OUCH! More Bad Bitcoin News...

[Phinnaeus Gage]

The price is just a number, it is low? Then it is a great moment to buy.

It's a marketing ploy! The goal is to have bitcoins exchanged at $100 USD each, then rebound, so that at the end of the end year, when it reaches $1,000 USD, we'll be able to honestly look any naysayer in the eye and say, "Oh, yeah! Then explain to me how bitcoins increasing ten fold since the early part of the year doesn't prove that it's viable."

I'm not versed with the Gospel but, if I recall, Jesus told Moses, after he descended from the Ark with his zoo animals on Mt Ararat, to hit something with a stick so that fresh water would flow to quench their thirst. Similarly, our very own Bitcoin Jesus will walk barefooted--from a block away--to Mt Gox's office tootin' a similar stick to bust somebody's blue balls.

[Nathonas]

Not low enough for me! 100 dollars please

[ManeBjorn]

It does help people buy into it that were not able to by the such high value of BTC.
In the long run it will keep growing there are just too many of us all invested in it for it not too with more and more business's accepting our BTC for their goods.

[acoindr]

Not low enough for me! 100 dollars please

It was about $80 not too long ago, but people will forget that. Instead we'll probably see a slew of news stories proclaiming the death of Bitcoin.

[ITGeniusGuru]

Bitcoin Crumbles To 3-Month Lows On Mt.Gox As CEO Defends Exchange

This is pretty serious IMO. First, MtGox makes it virtually impossible (or painfully slow) to withdraw cash. Now it's impossible to withdraw your own Bitcoins. What kind of Business/exchange is this?
I have a fortune of 0.64 BTC in my MtGox account and I seriously think I have lost them forever.
Price of BTC is in free fall, not only on Gox, but also on other exchanges (been watching last 2 hours).
Panic selling anyone?

[qualia8]

Unless it keeps going lower.  Been a lot of bad press lately.  Arrests in the US, Bitcoin made illegal in Russia, 2 out of 3 exchange halting withdrawals.  I respect you for keeping your cool far better than me.

I was here when it went from 30 to 2. No way a price of 450 scare me, from 30 to 450 is a good news here, not a bad one 

Same.  HODLing because I believe in the tech and future promise.  Not in it for a quick buck... been there and done that.

[ManeBjorn]

Same here.
I think in a couple years we will look at this as a small blip in the big picture.
Should be an interesting couple months though going forward from now.

Unless it keeps going lower.  Been a lot of bad press lately.  Arrests in the US, Bitcoin made illegal in Russia, 2 out of 3 exchange halting withdrawals.  I respect you for keeping your cool far better than me.

I was here when it went from 30 to 2. No way a price of 450 scare me, from 30 to 450 is a good news here, not a bad one 

Same.  HODLing because I believe in the tech and future promise.  Not in it for a quick buck... been there and done that.

[qualia8]

Bitcoin Crumbles To 3-Month Lows On Mt.Gox As CEO Defends Exchange

This is pretty serious IMO. First, MtGox makes it virtually impossible (or painfully slow) to withdraw cash. Now it's impossible to withdraw your own Bitcoins. What kind of Business/exchange is this?
I have a fortune of 0.64 BTC in my MtGox account and I seriously think I have lost them forever.
Price of BTC is in free fall, not only on Gox, but also on other exchanges (been watching last 2 hours).
Panic selling anyone?

No one has had any good reason to be in Gox for the past 6 months, honestly.

As for panic selling... there is blood in the streets but nothing is broken.  No new threats here.  Time to buy.

[richmke]

 Any chance the US would ever make it illegal?

No. There is nothing inherently dangerous about bitcoins, so there is no public safety issue to regulating it (like drugs, tobacco, alcohol). As a capitalistic society, if you want to put your money into beanie babies or bitcoins, that is your choice.

Now, they might start regulating it like a financial instrument and make certain transactions reportable. But that is no different from fiat.

[bananas]

The cheaper Bitcoins are the more people can afford to access some significant number of them. Long periods of cheap Bitcoin prices mean more even and widespread distribution.

I don't think a "significant number" matters, 1 dollar in BTC will always be 1 dollar in BTC, no matter if it represented bu the figure of 0,0000003 BTC or 12BTC.

[boumalo]

Bitcoin Crumbles To 3-Month Lows On Mt.Gox As CEO Defends Exchange

This is pretty serious IMO. First, MtGox makes it virtually impossible (or painfully slow) to withdraw cash. Now it's impossible to withdraw your own Bitcoins. What kind of Business/exchange is this?
I have a fortune of 0.64 BTC in my MtGox account and I seriously think I have lost them forever.
Price of BTC is in free fall, not only on Gox, but also on other exchanges (been watching last 2 hours).
Panic selling anyone?

Mtgox halting withdrawals of both fiat and bitcoins is an extremely bad news but Bitcoin is way stronger than Mtgox and much more than just Mtgox, a correction was due, it is healthy, the sentiment is very low and the trend is negative but if there is not more to the story and if Mtgox recovers, the price may go up again

You could always sell your 0.64goxBTC against real BTC easily if your sentiment is that low on mtgox

[acoindr]

The cheaper Bitcoins are the more people can afford to access some significant number of them. Long periods of cheap Bitcoin prices mean more even and widespread distribution.

