Topic: Rate of retail adoption causing falls? (Read 1289 times)

Ive also read the private channel theory and it makes sense. I wonder if there are any stats on who is spending their btc; I'd guess its people who bought between 10-200 that are spending some profits. i dont think too many people buying between 500-1000 would be doing much buying (maybe trading but).

And ffor those who hate on Keiser, I definitely agree the pumping of Quark and maxcoin reflect poorly on him despite the good he has done. But, in the early stage in its evolution BTC needed someone with appeal and showmanship to  be the trumpet and Max took that bull hy the horns. Im grateful, it was his early rantings in Jan Feb 2013 that got me interested.

It's a widely used sentiment or explanation around here as well. To be honest, I don't know what to make of it though. It may be the case, then again it may be not. If companies immediately cash out via BitPay, it depends what BitPay does with the BTC! Are they just dumping them on Stamp or are the reports true that they actually do have people on contract that buy all their BTC at a certain rate (that may be flexible of course)

Banking fine not sinking in public eyes = people willing to buy stuff even when it is not absolutely necessary. Then they will buy stuffs with the hoarded bitcoin they have, after all everything is safe and they can get more money to rebuy the Bitcoin anyway.

Banks failing = people see that their money is not safe on banks, and they will see all the holes is the economic system, then go to bitcoin to protect themselves, not to buy things they don't really need.

Think that was what he meant with the tweet.

I agree that retail acceptance is a good thing for bitcoin over the long term. It may, in theory cause small price drops over the short run as some people who would not otherwise sell their coins spend them at retail online stores, but over the long run more people will buy and use bitcoin causing the price to go up.

Max Keiser is one of the biggest scammers in the entire BTC ecosystem. This became especially evident when he started pumping his very own scamcoin.

I wouldn't listen to that crook.

Max isnt the icon of bitcoin, and is in no way in place capable to analyse bitcoin.
He prooved himself with quark and maxcoin that he is only small time manipulator, who has some newbie audience, but enough to make small distractions.
Adoption in retail is a good thing, even knowing that retailers are converting to fiat, because it widens the circle of users a bit.

Note: This is part of a post I made early today in another thread, but it fits better here.

To the OP, I don't think Max Keiser has had the time to really reasearch and live through this p2p currency world as we and others do. Some of the things he says about Bitcoin is true, but a lot is not. There are a lot of more trustworthy places to get good facts of today's bitcoin futures and how it is and will effect us. Thank you for letting us know of his opinions. And of course this is IMHO.

Bitcoin is suppost to stay around $500+/- throughout August(but could go as low as $375). If you follow the market, selling time was about 3 weeks ago. After people have a chance to buy low it will go up again. We have known these figures since the middle of July.

http://btctrading.wordpress.com/

^ This link usually has good advance predictions on Bitcoin price

It all adds in there, but most people I know sold a lot last month so they could buy at this month's prices. Around July 24 we got a good indication of low prices that would start and stay through August. Most of us sold. It's almost time to start the buying again. And I'm ready. Once the buying starts, it will stimulate the market with all the buying transactions of the non-hoarded coins and that will help drive the price back up, mabey even higher than it was.


NOTE: Looks like some big players got together and sold a tremendous amount of bitcoin last night to create a flash crash so they could buy cheap today/tomorrow. There is nothing wrong with playing the market, that's what keeps it alive, but what these guys did last night was a very dirty move. The ritch keep getting ritcher it seems, and they don't care who or what they hurt. It would be nice to figure out who they are and get VOD all over those guys!!!!!

http://www.cryptocoinsnews.com/news/happened-bitcoin-price-bitfinex-today/2014/08/14?utm_source=rss&utm_medium=rss&utm_campaign=happened-bitcoin-price-bitfinex-today

^Methods used in bitcoin trading. Please note there are different ways to trade Bitcoin. Not everyone trades how we are used to on the normal exchanges.

Sounds like a nice summary of it

Also read it as the price of bitcoin is falling because the market is pushing the price down because more people are accepting it in the short term and converting it on exchanges but as more people adopt and use it the userbase and price per bitcoin will increase.

Don't think retail adoption is the only factor.

Mostly like cause for the meltdown is due to the Ethereum project.

yes, when he is talking about the price declining i am supposing he means that increase means it is. eing exchanged for fiat faster than the rate at which it is currently being bought. when retailers begin to on-pay in btc &/or keep their btc then things change. another bank crisis will do this.

I also take him with a grain of salt because amongst the rhetoric and the pumping there are occassionally a few gems. he's a smart guy beneath tbe persona.

Also agree that the next bubble is proper infrastructure induced.

He is saying that if it is still safe to keep your money in fiat based banks then people will do so. However as soon as people have a good chance that their savings will disappear in the banking system (either from "haircuts" or hyper inflation of their local currency) then people will start to put massive amounts of money into bitcoin.

You know what's absolutely wonderful about that chart? The four or five bitcoin boom periods, when each viewed separately, ALL looked exactly like that! And we know what, to date, has happened next: another boom period at some point down the line!

So thanks for posting that chart again. Very illuminating.

Everyone is selling and no one wants bitcoin! It isn't just Ethereum, there are also stellar and a bunch of other coins that developers raised via IPO need cashing out!

Bitcoin game over ! Crashing to $400 ! Drop your hope and sell now !
https://bitcointalksearch.org/topic/falllling-is-right-again-bitcoin-will-continue-the-downtrend-737019

Well is just a little drop, also, the current drop might not be for retailers but for the ethereum coins announce that they will dump some.

While Max is right to be bullish on bitcoin long-term, he's proven himself to be a shameless shock-promoter, resorting to bad arguments and downright dishonesty at times. I choose to ignore him.

I think we simply have a bunch of impatient "investors" on our hands. Too many people were crying "summer bubble!" since we cracked $500 in May. Now their expectations are not met, so they bail. They are, essentially, some combination of impatient and stupid. Such is life, and markets.

Personally, I think we float sideways until we get some more infrastructure in place (US-based exchange, proper futures markets, etc). But while I'm usually right about the long-term, I'm often wrong about the short-term, so take that with a few grains of salt.

We need a discussion Board psychiatrist... I feel like we should transport our discussion Board to a psych discussion Board. Y'all mofos are straight cray, cray.

Essentially BTC is supposed to take over the banking system. A fiat currency is only supposed to last something like 27 years, but the USD is going on 43 or something like that, so the banking system is anticipated to crumble. So where does everyone's money go? BTC.

Essentially.

Tweeted by Max Keiser: @maxkeiser: Rate of retail adoption for Bitcoin is faster than banking system is collapsing, so price of BTC is falling until next major bank failure.

Im aware of the retailers converting to fiat theory but how does MK's reasoning tie in?