Vessco you are correct. in short, stop caring about the exchange price and the bear market ends.
by continue to follow it and panic sell because of it, your all simply feeding it
Topic: The Bitcoin Selloff Continues - page 2. (Read 2965 times)
Bitcoin is in a normal bear market caused by the mania spike to $1200.
I've lived through several bear markets (Nikkei, gold, oil, etc.) and have studied many others. The picture is always the same.
First, the smart money realizes that a mania is present and cashes in at the top, starting the decline (which is often a violent initial crash). Then the price slowly recovers over time. That's when the other smart people sell, for a small profit, because they realize what is happening. Then a long and slow decline begins, lasting much longer and going to much lower levels anyone thinks possible.
During this decline:
- The permabulls keep insisting that "it will come back up" and "you have to hold for the long-term". They become less and less vocal as the bear market progresses, until they eventually shut up - but they never admit defeat.
- The optimists initially buy every major dip. They become fewer and fewer in numbers as the bear market progresses.
- The desperate, who have been trapped at much higher prices, keep saying that "low prices are great, I'll buy even more" - but never actually do and pray for the prices to go up, so that they can sell at break-even.
- Wild accusations of "manipulation", "evil shorts", "speculators", "they", "banksters", "government", etc. fly around, as people are willing to blame anyone but themselves for their mistakes.
Eventually people lose interest. Most sell, trying to get at least some of their money back, convinced that the price is going to zero. Some never sell, but mentally write off the money invested as lost and stop looking at the price. The volume dries out, as the price is making even lower lows.
That's when the bear market ends - and virtually nobody notices, because nobody cares anymore.
Bitcoin is still in the very early stages of a bear market. Way too many people still care.
Note: The end of a bear market is not always immediately followed by the start of a new bull market.
I've lived through several bear markets (Nikkei, gold, oil, etc.) and have studied many others. The picture is always the same.
First, the smart money realizes that a mania is present and cashes in at the top, starting the decline (which is often a violent initial crash). Then the price slowly recovers over time. That's when the other smart people sell, for a small profit, because they realize what is happening. Then a long and slow decline begins, lasting much longer and going to much lower levels anyone thinks possible.
During this decline:
- The permabulls keep insisting that "it will come back up" and "you have to hold for the long-term". They become less and less vocal as the bear market progresses, until they eventually shut up - but they never admit defeat.
- The optimists initially buy every major dip. They become fewer and fewer in numbers as the bear market progresses.
- The desperate, who have been trapped at much higher prices, keep saying that "low prices are great, I'll buy even more" - but never actually do and pray for the prices to go up, so that they can sell at break-even.
- Wild accusations of "manipulation", "evil shorts", "speculators", "they", "banksters", "government", etc. fly around, as people are willing to blame anyone but themselves for their mistakes.
Eventually people lose interest. Most sell, trying to get at least some of their money back, convinced that the price is going to zero. Some never sell, but mentally write off the money invested as lost and stop looking at the price. The volume dries out, as the price is making even lower lows.
That's when the bear market ends - and virtually nobody notices, because nobody cares anymore.
Bitcoin is still in the very early stages of a bear market. Way too many people still care.
Note: The end of a bear market is not always immediately followed by the start of a new bull market.
Headed to $100!
miners and investors/whales are not even touching exchanges, they are trading privately.
Yes, but the private price cannot be much different from current exchange prices.
crappy exchanges are not where people are "selling off" to then grab real FIAT into their bank accounts.
its day trader manipulation for profit. wake up sheeple for the last 2 weeks all i have seen is the same 0.011 lists of small orders, and then a max of 200coin wall order. thus its the same players manipulating the main exchanges.
miners and investors/whales are not even touching exchanges, they are trading privately.
stop panicking over exchange prices. they are about as fake as when mtgox was at $100, and everywhere else was still at $450.
the amount of real bank account movements of exchanges is SMALL. so stop sheep following the manipulated exchanges.
its day trader manipulation for profit. wake up sheeple for the last 2 weeks all i have seen is the same 0.011 lists of small orders, and then a max of 200coin wall order. thus its the same players manipulating the main exchanges.
miners and investors/whales are not even touching exchanges, they are trading privately.
stop panicking over exchange prices. they are about as fake as when mtgox was at $100, and everywhere else was still at $450.
the amount of real bank account movements of exchanges is SMALL. so stop sheep following the manipulated exchanges.
I believe the continuous decrease in price is because there are enought places to spend so current holders finally spending Bitcoin much more.
bitcoin down but honey badger is dancing:
30,000 bitcoins was bought at $600 each when FBI had the auction. Now the price nearly becomes half and very attractive. Some wealthy man holding positive views with bitcoin will come out and buy a large quantity of bitcoin, then flocks of people will rush to buy as much possible as they can afford. This will be the turning point of bitcoin price movement.
