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Author Topic: why the bitcoin price is going down ?  (Read 3790 times)
BlindMayorBitcorn
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October 04, 2014, 07:06:41 PM
 #41

Because BTC is only good for buying drugs at the moment.
Average Joe/Joesephine is not interested in private keys, sending cash to shady Slovenian/Bulgarian online exchanges, using weird BTC-ATM´s, etc.

BTC is for the techy druggie until mosaic-of-BTC comes around.


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October 04, 2014, 08:55:33 PM
 #42

Merchant Acceptance.. that turned out to be the initial reason for this fall.
And recent fall maybe the Russian ban might had some impact on it.

I heard elsewhere that it was just a proposed ban that may not go through.
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October 04, 2014, 09:27:51 PM
 #43

The market is getting rid of miners with datacenters commitments and manufacturer with soso efficient technologies.
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October 04, 2014, 09:35:58 PM
 #44

localbitcoins is still above $400 while sheeple are panicing while looking at the crappy btc-e/bitstamp small valuations
No, there are people on localbitcoins trying to sell Bitcoins above $400. Buy prices are as low as $289.

Those are just bids and asks that are far from the market, like the ones you see on any exchange.
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October 04, 2014, 09:39:24 PM
 #45

localbitcoins is still above $400 while sheeple are panicing while looking at the crappy btc-e/bitstamp small valuations
No, there are people on localbitcoins trying to sell Bitcoins above $400. Buy prices are as low as $289.

Those are just bids and asks that are far from the market, like the ones you see on any exchange.

$289 ain't that far

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October 04, 2014, 09:50:31 PM
 #46

It's not the news, it's the current protocol:

http://www.youtube.com/watch?v=_-TLA3j-ic4

Upgrade to come???

They aren't going to "upgrade" to POS or DPOS. Invest your money into one of the alts that uses it if you think that's the answer.


Agreed - but think he has partly identified the reason for current price profile. Who knows maybe the instigator, Satoshi is working on it now, something much more sophisticated than DPOS/POS - perhaps a POW 2.0
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October 04, 2014, 10:33:11 PM
 #47

more and more merchants suddenly accepting bitcoin and not enough people buying more btc. The merchants are also converting the btc back to fiat and that also drives the price down.. good time to buy.

i'm was thinking the same... the are selling too fast at low price  Undecided

Clarification


1 IF merchants are receiving bitcoin then they will convert to FIAT immediately. The price of their product in bitcoin is likely to be linked to FIAT so all they are doing is recovering their cost in bitcoin and immediately converting.

So, keeping this simple they are not selling too fast at a low price at all.

2 The next point is that if merchants are receiving bitcoin then that begs the question Why would bitcoin owners use bitcoin when they KNOW the price is low and its better to purchase using FIAT

3 This now explains why the price is going down.. on the most part its probably speculators dumping and some miners being forcded to recoup costs.

So maybe there is a lot of cash sitting on sidelines just waiting till they see the bottom stabilise out and then pounce!

Either that or everyone has suddenly lost faith in bitcoin now the Bank of England, Bill Gates, Paypal, Richard Branson and a host of others have stated its here to stay!

So Chillax, ignore day to day and wait for the rise...

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October 04, 2014, 10:46:41 PM
 #48

 
Also I think Russia is getting out this week: http://www.coindesk.com/russia-proposes-fines-bitcoin/

a press release was posted elsewhere on bitcointalk that linked to a new release in Russian that allegedly said the central bank of Russia rejected the proposals due to it not being consistent with their objectives.  Either way, they are merely proposals.  And even full out laws banning bitcoin will likely have the same effect as if they attempted to ban bittorrent.



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sublime5447
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October 04, 2014, 10:52:17 PM
 #49

Everyone is selling right now because they think the price go lower.. (maybe will happen) so they wont lose a lot of money

Ding, ding, ding we have a winner, but why do they think the price is going to go down? Because bitcoin's value was blown way out of proportion by speculators and the mt gox fraud, now it will go down to the a market cap that is some where near what is need to facilitate trades, which is like 20 bucks.

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Bitcoins101
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October 04, 2014, 10:54:49 PM
 #50

localbitcoins is still above $400 while sheeple are panicing while looking at the crappy btc-e/bitstamp small valuations
No, there are people on localbitcoins trying to sell Bitcoins above $400. Buy prices are as low as $289.

Those are just bids and asks that are far from the market, like the ones you see on any exchange.
Price isn't really relevant to LocalBitcoins buyers, anyway. Most people buying on LocalBitcoins are using bitcoin to buy something and only care about the USD value. Investors generally buy on exchanges, where they can get better rates.

I have noticed an unusual number of sellers lately looking to sell for cash in person at exactly Bitstamp market price. It looks like some people are exiting.

Everyone is selling right now because they think the price go lower.. (maybe will happen) so they wont lose a lot of money

Ding, ding, ding we have a winner, but why do they think the price is going to go down? Because bitcoin's value was blown way out of proportion by speculators and the mt gox fraud, now it will go down to the a market cap that is some where near what is need to facilitate trades, which is like 20 bucks.

God do I miss 2012. I'd still consider it Bitcoin's best year. It was all about facilitating trade back in 2012 and it slowly rose literally the entire year.
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October 05, 2014, 02:04:55 AM
 #51

Despite this drop in prices, (TRUE Wink) investors  Bitcoin  are not panicking - they are stocking.

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October 05, 2014, 02:16:46 AM
 #52

Everyone is selling right now because they think the price go lower.. (maybe will happen) so they wont lose a lot of money

Ding, ding, ding we have a winner, but why do they think the price is going to go down? Because bitcoin's value was blown way out of proportion by speculators and the mt gox fraud, now it will go down to the a market cap that is some where near what is need to facilitate trades, which is like 20 bucks.

What is needed to facilitate trades is not a small / high market cap, but stability.  Smiley


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October 05, 2014, 05:58:54 AM
 #53

The reason is it can shoot 2x in the matter of days, any minute now. I just can't sell, watching the price falling from 500$. If I still didn't do it, I won't. I don't in any way believe it can go to 0, even if biggest stashes were converted to fiat.

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October 05, 2014, 06:20:39 AM
 #54

The market is getting rid of miners with datacenters commitments and manufacturer with soso efficient technologies.

The cycle will take 9-12 months to purge inefficient miners and ASIC manufacture.
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October 05, 2014, 02:42:04 PM
 #55

Everyone is selling right now because they think the price go lower.. (maybe will happen) so they wont lose a lot of money

Ding, ding, ding we have a winner, but why do they think the price is going to go down? Because bitcoin's value was blown way out of proportion by speculators and the mt gox fraud, now it will go down to the a market cap that is some where near what is need to facilitate trades, which is like 20 bucks.

What is needed to facilitate trades is not a small / high market cap, but stability.  Smiley

Stability comes when there is a market to back up the price.. it is the ability to redeem that gives currency its value.

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