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Question: The answer is people are selling, but who?
Gox - 14 (15.2%)
Bruce - 12 (13%)
Tom - 5 (5.4%)
Satoshi - 8 (8.7%)
The Public - 53 (57.6%)
Total Voters: 91

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Author Topic: What's causing BTC price to dip below $7? (Answer inside)  (Read 2569 times)
d.james
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September 06, 2011, 05:07:37 AM
 #1

Not a lot of people can crash the market like this, here's the list of suspects on top of my head:

Gox: Lawsuits require real world currency.
Bruce: screw you gaise, I'm out!
Tom: ^^
Satoshi: Maybe the recent alternative chain blocks are annoying the father of BTC.
Public: People like you and me finally lost faith in BTC.

Name your suspect(s), I'll add them if i see fit.

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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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ThiagoCMC
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September 06, 2011, 05:08:50 AM
 #2

Oh God... So much crap...
Sorry... But is what I think.

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MajorMiner
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September 06, 2011, 05:14:56 AM
 #3

Past performance is no indication or guarantee of future performance... Yadda Yadda Yadda, etc...
 Roll Eyes

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September 06, 2011, 05:15:17 AM
 #4

Less new people are buying btc.  Miners are always selling some.  People holding btc are noticing the slow decline and want to cut their losses or buy back for a better price later.

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ThiagoCMC
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September 06, 2011, 05:32:56 AM
 #5

Guys,

 Here is what I really think:

 Concerns about the fluctuation, even dramatic, of the price of Bitcoin...
 https://bitcointalk.org/index.php?topic=41745.0

Best,
Thiago

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FAtlas
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September 06, 2011, 05:56:31 AM
 #6

For some reason I don't see 'easily predictable market forces resulting from a commodity backed by nothing but faith' on the list?
 Huh

Sold 10BTC today, so I'd like to think I had something to do with the current price.

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The_Duke
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September 06, 2011, 06:02:54 AM
 #7

What causes it to dip below $7? Well... the same thing that caused it to dip below 25, 20, 18, 15, 13, 11, 10 and 8... and also the same thing that will cause it to dip below $5, 3, 1, 0.5, 0.1 and 0.001.

Bitcoin has no value. The silly prices we have seen is just a bunch of overhyped nerds thinking that being a nerd is FINALLY going to pay off for them. Sure, they never got a girl, but at least they got BITCOINS!

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Minsc
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September 06, 2011, 06:24:33 AM
 #8

Sure, they never got a girl, but at least they got BITCOINS!

I'm an older nerd, but younger nerds have no problem getting girls.  Even one guy who was in lulzsec I saw on a news article he never left his room except to go to the bathroom but had a hot girl go to him for a purely physical relationship.  And that's just one example.

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The_Duke
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September 06, 2011, 06:30:08 AM
 #9

Sure, they never got a girl, but at least they got BITCOINS!

I'm an older nerd, but younger nerds have no problem getting girls.  Even one guy who was in lulzsec I saw on a news article he never left his room except to go to the bathroom but had a hot girl go to him for a purely physical relationship.  And that's just one example.

That is indeed one example of a nerd who believes everything he reads online. Let me guess, you also fell for the bitcoin schemes? Wink

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DiaperedDynamo
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September 06, 2011, 06:43:24 AM
 #10

The Masonic Conspiracy isn't listed. We all know that's the reason.

d times?
Minsc
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September 06, 2011, 07:03:52 AM
 #11

That is indeed one example of a nerd who believes everything he reads online. Let me guess, you also fell for the bitcoin schemes? Wink

Most of them are people I know.

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stryker
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September 06, 2011, 07:13:40 AM
 #12

I think all the in-fighting, hacks and general behaviour of 5 year olds has driven away any confidence anyone had in btc
fitty
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September 06, 2011, 07:35:50 AM
 #13

I think all the in-fighting, hacks and general behaviour of 5 year olds has driven away any confidence anyone had in btc


3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.
The_Duke
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September 06, 2011, 07:39:26 AM
 #14

I think all the in-fighting, hacks and general behaviour of 5 year olds has driven away any confidence anyone had in btc


3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.

So if no one can get money into the exchanges (which is nonsense anyway, but ok), then who is buying all the sell-orders that make the price drop?

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SolarSilver
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September 06, 2011, 08:04:38 AM
 #15

3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.
So if no one can get money into the exchanges (which is nonsense anyway, but ok), then who is buying all the sell-orders that make the price drop?

People with already money in the exchanges. But if no new money flows in and 7500 new BTC is generated each day, of course the price goes down.
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September 06, 2011, 08:14:30 AM
 #16

3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.
Except it's tuesday, and the price keeps falling. That weekend excuse got old a long time ago. Traders have been aware of it for months, so the price goes up in the weekend about as often as it goes down.
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September 06, 2011, 09:10:56 AM
 #17

If a currency is backed by nothing,then theoretically any rumours or good/bad news will affect bitcoin's value as it's not backed by anything physical like gold,silver or even the price of a common metal like copper (I know it's not worth that much but people still see value in that metal.)

I wonder if it's possible for a P2P decentralised currency to be backed by something physical or is the whole concept about being fully de-centralised (or not being backed by anything)?

As for my opinion of BTC value dipping to less than $7,I think these are the reasons (in my opinion):
1.We placed a lot of expectations on the currency early on causing it to reach a point of $30 then dipping from that point forward but it has never bouced back to that again (yet) thereby possibly pushing the value up too quickly without giving it chance to stabilise a bit (totally stable currencies don't exist and most currencies have a variable value anyway),paving the way for a huge drop (which happens often now) which
2.Lots of things have happened to BTC like hacked exchange,scammers causing problems (Bruce case anyone?),trojans,mining botnets and wallet stealer trojans (security issues anyone?) as well as lack of positive media coverage on BTC.The only positive media coverage I heard is from BBC radio World service (radio station in UK) as far as I can tell.
3.Reputation has been heavily damaged by scandals affecting BTC.
4.Lack of acceptance of BTC by more mainstream businesses and sites

I really hope the value goes up to like $18+ in a few weeks time so I can cashout everything I have and have a nice retirement from mining.

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Stephen Gornick
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September 06, 2011, 10:52:01 AM
 #18

Unless it is those that held big balances at the exchanges, the BitcoinDays Destroyed metric barely budged with all those coins moving around -- i.e., it doesn't appear to have been trading of old coins that are just now being unloaded on the markets.

 - http://abe.john-edwin-tobey.org/chain/Bitcoin?count=2016

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September 06, 2011, 11:26:44 AM
 #19

Missing options:
  • coinhunter
  • the_duke
  • shitcoins
  • ...
Cheesy
Otoh
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September 06, 2011, 12:17:56 PM
 #20

Less new people are buying btc.  Miners are always selling some.  People holding btc are noticing the slow decline and want to cut their losses or buy back for a better price later.

+1

the last part is exactly my case

& to add to the list are the Mybitcoin thieves who've now finished washing the stolen Btc, have arranged safe enough ways to cash out in bulk & who also see the post Bitcon high dive

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