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Author Topic: Whats going on with bitcoin?!?!  (Read 1762 times)
Scott_Guenard
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February 08, 2014, 02:17:40 AM
 #1

Bitcoin went from 900$ to 692.80 in a week WTH. is the price going to go up or is the market moving over to another currency?

My ideas ar as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

2. Bitcoin is not stable so i guess its trying to become more stable.

3. Somebody is selling tons of bitcoin.


Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV
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Jacce
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February 08, 2014, 02:21:18 AM
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There's been a lot going on recently, but I think Russia banning Bitcoin contributed a lot to the fall. Mostly the media controls the value pretty heavily.
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February 08, 2014, 02:27:50 AM
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That’s just how bitcoin is…it’s extremely volatile no matter how it may seem and that’s because a shit load of reasons like Apple banning wallets, MTGOX halting withdrawals, recent arrest for money laundering but patience is key and it will hopefully bounce back like it always has  Grin
seriouscoin
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February 08, 2014, 02:33:54 AM
 #4

Bitcoin went from 900$ to 692.80 in a week WTH. is the price going to go up or is the market moving over to another currency?

My ideas ar as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

2. Bitcoin is not stable so i guess its trying to become more stable.

3. Somebody is selling tons of bitcoin.


Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV

Nothing,

And fck your tips.....
Revelations86
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February 08, 2014, 02:41:30 AM
 #5

Don't forgot all the corruption going on at the hands of the exchanges.  MT GOX stealing 30 something million and freezing everyone's Bitcoin and Crypsy artificially manipulating the prices of new coins.   If Bitcoin goes down, it'll go down thanks to these greedy bastards fu&king people over.
Elwar
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February 08, 2014, 03:28:04 AM
 #6

Bitcoin went from 900$ to 692.80 in a week WTH. is the price going to go up or is the market moving over to another currency?

My ideas ar as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

2. Bitcoin is not stable so i guess its trying to become more stable.

3. Somebody is selling tons of bitcoin.


Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV

I think it is probably due to the amount of n00bs asking for tips all the time. People are tired of using Bitcoin because of it.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
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kolev
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February 08, 2014, 03:58:51 AM
 #7

I think it is the inability of Bitcoin to break above $800. We've witnessed this several times, it tries some level, it couldn't successfully break it, then everybody knows it's gonna fall and everybody starts selling.

Also, I think it's Russia's decision as, first, Russia is a freaking' huge country and economy, and, two, this can influence China's stance.

And last, obviously nothing happened in China, yet, trade volumes dropped across the board. Obviously there's no buying interest at high levels. Everybody would want cheap bitcoins, but $800 is pretty high for investment.

What I wonder is - okay, you wanna buy cheap... why don't you let it fall further? Everybody's so scared that this is the last chance to get cheap bitcoins that they really miss the chance to let it drop below $600 or $500 and buy then. I guess amateur speculators just can't do anything right.

Bitrated user: nikolay.
krampus
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February 08, 2014, 04:23:58 AM
 #8

Why would I tip you for trolling and fear-mongering?

I pledge never to use this space for sleazy referrals, gambling spam, or to beg for handouts.
stonerdyke
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February 08, 2014, 04:26:15 AM
 #9

Bitcoin went from 900$ to 692.80 in a week WTH. is the price going to go up or is the market moving over to another currency?

My ideas ar as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

2. Bitcoin is not stable so i guess its trying to become more stable.

3. Somebody is selling tons of bitcoin.


Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV

I think it is probably due to the amount of n00bs asking for tips all the time. People are tired of using Bitcoin because of it.

Hahahah, it's just a new way of begging i guess
Seriously who would tip you for 3 lines of shite?
BittBurger
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February 08, 2014, 05:26:59 AM
 #10

Bitcoin went from 900$ to 692.80 in a week WTH. is the price going to go up or is the market moving over to another currency?

My ideas ar as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

2. Bitcoin is not stable so i guess its trying to become more stable.

3. Somebody is selling tons of bitcoin.


Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV

If you are this easily influenced by a minor price fluctuation, then:

1)  I would advise investing in something else, because you are never going to make it to the time when BTC is worth tens of thousands per coin.  You wont survive the roller coaster.

2)  You aren't familiar with past trends of Bitcoin which just repeat over and over, and therefore don't understand why its nothing to worry about.

