Bitcoin value fall and Mt Gox - page 2.

Drai

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Quote from: hucker on April 06, 2014, 02:31:45 PM

Quote from: GTO911 on April 06, 2014, 02:21:16 PM

Value will never stablize as there are more speculators and traders than general users

That's the inherent problem with all stock markets. They have "positive feedback" as it's called in Physics. Lots of people sell something because it's falling a bit, then the price falls even more, and more and more.

This will reach an end with bitcoin if would be used like was minded for.

hucker

newbie

Activity: 56

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Quote from: GTO911 on April 06, 2014, 02:21:16 PM

Value will never stablize as there are more speculators and traders than general users

That's the inherent problem with all stock markets. They have "positive feedback" as it's called in Physics. Lots of people sell something because it's falling a bit, then the price falls even more, and more and more.

GTO911

hero member

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Quote from: hucker on April 06, 2014, 12:46:17 PM

Quote from: LMGTFY on April 06, 2014, 12:43:57 PM

Sorry, ATH is "all time high".

I don't know what caused the December 2013 drop - beyond the obvious "supply outstripping demand". All I know is that similar drops have happened before, without MtGox being (much of) a factor, and I'd expect similar drops (and the preceeding rises) to occur again.

Since MtGox's collapse there's been a steady decline, but nothing like the USD1200 to USD400 drop - and this has probably been driven more by concerns about regulation of Chinese exchanges.

I see. Well until it can stabilise, it won't be taken seriously as a currency.

And I hope this rise happens soon, I'm not making any profit from mining any more! The electricity costs the same as the coins created!

Value will never stablize as there are more speculators and traders than general users

hucker

newbie

Activity: 56

Merit: 0

Quote from: LMGTFY on April 06, 2014, 12:43:57 PM

Sorry, ATH is "all time high".

I don't know what caused the December 2013 drop - beyond the obvious "supply outstripping demand". All I know is that similar drops have happened before, without MtGox being (much of) a factor, and I'd expect similar drops (and the preceeding rises) to occur again.

Since MtGox's collapse there's been a steady decline, but nothing like the USD1200 to USD400 drop - and this has probably been driven more by concerns about regulation of Chinese exchanges.

I see. Well until it can stabilise, it won't be taken seriously as a currency.

And I hope this rise happens soon, I'm not making any profit from mining any more! The electricity costs the same as the coins created!

LMGTFY

hero member

Activity: 644

Merit: 503

Quote from: hucker on April 06, 2014, 12:35:03 PM

Quote from: LMGTFY on April 06, 2014, 12:33:02 PM

Compared to the drop from the ATH to under USD400 in December 2013 the February-March 2014 period does look fairly stable. Around USD600 just prior to MtGox folding, and around USD450 now. A drop, admittedly, but proportionately smaller than the December drop (and other, similar drops from previous ATHs).

I don't know what an ATH is and I can't find it on Google.

So what caused the Dec 2013 drop?

Sorry, ATH is "all time high".

I don't know what caused the December 2013 drop - beyond the obvious "supply outstripping demand". All I know is that similar drops have happened before, without MtGox being (much of) a factor, and I'd expect similar drops (and the preceeding rises) to occur again.

Since MtGox's collapse there's been a steady decline, but nothing like the USD1200 to USD400 drop - and this has probably been driven more by concerns about regulation of Chinese exchanges.

hucker

newbie

Activity: 56

Merit: 0

Quote from: LMGTFY on April 06, 2014, 12:33:02 PM

Compared to the drop from the ATH to under USD400 in December 2013 the February-March 2014 period does look fairly stable. Around USD600 just prior to MtGox folding, and around USD450 now. A drop, admittedly, but proportionately smaller than the December drop (and other, similar drops from previous ATHs).

I don't know what an ATH is and I can't find it on Google.

So what caused the Dec 2013 drop?

LMGTFY

hero member

Activity: 644

Merit: 503

Quote from: hucker on April 06, 2014, 11:51:20 AM

That doesn't explain why there was a sudden drop in the previously stable Bitcoin value when Mt Gox went under.

Compared to the drop from the ATH to under USD400 in December 2013 the February-March 2014 period does look fairly stable. Around USD600 just prior to MtGox folding, and around USD450 now. A drop, admittedly, but proportionately smaller than the December drop (and other, similar drops from previous ATHs).

hucker

newbie

Activity: 56

Merit: 0

Quote from: atp1916 on April 06, 2014, 10:57:43 AM

Mainstream services must be integrated into current merchant hardware/software infrastructures ie: POS integration using bitcoin "debit" cards. The algorithm must tap out and stabilized value spread out at the mBTC levels. Network transaction thoroughput must be greatly improved. Tax compliance issues must be worked out. The Chinese must be booted from the market.

In short, Bitcoin is not quite capable of mainstream market adoption...yet. Thanks to all of the institutional capital flowing in, it will be.. soon.

Read http://newsbtc.com/2014/03/24/secondmarket-ceo-barry-silbert-meeting-institutional-investors-regarding-bitcoin/

That doesn't explain why there was a sudden drop in the previously stable Bitcoin value when Mt Gox went under.

Quote from: atp1916 on April 06, 2014, 10:57:43 AM

That being said, Bitcoin will not ever replace banks. Bitcoin will however make obsolete the entire payment processor sector.

My personal rant:
Libertarians and anarchists think Bitcoin is theirs as a weapon to "stick it to the man". Guess what, it ain't, and it won't ever be. It is not some revolutionary Che Guevara style tool to bring about some banking "french revolution" or the government. It isn't some social demographic leveling device that brings the rich down to rags, the banks to their knees, or the government crying for mercy. In fact, those who think of Bitcoin as any of the above need to just grow up, accept the fact that there are rules out there, and learn to be a productive member of society.

I don't understand your rant. Maybe we will still need banks, but bitcoin will certainly remove a lot of it, and the government's meddling in it.

atp1916

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Mainstream services must be integrated into current merchant hardware/software infrastructures ie: POS integration using bitcoin "debit" cards. The algorithm must tap out and stabilized value spread out at the mBTC levels. Network transaction thoroughput must be greatly improved. Tax compliance issues must be worked out. The Chinese must be booted from the market.

In short, Bitcoin is not quite capable of mainstream market adoption...yet. Thanks to all of the institutional capital flowing in, it will be.. soon.

Read http://newsbtc.com/2014/03/24/secondmarket-ceo-barry-silbert-meeting-institutional-investors-regarding-bitcoin/

That being said, Bitcoin will not ever replace banks. Bitcoin will however make obsolete the entire payment processor sector.

My personal rant:
Libertarians and anarchists think Bitcoin is theirs as a weapon to "stick it to the man". Guess what, it ain't, and it won't ever be. It is not some revolutionary Che Guevara style tool to bring about some banking "french revolution" or the government. It isn't some social demographic leveling device that brings the rich down to rags, the banks to their knees, or the government crying for mercy. In fact, those who think of Bitcoin as any of the above need to just grow up, accept the fact that there are rules out there, and learn to be a productive member of society.

hucker

newbie

Activity: 56

Merit: 0

Why are bitcoins (and every other coin) falling in value so much since Mt Gox? I thought the whole idea of bitcoins was you don't use banks! Why was anyone storing large amounts in Mt Gox? You store them on your computer, or on a USB key which you can lock in a safe, put under the mattress, or put in a safety deposit box, and make multiple copies of. The most I put in an exchange is about 50 quid, and only then it's very temporary until I change it to something else and withdraw.

Topic: Bitcoin value fall and Mt Gox - page 2. (Read 1886 times)