Bloodbath and beyond

[cerberre]

bitcoin is plummeting !! All this because of china really ?

[JPage]

bitcoin is plummeting !! All this because of china really ?

Where do you think the rise came from?  From $100 - $1200 was all Chinese enthusiasm.  Sell quick.  It is going back to $100 - where it belongs.

[bananahoho]

Prior to this, the people's Bank of Chinese five departments issued "notice" on the prevention of the currency risk, require financial institutions and payment institution shall carry out related with bitcoin business. In this article, the currency prices

[lemfuture]

it ll be fine. not the first time they did that

[dyland]

bitcoin is plummeting !! All this because of china really ?

Where do you think the rise came from?  From $100 - $1200 was all Chinese enthusiasm.  Sell quick.  It is going back to $100 - where it belongs.

You think it will stabilize at $100.00 in perpetuity?

I am skeptical of that.

[infofront]

The bloodbath is just beginning.
That said, I still believe in bitcoin long term. It's just that now is not the time to buy in again.

[esse83]

The bloodbath is just beginning.
That said, I still believe in bitcoin long term. It's just that now is not the time to buy in again.

Lets not forget about the IRS issue which renders bitcoin as a currency useless in the states. Those in combination should lead to much lower prices as the utility of bitcoin goes down. So in the last month bitcoin has taken three hits; MtGox, China, IRS. With MtGox and China gone a huge chunk of the entire bitcoin economy is gone. MtGox had 25% and China around 60% of all trading volume - you do the math.

[UnDerDoG81]

Oh look I just registered my 6th account here to troll on bitcoin because I have no soul and try people to force to sell so I can satisfy my own greed and buy cheap coins. Bitcoin will be $0.05 tomorrow at 2 pm you will see! Sell sell sell before you get slaughtered. I write this because I care about you and I want to help you. Sell with 50% loss now instead of a loss of 120% tomorrow.

[JimboToronto]

It is going back to $100 - where it belongs.

Why $100?

If you're going to pick some arbitrary number, $5 is probably more representative based on historical data.

Bitcoin never sat at $100 for an extended time as it did at $5 for a long stretch in 2012.

Even $650 (or as some would say, $666) is a more representative number than $100, as it has hovered around that point for longer than it ever did at $100.

[cerberre]

I think wait and see is a smart move here. China + IRS is quite painful