Whats is making Bitcoin price go down -$100 again today?

[wayneyoyo]

Whats is making Bitcoin price go down -$100 again today?

[sgravina]

Sunshine.

[bananas]

Sunshine.

[btbrae]

Sunshine.

[wayneyoyo]

spammy ?

[sgbett]

spammy ?

No, Sunshine.

[Pugsare4mugs]

The Gox stuff I'd imagine. This month has been bad news after bad news for BTC.

[brokenchair]

I've been waiting for a thread like this all day.  As usual noone has a half decent explanation. Despite the gox bullshit that shouldn't even matter at this point, bit coin value should be increasing due to adaption.  
At least you didn't get the oh its not a drop bit coin is still up form when it was a dollar comment.
I'm so used to seeing bitcoin decline this month if I saw it go up I'd do one of those triple check things you do when you win a scratch off.      

[theonewhowaskazu]

I don't understand why you don't think "because gox" is an explanation, because it is the only real explanation.

Gox holds lots of the fiat which is propping up the Bitcoin price and is a face for Bitcoin. Suddenly that face looks increasingly scammy, and all that fiat can only buy fakecoins not real coins, and there's little incentive to even buy fakecoins because you can't do anything with them except turn them back into fiat in the future.

[chesthing]

The drop from the $800s started on the 5th, days before the Gox bs. It's entirely possible this was coming regardless.

[MAbtc]

The drop from the $800s started on the 5th, days before the Gox bs. It's entirely possible this was coming regardless.

My position was that this was coming regardless -- but no one could have foreseen the extent of this Gox meltdown. The Gox situation is becoming extremely disturbing at this point.

[dlowings]

The drop from the $800s started on the 5th, days before the Gox bs. It's entirely possible this was coming regardless.

Don't you mean it's entirely possible that the info about MtGox was leaked... I think that is the simplest answer ..

[theonewhowaskazu]

The drop from the $800s started on the 5th, days before the Gox bs. It's entirely possible this was coming regardless.

I think that's what triggered the gox problem. Since people couldn't sell at gox (since Fiat withdraws weren't working), people had no incentive to keep Bitcoins at gox. The hodlers weren't interested in selling for lower prices for fiat that was worthless if the price went back up to the previous pricing, which at the time was fairly likely on Gox, considering fiat there was continuously inflating, even if other exchanges stayed lower or went own. The people who actually wanted to sell wanted real spendable fiat. The bitcoin-believers wanted to spend it at one of the many new stores accepting BTC... ESPECIALLY if the price was going to continue downward. Nobody wanted their coins on gox so they started withdrawing causing a bank run and the rest is history.

[sgbett]

The drop from the $800s started on the 5th, days before the Gox bs. It's entirely possible this was coming regardless.

My position was that this was coming regardless -- but no one could have foreseen the extent of this Gox meltdown. The Gox situation is becoming extremely disturbing at this point.

So are you saying that this should have happened across the board but because everyone thinks gox is screwed up they don't realise everywhere else is anomalous?

Keanureeves.jpg

[chesthing]

How much did you just send to Gox?

[sgbett]

How much did you just send to Gox?

Just now? Nada.

I sent a few euros last week. Kissed it goodbye and told it to lie back and think of England.

[bananas]

People are lacking some reason, nobody conspired theories or questioned when the priced skyrocket(by the way pobody really knows how that happened), then when it comes down everyones looking for answers.