Anyone have any idea why the price continues to fall?

Painful Truth

sr. member

Activity: 294

Merit: 250

Quote from: DieJohnny on April 02, 2014, 10:02:18 AM

watching bitcoinwisdom is breathtaking.

Just watched the price tank $25 in a couple of minutes. 5k bitcoin volume.

Too much mining, too many new coins, too much sell pressure, too much negativity, too few features, too many hackers, too much risk. And best of all not enough coins in my wallet!

soon there won't be selling pressure from miners.

Which miner sells below the cost it took him to mine the coin?

DieJohnny

legendary

Activity: 1639

Merit: 1006

watching bitcoinwisdom is breathtaking.

Just watched the price tank $25 in a couple of minutes. 5k bitcoin volume.

Too much mining, too many new coins, too much sell pressure, too much negativity, too few features, too many hackers, too much risk. And best of all not enough coins in my wallet!

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

As a pro trader on localbitcoins, I feel so bad that now almost no one sell coins to me and everyone is trying to buy coins from me. This means I have to buy from exchanges to satisfy their needs

knightcoin

full member

Activity: 238

Merit: 100

Stand on the shoulders of giants

poor dumb

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: sprot on March 29, 2014, 05:27:16 PM

Sorry guys, the BitCoin is finally done. it's been a great ride, but had to close out someday. Show's over, run along home now. Undecided

I don't understand these people. Are they trying to crash the price based on their long-standing name and reputation? Some kind of irrational cry for help and comfort? What?

anu

legendary

Activity: 1218

Merit: 1001

RepuX - Enterprise Blockchain Protocol

Quote from: sprot on March 29, 2014, 05:27:16 PM

Sorry guys, the BitCoin is finally done. it's been a great ride, but had to close out someday. Show's over, run along home now. Undecided

Right. Just look where we were a little more than a year ago, at the beginning of 2013. And now, after 15 months of getting crushed, nothing is left but shattered dreams.

sprot

newbie

Activity: 14

Merit: 0

Sorry guys, the BitCoin is finally done. it's been a great ride, but had to close out someday. Show's over, run along home now. Undecided

Biodom

legendary

Activity: 4004

Merit: 4656

Quote from: knightcoin on March 29, 2014, 04:00:14 PM

Quote from: Biodom on March 29, 2014, 03:16:07 PM

Quote from: yrtrnc on March 28, 2014, 03:15:56 PM

My only idea is mass panic. Why are people selling? Is there no demand left for bitcoin? Where will it recover?

A simple explanation: we have large miners (Carlson 8%, bitfury-10-20%, cloudhashing, KnC 10-20%) constantly on the sell side, but nobody large, except BIT, on the buy side, hence the drift downwards. Until bitcoin ETFs are established, this will continue unabated. I think that bitcoin had entered some kind of vicious cycle that could continue for months (already 4 months running).

true, but for the hardware manufacturer if the price drops too much they will never sell another hardware again, hard math though

...and they do have difficulty already.

knightcoin

full member

Activity: 238

Merit: 100

Stand on the shoulders of giants

Quote from: Biodom on March 29, 2014, 03:16:07 PM

Quote from: yrtrnc on March 28, 2014, 03:15:56 PM

My only idea is mass panic. Why are people selling? Is there no demand left for bitcoin? Where will it recover?

A simple explanation: we have large miners (Carlson 8%, bitfury-10-20%, cloudhashing, KnC 10-20%) constantly on the sell side, but nobody large, except BIT, on the buy side, hence the drift downwards. Until bitcoin ETFs are established, this will continue unabated. I think that bitcoin had entered some kind of vicious cycle that could continue for months (already 4 months running).

true, but for the hardware manufacturer if the price drops too much they will never sell another hardware again, hard math though

Biodom

legendary

Activity: 4004

Merit: 4656

Quote from: yrtrnc on March 28, 2014, 03:15:56 PM

My only idea is mass panic. Why are people selling? Is there no demand left for bitcoin? Where will it recover?

