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Author Topic: Why is the price of Bitcoin so low now. Is it MT.Gox?  (Read 1786 times)
greenalliancegroup
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February 21, 2014, 05:21:52 AM
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Hi everyone,

I just can't believe that BTC's are valued in 550-600 range. What happen? A lot of good news is coming out.

My assumption is MT. Gox single handedly destroy the value and image of bitcoin is it true?

Just want to get everyone's input.
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February 21, 2014, 05:23:31 AM
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So where expect you the price of 1 BTC? And why?

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trashymonkey
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February 21, 2014, 05:24:53 AM
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People can't currently withdraw their btc from mt.gox, and a lot of people think that they're insolvent. Basically an Enron situation, "cooking the books." Of course, no body knows for sure whether this is true or not.
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February 21, 2014, 05:25:45 AM
 #4

Hi everyone,

I just can't believe that BTC's are valued in 550-600 range. What happen? A lot of good news is coming out.

My assumption is MT. Gox single handedly destroy the value and image of bitcoin is it true?

Just want to get everyone's input.
it's because stupid managers cant handle technical issues and blocked widthdrawals
greenalliancegroup
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February 21, 2014, 05:38:34 AM
 #5

I was expecting the price to be around 800$ range. The reason why is a lot of basic infrastructure is getting put in place. Businesses like Tiger Direct and Overstock are accepting it. A lot mom and pop shops in the West Coast are accepting BTC. Lets not forget the Medical Marijuana industry. While in the East coast the snow ball effect is beginning. Automatic Teller for BTC. Something I am very proud of! Supernintendo Lawsky actually wanting to regular Bitcoin. Let face it New York won't want to tax it, if it not worth its while.

Talked to my attorney who was actually interested in BTC.

The infrastructure is vastly improving. Compare to 2009 which were little dirt roads. While now its paved roads. I am hoping by the end of year, highways. Next year hoover car highways.

Future news:

eBay and Paypal working on digital wallet.
Amazon looking into Bitcoin.


We know with fiat currency.
It's the ability for an ordinary citizen to acquire with convenience and trust that piece of paper will be worth something. While businesses and big businesses believing it has value. Let face it, it took the US government to not agree on budget two times with a sprinkles of government shut down and borrowing to devalue the worth of the USD and faith that the United States government to pay back it debts.


I believe whole hardly that Bitcoin will be the wave of the future. My belief system is listed below:

1. God
2. Bitcoin
3. Hardwork
Last place in 100th- US dollar


"Bitcoin" In God We Trust


 
abit2slo
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February 22, 2014, 08:32:17 PM
 #6

Probably it is really MtGox cause they influence on trust to bitcoins.

Nagle
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February 22, 2014, 09:04:46 PM
 #7

It's not "low". It was $100 last October, before the China-based runup. For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls. That drove a runup from $100 to $1100 in only two months.

The People's Bank of China put a stop to that in January 2014. And you're bitching that the price only dropped to $600.

Mt. Gox is mostly irrelevant to this. During the latest Mt. Gox debacle, the price has stayed in the $600-$700 range. (What's going on at Mt. Gox is not a price, because you can't actually get anything out of Mt. Gox)
Drai
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February 22, 2014, 10:25:52 PM
 #8

For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls.

Hi Nagle, are you saying that putting BTC on the market make the price rise?
Wouldn't this lead to a lowest price?
repentance
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February 23, 2014, 01:04:03 AM
 #9

For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls.

Hi Nagle, are you saying that putting BTC on the market make the price rise?
Wouldn't this lead to a lowest price?

No, the increased demand from within China drove the price up.  People wanting to use BTC as a way of getting funds out of China were willing to pay a premium to do so.  When you have one segment of the market willing to pay more, BTC are going to flow to that segment.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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February 23, 2014, 01:12:27 AM
 #10

I was expecting the price to be around 800$ range. The reason why is a lot of basic infrastructure is getting put in place. Businesses like Tiger Direct and Overstock are accepting it. A lot mom and pop shops in the West Coast are accepting BTC. Lets not forget the Medical Marijuana industry. While in the East coast the snow ball effect is beginning. Automatic Teller for BTC. Something I am very proud of! Supernintendo Lawsky actually wanting to regular Bitcoin. Let face it New York won't want to tax it, if it not worth its while.

Talked to my attorney who was actually interested in BTC.

The infrastructure is vastly improving. Compare to 2009 which were little dirt roads. While now its paved roads. I am hoping by the end of year, highways. Next year hoover car highways.

Future news:

eBay and Paypal working on digital wallet.
Amazon looking into Bitcoin.


