if you want a currency that is pegged to dollars then go buy dollars.... in fact you can mine dollars, except in the dollar world its called "working".... catchy eh?  Roll Eyes Grin
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August 27, 2011, 10:03:25 AM
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Its been pretty stable for over a month now, sitting around 10 to 11 bux even during the weekend down time.  Now its pretty quickly dropped to 8 bux a coin.  So how low we going this time.  I bought a bunch when it hit 9 today, now wish I would have waited of course.  Problem is, if bitcoin keeps freaking going from 11 to 7, to 12, to 8 back and forth its just making it harder and harder for there to be a strong bitcoin economy.  Sellers are not going to want to sell products and services for something that changes its value so dramatically and so quickly.  We need to fix that somehow, it has to stabilize even if its at 5 bux a coin, it just has to be stable withing a dollar for there to ever be any future economy for bitcoin, or at least thats how I feel.
The more it swings, the more it will attract day traders.

They will eventually stabilize the economy because eventually they will cancel each others trades out, making manipulation much harder.

Wrong wrong wrong. You'll just have to trade higher and higher volumes to make a profit. Stop trying or desiring to control bitcoins. You may have high goals and aspirations, but this "we need to" bullshit must end. Bitcoins lead the way. People watch, analyze trends, speculate...etc etc. Bitcoins just ARE. Accept it or get out, but do not think you will lead the way.

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Because Bitrebel says things that some people do not want YOU to hear.
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August 27, 2011, 10:47:33 AM
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That's the problem with a free market, it's always subject to manipulation by the big players.
The free market only works a sandpit, with the big players leaving it alone to keep the small fry happy and playing along.


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mizike29
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August 27, 2011, 03:32:28 PM
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Its not about control, its about stability.  For bitcoins to become mainstream and not just an interesting play too with 25 people at a conference, be seen as just a nerdy interest or pyramid scam, it has to stabilize enough to make trading items, or services for them to make it a good working currency.  As it stands now, it is just a neat play tool to mess around with, what else would you buy bitcoins or mine bitcoins for?  If theres no stability they will just remain some crazy math problem that creates a number.  That is awesome, and the theories behind it are solid, so lets get it into real business, sales, products and services.  Stability is the only way I see that ever coming about.

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August 27, 2011, 03:45:30 PM
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Its not about control, its about stability.  For bitcoins to become mainstream and not just an interesting play too with 25 people at a conference, be seen as just a nerdy interest or pyramid scam, it has to stabilize enough to make trading items, or services for them to make it a good working currency.  As it stands now, it is just a neat play tool to mess around with, what else would you buy bitcoins or mine bitcoins for?  If theres no stability they will just remain some crazy math problem that creates a number.  That is awesome, and the theories behind it are solid, so lets get it into real business, sales, products and services.  Stability is the only way I see that ever coming about.

This is the chicken and the egg problem. Businesses want to see a stable currency before even being involved in it, however to get a stable currency it needs to be huge already, with tons of people involved.
Bitcoin Swami
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August 27, 2011, 04:12:51 PM
 #13

i think this is just a natural thing that needs to happen.  The bitcoins need to be spread out from the early adopters.  Every time someone dumps 25k bitcoins, they get spread around to ALOT more people. 1 bitcoin to this guy 10 to that guy 3 to that other guy.   It can't go on forever.  So everytime you see a huge dump be happy instead of sad.  (unless its Mt. Gox or something doing the dumping then there is a problem)
GoWest
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August 27, 2011, 05:01:47 PM
 #14

I don't understand why you need a stable currency when there are already payment processors that allow you to instantly adjust your price based on the market rate.

mizike29
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August 27, 2011, 08:27:16 PM
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Because, you sell say a computer for 30 bitcoins.  That laptop cost you 200 bux lets say to build, and you sold it for 300 dollars worth of bitcoins worth 13 dollars a coin at the time.  That works out fine, but then next month bitcoins are worth 5 bux a coin, you now lost money on that laptop.  Its great that you can adjust the price of your next selling computer to be more bitcoins because there only worth 4 bux each now, but every sale before that you now lost a lot of money on.  Thats not good business, it can work in the reverse though, which is what I think many sellers are hoping for, the sell item, service for something worth 10 bux now, and that same item is worth 40 bux each in the future.

