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Author Topic: So what are the real reasons bitcoin fell so low?  (Read 3701 times)
Edward50
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November 18, 2011, 03:31:32 AM
 #1

Some months back I was very bearish and mostly everybody on the forums was very bullish. They swore that bitcoins would never go to $2.00, or even lower than $10 for that matter.

So here we are, bitcoin dropped below $2.00 today. 

So what are the reasons that bitcoin dropped so much?

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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Etlase2
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November 18, 2011, 03:36:37 AM
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Because it was manipulation that got the price so high in the first place. Greed is the reason.

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November 18, 2011, 03:37:30 AM
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Some months back I was very bearish and mostly everybody on the forums was very bullish. They swore that bitcoins would never go to $2.00, or even lower than $10 for that matter.

So here we are, bitcoin dropped below $2.00 today. 

So what are the reasons that bitcoin dropped so much?

I think it is totally because of your own personal shitty attitude.  If it were not for Edward50, there is no doubt that we would be at or above $100/BTC.  See what you've done?  You've ruined the only hope we as a society have ever had or ever will have of breaking free from the shackles of the evil banking cartels.  I hope you are happy.



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November 18, 2011, 03:38:58 AM
 #4

Too many bears.  I jest, but there are a good number of people who will say it with a straight face.

IMO: The fundamental need for coins very low and will not increase until it's in much more widespread use.  Until then, high prices are based on speculative buying, and speculative bubbles pop.  So here we are.

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November 18, 2011, 03:46:07 AM
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as a wise man once said... "suckers.. we need more suckers."

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November 18, 2011, 03:52:31 AM
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as a wise man once said... "suckers.. we need more suckers."
right...


We need Big questions answered

like, is bitcoin legal?

once these question can be answered, demand will go up. and a new speculative bubble will form and this time it will go higher then ever b4

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November 18, 2011, 04:00:07 AM
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as a wise man once said... "suckers.. we need more suckers."
right...


We need Big questions answered

like, is bitcoin legal?

once these question can be answered, demand will go up. and a new speculative bubble will form and this time it will go higher then ever b4

Of course bitcoin is legal. Legal tender? Thats another question. Even if one country outlaws it will never be outlawed everywhere. If some country goes through the effort of making it illegal then it legitimizes it more than anything because it would be because they see it as a real alternative to their own fiat currency.

What we need is more investors and more people to buy and sell their services for bitcoins. We need to grow the bitcoin economy. An economists on here?
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November 18, 2011, 04:36:55 AM
 #8

Some months back I was very bearish and mostly everybody on the forums was very bullish. They swore that bitcoins would never go to $2.00, or even lower than $10 for that matter.

So here we are, bitcoin dropped below $2.00 today. 

So what are the reasons that bitcoin dropped so much?

I think it is totally because of your own personal shitty attitude.  If it were not for Edward50, there is no doubt that we would be at or above $100/BTC.  See what you've done?  You've ruined the only hope we as a society have ever had or ever will have of breaking free from the shackles of the evil banking cartels.  I hope you are happy.




Lets not forget Nagle!!!

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November 18, 2011, 04:39:26 AM
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as a wise man once said... "suckers.. we need more suckers."
right...

We need Big questions answered

like, is bitcoin legal?

once these question can be answered, demand will go up. and a new speculative bubble will form and this time it will go higher then ever b4

Is bitcoin legal?  AFAIK no country has declared it to be illegal.  Even then, does it really matter?  Online poker is illegal in the USA but thrives world wide.  Alcohol is illegal in Saudi Arabia but it doesn't stop me enjoying wine in Australia.

Speculative bubbles rarely reinflate.  What people hope and wish happens is usually different to what is a realistic proposition.

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November 18, 2011, 09:03:29 PM
 #10

So what are the reasons that bitcoin dropped so much?

It's rather simple actually.  At the moment supply is outpacing demand for btc.  That is THE real reason why any market rises and falls.  Manipulation is a function of supply/demand, as are all trades.  Don't overthink this, it's simple ;-)

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November 18, 2011, 09:19:07 PM
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So what are the reasons that bitcoin dropped so much?

It's rather simple actually.  At the moment supply is outpacing demand for btc.  That is THE real reason why any market rises and falls.  Manipulation is a function of supply/demand, as are all trades.  Don't overthink this, it's simple ;-)

I am curious to see if bitcoin supply will suffocate demand too much, making the never to recover.