I don't think a "significant number" matters, 1 dollar in BTC will always be 1 dollar in BTC, no matter if it represented bu the figure of 0,0000003 BTC or 12BTC.

Ultimately it matters how many BTC you, as an individual, have relative to everyone else because it determines your purchasing power.

In the early days people were mining and buying thousands of bitcoins very easily. Today that's far out of most people's reach. Yet we're still in the very early adopter phase of this. Bitcoin isn't even close to being considered mainstream. By the time it is buying even a single bitcoin will most likely be out of most people's reach.

Now imagine the very last people to own BTCs, the people now considered poor, people in Rwanda or Argentina for example. If the most they can ever afford is 1 Satoshi (.00000001) then their purchasing power will never amount to significant participation in the Bitcoin economy.

The longer prices are low the better chance for better distribution you'll get. Unfortunately this still won't be enough for the majority of the world's poor, by the time they jump in.

[lightfoot]

Ok, not to be a dingbat here, but I should probably buy some bitcoin. How do I do it without being totally scammed or wind up with three types of viruses on my system, or whatever; I basically mine my coins, and store them in my own wallets.

C

[ManeBjorn]

Coinbase is quite reliable.  I have been using them alot to buy and sell BTC.
Also LocalBitcoins is not bad if you want to in person trades.

Ok, not to be a dingbat here, but I should probably buy some bitcoin. How do I do it without being totally scammed or wind up with three types of viruses on my system, or whatever; I basically mine my coins, and store them in my own wallets.

C

[dissident]

Still too expensive. I want some of these bitcoin millionaires to unload their massive stashes of coins and get the price way down and then I'll consider getting in it... I want fully 50% of the coin that is held by the top 2% of the userbase to be sold and distributed down to a broad userbase to promote stability. I'd like to see $100 again and there's no reason we couldn't and it wouldn't take much selling by these top holders to get us there. That 8000BTC order a few days back was peanuts. I want to see multiple sells for 10,000 BTC and want a real shaking out of the weak hands to establish a good base.

Calling this healthy selloff and wanting to convert coin into USD an "attack" is silly. If the exchanges can't provide the fiat the coin needs to drop in price until they can. Patiently waiting for the right price to enter, which is not yet.... I want 10BTC for $1000.

[lightfoot]

Coinbase is quite reliable.  I have been using them alot to buy and sell BTC.
Also LocalBitcoins is not bad if you want to in person trades.

Ok, not to be a dingbat here, but I should probably buy some bitcoin. How do I do it without being totally scammed or wind up with three types of viruses on my system, or whatever; I basically mine my coins, and store them in my own wallets.

C

Thanks I'll give it a go. I'd try the local route but I can't believe anyone would be stupid enough to sell.

Another thought: This might finally force down the price of mining equipment on Ebay so I can pick up some coins that way.

C

[grifferz]

Also LocalBitcoins is not bad if you want to in person trades.

Depending on the payment methods available in your locality, person-to-person online trades via LocalBitcoins may also be feasible.

Don't do it via PayPal, obviously.

[hgamezoom]

It is worthless discussing about the price.

Now who knows when the bitcoin foundation and MtGox can fix the issue and resume withdraw?

If the withdraw is halted every 1 more day, the price will drop endless.

[ManeBjorn]

That would be cool.
Seeing people selling a 5.5gh/s Jalapeno for $350 is crazy much less 30gh/s BFL Singles for $1200 or more is sickening.

The localbitcoins service gets pretty good reviews. 

Coinbase has been well worth it even though I am still in the first 30 days so my daily buy limit is low and won't be bigger until mid next week.  They have good prices and usually are quick with transactions.

Coinbase is quite reliable.  I have been using them alot to buy and sell BTC.
Also LocalBitcoins is not bad if you want to in person trades.

Ok, not to be a dingbat here, but I should probably buy some bitcoin. How do I do it without being totally scammed or wind up with three types of viruses on my system, or whatever; I basically mine my coins, and store them in my own wallets.

C

Thanks I'll give it a go. I'd try the local route but I can't believe anyone would be stupid enough to sell.

Another thought: This might finally force down the price of mining equipment on Ebay so I can pick up some coins that way.

C

[Nathonas]

Still too expensive. I want some of these bitcoin millionaires to unload their massive stashes of coins and get the price way down and then I'll consider getting in it... I want fully 50% of the coin that is held by the top 2% of the userbase to be sold and distributed down to a broad userbase to promote stability. I'd like to see $100 again and there's no reason we couldn't and it wouldn't take much selling by these top holders to get us there. That 8000BTC order a few days back was peanuts. I want to see multiple sells for 10,000 BTC and want a real shaking out of the weak hands to establish a good base.

Calling this healthy selloff and wanting to convert coin into USD an "attack" is silly. If the exchanges can't provide the fiat the coin needs to drop in price until they can. Patiently waiting for the right price to enter, which is not yet.... I want 10BTC for $1000.

The thing is though, the whales are the least susceptible to all these "crashes" and FUD. The reason they became whales in  the first place is EXACTLY because they were smart enough to listen to themselves and buy into bitcoin when everyone else professed that it will fail. This is why they won't unload their bitcoins during times like these - they know Bitcoin will pull through just fine.

Meanwhile, the people that DO cause these reductions in price are exactly the people that don't hold a lot of bitcoins because they immediately panic and sell when they hear one of these news stories.