According to Blockchain.info, miner revenue is down from a high of more than $5 million per day, to under $1.5 million today. And that on the back of the fact that ‘mining’ itself is becoming more difficult.
Don't forget mining operation isn't free and the operation and capital depreciation cost are quite high.
I suspect many miners and ASIC manufactures will disappear from the industry 6-9 months down the road. The competition and market condition just aren't that favorable.
It will be the survival of the fittest where cheap electricity provides the advantage, cold climate environment, cheap spare part and cheap living cost. Hey mining rig still needs some operator intervention and that also becomes part of overall costing.
I think the professionalization of mining, i.e. bitcoin generation, progressed faster than bitcoin adoption. With the advent of ASICs more professional operations moved into mining bitcoin, the early hobbyists and advocates were displaced. Professionals want their return (and have to pay their expenses) in fiat, so they sell as quickly as they generate coins while before miners were more inclined to hold onto their coins.
The fact that we are on a negative price spiral rather than a positive one makes things far worse.
Maybe something like the ETF will arrive to arrest the price decline, but as the price continues to drop, the attractiveness of the ETF drops as well.
The fact that we are on a negative price spiral rather than a positive one makes things far worse.
Maybe something like the ETF will arrive to arrest the price decline, but as the price continues to drop, the attractiveness of the ETF drops as well.
The number of mined bitcoins is not dropping at current difficulty level as the exchange rate with dollar is declining dramatically. If the miners have a faith in bitcoin in the future and keep his mined bitcoin except some amall amount of bitcoins needing to be cashed out to fiat to pay for the overhead of running mining business. They still will be big winner when the price bounces back.
According to Blockchain.info, miner revenue is down from a high of more than $5 million per day, to under $1.5 million today. And that on the back of the fact that ‘mining’ itself is becoming more difficult.
Don't forget mining operation isn't free and the operation and capital depreciation cost are quite high.
I suspect many miners and ASIC manufactures will disappear from the industry 6-9 months down the road. The competition and market condition just aren't that favorable.
Bitcoin, the best-known cryptocurrency, recently slipped under the $400 mark, a former price floor that some viewed as a bulwark against further price pressure.
Currently trading for $338.83, bitcoin is down $29.06 in the past 24 hours, or around 7.9 percent. From its all-time highs, bitcoin is down around 70 percent.
For historical context, here’s the chart, with the current price correlated, roughly, to the last time that bitcoin was this cheap. Or put, another way, bitcoin has burned off nearly all of its former heights:
What is driving bitcoin’s price down? Some blend of profit taking, negative price pressure created by new ecommerce adoption, less market interest, I’d hazard. A better question might be what could cause the current bitcoin slide to reverse course.
It isn’t just the folks who held onto their bitcoin that are hurting, however. The revenue of bitcoin miners, who have invested heavily around the world to build infrastructure that powers the bitcoin network, have seen their incomes greatly decline.
According to Blockchain.info, miner revenue is down from a high of more than $5 million per day, to under $1.5 million today. And that on the back of the fact that ‘mining’ itself is becoming more difficult.
So call it a bitcoin trough. Good news? There appears to be a recent trend towards increasing transaction volume across bitcoin, which could imply growing global interest in the cryptocurrency. We’ll see.
Source ''http://techcrunch.com/2014/10/04/the-bitcoin-selloff-continues/''
Currently trading for $338.83, bitcoin is down $29.06 in the past 24 hours, or around 7.9 percent. From its all-time highs, bitcoin is down around 70 percent.
For historical context, here’s the chart, with the current price correlated, roughly, to the last time that bitcoin was this cheap. Or put, another way, bitcoin has burned off nearly all of its former heights:
What is driving bitcoin’s price down? Some blend of profit taking, negative price pressure created by new ecommerce adoption, less market interest, I’d hazard. A better question might be what could cause the current bitcoin slide to reverse course.
It isn’t just the folks who held onto their bitcoin that are hurting, however. The revenue of bitcoin miners, who have invested heavily around the world to build infrastructure that powers the bitcoin network, have seen their incomes greatly decline.
According to Blockchain.info, miner revenue is down from a high of more than $5 million per day, to under $1.5 million today. And that on the back of the fact that ‘mining’ itself is becoming more difficult.
So call it a bitcoin trough. Good news? There appears to be a recent trend towards increasing transaction volume across bitcoin, which could imply growing global interest in the cryptocurrency. We’ll see.
Source ''http://techcrunch.com/2014/10/04/the-bitcoin-selloff-continues/''
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