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Author Topic: So what are the real reasons bitcoin fell so low?  (Read 3911 times)
adamstgBit
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November 19, 2011, 01:06:17 AM
 #21

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!



From my experience, bitcoin websites still have quite a ways to go. Can you link to some examples of what you consider quality bitcoin websites?

BTC 2 CD-key is nice, and have been reviewed:
http://www.thebitcoinreview.com/site.php?site_id=750

click "Visit Bitcoin 2 CD Key"

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November 19, 2011, 01:18:29 AM
 #22

Something to keep in mind is that bitcoin was created to be a currency, not an investment.
I'm not convinced that that is true.  I cannot see it being a very powerful stand-alone currency (that is, without legal state sponsorship) without a claw-back capability.  The designer(s) seem to me to have been thoughtful enough to have considered this.

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.

It's potential as a store of value is as strong as the value people place in it.  Just like USD, property, gold, pork bellies, or just about anything else.

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

Agree.  I theorize that it is actually much better in the long run if Bitcoin plays opossum for as long as it takes for it to be obviously useful, and for all of our sake that it never happens.  My main trouble is that I am having difficulty actually enjoying this, but that's my own problem.

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.

I had never thought of the potential for a conflagration to start in that way, and it is an interesting point to ponder (and possibly one to put some consideration into facilitating.)  I guess it would need to happen in a place where people had pretty good access to technology.  Greece?  Hmmm...


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November 19, 2011, 01:26:43 AM
 #23

(...) speculative bubbles pop.  So here we are.

/thread in third post. This answers the posed question completely.

Boom, Bubble, Burst, Bust. And here we are, show has gone as expected with all the phases pretty plain in the price history alone, and people STILL ask what happened?

It even seems that the undervaluation phase is being executed even though everyone expects it? Or maybe I'm just speculating wrong for a change.
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November 19, 2011, 02:03:00 AM
 #24

(...) speculative bubbles pop.  So here we are.
the undervaluation phase is being executed even though everyone expects it? Or maybe I'm just speculating wrong for a change.

alot of people think the undervaluation phase is going to be below 1$ ... wishful thinking

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October 02, 2014, 03:39:13 PM
 #25

After reading this, would you have sold and waited for the price to drop below $1 back in November 2011?

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Holysmoke
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October 02, 2014, 03:41:51 PM
 #26

I have wet dreams about going back in time to the OP's post date and buying 15,000 bitcoins with the $30k I had sitting in SAE's.  My problem would have been I would have sold at $20 btc
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October 02, 2014, 03:42:33 PM
 #27

People sold for $ is the only reason.
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October 02, 2014, 03:46:47 PM
 #28

People sold for $ is the only reason.

I remember shorting at $4 waiting to close the short at $3.50.

It reached $3.60 then shot up to $4.50....short squeeze.

That was with several hundred bitcoins.

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NotLambchop
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October 02, 2014, 03:51:30 PM
 #29

...
I remember shorting at $4...
...

How were you doing that?
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October 02, 2014, 03:55:21 PM
 #30

...
I remember shorting at $4...
...

How were you doing that?

On Bitcoinica.

After seeing this happen a few times I pulled out the remaining 400 or so bitcoins leaving "only" about 40 bitcoins on the site.

The next week it was "hacked".

It was later found that blatant manipulation was happening so that trades such as mine were short squeezed.

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hyphymikey
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October 02, 2014, 04:21:33 PM
 #31

Greed.

The only way to get "cheap" coins is to push the price down.

I believe its mining companies trying to run the small timers out of the mining business. Therefore they get a larger hash rate and get more coin. They shorted a ton, dropped the price, and are now able to mine more and even buy more at lower prices.
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October 03, 2014, 06:58:46 AM
 #32

So there were people with characteristics similar to fallling even in the early stages of bitcoin.  Grin

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October 03, 2014, 09:05:15 AM
 #33

Edward50 was less frothy, genuinely believed what he was saying and argued his case well. Even if I disagreed with him, he gave food for thought.

Infinitely better than the likes of faillling, Chuckee, fewcoins, xioxao.


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October 03, 2014, 09:29:24 AM
 #34

I hope we won't relive the $2 era. It took so long for that too pass  Cheesy
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