the price is falling, the price is falling!!! - page 3.

mgio

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Quote from: ChrisJ on July 01, 2013, 11:30:23 AM

The problem is too many people use Bitcoin just to churn out more Dollars.

Too many speculators, manipulators and centralisation in the form of ASICs.

If you want to help the price go up don't sell them for Fiat go out and spend them. Put the Bitcoin.org logo and site on your dollar bills to help spread the word.

Demand to pay in Bitcoin in every restaurant and pub you go to. Answer their questions, tell them it's not controlled by any bank or government. Tell them it's like sending money with email and we all remember what email did to the post office.

Get your friends to go back to that same merchant over the coming weeks. If they see it hitting their bottom lines they might get curious.

This.

I think we should have a pamphlet made, that people can print out and hand to the manager at every restaurant and shop they go to.

It should briefly describe what bitcoin is, why they should accept it and how they can go about accepting it.

Why hasn't the Bitcoin Foundation done this yet? (or have they and I don't know about it?)

SOSLOVE868

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Activity: 378

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The price will keep falling...

3600X365/12000000=11.34% = Inflation.. and seems most people are still in the waiting position to buying BTC...

The possibility of government intervention in the future and currently the limiting withdraw of USD in MT.Gox ,are decreasing the investor's confidence.

ChrisJ

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Quote from: Inedible on July 01, 2013, 12:05:52 PM

Quote from: ChrisJ on July 01, 2013, 11:30:23 AM

If you want to help the price go up don't sell them for Fiat go out and spend them. Put the Bitcoin.org logo and site on your dollar bills to help spread the word.

This would only be true if your merchant didn't cash out to USD at time of sale.

Good point, ask them first. I still think it's marginally better than just sitting in front of a chart buying and selling, although you could argue that it's not putting as much drain on the blockchain

Then again spending the coins helps to set social norms.

Inedible

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What doesn't kill you only makes you sicker!

Quote from: ChrisJ on July 01, 2013, 11:30:23 AM

If you want to help the price go up don't sell them for Fiat go out and spend them. Put the Bitcoin.org logo and site on your dollar bills to help spread the word.

This would only be true if your merchant didn't cash out to USD at time of sale.

ChrisJ

full member

Activity: 146

Merit: 100

The problem is too many people use Bitcoin just to churn out more Dollars.

Too many speculators, manipulators and centralisation in the form of ASICs.

If you want to help the price go up don't sell them for Fiat go out and spend them. Put the Bitcoin.org logo and site on your dollar bills to help spread the word.

Demand to pay in Bitcoin in every restaurant and pub you go to. Answer their questions, tell them it's not controlled by any bank or government. Tell them it's like sending money with email and we all remember what email did to the post office.

Get your friends to go back to that same merchant over the coming weeks. If they see it hitting their bottom lines they might get curious.

Inedible

hero member

Activity: 700

Merit: 500

What doesn't kill you only makes you sicker!

Quote from: derpinheimer on July 01, 2013, 11:11:30 AM

Quote from: Inedible on July 01, 2013, 11:09:13 AM

I'm not convinced that Cypriot money in March caused much of the price increase.

They wanted bitcoins as much as plants crave Brawndo.

Personally, I don't see it because if I've got a lot of money and I'm it's imminently going to be ceased I'm not going to risk my already risk prone money on a risky crypto currency that I've never heard of before.

I'd need to research and in that research I'd find so much info on scams that I'd need to find out which companies are reliable/honest.

All this takes time and time is not something I'd have.

I'd likely have a business to run, assets to decide to liquidate or not, new home to find, etc.

If I had small volumes of money I'd need to assess which risk I like more - not something that smaller investors a likely to want to deal with in amongst the turmoil.

ThatDGuy

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Quote from: derpinheimer on July 01, 2013, 11:11:30 AM

Quote from: Inedible on July 01, 2013, 11:09:13 AM

Quote from: keelba on July 01, 2013, 10:49:31 AM

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

They wanted bitcoins as much as plants crave Brawndo.

...but it's got electrolytes. Plants love electrolytes!

derpinheimer

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Quote from: Inedible on July 01, 2013, 11:09:13 AM

Quote from: keelba on July 01, 2013, 10:49:31 AM

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

They wanted bitcoins as much as plants crave Brawndo.

Inedible

hero member

Activity: 700

Merit: 500

What doesn't kill you only makes you sicker!

Quote from: keelba on July 01, 2013, 10:49:31 AM

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

I'm not convinced that Cypriot money in March caused much of the price increase.

N12

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Quote from: ThatDGuy on July 01, 2013, 11:03:48 AM

There are a lot more people paying attention to BTC now, compared to before the 4/2013 bubble, just like there were more then than there were for the 5/2011 bubble. This forum itself had 83,400 members by the end of 2/2013, and March/April/May/June increased that user count to 134,300. A 61% increase in registered users is pretty significant.

That's why the price topped out at 266 instead of 32. It's already priced in. The underlying psychology is the same.

