Bitcoin down to $483 ¿!?

[Nobitcoin]

I see it was a bad point to buy Bitcoins since such a volatile state of affairs but at this point I can only see that the price will further drop further.

[CoinRocka]

I can see the "further drop" but "further drop further"?!?  .....shit.

[tins]

I don't see how miners could sell at this price and be profitable.

[~Coinseeker~]

Merchant adoption = Up, up, up.

Bitcoin Price = Down, down, down

Can anyone one tell me why that is? 

[synfin80]

Merchant adoption = Up, up, up.

Bitcoin Price = Down, down, down

Can anyone one tell me why that is? 

There are many reasons for the down, down down (china, US IRS ruling, etc).  As it relates to merchant adoption, many merchants are immediately converting BTC->fiat which in essence dumps BTC back on the market increasing supply. When supply > demand the price decreases. 

[jc01480]

I can see the "further drop" but "further drop further"?!?  .....shit.

Too late.  I believe he has shat.

[rat]

it will settle to $400.

i'm pretty sure.

gox + china + IRS + lametream media = you're gonna have a bad time

[kathmandu34]

This is actually bad timing for Bitcoin but this actually is not a problem of Gox or something else its just panic sell, but whenever there are lows we use to see all time high after that so lets hope for that.

[Pente]

I don't see how miners could sell at this price and be profitable.

They might be forced to pay bills. And the more it drops, the more bitcoins that weak hands are forced to sell.

The bad news is that I am working again to pay bills. The good news is that I only need about half the money I earn to survive, so that means more bitcoins for me.  

[DarwinNexus]

Here comes the big crash, followed by the big climb.  At least... I sure ****ing hope so!   

[boumalo]

Here comes the big crash, followed by the big climb.  At least... I sure ****ing hope so!   

I am amazed as how everyone in this post is just thinking about the big spike up in price that will follow the crash

Let's see how low we go first and if this crash is announcing a bad news that people in the know are selling

[Beliathon]

I could see 300-350 as more of China dumps it, but it doesn't really matter. Back above 1,000 before year end.

[johnnicholss]

After mtgox problem i thought price will rise. But the market is going against Bitcoin. If the price is keep going downwards then it will cause huge panic price may go below 100 also.

[TheC.L.I.T.master]

After mtgox problem i thought price will rise. But the market is going against Bitcoin. If the price is keep going downwards then it will cause huge panic price may go below 100 also.

Lol I can see the price possibly dropping that low, but I also see the price rising way past bitcoins' peak. It depends; on why the sudden drops? We know more people are learning about bitcoin, and that more places are excepting them.. This may have something to do with the recent news from the US about taxation. Everytime we have bad news (gox,blockchain,taxes) there's a dip.. Idk but if it drops to 320 I will sell, and if it drops to 100 I'll just buy again lol

[podyx]

im very confident we are at the bottom and threads like this further proves it

thank you sir

[DPoS]

I don't see how miners could sell at this price and be profitable.

ask KNC and any other mining company that had much of their cost basis subsidized by their customers....  they can sell pretty damn low at this point

$80?  50$?   what do they care

[Carra23]

I will be delighted with 400. Does not seem very likely this weekend though.

[dreamspark]

Just more buying opportunities. Blood in the streets and all that. Were also nearing the bottom of the third EW. Expect price to increase soon but most people aren't too worried about that its just the pigs that are selling and will be slaughtered.

[knightcoin]

it will settle to $400.

i'm pretty sure.

gox + china + IRS + lametream media = you're gonna have a bad time

commo'on rat .. bring it to gold's room ...

https://www.youtube.com/watch?v=ZzQ3eBerHfM

[~Coinseeker~]

Merchant adoption = Up, up, up.

Bitcoin Price = Down, down, down

Can anyone one tell me why that is?  

There are many reasons for the down, down down (china, US IRS ruling, etc).  As it relates to merchant adoption, many merchants are immediately converting BTC->fiat which in essence dumps BTC back on the market increasing supply. When supply > demand the price decreases.  

You pretty much hit the nail on the head.  It's because it doesn't matter how many businesses are "accepting" BTC, it's not creating demand from people, to buy Bitcoin, just to make purchases.  New people are not buying Bitcoin to spend them and as it doesn't make sense with a deflationary currency. Add to that, the fact Bitcoin is promoted as a get rich quick scheme, so people are trained to hold. Plus, debit cards are still way easier and cheaper for most consumers, so it's just negative on top of negative.

I put quotes around "accepting" because you're right, as these business don't really accept BTC, they accept USD.  Bitpay and coinbase accept BTC and deposit fiat to merchants. That's not adoption, that's central clearing.

The worst fact, is the general public's trust in Bitcoin is shot..significantly. Now you have no new money flowing in and bagholders are jumping ship with significant losses.  The pyramid is collapsing and that's not speculation or FUD, that's just simple math and common sense.