Bitcoin crashing or slowly deflating, or just a lull?

stompix

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Blackjack.fun

Quote from: crocko on December 16, 2013, 10:49:51 AM

The real problem is the adoption of the Bitcoin.
Many people jump to mine it with ASICs but only few start business based on Bitcoin and other coins.
This make the Bitcoin price vulnerable to speculations.

This is so painfully true.
Price is going up but the number of users and transactions hasn't followed it at least by 10%.
Mass adoption will help stabilize the price but those daily price changes deter some people so we end up running in circles.

jcoin200

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Seeing the price fluctuation yesterday it seems more likely its just price manipulation by the big players, who are increasing their btc count before the next big rally.

laowai80

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Quote from: laowai80 on December 16, 2013, 02:41:02 PM

Current 50-day moving average per Mt. Gox price is at $671 and climbing every day. It's normal for a price in a bull market after a big rise to test the moving averages, sometimes they can even test 200-day MA, but that's not likely yet with bitcoin, because its trading history is too short and it's still not fully valued. But a test of 50-day MA is very likely. It already tested it on Dec 7, and going to do that again now, nothing much to worry about. When bears see that there is enough support at a certain price level, which might be this 50-day MA, they give up, and then this short-term bear trend is over, and we're back to long-term bullish trend.

So, the 50-day moving average has been tested at the $671-680 area and the support at that level wasn't violated, let's see if that holds.

Impaler

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We can't be at a stable price when mining is still profitable, squeeze out all the mining profitability and then we can talk.

deisik

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Quote from: quone17 on December 16, 2013, 02:47:48 PM

I think it's just a lull. I mean look what happened after every "bubble" recently. It will go back down but as long as it established a "higher low" then BTC will be fine. It's good if it can build a base somewhere around here, you don't want it going back to like $300 otherwise people will panic.

It means that it's trending upwards. Also, if bitcoin goes to something around $300, I think it will be too late to panic after it had reached $1200+ before...

quone17

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I think it's just a lull. I mean look what happened after every "bubble" recently. It will go back down but as long as it established a "higher low" then BTC will be fine. It's good if it can build a base somewhere around here, you don't want it going back to like $300 otherwise people will panic.

laowai80

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Current 50-day moving average per Mt. Gox price is at $671 and climbing every day. It's normal for a price in a bull market after a big rise to test the moving averages, sometimes they can even test 200-day MA, but that's not likely yet with bitcoin, because its trading history is too short and it's still not fully valued. But a test of 50-day MA is very likely. It already tested it on Dec 7, and going to do that again now, nothing much to worry about. When bears see that there is enough support at a certain price level, which might be this 50-day MA, they give up, and then this short-term bear trend is over, and we're back to long-term bullish trend.

Raptas

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Quote from: porc on December 16, 2013, 01:22:51 PM

Yesterday, people bought because the price went up.

Tomorrow, people will sell because the price is going down.

Jep, and this is what is happening the last few years. If people would take a look at charts they most likely would realise these kind of dips don't matter: it's just a matter of time before Bitcoin values start rising again.

porc

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Yesterday, people bought because the price went up.

Tomorrow, people will sell because the price is going down.

EDIT: I am a (ultra) bear.

hilariousandco

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Quote from: deisik on December 16, 2013, 11:35:16 AM

Quote from: hilariousandco on December 16, 2013, 11:24:25 AM

Quote from: deisik on December 16, 2013, 10:58:40 AM

It is a vicious circle. Bitcoin volatility makes businesses avoid it and this contributes to its volatility, i.e. more speculation over real world usage for buying/selling goods and services that would stabilize its price...

That's true, but I think we'll see a slow and steady growth in 2014 the more and more merchants that start accepting it. I think it'll only take one big company to announce that they're going to implement it and the value will skyrocket. It's still early days for BTC yet.

Wait, aren't we talking about stabilizing bitcoin value? And it seems that I've already seen just the same wording in someone else's posts. Copy-pasting?

It was probably one of my own since you seem to keep commenting on them.

deisik

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Quote from: hilariousandco on December 16, 2013, 11:24:25 AM

Quote from: deisik on December 16, 2013, 10:58:40 AM

It is a vicious circle. Bitcoin volatility makes businesses avoid it and this contributes to its volatility, i.e. more speculation over real world usage for buying/selling goods and services that would stabilize its price...

That's true, but I think we'll see a slow and steady growth in 2014 the more and more merchants that start accepting it. I think it'll only take one big company to announce that they're going to implement it and the value will skyrocket. It's still early days for BTC yet.

Wait, aren't we talking about stabilizing bitcoin value in the first place? And it seems that I've already seen just the same wording in someone else's posts. Copy-pasting?

hilariousandco

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Quote from: deisik on December 16, 2013, 10:58:40 AM

Quote from: crocko on December 16, 2013, 10:49:51 AM

The real problem is the adoption of the Bitcoin.
Many people jump to mine it with ASICs but only few start business based on Bitcoin and other coins.
This make the Bitcoin price vulnerable to speculations.

It is a vicious circle. Bitcoin volatility makes businesses avoid it and this contributes to its volatility, i.e. more speculation over real world usage for buying/selling goods and services that would stabilize its price...

That's true, but I think we'll see a slow and steady growth in 2014 the more and more merchants that start accepting it. I think it'll only take one big company to announce that they're going to implement it and the value will skyrocket. It's still early days for BTC yet.

deisik

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Quote from: crocko on December 16, 2013, 10:49:51 AM

The real problem is the adoption of the Bitcoin.
Many people jump to mine it with ASICs but only few start business based on Bitcoin and other coins.
This make the Bitcoin price vulnerable to speculations.

It is a vicious circle. Bitcoin volatility makes businesses avoid it and this contributes to its volatility, i.e. more speculation over real world usage for buying/selling goods and services that would stabilize its price...

crocko

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'All that glitters is not gold'

The real problem is the adoption of the Bitcoin.
Many people jump to mine it with ASICs but only few start business based on Bitcoin and other coins.
This make the Bitcoin price vulnerable to speculations.

Raptas

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Merit: 0

Quote from: jcoin200 on December 16, 2013, 10:11:31 AM

Seeing bitcoin crash down from $1100+ was not surprising. Obviously it couldn't keep up an exponential growth pattern. But do people think it is still going to grow in value (in terms of equiv. USD) or deflate to some lower value. I would like to hope it would continue to grow slowly, but I fear if people stop speculating with BTC, a lot of people wont be interested.

I believe it could stick around this price for quite a while, but it will rise after some time.

arkintunde

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Bitcoin's value is not in speculation. I hope the speculation cools down so that things return to normalcy and people adopt Bitcoin for what it is instead of an investment opportunity.

edit: Didn't answer your question, so i'll go ahead and speculate (lol). I think the price will rise. Obviously don't know for sure, but if adoption continues to rise demand will as well.

jcoin200

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Seeing bitcoin crash down from $1100+ was not surprising. Obviously it couldn't keep up an exponential growth pattern. But do people think it is still going to grow in value (in terms of equiv. USD) or deflate to some lower value. I would like to hope it would continue to grow slowly, but I fear if people stop speculating with BTC, a lot of people wont be interested.

Topic: Bitcoin crashing or slowly deflating, or just a lull? (Read 3289 times)