We know with fiat currency.
It's the ability for an ordinary citizen to acquire with convenience and trust that piece of paper will be worth something. While businesses and big businesses believing it has value. Let face it, it took the US government to not agree on budget two times with a sprinkles of government shut down and borrowing to devalue the worth of the USD and faith that the United States government to pay back it debts.


I believe whole hardly that Bitcoin will be the wave of the future. My belief system is listed below:

1. God
2. Bitcoin
3. Hardwork
Last place in 100th- US dollar


"Bitcoin" In God We Trust


 

All the good news with help build a huge Rally, it just takes time.

greenalliancegroup
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February 23, 2014, 11:26:16 AM
 #11

It's not "low". It was $100 last October, before the China-based runup. For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls. That drove a runup from $100 to $1100 in only two months.

The People's Bank of China put a stop to that in January 2014. And you're bitching that the price only dropped to $600.

Mt. Gox is mostly irrelevant to this. During the latest Mt. Gox debacle, the price has stayed in the $600-$700 range. (What's going on at Mt. Gox is not a price, because you can't actually get anything out of Mt. Gox)

I agree Nagle that the chinese pump BTC to 1100 range. Although without China I believe it should be around 800$ range the reason why is that more more merchants are using BTC. A lot startups have made trading BTC a lot easier and new innovative ideas pump more money to BTC economy.

Although I disagree with MT.Gox being irrelevant. For example if NYSE pulled the same thing what MT.Gox did. We'll be facing an economical depression. Exchange Hold, measure, and keep track of trade in real time. I believe that the exchanges are examples of core foundations what makes anything work. If no one could trade out there BTCs ever. The value of BTC would plump it to 0$. We rely and put our trust in exchanges that it will make the trade. Receive what we want from the trade.

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February 23, 2014, 07:19:38 PM
 #12

For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls.

Hi Nagle, are you saying that putting BTC on the market make the price rise?
Wouldn't this lead to a lowest price?
No, the increased demand from within China drove the price up. 
Please, forgive me, you are talking about the yuan price, possibly! We want to speak about USD and EUR.
Quote
People wanting to use BTC as a way of getting funds out of China were willing to pay a premium to do so.  When you have one segment of the market willing to pay more, BTC are going to flow to that segment.

The only relevant think in this was that people used BTC.
And Chinese activity was so great that spread value all around the world. It would be interesting to see variations in terms of number transactions of bitcoins: http://blockchain.info/it/charts/n-transactions-excluding-popular

Do not surprise the high number of transaction after the value hit 900$.
But transaction already grown since August! And that was enough.
We can also see why cannot go down more and more, IMHO Cheesy

It is clearly showed that people begin to feel need of BTC. That's why they still pay to buy them. Not only chinese Wink
CurbsideProphet
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February 23, 2014, 08:31:23 PM
 #13

It's not "low". It was $100 last October, before the China-based runup. For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls. That drove a runup from $100 to $1100 in only two months.

The People's Bank of China put a stop to that in January 2014. And you're bitching that the price only dropped to $600.

Mt. Gox is mostly irrelevant to this. During the latest Mt. Gox debacle, the price has stayed in the $600-$700 range. (What's going on at Mt. Gox is not a price, because you can't actually get anything out of Mt. Gox)

Wow you're still around.  Just curious if you're still a skeptic or not.

To not derail the thread, I think Gox certainly had some impact on the price but I also agree that some perspective needs to be kept when saying, "why so low?"  Bitcoin has exploded in price by any measure except someone looking at a very short timeline.  Fact remains Bitcoin is still very much in its infancy and volatility should be expected.

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February 23, 2014, 08:36:06 PM
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Still rebounding from the 100>1000 race in November.

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greenalliancegroup
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February 24, 2014, 06:56:03 AM
 #15

For a few months, buying Bitcoins with yuan from within China and selling them for dollars or euros outside China was a good way to get around China's exchange controls.

Hi Nagle, are you saying that putting BTC on the market make the price rise?
Wouldn't this lead to a lowest price?
No, the increased demand from within China drove the price up. 
Please, forgive me, you are talking about the yuan price, possibly! We want to speak about USD and EUR.
Quote
People wanting to use BTC as a way of getting funds out of China were willing to pay a premium to do so.  When you have one segment of the market willing to pay more, BTC are going to flow to that segment.

The only relevant think in this was that people used BTC.
And Chinese activity was so great that spread value all around the world. It would be interesting to see variations in terms of number transactions of bitcoins: http://blockchain.info/it/charts/n-transactions-excluding-popular

Do not surprise the high number of transaction after the value hit 900$.
But transaction already grown since August! And that was enough.
We can also see why cannot go down more and more, IMHO Cheesy

It is clearly showed that people begin to feel need of BTC. That's why they still pay to buy them. Not only chinese Wink


Even though the chinese government has kind restricted BTCs. The fact is I know many expats who don't want to keep there funds in China. They will want to transfer it out back into EUR or USD because they don't plan to live in China forever.
The need of BTC will only rise from there.

