I hope the price sinks

[lomalio]

Why? Maybe then the developers and the community heads will wakeup and find ways to improve things. Dell has started to accept it and we are still suffering for immature problems. The fact that these exchanges can have such widespread effects is appalling. Imagine if I sell 200k bars of chocolate at a cut price in a matter of a few minutes to lots of people then all these other chocolate sellers do the same because I did it! How stupid would that be?? Imagine if bars of chocolate were sold on exchanges? It would be ridiculous. We need systems in place to stop this stupidity. This is not how things should be working. It doesn't reflect the desires of the majority of holders at all. How can you make the price dependent on what a few do? Exchange programmers need a clever solution in mind to sort this out.

I hope BTC sinks further so that these guys wake up and change their algorithms.

[QuestionAuthority]

Consumers from California to Switzerland are developing a taste for dark chocolate, taking a bite out of global cocoa supplies and driving up candy prices in both high-end boutiques and mass-market drugstores.

The cost of one kilogram of chocolate in the U.S. is expected to hit a record $12.25 this year, a 45% increase from 2013, according to market-research firm Euromonitor International.

Prices are on the rise due to a shortage of cocoa beans, which are roasted and ground to make chocolate. Market experts estimate that supplies will fall short of demand this year for the first time since 2010 and dry weather is expected to hurt the next harvest in West Africa, where 70% of cocoa beans are produced. Reuters also reported that this Bitcointalk poster is a giant dumbass.

[Ektra]

You won't whine so much if the price goes up again.

[odolvlobo]

Why? Maybe then the developers and the community heads will wakeup and find ways to improve things. ...

You mean the people in charge of Bitcoin?

... It doesn't reflect the desires of the majority of holders at all. ...

Holders of bitcoins have no say. That's not how it works.

... Exchange programmers need a clever solution in mind to sort this out.
I hope BTC sinks further so that these guys wake up and change their algorithms.

The price of a bitcoin has no effect on "these guys" and their "algorithms", and their "algorithms" have no effect on the price.

@QuestionAuthority -- Nice response!

[BitcoinTate]

Now is an excellent time to buy.

[RKZ72]

Now is an excellent time to buy.

Not quite it needs to go slightly lower.

[TheButterZone]

Now is an excellent time to buy.

$1 is. People will probably stop committing economic suicide at that point.

[moriartybitcoin]

The exchanges are the problem - they always were, and always will be.

BTC-E, CoinBase, and BitStamp all engage in very questionable practices. The margin trading on BTC-E is an abomination which is DIRECTLY causing the current price crash!

[Chef Ramsay]

Was gonna buy a few the other night but just settled for one. Maybe I can nab another 1+ to add to the portfolio at the right time coming up. Now, if it wasn't for my student loan payments...

[Beliathon]

I've come to suspect that some longtime whale holder(s) is/are deliberately dumping to shake out greedy weak hands and offer a new set of bitcoiners the chance to buy low and enjoy a long ride north.

We longterm idealist holders lose nothing in these lows, so it only hurts those in it for profit - those who don't deserve the gains.

[lomalio]

The exchanges are the problem - they always were, and always will be.

BTC-E, CoinBase, and BitStamp all engage in very questionable practices. The margin trading on BTC-E is an abomination which is DIRECTLY causing the current price crash!

This is what I mean by the changes we need. The Blockchain is a genius idea and Satoshi is a genius. When prices go down we talk about fundamentals being good. What good are the fundamentals when we use stupid practices to regulate the price? This crash is a major setback for greater adoption and it is all the fault of the exchanges and how they work. Until these problems are removed we will never get mass adoption. The problems cannot be removed unless the exchanges become insignificant or their algorithms change. If BTC was traded on something like an Ebay style system then we wouldn't suffer because some whale wanted to dump the price on a low volume exchange. Mass adoption will never solve this problem. The problem needs to be solved before mass adoption occurs.

BTC needs to break away from these exchanges and I hope some smart developers make a better website to buy Bitcoin.

In the meantime I hope the price plummets until some stupid whales and power people realise how damaging this is. I can accept the price going down when China tries to ban it but I find it ridiculous that bitcoiners themselves will stupidly kill their own property.

Bitcoin's rep has just taken a massive blow. The mainstream media is putting out some really bad reports.

[lomalio]

I've come to suspect that some longtime whale holder(s) is/are deliberately dumping to shake out greedy weak hands and offer a new set of bitcoiners the chance to buy low and enjoy a long ride north.

We longterm idealist holders lose nothing in these lows, so it only hurts those in it for profit - those who don't deserve the gains.

They don't deserve the gains but the new ones will? An odd way to think!

[Beliathon]

I've come to suspect that some longtime whale holder(s) is/are deliberately dumping to shake out greedy weak hands and offer a new set of bitcoiners the chance to buy low and enjoy a long ride north.

We longterm idealist holders lose nothing in these lows, so it only hurts those in it for profit - those who don't deserve the gains.

They don't deserve the gains but the new ones will? An odd way to think!

I'm an odd guy. The new ones will lose the gains too when the next bubble happens and some whale dumps to the foundation, if they're in it for wrong reasons they'll get shaken out.

[coins-mining]

It's the basic law of supply and demand.

You should check the market depth, more sellers than buyers for now so price is going down.

[lomalio]

I've come to suspect that some longtime whale holder(s) is/are deliberately dumping to shake out greedy weak hands and offer a new set of bitcoiners the chance to buy low and enjoy a long ride north.

We longterm idealist holders lose nothing in these lows, so it only hurts those in it for profit - those who don't deserve the gains.

They don't deserve the gains but the new ones will? An odd way to think!

I'm an odd guy. The new ones will lose the gains too when the next bubble happens and some whale dumps to the foundation, if they're in it for wrong reasons they'll get shaken out.

What reasons other than the wrong reasons are there for 99.9% of people?

[MightyBTC]

The price sink occured too fast, $150 per coin within 10 days. Some souces said it was the consequence of dumping of lot of coins[ a few thousands].It is recovering again. Within a week it will cross 520..or even faster. It has nothing to do with algorithm, its quite stable in itself.

[maurya78]

The utility of the protocol is distinct from the price
Don't look at the price everyday, it's mere distraction

[Jamie_Boulder]

Lol this happens every dam time.

>Price drops
>Everyone's world is over

[BitsBitsBits]

My predictions are that 400$ will be the lowest it will ever go. Before 2015 price will be around 1700$.

[V8x8d]

The exchanges are the problem - they always were, and always will be.

BTC-E, CoinBase, and BitStamp all engage in very questionable practices. The margin trading on BTC-E is an abomination which is DIRECTLY causing the current price crash!

BTC-E is too erratic. It needs to die.