Bitcoin dropping, I love it.

[Beef Supreme]

Why do I love it you ask?  Because I can BUY BUY BUY and then BUY some more.

Somewhere on Wall Street, and in China, rich folks have lost their ASS on Bitcoin.  They bought in at 800, had millions of fiat to spare, and have lost half their money.  They don't believe in Bitcoin, they believe in their ability to turn a profit.  Now they are gonna SELL SELL SELL.  And me?  I am laughing my ass off.

Many folks that don't have loads of fiat to fling around at whatever, have been waiting for a chance to buy some Bitcoin, and when the price drops you will see a big influx of new users, and a maturing ecosystem for them to utilize.

Bitcoin, the PEOPLE's CHOICE.

[1715135670]

1715135670

[CRServers]

Go for it!
I'm buying too 
Regards,

[Come-from-Beyond]

Aye, buy as much as u can. At some point u'll reach my sell order...

[scione]

The hackers are finally selling the coins. Once Bitcoin hits bottom, they'll buy back and recycle the money.

And I don't see why anyone would want to buy right now since it's still going down. Unless you just want to try to hype up something because you are losing money.

[LiteCoinGuy]

i dont think that "rich folks" lost faith, i guess normal people lost it. the rich guys dont throw money out of the window, they know that this could be something big.

[hilariousandco]

Though it's not going to be very good for you if it keeps dropping. Maybe people will be laughing at you in a few months' time for buying at 400.

[Beef Supreme]

Who said I am buying at 400?  You keep selling, and eventually my buy price will be reached. 

The big money will be back as soon as it hits 800 again.  Hopefully they will lose their ASS again.  Rinse and repeat.

[hilariousandco]

Who said I am buying at 400?  You keep selling, and eventually my buy price will be reached. 

The big money will be back as soon as it hits 800 again.  Hopefully they will lose their ASS again.  Rinse and repeat.

Then whatever price you buy in at, or don't, since you'll probably wait too long and miss out. It sounds like you're the one who just wants to turn a profit.

[Lauda]

Though it's not going to be very good for you if it keeps dropping. Maybe people will be laughing at you in a few months' time for buying at 400.

That's highly unlikely. Where are the people who laughed at buyers when the price dropped to 60-70$ back in July/August last year?

[bryant.coleman]

You might be happy because you are able to buy more. But in general, this can be extremely band news for Bitcoin. Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

[MarkusORT]

i love it too!!!!

i think itll go to 300$ and than at the end of the year back to 1000$

$$$

[Dafar]

Oh look another one of these topics



I don't care if you're the best investor of all time but you don't know how long this dip will continue and when it will end. It's too bad I bought in around $600-$800.... now the newbs who get into bitcoin now will profit much more than me.

I would buy more but I already put in more than I'm "willing to lose"

[bigdave]

I'm buying but not heavily. Waiting for the bottom to be reached (or what I think the right price point will be) and then I'll unload and stock up.

[hilariousandco]

Though it's not going to be very good for you if it keeps dropping. Maybe people will be laughing at you in a few months' time for buying at 400.

That's highly unlikely. Where are the people who laughed at buyers when the price dropped to 60-70$ back in July/August last year?

Maybe, but there could always be a point where Bitcoin just plummets to new lows for whatever reason.

You might be happy because you are able to buy more. But in general, this can be extremely band news for Bitcoin. Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

Exactly my point. If you believe in Bitcoin as a currency then the constant drops and fluctuations aren't very good at all and only scare most people away.

[uhoh]

Oh look another one of these topics



I don't care if you're the best investor of all time but you don't know how long this dip will continue and when it will end. It's too bad I bought in around $600-$800.... now the newbs who get into bitcoin now will profit much more than me.

I would buy more but I already put in more than I'm "willing to lose"

Last year the same people were berating the people who bought in at $250... Those people potentially quintupled their investments over 12 months. Such... Short... Memories...

[Beef Supreme]

Who said I am buying at 400?  You keep selling, and eventually my buy price will be reached. 

The big money will be back as soon as it hits 800 again.  Hopefully they will lose their ASS again.  Rinse and repeat.

Then whatever price you buy in at, or don't, since you'll probably wait too long and miss out. It sounds like you're the one who just wants to turn a profit.

Unlike some people, I buy BTC for usage also.  I wish I could use it everywhere.  Paying for gas would be nice.

Why you ask?  Buying power my friend.  Fiat is backed with the "good faith of a government" (yak yak), while Bitcoin is backed by the BLOCKCHAIN and a buttload of hashing power.

[Catswold]

Teething problems, nothing more.

I expect this roller-coaster ride on value to continue for a couple more years.  Except for those of us here, the whole concept of an electronic currency is a frightening, new, futuristic concept.  That means that governments will continue to struggle with it for some time.  