I would buy as many BTCs at this point and hold the position until the groundworks are fully matured. You won't see a price like this next year for sure or towards the end of the year.
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February 24, 2014, 07:07:40 AM
 #16

I was expecting the price to be around 800$ range. The reason why is a lot of basic infrastructure is getting put in place. Businesses like Tiger Direct and Overstock are accepting it. A lot mom and pop shops in the West Coast are accepting BTC. Lets not forget the Medical Marijuana industry. While in the East coast the snow ball effect is beginning. Automatic Teller for BTC. Something I am very proud of! Supernintendo Lawsky actually wanting to regular Bitcoin. Let face it New York won't want to tax it, if it not worth its while.

Talked to my attorney who was actually interested in BTC.

The infrastructure is vastly improving. Compare to 2009 which were little dirt roads. While now its paved roads. I am hoping by the end of year, highways. Next year hoover car highways.

Future news:

eBay and Paypal working on digital wallet.
Amazon looking into Bitcoin.


We know with fiat currency.
It's the ability for an ordinary citizen to acquire with convenience and trust that piece of paper will be worth something. While businesses and big businesses believing it has value. Let face it, it took the US government to not agree on budget two times with a sprinkles of government shut down and borrowing to devalue the worth of the USD and faith that the United States government to pay back it debts.


I believe whole hardly that Bitcoin will be the wave of the future. My belief system is listed below:

1. God
2. Bitcoin
3. Hardwork
Last place in 100th- US dollar


"Bitcoin" In God We Trust


 
Ok, lets clear out: Bitcoin is definitly not 100$ worth. If there was no greedy gambler last year, we would be around 100$, not more. Everything else that you count is not worth more. You call it infrastructure, i call it minimal acceptance worldwide. Ask in your neighborhood or ask friends, from 10 ppl with luck 1 know about something of Bitcoin, and, unfortunatelly they know mostly only the bad news. So from this 10% who knows, would not invest more then 5% money in this dangerous, incomprehensible medium Bitcoin. Just try it out, and you will see.

We are in year 5 of Bitcoin still in beta. Nothing worth to attract seriously investor, to invest a lot money in this lack of serious work "thing". I mean, 5 year, and still in beta? Dafuq? And just watch now the  totally incompetent bullshit with mt.gox. Another reason, why possible investor will run far away...

And what you say about ebay/paypal is right, but they will not use Bitcoin in the digital wallet, how you get this wrong news? If paypal/ebay will use a coin, they will develope a own coin, like Amazon. So why you count them as an advance for Bitcoin?

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greenalliancegroup
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February 24, 2014, 08:38:22 AM
 #17

I was expecting the price to be around 800$ range. The reason why is a lot of basic infrastructure is getting put in place. Businesses like Tiger Direct and Overstock are accepting it. A lot mom and pop shops in the West Coast are accepting BTC. Lets not forget the Medical Marijuana industry. While in the East coast the snow ball effect is beginning. Automatic Teller for BTC. Something I am very proud of! Supernintendo Lawsky actually wanting to regular Bitcoin. Let face it New York won't want to tax it, if it not worth its while.

Talked to my attorney who was actually interested in BTC.

The infrastructure is vastly improving. Compare to 2009 which were little dirt roads. While now its paved roads. I am hoping by the end of year, highways. Next year hoover car highways.

Future news:

eBay and Paypal working on digital wallet.
Amazon looking into Bitcoin.


We know with fiat currency.
It's the ability for an ordinary citizen to acquire with convenience and trust that piece of paper will be worth something. While businesses and big businesses believing it has value. Let face it, it took the US government to not agree on budget two times with a sprinkles of government shut down and borrowing to devalue the worth of the USD and faith that the United States government to pay back it debts.


I believe whole hardly that Bitcoin will be the wave of the future. My belief system is listed below:

1. God
2. Bitcoin
3. Hardwork
Last place in 100th- US dollar


"Bitcoin" In God We Trust


 
Ok, lets clear out: Bitcoin is definitly not 100$ worth. If there was no greedy gambler last year, we would be around 100$, not more. Everything else that you count is not worth more. You call it infrastructure, i call it minimal acceptance worldwide. Ask in your neighborhood or ask friends, from 10 ppl with luck 1 know about something of Bitcoin, and, unfortunatelly they know mostly only the bad news. So from this 10% who knows, would not invest more then 5% money in this dangerous, incomprehensible medium Bitcoin. Just try it out, and you will see.

