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Author Topic: Why did bitcoin value fall?  (Read 3537 times)
jeliman
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April 11, 2014, 02:14:41 PM
 #41

So is this a good time to buy some bitcoins?

I bought some the other day on the way down to 450.

Long-term, most people are still bullish. I'm expecting some modest gains in time for summer myself.

yeah I bought some at 560 USD thinking to myself -  Grin what a bargain  Grin, but now I see I could have waited a little longer...

But the thing is, no matter what you buy there is never the perfect moment, there are always ups and downs ahead....

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roslinpl
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April 11, 2014, 09:02:09 PM
 #42

So is this a good time to buy some bitcoins?

I bought some the other day on the way down to 450.

Long-term, most people are still bullish. I'm expecting some modest gains in time for summer myself.

yeah I bought some at 560 USD thinking to myself -  Grin what a bargain  Grin, but now I see I could have waited a little longer...

But the thing is, no matter what you buy there is never the perfect moment, there are always ups and downs ahead....

Indeed. You bought at 560$ and it was VERY good price! As you know we already had ~800$ so do not worry about, that you could wait till tomorrow ... and buy then... this is not working like that.

There always are going to be like that with ups and downs

And EVERY moment in your life is a great moment to buy BTC!

And people should understand a thing that I understand well!

Bitcoin is not an investment! Bitcoin is a currency! -crypto currency to be precise.

You should buy bitcoins and use bitcoins! Smiley and then - you do not really care a lot about a price - like I do..
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April 11, 2014, 10:03:16 PM
 #43

Simple answer:  It's a bubble

Was, not every thing dies after a pop.  See house prices in America.
roslinpl
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April 11, 2014, 11:12:14 PM
 #44

Simple answer:  It's a bubble

Was, not every thing dies after a pop.  See house prices in America.


I really do not like when people are saying that Bitcoin is/was a bubble.

Bitcoin is indeed a crazy thing! I must say! Smiley A digital currency that isn't manufactured by common money sources but it is mined by a computers ... this is like crazy isn't ...

A bubble ... A bitcoin is a bitcoin! BTCBTC

speculations about is it a bubble or not ... uhm we can say Internet was a bubble, Amazon was a bubble, google was a bubble,

I am  not a pro economist but a bubble is what 99% of altcoins are showing to us.

Bitcoin is not a bubble that you can pop and it will die.

Value of BTC will change, but soon or later it will land on the moon. If it will not - I do not care - I will use bitcoin anyway Smiley
rohan1
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April 13, 2014, 05:22:47 AM
 #45

A lot of people rushed into Bitcoin with hindsight when the price over 500USD,they have no idea about bitcoin, they just saw the wealth story .But when their investment have loss, they will also hesitate to cut the loss off.
Exchange and government are also key factors for the price falling.
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April 13, 2014, 06:47:05 AM
 #46

yeah I bought some at 560 USD thinking to myself -  Grin what a bargain  Grin, but now I see I could have waited a little longer...
But the thing is, no matter what you buy there is never the perfect moment, there are always ups and downs ahead....

If you have faith in Bitcoin, then do the following:

1. Buy as many bitcoins as you bought earlier, for $420 now. The average purchase price becomes $490.
2. Place a sell order for 50% of your coins for $495. Now you will get a profit, and you can keep the coins as well.
zeeshanblc
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April 13, 2014, 07:40:12 AM
 #47

People panicking over everything and selling it, not experienced traders that put last money in BTC. Price goes down a bit all get scared and start selling like maniacs...that's all

Also market is small, you don't need a lot to take price down, someone comes with 10kBTC for sale  and price would go down a lot

Don't want to mention fake news from China
jeliman
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April 14, 2014, 07:52:52 AM
 #48

yeah I bought some at 560 USD thinking to myself -  Grin what a bargain  Grin, but now I see I could have waited a little longer...
But the thing is, no matter what you buy there is never the perfect moment, there are always ups and downs ahead....

If you have faith in Bitcoin, then do the following:

1. Buy as many bitcoins as you bought earlier, for $420 now. The average purchase price becomes $490.
2. Place a sell order for 50% of your coins for $495. Now you will get a profit, and you can keep the coins as well.

Smiley right, the 5$ per BTC profit sounds great....

However this is one the best moments to buy as much BTC, LTC as you can.

When BTC was over 1000 $ I kept saying, ok, when it goes down bellow 500 then I buy.
Some of my friends ridiculed me but it is there now, so stop hesitate , sell everything and commence the purchasing frenzy Smiley

...and do no freak out when it drops bellow 200$, cause we all know, that the moon is the final destination.... one nice sunny day far in the future ...  Grin Grin

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April 14, 2014, 12:29:58 PM
 #49

Every time i bought some btc the price went down, but i think just keep buying is not the badest idea.
Not too much at all but permantly buying because i guess the price can also fall down to 200$.

there is always a light at the end of the tunnel...
roslinpl
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April 14, 2014, 03:11:22 PM
 #50

 Sometimes in life you feel the fight is over,
 And it seems as though the writings on the wall,
 Superstar you finally made it,
 But once your picture becomes tainted,
 It's like they call,
 The rise and fall

Smiley price is going up, I am sure it will fall little bit too, and later for sure it will rise even more Wink

Welcome in the world of Bitcoin.
godislove
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April 14, 2014, 08:20:00 PM
 #51

