Topic: any reason for the prices going down last days and hours? (Read 2221 times)

A possible reason for Chinese bearishness can be this:
http://edition.cnn.com/2014/08/19/world/asia/china-personal-shoppers/index.html?hpt=hp_c3
Bitcoin is really useful for circumventing laws and regulations. The mania phase in late 2013 was
probably caused by China capital controls evasion. Which the PBoC decided to terminate.
Now if BTC was still useful in China for imports of luxury goods, the General Administration of Customs
may be partly responsible for the latest drops.

do NOT buy in dead cat bounces traps! bitcoin can only go down from now, lower and lower everyday!

The price is going up actually

bitcoin game over, the final capitulation incoming!

This is actually a good article.

IMO, this largely applies only to the larger operations and I can only offer my anecdotal evidence as the contrary.  I've been mining since early 2012, and have been gainfully employed for that whole period.  My operating expenses are paid for by my normal paycheque, and I suspect that for a lot of miners this is also the case.

You're probably right where a lot of the newer participants have evaluated their operations in terms of gained fiat, although the common opinion of longer term miners is to measure the ROI in BTC entirely.  As in, the HW costs X BTC and will mine Y worth of BTC.  Is Y > X?  If so, go for it.  Probably a differentiating point is understanding how the individual miner views BTC.  Do they believe in Bitcoin as a tech, or are they here just to make money by doing (virtually) nothing?

I would say the motivation behind 99% of altcoins is for purposes of pumping and dumping.  There's little to no new innovation in most of them, and as such, trying to accept them as anything but attempted pump and dumps by the creators and early participants becomes harder and harder to accept.

Normally I would expect the mining concerns to hold onto their profits in BTC. But the recent price drop may be creating a vicious cycle: The more the price drops, the more BTC the miners need to sell to pay their power bills and other expenses. And with more supply on the selling side the price drops lower, which forces them to sell even more off.

I think that some of the more marginal mining outfits are going to be going out of business soon. I figure most miners have based their business models on at least some kind of price growth in BTC, so having it languish like this is going to put some of them in bankruptcy. The network won't be affected much (most of their equipment will be auctioned off cheap to other miners), but the end result may be further centralization.

On the altcoin side it's just as bad - people seem sick of the scams and clonecoins to the point that money is no longer flowing in. A few of the best alts will survive, but it's going to be ruthless and even "good" ones are going to lose to the very best. There will always be room for another coin with a good idea, but the days of eager acceptance of each new alt with a plausible storyline are over.

I hope people are influenced by articles like this

http://www.cryptocoinsnews.com/news/bitcoin-price-record-low-best-time-buy-bitcoins/2014/08/18

Times have changed.  The small independent miner who holds has been replaced by large corporation mining outfits. These guys sell the coins they earn ASAP, they're not interested in holding, or Bitcoin outside of enriching their fiat holdings.

That's right.  The bitcoins used at merchants get converted into dollars, euros, yuan, etc to pay for goods, services, and business running costs.  More people are using bitcoin and that's a good thing in the long term, but people are missing the real reason why businesses are accepting bitcoin: there are people out there sitting on small fortunes in bitcoins.  What better way to entice them into parting with some of their easily gotten gains than offering goods and services in bitcoins?

Miners right now are probably not too keen to sell, as the profit margin is slim for most people.  Many would be sitting on stashes of bitcoins waiting to sell if or when the price improves.  This will provide some dampening to any future bitcoin price gains as miners sell into price rises.

still going down and particular reason?

Reason for the fall: some people want cheap coins, and there are plenty of fake reasons for a dip(Etherem, official warning against Bitcoin, summer dips in all investment markets, etcc...)

Ethereum is scam , Please watch out  https://bitcointalksearch.org/topic/eth-ethereum-scam-707237 . Good time to buy bitcoins ! Thank you foolish people for dumping your coins

What CFSB warning?

There is no mentioning of this news on the main forum.

I would say a more likely reason would be the recent CFSB warning. The warning will likely take away some level of legitimacy from bitcoin as the government is saying that the bitcoin economy is full of scams. What the government  fails to say is that if a little bit of common sense is applied then you should be able to avoid the vast majority of the scams out there.

There's not much to get excited about anymore. From its inception until 2013, bitcoiners dreamed of the day that major retailers would begin accepting bitcoin. it's finally happened but the net impact to e-commerce has been underwhelming. merchants take the bitcoin and then dump it back to cash, via third party payment processors. coupled with the ~3600 new coins mined per day, the market is being flooded. people in this community at one time believed that once merchant adoption began, it would legitimize bitcoin and there would be a rush from all corners of the world to get on board.

The truth is, however, is that not much has changed at all. people are not converting their cash to bitcoin so they can buy stuff online.... it's still being used as an investment vehicle. and as you can imagine, when an asset runs into a nine month (and counting) bear market, interest kind of dies off.

so in summary, technology minded investors bought into the bitcoin hype from 2010 to 2013 expecting merchant adoption and embracement from consumers. the first part happened but the second did not folllow, so a wet blanket was placed on the market sentiment, resulting in a long term bear market.

As time ticks on, holders are seeing the writing on the wall and losing faith in another bubble happening. it hit hard this week, and will likely follow for some time.

Alt coin holder cash out to buy Ethereum. And Ethreum developers cash out to USD.

"Nobody wants bitcoin!".

You never fail to make me laugh! Thanks for that.

This is a surefire recipe to get the public interested in BTC and expand it's market share. Stay in, no testing or playing around, not thrill of trading. You are in or you are out... with us or with the terrorists.

Bahahahahaha!!!

Don't leverage yourself to death, bro, and you won't be having a panic attack on a discussion forum. Jesus.

haha.  you missed an "i" in your name, faillling.