3)  You aren't aware of whats going on in the Bitcoin world / infrastructure / startups / Wall street funding / international conferences, so you are going to stress hardcore over fluctuations.

I have a few friends like this, and I have, at this point, begged them to sell all their BTC and invest in something else.

-B-

Bitcoin's true purpose defined in Satoshi's message on the Genesis Block:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
View it on the Blockchain | Genesis Block Newspaper Copies
doof
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February 08, 2014, 05:45:10 AM
 #11

2104 i think we will see a lot of this.  knee jerk reactions by police, governments ect.  Stay the course.
farlack
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February 08, 2014, 05:48:05 AM
 #12

I'm posting here! Tips please

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phzi
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February 08, 2014, 05:54:28 AM
 #13

Russia + MtGox. Probably MtGox more then Russia.

But, if you look at the Coin Days Destroyed stats, they are higher then usual, so some old coins are likely getting sold off (Russian investors?)

Dip is very likely temporary, give it until Wednesday.
elavenil
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February 08, 2014, 05:59:15 AM
 #14

according to http://coinmarketcap.com/ most alt coins are recovering today. So rise of btc is on the way. Once the mtgox problem solves the price will rise.

dissident
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February 08, 2014, 06:41:11 AM
 #15

bitcoin hasn't been $900 for awhile.. it's been around $800 at most reputable exchanges.

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Nagle
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February 08, 2014, 08:39:04 AM
 #16

bitcoin hasn't been $900 for awhile.. it's been around $800 at most reputable exchanges.
Right. Bitcoin prices have been rather stable despite prohibition in Russia and China, and the collapse of Mt. Gox.
BTCisthefuture
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February 08, 2014, 09:01:43 AM
 #17

One of the largest exchanges halting btc withdrawls in addition to their inability to get people's fiat out for a long time is a reason why many speculators wouldn't panic and sell.

Hopefully gox resolves it's problem come next week and things start to rebound.

Not sure whats going on with russia exactly as of right now but yes I imagine that's affecting the price as well.

Hourly bitcoin faucet with a gambling twist !  http://freebitco.in/?r=106463
DannyHamilton
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February 09, 2014, 05:44:23 AM
 #18

Bitcoin went from 900$ to 692.80 in a week WTH.

Bitcoin is very volatile and unstable.  It is still in its infancy, and has a long way to go.  Significant drops and jumps as the market reacts to new news is to be expected.

A drop from $900 to $690 is only a drop of a bit over 23%.

Back in April 2013 the MtGox bitcoin exchange rate dropped from $266 to $50 (a drop of more then 81%!) in a week.

In December 2013 the MtGox bitcoin exchange rate dropped from $1250 to under $460 (a drop of 63.2%!) in two weeks.

is the price going to go up

That is impossible to predict.  If it wasn't we'd all already be very, very rich.

or is the market moving over to another currency?

Another currency?  Explain.

My ideas are as follows.
1. The FBI are pushing the bitcoins from the blackmarket back in.

The addresses that the FBI is storing the seized bitcoins at are well known.  If they were selling the bitcoins back into the market, we'd all know about it.

2. Bitcoin is not stable so i guess its trying to become more stable.

Bitcoin isn't alive, it isn't capable of "trying to do" anything.  It is a volatile and unstable investment.  It will remain so for several years.  It could collapse at any moment, or could surge to several thousand dollars per bitcoin.  Nobody knows for certain what it will do, we'll just have to wait and see.

3. Somebody is selling tons of bitcoin.

People are always selling tons of bitcoins.  People are also always buying tons of bitcoins.  The thing that changes is the exchange rate that buyers and sellers are willing to to accept.  If sellers are in a hurry to sell, they are willing to accept a lower exchange rate rather than waiting around for a higher exchange rate.  If buyers are in a hurry, they are willing to accept a higher exchange rate rather than waiting around for a lower exchange rate.  The open market finds a balancing point where the prices that buyers and sellers are willing to accept overlaps.

Tips are appreciated
1J28Kdcc52J8h5DySd2KHKrgigpmtCPrbV

If you would have read the Newbie "Readme", you'd have known that begging is not acceptable here:

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Perspicacity
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February 09, 2014, 05:50:22 AM
 #19

Danny, that is the post of the year.  Very well put.
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