The air is leaving the bitcoin balloon, and these 3 events could be why

[LakeBTC]

Bitcoin fell to its lowest price since May yesterday, after suffering a massive 12 percent drop. And that was just the most recent in a weeks-long descent of the currency. It’s no big surprise, though, bitcoin loyalists still see a silver lining in the crypto-asset they believe could be the next gold standard.

When Mt. Gox collapsed in February many saw it as the beginning of the end of the cryptocurrency, and perhaps, cryptocurrencies generally speaking. Instead though, the the price of bitcoin remained relatively stable, causing others to believe the currency was finally reaching maturity. But then the air started slowly seeping from the balloon.

On June 13 the price fell below $600, on August 14, the price fell below $500, and yesterday on the exchange BTC-e, it briefly fell below $400. Though it's difficult to definitively attach the drops to particular events a few major occurrences have re-sculpted the bitcoin economy in recent weeks.

On July 17, New York State released a proposal for what could end up becoming the first ever tailor-made bitcoin regulations, so-called Bit Licenses, with a potentially prohibitive barrier to startups. So even as mainstream investors like Fred Wilson and Marc Andreessen have thrown large sums of money behind already established bitcoin startups like bitcoin wallet Coinbase, the climate for those just starting out remains daunting.

Then, on August 11, the Federal Government’s influential Consumer Financial Protection Bureau warned users of bitcoin and other virtual currencies about the dangers of hackers, schemes, price-volatility, and lack of government protection in the burgeoning crypto-economy.

...

http://upstart.bizjournals.com/news/technology/2014/08/19/3-recent-events-pushing-the-air-out-of-the-bitcoin.html

[Beliathon]

On July 17, New York State released a proposal for what could end up becoming the first ever tailor-made bitcoin regulations, so-called Bit Licenses (...)

Then, on August 11, the Federal Government’s influential Consumer Financial Protection Bureau warned users of bitcoin (...)

Here's the NON-1984 "ignorance-is-strength" interpretation of these events:

On July 17th, a Bankster Goon proposes a hostile takeover of the bitcoin economy in New York state; thinly disguises as "regulation".

On August 11th, the Federal Government issues a FUD memo targeting a threat to their violence-enforced monopoly over the power of money-creation. Does this look familiar to anyone?

[ruletheworld]

Will be interesting to revisit the thread a couple of years from now.

[Beliathon]

Will be interesting to revisit the thread a couple of years from now.

No one will give half a fuck about this dipshit thread a few months from now, let alone a few years.

[ruletheworld]

Will be interesting to revisit the thread a couple of years from now.

No one will give half a fuck about this dipshit thread a few months from now, let alone a few years.

Lol fair enough. Just seems like the same things being said over and over, when the price is rising, falling, at $1, at $1000 or $500

[Beliathon]

Will be interesting to revisit the thread a couple of years from now.

No one will give half a fuck about this dipshit thread a few months from now, let alone a few years.

Lol fair enough. Just seems like the same things being said over and over, when the price is rising, falling, at $1, at $1000 or $500

It's because of chronic myopia. Everyone looks at bitcoin with blinders on that block anything further back than the last month or so, whether it's going up or down they lack historical perspective every time.
It's mostly brainwashed Americants and their horrendous historical amnesia at work.

Now... Regarding that violent, corrupt fuckwit Ben Lawsky...

In the United States of America, this man has absolutely no right to regulate the FREE EXCHANGE OF INFORMATION. Bits of math data being exchanged, that's all Bitcoin is. That is obvious impingement of free speech protected by the US constitution.

If he can regulate the exchange of Bitcoin information, he can also regulate the exchange of any other digital information we decide to assign value to. Do you understand how absurd that is?
Our assignment of value to these particular bits of data does not magically place them under Mr. Lawsky's jurisdictional purview. Sorry, all you fascist assclowns. Just kidding, I'm not sorry. Please kill yourselves; spare us your stupidity.

TL;DR:
The Bitlicense proposal is blatantly unconstitutional. Tolerating this filth would set a very dangerous precedent as we enter the information age, folks.