A simple explanation: we have large miners (Carlson 8%, bitfury-10-20%, cloudhashing, KnC 10-20%) constantly on the sell side, but nobody large, except BIT, on the buy side, hence the drift downwards. Until bitcoin ETFs are established, this will continue unabated. I think that bitcoin had entered some kind of vicious cycle that could continue for months (already 4 months running).

knightcoin

full member

Activity: 238

Merit: 100

Stand on the shoulders of giants

Re: Anyone have any idea why the price continues to fall?

My bet is that exchanges take every single rumor to manipulate the prices

igorr

sr. member

Activity: 406

Merit: 250

Quote from: zakalwe on March 29, 2014, 02:47:00 PM

Igorr my friend if bitcoin and all cryptos will go to zero why are wasting your precious time here?

C'mon man get a life and stop being a clown, for God's sake! Geez some ppl here really have time to waste.

And this is one of the the things that have to improve in bitcoin universe. Together with btc-e troll box. That exchange should close it if it wants to look like a professional exchange.

I do not know !
I do not have the answer to your question.

zakalwe

sr. member

Activity: 445

Merit: 251

Igorr my friend if bitcoin and all cryptos will go to zero why are wasting your precious time here?

C'mon man get a life and stop being a clown, for God's sake! Geez some ppl here really have time to waste.

And this is one of the the things that have to improve in bitcoin universe. Together with btc-e troll box. That exchange should close it if it wants to look like a professional exchange.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

The weekend might be rough, at least until Sunday afternoon.
However, some weekends are opposite and have great rallies.

Erdogan

legendary

Activity: 1512

Merit: 1005

Quote from: igorr on March 29, 2014, 01:46:36 PM

Quote from: segeln on March 29, 2014, 01:37:58 PM

Quote from: igorr on March 29, 2014, 01:21:32 PM

Quote from: lynn_402 on March 29, 2014, 01:15:19 PM

You can make charts say anything you want. Take a broader view, and it's quite easy to say that the trend is up.
Plus, trend reversals may happen anytime

Bitcoin No more any support. MtGox is dead, mining company no more any interes to artificially increase the price.
It go to zero, and all crypto coins go to zero.

igorr`s trolling time

Then please just buy, give all your money for bitcoin, much buy.

Much sideways. Very boring. So disappointing. Weeeep.

igorr

sr. member

Activity: 406

Merit: 250

Quote from: segeln on March 29, 2014, 01:37:58 PM

Quote from: igorr on March 29, 2014, 01:21:32 PM

Quote from: lynn_402 on March 29, 2014, 01:15:19 PM

You can make charts say anything you want. Take a broader view, and it's quite easy to say that the trend is up.
Plus, trend reversals may happen anytime

Bitcoin No more any support. MtGox is dead, mining company no more any interes to artificially increase the price.
It go to zero, and all crypto coins go to zero.

igorr`s trolling time

Then please just buy, give all your money for bitcoin, much buy.

segeln

hero member

Activity: 602

Merit: 500

Quote from: igorr on March 29, 2014, 01:21:32 PM

Quote from: lynn_402 on March 29, 2014, 01:15:19 PM

You can make charts say anything you want. Take a broader view, and it's quite easy to say that the trend is up.
Plus, trend reversals may happen anytime

Bitcoin No more any support. MtGox is dead, mining company no more any interes to artificially increase the price.
It go to zero, and all crypto coins go to zero.

igorr`s trolling time

igorr

sr. member

Activity: 406

Merit: 250

Quote from: lynn_402 on March 29, 2014, 01:15:19 PM

You can make charts say anything you want. Take a broader view, and it's quite easy to say that the trend is up.
Plus, trend reversals may happen anytime

Bitcoin No more any support. MtGox is dead, mining company no more any interes to artificially increase the price.
It go to zero, and all crypto coins go to zero.

lynn_402

sr. member

Activity: 462

Merit: 253

You can make charts say anything you want. Take a broader view, and it's quite easy to say that the trend is up.
Plus, trend reversals may happen anytime

igorr

sr. member

Activity: 406

Merit: 250

Quote from: lynn_402 on March 29, 2014, 01:12:51 PM

Support is holding quite well at 500$.
Bullish month of April incoming?