We are in year 5 of Bitcoin still in beta. Nothing worth to attract seriously investor, to invest a lot money in this lack of serious work "thing". I mean, 5 year, and still in beta? Dafuq? And just watch now the  totally incompetent bullshit with mt.gox. Another reason, why possible investor will run far away...

And what you say about ebay/paypal is right, but they will not use Bitcoin in the digital wallet, how you get this wrong news? If paypal/ebay will use a coin, they will develope a own coin, like Amazon. So why you count them as an advance for Bitcoin?

I agree with your statement BTC is no where worth 100$. I agree with the statement with greedy gamblers. There are a lot of them out there. Although we need those greedy gamblers because the interested from the price of BTC is what makes headlines unfortunately. Anything worth interested and to accelerate growth has to have some underling value.

Yeah its true that not a lot of people know about bitcoins. Although if it appears on the news more often. It gives BTC free advertisement. Its up to people to differentiate what good or bad. Its an investment. Although experience investors will see the potential. People unfortunately are ignorant, but no one can help that. I put an perfect example is when the market crashed in 2009-2011 in the US. We believe that by investing in stocks and companies we were safe. The fact is there no safe investment if you plan to have a return on anything. Even the US government isn't safe anymore. Two government shutdowns,quantitive easing, and borrowing makes the USD safe?

Investors with the highest caliber are there to make money. They also have an understanding that there is always potential loss. MT.GOX is the cause of this whole problem which is sad. Although there risks. If everyone keeps a safe guard on there coins and transfer them out and in from there wallets when transactions need to be done. BTC ecosystem should be alright. The people who invest should have some sort of nesting basket in case of any invest goes south.

I believe eBay and Paypal wallets will include BTC in there wallets or some kind of trade to there currency. The market itself is huge and who would want to keep just eBay and Paypal coins or Amazon coins. Where you can only use them in one place. Amazon and eBay live off of transaction fees. They will do there darnest to make $$$ bills any which way they can. Why would they alienate the BTC community. It would be stupid on there part.

I would count ebay and Amazon because they are one of largest of transaction goods online. If Bitcoin doesn't work out. You think people would go for eBay coin which is only good at eBay. i mine as well get gift certificate from either merchant at that point.

Amazon and eBay move billions of dollars each month. Accepting BTC will only increase there bottom line. The only loyalty that a corporation has is the bottom line and its shareholders. Although if corporations use BTC. It will make our cause look a lot more "safe" and that it legitimate.
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February 24, 2014, 08:52:08 AM
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I believe eBay and Paypal wallets will include BTC in there wallets or some kind of trade to there currency. The market itself is huge and who would want to keep just eBay and Paypal coins or Amazon coins. Where you can only use them in one place. Amazon and eBay live off of transaction fees. They will do there darnest to make $$$ bills any which way they can. Why would they alienate the BTC community. It would be stupid on there part.

I would count ebay and Amazon because they are one of largest of transaction goods online. If Bitcoin doesn't work out. You think people would go for eBay coin which is only good at eBay. i mine as well get gift certificate from either merchant at that point.

Amazon and eBay move billions of dollars each month. Accepting BTC will only increase there bottom line. The only loyalty that a corporation has is the bottom line and its shareholders. Although if corporations use BTC. It will make our cause look a lot more "safe" and that it legitimate.
Until this part, your statement is clear and i agree. But with the quote you thinking wrong, in my opinion. Why ppl should use Bitcoin via Paypal, if Ebay accept Bitcoin? They could use Bitcoin without Paypal, so Paypal will not get any fee for Transactions.

Instead of using a weak, volatile, uncontrollable existing coin like Bitcoin, they can create an own better coin, something similar to NXT system, pre mined, under fully control. And, to answer your question who would use this coin only for ebay: The Ebay seller and buyer would. They use Paypal too, instead of other service like bank wire, or skrill, Netteller or many other. Because Ebay force them to do. Easy as that.

Btw. maybe you miss the news, but Amazon has long time already a own coin: http://www.amazon.com/gp/feature.html?docId=1001166401

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Drai
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February 24, 2014, 09:33:55 AM
 #19


The need of BTC will only rise from there.

I would buy as many BTCs at this point and hold the position until the groundworks are fully matured. You won't see a price like this next year for sure or towards the end of the year.

And your?


I would buy BTC. STOP.
Nothing to wait for, what a wonderful world if I could pay everything with BTC.

Don't you all agree?
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February 24, 2014, 11:56:24 AM
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The need of BTC will only rise from there.

I would buy as many BTCs at this point and hold the position until the groundworks are fully matured. You won't see a price like this next year for sure or towards the end of the year.

And your?


I would buy BTC. STOP.
Nothing to wait for, what a wonderful world if I could pay everything with BTC.

Don't you all agree?

One day..one day..
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