[gelar24]

Will be interesting to revisit the thread a couple of years from now.

yes, like the years before his bitcoin always fall in mid-year
and hopefully at the end of the year soared back

[Timo Y]

In the United States of America, this man has absolutely no right to regulate the FREE EXCHANGE OF INFORMATION. Bits of math data being exchanged, that's all Bitcoin is. That is obvious impingement of free speech protected by the US constitution.

The bans on cryptography export and the persecution of Phil Zimmerman in the 90s was a more aggressive impingement of free speech than the bitlicense. The constitution didn't protect us then it then and it won't protect us now.

[franky1]

the drop is meaningless

it is not a consensus that people have lost their passion. its more of the case that a very small group of stupid people are purposefully selling below the resistance point, soon enough they wont have coins left to continue, and then everyone else whom is buying the coins from them will simply hoard for their profit, thus the price will correct.

as you can see the price is trying to track back above $500+, yet someone is trying to dump the price down. so lets allow that person to spend all their coin and leave them, back in the land of the bank note. and we can simply buy cheap coin thanks to them thus making us be the smart ones.

as for the government regs. the 'consumer protections' announcement is standard protocol advice in short "warning you can lose aswell as gain, there is no guaranteed profit." which is smart advice, and noobs should be wise to listen to it, instead of hearing it from friends that its guaranteed millionaire makers over night from their gpu's. (ike the wild west propaganda you can make millions with just a pickaxe).

smart investors have not lost their passion and look far beyond trying to increase their bank note wealth. and with that said, if your smart and protect your investments and never sell at a loss, you wont be a loser

[SpontaneousDream]

the drop is meaningless

it is not a consensus that people have lost their passion. its more of the case that a very small group of stupid people are purposefully selling below the resistance point, soon enough they wont have coins left to continue, and then everyone else whom is buying the coins from them will simply hoard for their profit, thus the price will correct.

as you can see the price is trying to track back above $500+, yet someone is trying to dump the price down. so lets allow that person to spend all their coin and leave them, back in the land of the bank note. and we can simply buy cheap coin thanks to them be the smart ones.

as for the government regs. the 'consumer protections' announcement is standard protocol advice in short "warning you can lose aswell as gain, there is no guaranteed profit." which is smart advice, and noobs should be wise to listen to it, instead of hearing it from friends that its guaranteed millionaire makers over night from their gpu's. (ike the wild west propaganda you can make millions with just a pickaxe).

smart investors have not lost their passion and look far beyond trying to increase their bank note wealth. and with that said, if your smart and protect your investments and never sell at a loss, you wont be a loser

Couldn't agree more with this!!

[Beliathon]

In the United States of America, this man has absolutely no right to regulate the FREE EXCHANGE OF INFORMATION. Bits of math data being exchanged, that's all Bitcoin is. That is obvious impingement of free speech protected by the US constitution.

The bans on cryptography export and the persecution of Phil Zimmerman in the 90s was a more aggressive impingement of free speech than the bitlicense. The constitution didn't protect us then it then and it won't protect us now.

Phil Zimmerman was one man.

Bitcoin is a global movement involving hundreds of thousands of American citizens. That's very much an apples to oranges comparison.

They are always trying to use their tired old tactic of making "high profile examples" to frighten the rest of the herd. They did it to Phil Zimmerman, they did it to Bernard Von Nothaus, Julian Assange, and more recently Andrea Sanderlin, Anakata, Manning, Snowden, Ross Ulbricht, and Charlie Shrem.

[BurtW]

The Bitlicense proposal is blatantly unconstitutional. Tolerating this filth would set a very dangerous precedent as we enter the information age, folks.

Where is TBF on this?  Shouldn't they be gearing up to challenge these regulations as unconstitutional?

[frankenmint]

The Bitlicense proposal is blatantly unconstitutional. Tolerating this filth would set a very dangerous precedent as we enter the information age, folks.

Where is TBF on this?  Shouldn't they be gearing up to challenge these regulations as unconstitutional?

 I read this all in reverse and it took me all the previous posts to put together that you meant bitcoin foundation with that acronym there. 