Trend and price today, It not look good, the price follows the trend

lynn_402

sr. member

Activity: 462

Merit: 253

Support is holding quite well at 500$.
Bullish month of April incoming?

zakalwe

sr. member

Activity: 445

Merit: 251

Quote from: Erdogan on March 29, 2014, 12:45:29 PM

Relax. The price must necessarily be below ATH most of the time. A few brief moments it can be at ATH. It can never be above.

Lol

igorr

sr. member

Activity: 406

Merit: 250

Quote from: segeln on March 29, 2014, 01:00:35 PM

Quote from: igorr on March 29, 2014, 11:33:18 AM

we enter into the fifth month of constant decline in prices,
Check Trend line from decembar 2013 year !

Trend and price before 1 month:

Trend and price today, It not look good, the price follows the trend

See you again within a month with trend lines and current price.

great you spread in every thread this classical bullish flag

Obviously, you fear is that people see this

segeln

hero member

Activity: 602

Merit: 500

Quote from: igorr on March 29, 2014, 11:33:18 AM

we enter into the fifth month of constant decline in prices,
Check Trend line from decembar 2013 year !

Trend and price before 1 month:

Trend and price today, It not look good, the price follows the trend

See you again within a month with trend lines and current price.

great you spread in every thread this classical bullish flag

Erdogan

legendary

Activity: 1512

Merit: 1005

Relax. The price must necessarily be below ATH most of the time. A few brief moments it can be at ATH. It can never be above.

zakalwe

sr. member

Activity: 445

Merit: 251

Quote from: dandirk on March 29, 2014, 11:42:10 AM

Quote from: zakalwe on March 29, 2014, 10:21:43 AM

Anyway I only know that if it goes too low miners turn their machines off. So no new bitcoins. Then price will go up.
Since difficulty grows up fast due asics I expect price to raise violently in next 2-3 months.

There will always be new bitcoins even if just one person is running their USB miner... Well they do have to sell them...

Dunno bout difficult raising violently, for that to happen highly powerful and efficient miners will have to come out. There are a lot of pre-orders waiting and the china dragon 1TH miner available now but these aren't revolutionary and won't be as effective as the first wave or 2 asis which caused the massive diff jumps. Most miners are now mining at a loss due to btc price, though I suspect the price isn't so low to turn off miners, but they will be more likely to hold if they can.

Even if miners keep cryptos the result is the same.

As I said in these situation who holds wins.

Cheers

igorr

sr. member

Activity: 406

Merit: 250

First look at this;

View Screen Capture

And then check this:

View Screen Capture

Current production cost ASIC chip is about $ 1 per GH / s +all this should pin for printed circuit boards + add power
which increases production costs at 1.4 usd per GH / s.

Current mining factor is about 0048 USD per GH / s to 24 h,
(For 8 days will be -24% or $ 0036 for GH in 24 hours and only if the price is not falling below 500 usd)
Try to calculate how long it would be profitable for mining mining hardware manufacturers.

dandirk

full member

Activity: 143

Merit: 100

Quote from: zakalwe on March 29, 2014, 10:21:43 AM

Anyway I only know that if it goes too low miners turn their machines off. So no new bitcoins. Then price will go up.
Since difficulty grows up fast due asics I expect price to raise violently in next 2-3 months.

There will always be new bitcoins even if just one person is running their USB miner... Well they do have to sell them...

Dunno bout difficult raising violently, for that to happen highly powerful and efficient miners will have to come out. There are a lot of pre-orders waiting and the china dragon 1TH miner available now but these aren't revolutionary and won't be as effective as the first wave or 2 asis which caused the massive diff jumps. Most miners are now mining at a loss due to btc price, though I suspect the price isn't so low to turn off miners, but they will be more likely to hold if they can.

ProfMac

legendary

Activity: 1246

Merit: 1002

Quote from: galbros on March 28, 2014, 05:53:15 PM

While the China news may or may not be real, the US IRS news is. While the ruling is not unexpected by treating it like a commodity and triggering tax events whenever it changes hands the US has put a real damper on BTC. It will take awhile to find a work around I expect.

In the meantime, I'm holding, but my excitement for bitcoin as a new system is diminished.

