Who the hell is selling right now?

[Elwar]

I just don't get it. Why would you sell so low?

And why buy bitcoins in the first place if you just planned on selling low?

[Mellnik]

Weak hands

[kryptopojken]

I just don't get it. Why would you sell so low?

And why buy bitcoins in the first place if you just planned on selling low?

Leveraged longs feeling more pain for every dollar the price goes down

[cbeast]

It's obviously timed just right to demoralize the market.
1. Holiday weekend
2. 6th BDay
3. World of Bitcoin

Now people will laugh at World of Bitcoin in Las Vegas.

[marvinrouge]

- weak hands
- short term speculators
- bots
- trend followers
- margin calls

[goxed]

- manipulators with deep pockets

[cbeast]

- weak hands
- short term speculators
- bots
- trend followers
- margin calls

Weak hands with anything are gone long ago.

[bigtimespaghetti]

I sold half of my 'core' position in the low to mid $300s because I suspected a washout like is coming, if I expected it this soon I would have sold more. But I do not consider myself a weak hand or a permabear- just interested in skimming some fiat along the way. Maybe I'm a mixture of bullbear, trader weak hand though?

[Elwar]

Hell, I'm fine with all of the weak hands dumping their coins and sticking with their fiat as long as I can still use it at its current usefulness. More innovation is just a bonus at this point.

I don't encourage people to get into Bitcoin unless I know they actually understand the usefulness of it. The Obama/Romney voters who think everything is just fine can stick with their fiat.

[LOBSTER]

- weak hands
- short term speculators
- bots
- trend followers
- margin calls

True. + Panic sales.

[bigtimespaghetti]

- weak hands
- short term speculators
- bots
- trend followers
- margin calls

True. + Panic sales.

Yes, panic is in the air. Bitcoin has been a crash course in volatility for many including myself.

[Ibian]

Hardcore manipulation.

I'm stuck in a dump in a foreign country as I write this. Been here 2 days longer than I planned to, and may have to stay longer, because the banking system is SLOW.

Money was in my account by friday. The local ATMs don't know about this yet, so I can't get my money until at least tomorrow if not the day after. VISA doesn't know about it so I can't even buy a ticket out of here. Had to go to a moneychanger to change some fiat to the local variety at a 31% cut. Additionally, even if VISA worked I could not use my plastic card because it wants phone verification, and my phone was stolen.

If bitcoin could be used as payment none of this would be a problem. The current mainstream payment systems are ridiculously clunky, slow, and expensive. Bitcoin as a mainstream form of payment would greatly simplify things for anyone who travels even a little bit or deals in money transactions in general. There is no question that this technology is better than anything we currently have. All that's needed is for more people to be aware of this.

There will come a time where a critical mass of people will wake up and the price will skyrocket. In a year, two years, ten. This is what the big hands are waiting for, this is why they are pushing the price down, so that they can accumulate more for cheaper off the markets. Patience.

[sase007]

Panic sells... or bots... who the hell knows?  

[cbeast]

I love how anyone selling bitcoin is considered a "weak hand".

Maybe sellers are just smart enough to know not to hold something that has been consistently losing value for over a year?

If we have a rally, there's plenty of time to jump on board. Why expose yourself to risk when you can just sit back, short, and accumulate fiat?

Because in a panic rally, you can't log in to any exchanges.

[Addition]

I'm selling right now, but that's part of my business.

Most others traders are also, however for a fair premium +15% over market.

I can tell you, there's certainly no shortage of clients wanting to buy right now (Have brokered over 60BTC in the past 30Hrs alone).

Understand their position as they think it is cheap right now. And I, in my opinion agree that the "floor" is in this current range. But let them know, the price could go even lower, so buy at own risk.

I believe a significant rebound is highly probably over next 24-30Hrs due to fiat banking money transmission times.

The rest of this week is going to be very interesting      

[BitCoinNutJob]

Miners to pay for expenses, we need the overall trend line growth to kick in before the bear market stops.

[Meuh6879]

why sell low ?
because buy very low ... in short time on the black hole trading view ... in the night 

[Bitcoins101]

I love how anyone selling bitcoin is considered a "weak hand".

Maybe sellers are just smart enough to know not to hold something that has been consistently losing value for over a year?

If we have a rally, there's plenty of time to jump on board. Why expose yourself to risk when you can just sit back, short, and accumulate fiat?

Because in a panic rally, you can't log in to any exchanges.

Has nothing really changed since 2013?

I'm confident that at least one (if not all 3, in reality) of OKCoin, 796, or BitVC will be online during a huge rally. That's all you need to get a significant position, even if the average user only keeps a small amount of fiat or cryptocurrencies on exchanges.

[cbeast]

Massive mining farms having to pay off their fiat loans, at an ever dropping conversion rate. Bitcoin started dying the day mining became centralized.

Yeah, so they wait until a holiday weekend when nobody is buying to sell. Seems legit.

[BCwinning]

people who see this as a currency and not some esoteric investment to never touch.