Did shutting down napster and emule stop internet piracy?  Will a BitLicense, which proposes regulation chokeholds in one state, and is universally laughed at by the ENTIRE demographic it attempts to governance, do anything to change BTC dynamics or the virconomy?  It wont - there are too many benefactors who could care less what new york thinks who will continue to, speculate and trade on Alts, mine, offer goods, and services for cryptocurrency - that will not change.


"air leaving the bitcoin balloon, BTC is OVER!"
"oh no Gox is under, BTC is OVER!" 
"oh no DPR and Silk Road got Shut Down, BTC is OVER!" 


The opposite of downward selling pressure is upward buying pressure - this doesnt happen because there is a large availability of BTC.  If more folks desired to earn and hold BTC then there would be a higher demand for it.  If you, as a speculator, really want the price to hit the roof, then don't worry about Big Biz X or Y taking it but rather, encourage employees everywhere to want it (for the fact that its digitally not forged|printed, and that it has a long term built in deflationary mechanism to ensure the increased scarcity of it over time as opposed to printed normal money 'fiat', which does not.)

[franky1]

The Bitlicense proposal is blatantly unconstitutional. Tolerating this filth would set a very dangerous precedent as we enter the information age, folks.

Where is TBF on this?  Shouldn't they be gearing up to challenge these regulations as unconstitutional?

here is the bitcoin foundations letter to lawsky in NYC
https://bitcoinfoundation.org/wp-content/uploads/2014/08/Bitcoin-Foundation-Letter-to-NYDFS2.pdf

[Ron~Popeil]

The Bitlicense proposal is blatantly unconstitutional. Tolerating this filth would set a very dangerous precedent as we enter the information age, folks.

Where is TBF on this?  Shouldn't they be gearing up to challenge these regulations as unconstitutional?

 I read this all in reverse and it took me all the previous posts to put together that you meant bitcoin foundation with that acronym there. 


Did shutting down napster and emule stop internet piracy?  Will a BitLicense, which proposes regulation chokeholds in one state, and is universally laughed at by the ENTIRE demographic it attempts to governance, do anything to change BTC dynamics or the virconomy?  It wont - there are too many benefactors who could care less what new york thinks who will continue to, speculate and trade on Alts, mine, offer goods, and services for cryptocurrency - that will not change.


"air leaving the bitcoin balloon, BTC is OVER!"
"oh no Gox is under, BTC is OVER!" 
"oh no DPR and Silk Road got Shut Down, BTC is OVER!" 


The opposite of downward selling pressure is upward buying pressure - this doesnt happen because there is a large availability of BTC.  If more folks desired to earn and hold BTC then there would be a higher demand for it.  If you, as a speculator, really want the price to hit the roof, then don't worry about Big Biz X or Y taking it but rather, encourage employees everywhere to want it (for the fact that its digitally not forged|printed, and that it has a long term built in deflationary mechanism to ensure the increased scarcity of it over time as opposed to printed normal money 'fiat', which does not.)

Excellent points. The upward pressure will come with time. Bitcoin is really undervalued at the moment.

[Scoremaster]

btc will go back up. patience!

[Beliathon]

here is the bitcoin foundations letter to lawsky in NYC
https://bitcoinfoundation.org/wp-content/uploads/2014/08/Bitcoin-Foundation-Letter-to-NYDFS2.pdf

TL;DR:

"You took a year to draft this regulation, and you're only giving us 45 days to comment with virtually NO chance to change any of the proposed rules? Hey man, that's bullshit and you know it! Give us more time, let's do this collaboratively!"

[LiteCoinGuy]

Will be interesting to revisit the thread a couple of years from now.

No one will give half a fuck about this dipshit thread a few months from now, let alone a few years.

Lol fair enough. Just seems like the same things being said over and over, when the price is rising, falling, at $1, at $1000 or $500

now you know more than many other new members here  

[Dabs]

Rhetorical question: How do you stop the internet?

[Beliathon]

Rhetorical question: How do you stop the internet?

At this point, you'd probably have to exterminate Homo Sapiens from the Earth to permanently stop the internet.

Temporary and localized impairments of fractions of the network are a different story, but that's not what you asked.