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Author Topic: Why the price is keep going down?  (Read 1467 times)
tonygal
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October 05, 2014, 02:22:04 AM
 #1

I can't find anything related to that , anyone knows anything?
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fuguebtc
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October 05, 2014, 02:29:28 AM
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I don't get it why btc is going down.
This is just a temporary correction to shake out weak holders.
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October 05, 2014, 02:35:44 AM
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I don't get it why btc is going down.
This is just a temporary correction to shake out weak holders.

There is no rhyme or reason tbh.
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October 05, 2014, 02:37:52 AM
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It's Friday's swell US jobs report and the ever more hunky-dory US economy. BTC crashed alongside gold even as the Dow rose 200+ points.
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October 05, 2014, 02:47:07 AM
 #5

Mostly speculators panic dumping.  Let them.. those who truly believe in Bitcoin can buy in cheaper.  And pay attention to the volumes we are getting.. and keep in mind for every seller there is a buyer.

Or park your money into alts.  I prefer Nxt.  Notice that they are mostly all up relative to BTC.

Plus the market is still trying to figure out the correct price.

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October 05, 2014, 05:21:41 AM
 #6

I just bought another Bitcoin! Booyah!

When it's over $2g, when will I ever be able to brag about that again?!
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October 05, 2014, 05:28:46 AM
 #7

More merchants accept bitcoin payment, more bitcoins are converted to fiat once bitcoin payment is made.

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October 05, 2014, 10:09:31 AM
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More merchants accept bitcoin payment, more bitcoins are converted to fiat once bitcoin payment is made.

This is a flawed argument. How are "bitcoins converted to fiat"? Is there some entity that produces fiat, exchanges it for bitcoins, and destroys the bitcoins, forever removing them from the market? No. The bitcoins are sold for fiat. Which means that somebody buys them. There are two sides to every transaction.

The increased Bitcoin payments only increase the velocity of Bitcoin - i.e., more bitcoins are changing hands. By itself, it cannot cause the price to fall (or rise). There are other factors involved - the supply (as miners are mining new coins) and the demand to hold Bitcoins vs the demand to hold fiat. Price movements are caused by the pressure differential between buyers and sellers - not by the buying or selling alone.
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October 05, 2014, 10:22:24 AM
 #9

What it is curious and I am quite scared to find out is the reaction that all those big name vendors that see their sales having less and less value as BTC keeps on its way down unless they are real time updating their price tags, which on the other side must be annoying.

Will we see, but I am just hoping this is a market manipulation forcing prices down so a bunch of people can come in cheap as the new ETFs launch, combined with a strong USD trend.

Eth.
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October 05, 2014, 10:28:34 AM
 #10

I don't know about you guys, but I view this price drop as a huge opportunity to haul ass at work, and collect as many bitcoin as I possibly can.  Find some work you can do, charge at a USD rate, and ask to be paid in BTC.  You'll be getting paid almost double the BTC as you would have two months ago, so when it does start going up again, you'll hopefully have a nice little collection stashed.

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phillipsjk
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October 05, 2014, 10:37:37 AM
 #11

I can't find anything related to that , anyone knows anything?

There are six topics in the first General Discussion page with the word "price" in the title.

If you want more in-depth analysis, try the Speculation Sub-forum.

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franky1
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October 05, 2014, 10:55:19 AM
 #12

What it is curious and I am quite scared to find out is the reaction that all those big name vendors that see their sales having less and less value as BTC keeps on its way down unless they are real time updating their price tags, which on the other side must be annoying.

Will we see, but I am just hoping this is a market manipulation forcing prices down so a bunch of people can come in cheap as the new ETFs launch, combined with a strong USD trend.