Expect changes in the IRS decisions and evolution of how all states address the topic.

As for predictions, $200-300 is my guess.

To ride this coaster, you've got to have a 5-10 year outlook.  Eventually, prices will stabilize and BTC will evolve from what is now clearly a "commodity" into the currency it was intended to be.



. . . Then again, I could be full of BS.

[romerun]

when sellers are done selling, we then have new solid blood of btc hodlers, and the next rally shall start

[YogoH]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. These adoption bubbles are good shit.

Example: My buddy invested at 200 last april and sold after it burst to 80. I kept my bitcoin bought more. He was mad but eventually rebought and now is holding paper wallet to never sell.

[hilariousandco]

Who said I am buying at 400?  You keep selling, and eventually my buy price will be reached. 

The big money will be back as soon as it hits 800 again.  Hopefully they will lose their ASS again.  Rinse and repeat.

Then whatever price you buy in at, or don't, since you'll probably wait too long and miss out. It sounds like you're the one who just wants to turn a profit.

Unlike some people, I buy BTC for usage also.  I wish I could use it everywhere.  Paying for gas would be nice.

What does it matter what price you buy in at then? And we wont be able to spend it everywhere if shit like this keeps happening. I'd love to spend it too, but certainly not today or any time soon at the current price.

[Dafar]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. These adoption bubbles are good shit.

What if I believe in bitcoin AND want to make money?

[coinnewbit]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. These adoption bubbles are good shit.

What if I believe in bitcoin AND want to make money?

How do you go about doing so?

[Dafar]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. These adoption bubbles are good shit.

What if I believe in bitcoin AND want to make money?

How do you go about doing so?

Buy and hold?

[bryant.coleman]

when sellers are done selling, we then have new solid blood of btc hodlers, and the next rally shall start

The next rally will not start when the sellers are done selling. The next rally will start when there is a sudden surge in the demand for Bitcoin. Remember, the last surge was caused by the increasing demand from China.

[iraszl]

I just wrote about this here: http://www.reddit.com/r/Bitcoin/comments/22p5yh/three_scenarios_explored_for_btc_price_in_2014/

I think it will grow on long term, but we can't tell if it's still going down or not.

[Syke]

Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

The exchange rate volitility is a minor issue. It'll go away over time. Merchants can accept bitcoins without having to fear fraud, counterfeits, or chargebacks. If they aren't comfortable with the volitility, they can be exchanged instantly for fiat. There is no safer payment method for a merchant than bitcoins.

[hilariousandco]

Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

The exchange rate volitility is a minor issue. It'll go away over time. Merchants can accept bitcoins without having to fear fraud, counterfeits, or chargebacks. If they aren't comfortable with the volitility, they can be exchanged instantly for fiat. There is no safer payment method for a merchant than bitcoins.

It's more worrying for the users to be fair. People aren't going to spend their coins when they've lost half their value that they bought 'em for.

[bryant.coleman]

The exchange rate volitility is a minor issue. It'll go away over time. Merchants can accept bitcoins without having to fear fraud, counterfeits, or chargebacks. If they aren't comfortable with the volitility, they can be exchanged instantly for fiat. There is no safer payment method for a merchant than bitcoins.

Fraud is also a major concern. With so many wallet hacks and coin robberies happening, we can't exactly say that Bitcoin is completely devoid of fraud.

[Syke]

Fraud is also a major concern. With so many wallet hacks and coin robberies happening, we can't exactly say that Bitcoin is completely devoid of fraud.

Yes, but that sort of fraud is a secondary nature. The payment to the merchant is completely safe. Once the merchant has the payment, it is completely within their control to keep it safe.

To put it in another form, all other payment methods are like accepting 0-confirmation bitcoin transactions. They may or may not be valid. A 6-confirmation bitcoin transfer is far safer than every other payment method in existence.

[hilariousandco]

The exchange rate volitility is a minor issue. It'll go away over time. Merchants can accept bitcoins without having to fear fraud, counterfeits, or chargebacks. If they aren't comfortable with the volitility, they can be exchanged instantly for fiat. There is no safer payment method for a merchant than bitcoins.

Fraud is also a major concern. With so many wallet hacks and coin robberies happening, we can't exactly say that Bitcoin is completely devoid of fraud.

They're definitely needs to be more security on wallets for mainstream adoption. I'm sure these will come with time though.

[CRServers]

Funny...

Supposively this huge drop in BTC price is due to "Deposit Freezes at Chinese Exchanges" by chinese banks.
http://www.coindesk.com/deposit-freeze-chinese-exchanges-drives-bitcoin-price-below-400/

But then I went to FiatLeak and saw that China is still buying lots of BTC !
http://fiatleak.com/

Is FiatLeak fake?