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August 27, 2011, 08:37:10 PM
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I don't understand why you need a stable currency when there are already payment processors that allow you to instantly adjust your price based on the market rate.

This is true, but after the sale is made, the bitcoins need to be converted to dollars right away to negate any exchange rate risk.  If that is accomplished, then bitcoins can go up, down or sideways, and it will not matter to the merchant.  They get dollars no matter what.  We offer this service to all our merchants.


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the joint
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August 27, 2011, 08:40:52 PM
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Because, you sell say a computer for 30 bitcoins.  That laptop cost you 200 bux lets say to build, and you sold it for 300 dollars worth of bitcoins worth 13 dollars a coin at the time.  That works out fine, but then next month bitcoins are worth 5 bux a coin, you now lost money on that laptop.  Its great that you can adjust the price of your next selling computer to be more bitcoins because there only worth 4 bux each now, but every sale before that you now lost a lot of money on.  Thats not good business, it can work in the reverse though, which is what I think many sellers are hoping for, the sell item, service for something worth 10 bux now, and that same item is worth 40 bux each in the future.

Or, you have something like Bit-pay that automatically converts your BTC payment into USD for the merchant.  No need to worry about market volatility at that point.

indio007
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August 27, 2011, 08:42:40 PM
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The problem with BTC is the same problem with the US $. You have to MAKE SOMETHING and sell for BTC. The US doesn't make as much as they used. Everything is about middle management where the "value added" is dubious. We need more guys like the Bitcoin Leather guy and The Bitcoin Silver guy. If People want to resell electronics they should converting BTC into Tiawanese or Chinese currency instead of just buying from another middle man.

Also we need more practical services. Like plumbing for Bitcoin, or legal services for Bitcoin. Services people NEED.

These are the activities that will build a strong base.
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August 27, 2011, 08:58:37 PM
 #19

Also we need more practical services. Like plumbing for Bitcoin, or legal services for Bitcoin. Services people NEED.

We are adding more every day.  I have convinced my gardener to let me pay him in bitcoin! 

The best way to grow the bitcoin economy is just mentioning it to every place where YOU would like to pay with bitcoins.

Show them the http://weusecoins.com video, and ask if they would like to take people's money this way for their business?  If they say yes, point them to my site, or I'd be happy to talk with them personally.  We have the easiest system out there.


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Mjbmonetarymetals
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August 27, 2011, 09:23:54 PM
 #20

I sold my type 1 silver rounds a few weeks ago right on the cusp of the MyBitcoin - price drop fiasco , at that time I didn't have a "bank" of bitcoins in Britcoins exchange which would have helped me to sell some as soon as I had sent invoices (manually) out to customers which would have helped me avoid any fluctuations in the price of bitcoin. This I didn't do so I ended up chasing the price down and selling at the bottom leaving me with a loss. I could have hung onto them and sold as the price did rise again , but as I'm not a trader as far as I know the price could just keep dropping .  Angry

Yesterday I undertook the sale of my type 2 silver rounds , to avoid the situation above , I had a quantity of bitcoins in Britcoins exchange ready to sell once I sent out customer invoices , this would of been fine If it hadn't been for Britcoins exchange going down , which unfortunately coincided with another price drop . Today im still holding the 60 bitcoins I made yesterday at around £5.80 per bitcoin , now the price is £5.31 , I'm in the same boat wondering wether to sell and loss £30.00 or hang on to them . Anyone got a crystal ball , or a better question is , is there any rhyme to the bitcoin chart a day during the week where the price tends to spike ? If that makes sense .  Huh

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