BlindMayorBitcorn
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Activity: 1260
Merit: 1115
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October 04, 2014, 07:06:41 PM |
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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.
Bitcoin: for the techy druggie in all of us PapaEmeritus © 2014
(Use without license is punishable by Sharia law.)  |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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mmortal03
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Activity: 1762
Merit: 1010
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October 04, 2014, 08:55:33 PM |
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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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Transisto
Donator
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Activity: 1731
Merit: 1008
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October 04, 2014, 09:27:51 PM |
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The market is getting rid of miners with datacenters commitments and manufacturer with soso efficient technologies.
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Nagle
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Activity: 1204
Merit: 1000
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October 04, 2014, 09:35:58 PM |
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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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BlindMayorBitcorn
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Activity: 1260
Merit: 1115
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October 04, 2014, 09:39:24 PM |
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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 |
Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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RockHound
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October 04, 2014, 09:50:31 PM |
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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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Arv1e
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Activity: 71
Merit: 10
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October 04, 2014, 10:33:11 PM |
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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  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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sublime5447
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Activity: 966
Merit: 1000
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October 04, 2014, 10:46:41 PM |
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sublime5447
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Activity: 966
Merit: 1000
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October 04, 2014, 10:52:17 PM |
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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 |
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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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extrabyte
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Activity: 840
Merit: 1000
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October 05, 2014, 02:04:55 AM |
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Despite this drop in prices, (TRUE  ) investors Bitcoin are not panicking - they are stocking. |
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jjacob
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Activity: 1554
Merit: 1026
★Nitrogensports.eu★
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October 05, 2014, 02:16:46 AM |
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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.  |
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btcxyzzz
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Activity: 888
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Monero - secure, private and untraceable currency.
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October 05, 2014, 05:58:54 AM |
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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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Bogleg
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October 05, 2014, 06:20:39 AM |
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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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sublime5447
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Activity: 966
Merit: 1000
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October 05, 2014, 02:42:04 PM |
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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. 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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