Is there a comment period still open on this ruling?

igorr

sr. member

Activity: 406

Merit: 250

we enter into the fifth month of constant decline in prices,
Check Trend line from decembar 2013 year !

Trend and price before 1 month:

Trend and price today, It not look good, the price follows the trend

See you again within a month with trend lines and current price.

zakalwe

sr. member

Activity: 445

Merit: 251

Price goes down......price goes up. This is how it works. This is a downtrend.

But you guys are not considering the essence of bitcoin. Or better I should say the MIRACLE of the blockchain.

Anyway I only know that if it goes too low miners turn their machines off. So no new bitcoins. Then price will go up.
Since difficulty grows up fast due asics I expect price to raise violently in next 2-3 months.

And so will do several cryptos.

This or for some reason (I can imagine only about internet global failure) crypto currencies will go to zero.

There are no middle solutions. Bitcoin won't stay long at same price.

So I don't know you but me I'm just waiting smoking my big cigar. As I am doing since its price was 10.20 (September 2012, not ten years ago...)

Governments and central banks sooner or later will embrace this technology because it allows faster transaction and certified operations. And there are several other projects going on right now.

It's simply the future.

Enjoy life all, haters also Wink

Edit: typo

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

Price is going down because you can buy btc cheap in china and sell rich in bulgaria.

Sawadekub

full member

Activity: 350

Merit: 102

21st march.. btcCHINA ceo said that china did not really ban bitcoin..

dude use your brains... u think huobi ceo + litecoin CEO + btcchina CEO do not have friends from the goverment?

of course they do.. so do u think they will have the news first or the corrupted reporters that will report for $ that tells the truth??

its like if your the MANAGER if there is any news.. do u think the director of your department will tell the manager first or your staff or your cleaner?

of course your manager will know first, not your mum or dad !!

wake up.. use some IQ please.. of course the damn bloody news is fake...ITS A FUD.. so dont get FK up by a FUD...

http://en.wikipedia.org/wiki/Keynesian_beauty_contest <<<< price drop cuz of this stupid reason...

SomeRelax

sr. member

Activity: 350

Merit: 250

Quote from: orpington on March 28, 2014, 11:59:50 PM

I just sold 1 Bitcoin ( I have many).

But, usually right after I sell one, the price rises magically.

Just watch....

lol
lets hope you be right

orpington

hero member

Activity: 784

Merit: 512

I just sold 1 Bitcoin ( I have many).

But, usually right after I sell one, the price rises magically.

Just watch....

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Under $100 was possible when the all-time high was ~$265.
BTC under $100 is now highly unlikely.

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: ParabellumLite on March 28, 2014, 08:09:00 PM

Quote from: Ibian on March 28, 2014, 05:15:55 PM

Quote from: ?? on ??

in case Bitcoin dies. And that IS a real possiblity

Explain how. It means nothing until you do. Realistic scenarios, please.

Let's see: governments mass banning Bitcoin for one. Government stances towards Bitcoin at the moment cannot be described als positive and can even be hostile in certain countries. Second: people losing faith in Bitcoin, since they don't believe it has enough intrinsic value/because they find it dangerous/because the media tells them/when rally's stay out.

But governments are the major problem here: they can completely cut the bank-exchange infrastructure needed for trading bitcoins. As such, the vast majority of people will leave Bitcoin as trading has just become too difficult/impossible. Only a few anarchists will stay behind, but a few outcasts can't dictate society. Bitcoin is still an unborn child, attached to its mother umbilical. Cutting that line of completely, which isn't impossible, will choke Bitcoin to death for sure. If that doesn't happen, loss off faith will might just as well kill it.

None of those fall under realistic. This is about money, and that means world leaders are going to go in opposite directions merely out of principle. There will not be a global ban, which is what it would take.

There are not enough people involved yet to "lose faith". Most people who invest in bitcoin now, at this stage, do it in spite of the media. Wait for mainstream adoption, then we can talk about people losing faith and the price dropping to 10k.