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Jonathan Ryan Owens
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November 18, 2011, 09:19:59 PM
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So what are the reasons that bitcoin dropped so much?

It's rather simple actually.  At the moment supply is outpacing demand for btc.  That is THE real reason why any market rises and falls.  Manipulation is a function of supply/demand, as are all trades.  Don't overthink this, it's simple ;-)

I am curious to see if bitcoin supply will suffocate demand too much, making the never to recover.

If? Already happened, sir.

Crypt_Current
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November 18, 2011, 09:44:48 PM
 #13

So what are the reasons that bitcoin dropped so much?

It's rather simple actually.  At the moment supply is outpacing demand for btc.  That is THE real reason why any market rises and falls.  Manipulation is a function of supply/demand, as are all trades.  Don't overthink this, it's simple ;-)

I am curious to see if bitcoin supply will suffocate demand too much, making the never to recover.

If? Already happened, sir.

Maybe, but just because something is a certain way doesn't mean it will always be that way.  Demand isn't a static thing.

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Jeremy West spendbitcoins.com
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November 18, 2011, 11:23:20 PM
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Some months back I was very bearish and mostly everybody on the forums was very bullish. They swore that bitcoins would never go to $2.00, or even lower than $10 for that matter.

So here we are, bitcoin dropped below $2.00 today. 

So what are the reasons that bitcoin dropped so much?

A better question is probably why did they go up so much. When I bought my first bitcoins a year ago for 24¢ each, I never dreamed they'd reach USD parity within a year.

I believe a few investors with deep pockets pumped money in to create a bubble and many of us saw the price rising so quickly that we panic bought. Then the investors got out quickly (drop from $32 to $17 was within about 24 hours if I recall correctly, BEFORE the Mt Gox hack).

Then the price has dropped steadily back to actual demand. Not sure whether we've arrived there yet or not. Only time will tell.

Revalin
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November 18, 2011, 11:50:24 PM
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A better question is probably why did they go up so much. ... a few investors with deep pockets pumped money in to create a bubble ... we panic bought. Then the investors got out quickly ... Then the price has dropped steadily back to actual demand.

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Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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November 18, 2011, 11:57:29 PM
 #16

Some months back I was very bearish and mostly everybody on the forums was very bullish. They swore that bitcoins would never go to $2.00, or even lower than $10 for that matter.

So here we are, bitcoin dropped below $2.00 today. 

So what are the reasons that bitcoin dropped so much?

A better question is probably why did they go up so much. When I bought my first bitcoins a year ago for 24¢ each, I never dreamed they'd reach USD parity within a year.

I believe a few investors with deep pockets pumped money in to create a bubble and many of us saw the price rising so quickly that we panic bought. Then the investors got out quickly (drop from $32 to $17 was within about 24 hours if I recall correctly, BEFORE the Mt Gox hack).

Then the price has dropped steadily back to actual demand. Not sure whether we've arrived there yet or not. Only time will tell.

+1
Jeremy West spendbitcoins.com
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November 19, 2011, 12:19:31 AM
 #17

Something to keep in mind is that bitcoin was created to be a currency, not an investment. Theoretically, it is a store of value because there is a fixed supply (that is dribbling out to us slowly over decades). It will only be a store of value, though, when enough people/businesses are accepting bitcoins that prices are fixed in bitcoins, not in USD converted to current USD/BTC rate.

Remember, bitcoin is still in beta, and could be for a very long time. That's okay.

What I think will be interesting to see is whether Bitcoins are picked up as a major medium of exchange between people in the next country to see its currency collapse the way the Zimbabwe dollar did.

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November 19, 2011, 12:45:19 AM
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If bitcoin keeps shrinking at this rate we'll have to move the decimal point further to the right.  Shocked

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November 19, 2011, 12:50:32 AM
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If bitcoin keeps shrinking at this rate we'll have to move the decimal point further to the right.  Shocked
lol good one...


bitcoin is getting bigger,

the stock price doesn't reflect the growing community.

Bitcoin sites are trying to out do each other, and so the quality of the services bitcoin provides grows and becomes better every day.

when bitcoin was worth 30$ there was hardly anything you could do with a coin expect buy and sell it on Gox or trade hill

ironic!


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November 19, 2011, 01:03:38 AM
 #20

I've seen a lot of growth of Bitcoin financial services, but I'm honestly quite disappointed by the lack of growth of commerce.  It's become an amazingly sophisticated currency that still has very few realized applications.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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