If you bought and sold a lot of bitcoin last year, then you know EXACTLY why bitcoin price has been falling and staying low the past 2 weeks and why today it is finally rising.  Anyone who has a lot of bitcoin relative to their income and net worth are going to have to sell bitcoin in order to pay taxes, and it is retro-active for past years.  If they're listening to half-educated professionals saying to use FIFO method (first-in first-out) instead of a weighted average of all their bought and sold trades....then they really messed themselves up.   Imagine someone unemployed or retired and bought 200 coins last year at $200 each, a "typical" $40k trade for a lot of the guys who are serious about bitcoin and keep silent.  The people posting here are more like $4k traders.  Then they sold last year at $1000 each because they are not stupid.  Then they bought back at $800 because they are not stupid.  So now they own $50k in taxes in addition to losing about $5k in deductions and credits, if they used FIFO instead of the averaging method for their trades.  Using the average method, they would owe only $10k in taxes (and their cost basis for the future is lower, so the tax burden is shifted to future years).   The reason for being allowed to choose between FIFO and average is just for cases like this: FIFO can be incredibly unfair if your trades are causing large swings in your adjusted gross income.

So if you want to know why bitcoin is falling, it's because large bitcoin holders are using FIFO instead of average method for their taxes.  Give it another month and it might be about $800, and still people will keep posting these threads, not understanding the tax consequences.
roslinpl
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April 14, 2014, 08:27:35 PM
 #52



make sure you will be on a board Smiley

It is nice to read this topic today "Re: Why did bitcoin value fall?"

Last month will became a legend in a future of a Bitcoin. Smiley
gagalady
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April 15, 2014, 07:17:33 AM
 #53

There are few factors one of them are mtgox, china policy ect...
jeliman
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April 15, 2014, 07:45:41 AM
 #54

.......................

So if you want to know why bitcoin is falling, it's because large bitcoin holders are using FIFO instead of average method for their taxes.  Give it another month and it might be about $800, and still people will keep posting these threads, not understanding the tax consequences.

so basically you are saying, that there are few people with a cristall ball, who know exactly, where the price will be at a given time and than they sell and buy to avoid(optimize) taxing....

The taxing issue is very new and mostly for US citizens who, according to some are not the major holders (unlike China, Japan) so I doubt it is about taxes now.

It is still the echo of the bloody Gox and the chineese uncertainty, as many said before.

godislove
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April 15, 2014, 01:26:12 PM
 #55

.......................

So if you want to know why bitcoin is falling, it's because large bitcoin holders are using FIFO instead of average method for their taxes.  Give it another month and it might be about $800, and still people will keep posting these threads, not understanding the tax consequences.

so basically you are saying, that there are few people with a cristall ball, who know exactly, where the price will be at a given time and than they sell and buy to avoid(optimize) taxing....

The taxing issue is very new and mostly for US citizens who, according to some are not the major holders (unlike China, Japan) so I doubt it is about taxes now.

It is still the echo of the bloody Gox and the chineese uncertainty, as many said before.


No, I just gave an example where a lot of people were buying and selling last year, especially if they had a lot of bitcoin, and that they now owe a lot of tax if they use FIFO instead of weighted average trade, and therefore may need to sell BTC to pay taxes.  If they had the same crystal ball as me, then they would not be selling before April 15.  Sure, Gox and China has an effect, but those effects were strong as it happened, and yet uncharacteristically the price is staying low, and dropping lower even as Gox became old-news (more than a week). It's been 7 weeks since Gox imploded and the low from that was $500...then it rose to $700 before the official confirmation of China's position.  This latest news did not even seem like news to me.  It seemed like everyone was expecting it.  

It dropped to $350 just 5 days before checks to IRS are in the mail and is now rising up to $500, 5 days later as it is now too late to be cashing out and trying to get money in the bank before the IRS cashes your checks.  Big dummies. They shouldn't be using FIFO and not need to sell bitcoin to pay taxes.  Admit it.  I know some of you reading this have done just that, and now you have to watch it go back up to $800 in a month, double what you used to pay taxes, so instead of 28% tax rate you actually paid 56% tax rate.  Long-term trend for bitcoin is $800 as of today.

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April 15, 2014, 01:33:50 PM
 #56

Basically it is still too volatile. It shot up way too fast and then when people stopped buying so hard the price started to insta-tank. I think honestly even without gox this would have happened. There comes a certain point where more and more people start to believe that it can't keep going up forever and decide to wait. Also some people can't fathom buying something at 1000+ that was like a tenth of that a few months ago so they will wait until it "goes back down to $100."
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April 15, 2014, 09:42:49 PM
 #57

Yea I'm gonna go with the band news from Gox and the way the handled that whole fiasco.  Also the Wave of Hacks and news surrounding China made prople uneasy.
bryant.coleman
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April 16, 2014, 03:47:21 AM
 #58

yeah I bought some at 560 USD thinking to myself -  Grin what a bargain  Grin, but now I see I could have waited a little longer...
But the thing is, no matter what you buy there is never the perfect moment, there are always ups and downs ahead....

If you have faith in Bitcoin, then do the following:

1. Buy as many bitcoins as you bought earlier, for $420 now. The average purchase price becomes $490.
2. Place a sell order for 50% of your coins for $495. Now you will get a profit, and you can keep the coins as well.

Smiley right, the 5$ per BTC profit sounds great....

However this is one the best moments to buy as much BTC, LTC as you can.

Boy... did you bought the coins as I told you?
jeliman
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April 16, 2014, 06:24:04 AM
 #59

I bought as much as my financial situation allowed me Smiley

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