BTC Price is crashing today.

[piramida]

Anybody care to elaborate why?

This is why:
https://www.youtube.com/watch?v=_-TLA3j-ic4

Thats a pretty interesting video.

Just to summarize this for people who don't want to listen to this guy's 15 minutes rambling lecture:

At current rates, the bitcoins generated by miners are worth $650 million per year. So, that means for the price to be stable, that much money must come into the Bitcoin ecosystem. If less buying interest than this occurs, then the price will drop (and vice versa).

Yeah the same argument of "omg no enough money coming in" from 2011. It is based on an assumption that 100% of mined coins are sold on the market immediately and nobody ever use these dollars to buy coins again. For somebody with such a low belief in bitcoin, these miner guys sure did invest alot of millions in the infrastructure

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[Blinken]

Anybody care to elaborate why?

This is why:
https://www.youtube.com/watch?v=_-TLA3j-ic4

Thats a pretty interesting video.

Just to summarize this for people who don't want to listen to this guy's 15 minutes rambling lecture:

At current rates, the bitcoins generated by miners are worth $650 million per year. So, that means for the price to be stable, that much money must come into the Bitcoin ecosystem. If less buying interest than this occurs, then the price will drop (and vice versa).

Yeah the same argument of "omg no enough money coming in" from 2011. It is based on an assumption that 100% of mined coins are sold on the market immediately and nobody ever use these dollars to buy coins again. For somebody with such a low belief in bitcoin, these miner guys sure did invest alot of millions in the infrastructure

Yeah, just as a point of interest the video has some still shots in of giant mining farms, and I mean GIANT. Warehouses full of cheap PCs all wired together, its pretty incredible.

[Dissonance]

Just like in the stock market people like to attribute reasons why a price moves up or down.  The truth is that an asset's price is based on its supply and demand.  Right now there are more sellers then buyers.  Why that is ?  Anyone's guess but its probabaly being driven by mometum.  The news over the last few months has been preety good for bitcoin with tons of new startups. , however, the huge 10X runup late last year has led to a protracted correction and alot of speculators selling.  Once the sellers have been exhusted the buyers will overwhelm the sellers and the momentum will swing the other way.  There really doesn't have to be a reason other then that.

[zeroday]

Just like in the stock market people like to attribute reasons why a price moves up or down.  The truth is that an asset's price is based on its supply and demand.  Right now there are more sellers then buyers.  Why that is ?  Anyone's guess but its probabaly being driven by mometum.  The news over the last few months has been preety good for bitcoin with tons of new startups. , however, the huge 10X runup late last year has led to a protracted correction and alot of speculators selling.  Once the sellers have been exhusted the buyers will overwhelm the sellers and the momentum will swing the other way.  There really doesn't have to be a reason other then that.

These shakes are good for bitcoin economy. New people have nice opportunity to join and that makes BTC distribution more even. Only the greedy get-rich-quick guys suffer from these cyclic crashes.

[Sevvero]

Just like in the stock market people like to attribute reasons why a price moves up or down.  The truth is that an asset's price is based on its supply and demand.  Right now there are more sellers then buyers.  Why that is ?  Anyone's guess but its probabaly being driven by mometum.  The news over the last few months has been preety good for bitcoin with tons of new startups. , however, the huge 10X runup late last year has led to a protracted correction and alot of speculators selling.  Once the sellers have been exhusted the buyers will overwhelm the sellers and the momentum will swing the other way.  There really doesn't have to be a reason other then that.

These shakes are good for bitcoin economy. New people have nice opportunity to join and that makes BTC distribution more even. Only the greedy get-rich-quick guys suffer from these cyclic crashes.

>THIS IS ACTUALLY GOOD NEWS
RETARD ALERT! RETARD ALERT!

DELUDED OSTRICH, GET YOUR HEAD OUT OF THE SAND!

[kokojie]

Anybody care to elaborate why?

Due to $1.5M PoW mining expense every single day, Bitcoin price will naturally drop when there's less than $1.5M capital inflow into the eco-system per day.

Bitcoin owners are basically charged a 10% tax by PoW mining network every single year, unless there's capital inflow to subsidize this tax. So far, Bitcoin owners has been very lucky, since in the past there indeed was huge amount of capital inflow to make the PoW mining expense seem insignificant. But this year might be the first time Bitcoin owners is feeling the expense of PoW mining.