Eth.

merchants (vendors) dont care. honestly they dont
bitpay for instance does not grab fiat from exchanges. they have private investment people pumping them banknotes. so bitpay does not even need to touch an exchange, so bitpay doesnt care either as their risks are low/none.
as for the vendor.
when a vendor that has a customer, the vendor types in the dollar total of sale and the customer pays the amount of bitcoin. the vendor, then recieves the dollar amount they typed in. places like bitpay and coinbase have a 'lock-in' promise so vendors get paid the fair amount. whether a $10 t-shirt costs 0.025btc or costs 0.0001btc or costs 2btc.. the vender types in $10 and gets out $10. to most vendors the bitcoin part is just a gimmick.

as for the overstock/dell vendor that is hoarding bitcoins. 2 months ago $600 laptop would have only got them 1bitcoin. now they are receiving 2 bitcoins for that exact same laptop. they are happy.

as for miners. out of the 3600 coins produced a day, estimates are that only 600 is cashed out to fiat. the rest is hoarded. and of that 600 cashed out very little of it is done on the public crappy exchanges.
example of 2 separate miners on different block rewards
https://blockchain.info/address/19vvtxUpbidB8MT5CsSYYTBEjMRnowSZj4
~6000 coins earned from mining
~5000 coins NOT SPENT

https://blockchain.info/address/1GcF7j3YH8Qs8hvNEe7zbrQZftMU6sRLfu
~5000 coins earned from mining
~3500 coins not spent

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October 05, 2014, 11:15:21 AM
 #13

I don't know about you guys, but I view this price drop as a huge opportunity to haul ass at work, and collect as many bitcoin as I possibly can.  Find some work you can do, charge at a USD rate, and ask to be paid in BTC.  You'll be getting paid almost double the BTC as you would have two months ago, so when it does start going up again, you'll hopefully have a nice little collection stashed.


Very interesting idea Smiley
Of course this will work out if price of Bitcoin will raise again in the near future, but this is very difficult to predict.
I'm working for one signature campaign and receiving payment in BTC but value of this BTC is less than before, for the same work. Of course I will not spend this BTC I earned now, with the hope that soon bitcoin will start going up again.

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October 05, 2014, 11:54:38 AM
 #14

More merchants accept bitcoin payment, more bitcoins are converted to fiat once bitcoin payment is made.

This is a flawed argument. How are "bitcoins converted to fiat"? Is there some entity that produces fiat, exchanges it for bitcoins, and destroys the bitcoins, forever removing them from the market? No. The bitcoins are sold for fiat. Which means that somebody buys them. There are two sides to every transaction.

The increased Bitcoin payments only increase the velocity of Bitcoin - i.e., more bitcoins are changing hands. By itself, it cannot cause the price to fall (or rise). There are other factors involved - the supply (as miners are mining new coins) and the demand to hold Bitcoins vs the demand to hold fiat. Price movements are caused by the pressure differential between buyers and sellers - not by the buying or selling alone.

yeah but not totally flawed EA's have bulk coins and just cash out into the market as will where there is more to spend on. So it will drive price down inmho but long term help as coins get diversified.

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October 05, 2014, 01:13:36 PM
 #15

The more entities which accept Bitcoin, the more the price will go down because they simply dump it into the market and get their fiat. Essentially, when you spend Bitcoin, you are selling it off for fiat thereby putting downward pressure.

Only when entities start holding Bitcoins and PAYING their employees wages in Bitcoin as well as BUYING their own goods in Bitcoin, will the price start to go up.

Adoption my a$$!
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October 05, 2014, 01:32:40 PM
 #16

The further it goes down the greater the feedback loop.  That's why it's going down.

If you bought at $100 over a year ago and had the choice of:

A) Seeing the price fall below $100 and losing money

B) Taking some profit now.  Missed $1.1k but at least you'll triple your money

C) Hoping bitcoin will go up without getting anywhere near $100

Which would you take?  I know this forum is populated with eternal optimists and so far they've been right.  $10 beginning of 2013 to now is nothing to sneer at.  But every time someone publishes a graph showing how surely we'll see $10k or $100k bitcoins within the next few years I shake my head a little bit and hope the general public doesn't read the comments.  Its got tulip mania written all over it.

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