As for exchanges, they are a temporary thing to help spur adoption. There is nothing theoretically stopping localbitcoins from some day being the normal way of trading. I can easily see regular bitcoin meets in most major cities as well. Once your neighbors start using it, that's a new local market. This even works for large amounts if people start diversifying into gold. All depends how much people want it.

DieJohnny

legendary

Activity: 1639

Merit: 1006

Bitcoin is priced above its utility value that is why it is dropping. People fail to realize that thousand of new coins are mined every day, we have a continuously growing money supply in a brand new market. The spikes only represent temporary shortages of coins, but when things settle there are more than enough coins to give to new buyers.

Price will continue downward until many people actually give up, many people being a large number on this very forum. One year sounds like such a short period of time but for the typical joe-blow investor they lose interest and belief, they sell and move on to something else.

So imagine what you think the surrender and move on price is. I think it may be below $300 and for 3-6 months. It may even be below 100... that would really clean things out.

Bitcoin can still be passed over by something more accepted and embraced by a government. I am keeping my eyes open. Holding coins I have left, will only speculate on alternatives with new money as they arise.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Anyone have any idea why the price continues to fall?

Yes.
Long-term ~80 to 90% of speculators/traders lose money ~Source == old-school common knowledge
You are currently finding out why people lose. Anyone who buys now (and buys more at low $400), has wildly favorable odds of eventually coming out ahead, but....
The masses are selling.
^^^
THAT is why most people lose. (combined with the fact they buy too high)

ParabellumLite

sr. member

Activity: 560

Merit: 250

Quote from: Ibian on March 28, 2014, 05:15:55 PM

Quote from: ?? on ??

in case Bitcoin dies. And that IS a real possiblity

Explain how. It means nothing until you do. Realistic scenarios, please.

Let's see: governments mass banning Bitcoin for one. Government stances towards Bitcoin at the moment cannot be described als positive and can even be hostile in certain countries. Second: people losing faith in Bitcoin, since they don't believe it has enough intrinsic value/because they find it dangerous/because the media tells them/when rally's stay out.

But governments are the major problem here: they can completely cut the bank-exchange infrastructure needed for trading bitcoins. As such, the vast majority of people will leave Bitcoin as trading has just become too difficult/impossible. Only a few anarchists will stay behind, but a few outcasts can't dictate society. Bitcoin is still an unborn child, attached to its mother umbilical. Cutting that line of completely, which isn't impossible, will choke Bitcoin to death for sure. If that doesn't happen, loss off faith will might just as well kill it.

TERA

hero member

Activity: 728

Merit: 500

Quote from: Ibian on March 28, 2014, 05:55:10 PM

Did anyone expect btc gains to NOT be taxed? It's a good thing, now we know.

It's not simply that it's taxed. We already assumed it was taxed. The issue now is the level of detail in reporting required.

C10H15N

legendary

Activity: 949

Merit: 1026

Exactly. Now we know what to expect and how to position crypto within our investment portfolios.

Ibian

legendary

Activity: 2268

Merit: 1278

Did anyone expect btc gains to NOT be taxed? It's a good thing, now we know.

galbros

legendary

Activity: 1022

Merit: 1000

While the China news may or may not be real, the US IRS news is. While the ruling is not unexpected by treating it like a commodity and triggering tax events whenever it changes hands the US has put a real damper on BTC. It will take awhile to find a work around I expect.

In the meantime, I'm holding, but my excitement for bitcoin as a new system is diminished.

GigaCoin

sr. member

Activity: 308

Merit: 251

Giga

Way too much loss of confidence.

Also China news could be real after all

TERA

hero member

Activity: 728

Merit: 500

There is another crash due to this divergence from the typical 9 month trend. Prices have failed to have a sustained recovery above the blue line following 'final capitulation', and instead have trended back underneath the orange line. This behavior was not seen in any other 9 month cycle, and the last time a 1 week downcross was imminent was in 2011. Most of the buyers in late february were just people front-running this cycle and now they are selling because they realize the cycle is not coming to fruition as planned. When the 1 week ema downcross happens, it will bring a whole new level of selling and a new bear market of which the likes have not been seen in any recent cycles. There will be a complete deflation of the bubble and return to a mean economic supported price. I'm not saying the drop will be as low percentage wise, but the timeline will probably be long.