Can anybody explain this?

Thanks,

[cr1776]

FiatLeak shows trades.  So if A buys 10 BTC from B and A sells 10 BTC from C, and A, B, and C are in China that shows 20 BTC traded (perhaps for litcoin), but there may be no net inflow of money coming from people in China (or anywhere else it tracks).

It is an interesting site, but the premise that it is only showing money flowing from fiat into BTC then it is not correct.  It shows SOME money flowing from fiat into BTC, but it also shows trading in bitcoin that does not represent new money flowing into bitcoin.

Funny...

Supposively this huge drop in BTC price is due to "Deposit Freezes at Chinese Exchanges" by chinese banks.
http://www.coindesk.com/deposit-freeze-chinese-exchanges-drives-bitcoin-price-below-400/

But then I went to FiatLeak and saw that China is still buying lots of BTC !
http://fiatleak.com/

Is FiatLeak fake?

Can anybody explain this?

Thanks,

[BitCoinsLOL]

 Waiting and extremely skeptical I'll take a look after the 15th.

[leopard2]

You might be happy because you are able to buy more. But in general, this can be extremely band news for Bitcoin. Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

Sure they will because the BTC transaction confirms in 10 minutes and Bitpay transactions take only seconds to complete

Not a month, not a week, not even an hour.

Thus volatility is not a problem.

[BittBurger]

bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money.  

I couldn't have said it better myself.

See my signature for why.

-B-

[ampere9765]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. 

I couldn't have said it better myself.

See my signature for why.

-B-

Is that a joke?

Buy and hold = you are trying to reap long term speculative gains. You are looking for money

[BittBurger]

He said those "just" looking for money.  Versus those who believe in Bitcoin.

I am holding because I believe in Bitcoin.

Bad wording on his part.

Bad comprehension on yours.

-B-

[bitcoinsrus]

Its funny cause bitcoin has a way of rewarding the ones who believe in bitcoin and punishing those just looking for money. 

I couldn't have said it better myself.

See my signature for why.

-B-

Is that a joke?

Buy and hold = you are trying to reap long term speculative gains. You are looking for money

What else am I suppose to do?  Get a job?
lol jk

[ampere9765]

I am holding because I believe in Bitcoin.

Obviously he's comparing that to people who try to play the system for a quick buck, with no confidence in the technology.

Bad wording on his part.

Bad comprehension on yours.

-B-

Whatever you gotta tell yourself

It's bullshit and we both know it

Like I said earlier, the buy and holders around here are the biggest book talkers of them all

[BittBurger]

What's bullshit?

That I believe Bitcoin will succeed long term?

Obviously I believe that if I am holding right now, and buying more.

Nobody said I wasn't also going to enjoy the profits.

He said "Just" want to make money.

Nevermind.  Talking to a dummy.  (see signature)

[BittBurger]

You're just in a bad mood because you are a day trader, and the price is tanking.

You have no confidence in the future, so this is your "window jumping" moment.

You proved his theory correct.  

Meanwhile I have "X" times as many bitcoins as I did the day I started out.

All I have done is buy and hold from day 1.

-B-

[meebs]

You might be happy because you are able to buy more. But in general, this can be extremely band news for Bitcoin. Do you think any shopkeeper will trust a currency which goes from $1,200 to $400 in a month's time?

vast majority of places that "accept bitcoin" get paid in cash from the company handling the transaction. As long as they are getting increased sales from accepting it, they don't care what its price is.

[ampere9765]

What's bullshit?

That I believe Bitcoin will succeed long term?

Obviously I believe that if I am holding right now, and buying more.

Nobody said I wasn't also going to enjoy the profits.

He said "Just" want to make money.

Nevermind.  Talking to a dummy.  (see signature)

I don't "just" want to make money either. I want to short the market while watching perma bulls squirm, clinging to their "hodler" cult bullshit

Werent you the guy that repeatedly goes off about traders causing volatility? Who's the dummy here?

[ampere9765]

You're just in a bad mood because you are a day trader, and the price is tanking.

You have no confidence in the future, so this is your "window jumping" moment.

You proved his theory correct.  

Meanwhile I have "X" times as many bitcoins as I did the day I started out.

All I have done is buy and hold from day 1.

-B-

If you had looked through my posts you wouldn't say that. Day traders can make $ and BTC when the market goes up OR down

Edit: dude that is depressing as hell. are you telling me that you havent even recovered your initial investment?

[Beef Supreme]

Though it's not going to be very good for you if it keeps dropping. Maybe people will be laughing at you in a few months' time for buying at 400.

What was that sound? A crow you say?  Knocking at your chamber door?

You might have to eat it to get rid of it.

[chessnut]

I think this thread needs a train.