This might not happen if we have a rapid recovery right now to get out of this territory and stay out of it, so the bulls need to get to work.

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: ?? on ??

in case Bitcoin dies. And that IS a real possiblity

Explain how. It means nothing until you do. Realistic scenarios, please.

SomeRelax

sr. member

Activity: 350

Merit: 250

Quote from: Triffin on March 28, 2014, 03:45:15 PM

Why prices continue to fall ..

1) Too many scams and scammers
2) Too complicated for the average/casual user
3) Too many confusing alt coins
4) Too many scams and scammers

Did I mention too many scams and scammers ??

Triff ..

lol
i think you did
but not enough

BurtW

legendary

Activity: 2646

Merit: 1138

All paid signature campaigns should be banned.

Quote from: ?? on ??

Sure man. Keep on dreaming. Just ignore the fact that 95% of the population is not interested in Bitcoin at all, that bad press keeps coming in and that bitcoin seems to be synonym of scamming, ponzi fraud and risk. But feel free to buy up all the 'cheap coins'. We'll see what happens.

You mean to tell me that 5% of the population is interested in Bitcoin? Wow, this is going to be way bigger than I thought! I was thinking of selling but your vast insight has convinced me to hold.

Ibian

legendary

Activity: 2268

Merit: 1278

Quote from: ?? on ??

Quote from: ArticMine on March 28, 2014, 03:47:41 PM

The weak hands need to be shaken out in order to set the stage for the next upward move.

Sure man. Keep on dreaming. Just ignore the fact that 95% of the population is not interested in Bitcoin at all, that bad press keeps coming in and that bitcoin seems to be synonym of scamming, ponzi fraud and risk. But feel free to buy up all the 'cheap coins'. We'll see what happens.

If 5% of the population bought bitcoin the price would rise 50 times. It is really, really stupid to cash out this early.

dropt

legendary

Activity: 1512

Merit: 1000

Quote from: ?? on ??

Quote from: ArticMine on March 28, 2014, 03:47:41 PM

The weak hands need to be shaken out in order to set the stage for the next upward move.

Sure man. Keep on dreaming. Just ignore the fact that 95% of the population is not interested in Bitcoin at all, that bad press keeps coming in and that bitcoin seems to be synonym of scamming, ponzi fraud and risk. But feel free to buy up all the 'cheap coins'. We'll see what happens.

I'm not sure who has more clout. The OG's who have been through this a couple of times already, or the noob accounts.

I'm serious. There's a certain level of disillusion that comes with having been through multiple Bitcoin drops, but on the other hand there's a certain naivety of Noobs who haven't experienced them.

C10H15N

legendary

Activity: 949

Merit: 1026

Sheep require shearing on a regular basis. Wink

lurking-hippy

newbie

Activity: 8

Merit: 0

i consider my 90$ loss....little to some others.
i,m out for now. i don,t know whats going on?(wit the price)

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

The weak hands need to be shaken out in order to set the stage for the next upward move.

Triffin

sr. member

Activity: 952

Merit: 251

Why prices continue to fall ..

1) Too many scams and scammers
2) Too complicated for the average/casual user
3) Too many confusing alt coins
4) Too many scams and scammers

Did I mention too many scams and scammers ??

Triff ..

C10H15N

legendary

Activity: 949

Merit: 1026

FUD from China is creating a buying opportunity for those with balls.

Adelex

newbie

Activity: 36

Merit: 0

Quote from: jamesc760 on March 28, 2014, 03:39:28 PM

I believe most people who bought past few months are getting fatigued from waiting for price to "skyrocket" and they are cashing out.

I know many people in this boat; they've been emailing me looking for reassurance.

jamesc760

sr. member

Activity: 448

Merit: 250

I believe most people who bought past few months are getting fatigued from waiting for price to "skyrocket" and they are cashing out.

yrtrnc

hero member

Activity: 605

Merit: 500

My only idea is mass panic. Why are people selling? Is there no demand left for bitcoin? Where will it recover?

Topic: Anyone have any idea why the price continues to fall? (Read 4261 times)