ThatDGuy

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Quote from: keelba on July 01, 2013, 10:49:31 AM

What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

While I partially agree with the latter part, the value going up again will have the speculators along with it - and likely in larger numbers both of speculators and fiat thrown in. Speculation isn't an "unfortunate" aspect of the Bitcoin economy - it is a naturally occurring and important aspect that is just one more way to bring attention to it.

I would suspect most speculators are not so much getting out right now, as they are just on the sidelines waiting until there is money to be made again.

There are a lot more people paying attention to BTC now, compared to before the 4/2013 bubble, just like there were more then than there were for the 5/2011 bubble. This forum itself had 83,400 members by the end of 2/2013, and March/April/May/June increased that user count to 134,300. A 61% increase in registered users is pretty significant.

The next bubble could very likely push the value higher by an order of magnitude.

Jaroslaw

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supernode

50$ my old friend, we meet again

keelba

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What happened in Cyprus around March was that many people saw the value of a decentralized currency. They saw how it could personally benefit them. They began buying it, not because they were speculating but because they had a need for it. This started driving up the price and, unfortunately, speculators saw this and got in too. There was a lot of upward momentum at this time but the real problems came when Mt. Gox, the majority Bitcoin exchange couldn't handle the load of all this new interest. All of a sudden, that momentum was lost and people began to fear that maybe Bitcoin wasn't ready for the world. All of the problems with regulators lately are only exacerbating the issues with Bitcoin.

When the current problems with Bitcoin are worked out only then you will see the true value go up, and it will go up a lot. Until then, you will see wild price swings like we see today where speculators get in, get scared, and get out.

massivebitman

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Well I'm gonna call it. I think from this point on sustained triple digits are a thing of the past... At least for 2-3 weeks (or many bitcoin world months)

ThatDGuy

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Quote from: rwilliams on July 01, 2013, 07:54:14 AM

While bitcoins were climbing SLOWLY from a few dollars to around $25 US, everything was great. I expected to have to wait for two to three years for them to reach $100. After bitcoins skyrocketed from the mid twenties to over $250, I couldn't believe the rapid growth in vaalue.

Then came the fall to around $60, and I felt sick. The price came back, and climbed to over $150 again. Once again, all was good.

Then came the SLOW decent. Each week the price seems to drop a little more. So if you compare the value today to $260, it appears to be in a rapid downward trend. However, if you consider the value on January 1st, 2013, today's value is 400% to %500 what it was just six months ago! That is still awesome growth.

Even it the value drops to $50 by December 31st, 2013, it would still be over %100 return in a year. A great profit compared to almost anything else you could have invested in this year.

It was nice to see the value go up each day, or hour. And it hurts to see the value gradually decay. Sometimes I thing the best thing to do is just ignore the price, and sit back and wait, expecting gains over the long run.

I agree with you, but I would't say you even need to ignore the price due to your feelings of confidence, rather justify them by looking at a different set of metrics. One I've been tracking recently is the lowest $ price per BTC per month, since 2011.

Google Spreadsheet with Monthly Lows Summary Data

Interesting findings:

23 of 29 months since the beginning of 2011 have seen an increase in the monthly low price
We are in the 16th consecutive month of an increased monthly low price.
The average change from one monthly low price in this time period to the next: +35.70%

Short term, yeah if you want to make some money on the ups and downs, have at it. Long term, though, I'm not too concerned with the daily value when the absolute lowest point every month is going up by +35% over the past two years.

naphto

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Quote from: wonkytonky on July 01, 2013, 08:40:02 AM

the price push down today is clearly a manipulation lol.. but it's ok.. i got me bids on the good spots

The whole market is a manipulation, since bitcoins is a bubble ...
Nobody in the real world gives any credits to that "currency".

wonkytonky

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the price push down today is clearly a manipulation lol.. but it's ok.. i got me bids on the good spots

rwilliams

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While bitcoins were climbing SLOWLY from a few dollars to around $25 US, everything was great. I expected to have to wait for two to three years for them to reach $100. After bitcoins skyrocketed from the mid twenties to over $250, I couldn't believe the rapid growth in vaalue.

Then came the fall to around $60, and I felt sick. The price came back, and climbed to over $150 again. Once again, all was good.

Then came the SLOW decent. Each week the price seems to drop a little more. So if you compare the value today to $260, it appears to be in a rapid downward trend. However, if you consider the value on January 1st, 2013, today's value is 400% to %500 what it was just six months ago! That is still awesome growth.

Even it the value drops to $50 by December 31st, 2013, it would still be over %100 return in a year. A great profit compared to almost anything else you could have invested in this year.

It was nice to see the value go up each day, or hour. And it hurts to see the value gradually decay. Sometimes I thing the best thing to do is just ignore the price, and sit back and wait, expecting gains over the long run.

tokeweed

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Life, Love and Laughter...

knowing what to do whatever happens. that's a start.

massivebitman

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Ah well... whatever happens, this is what I'll be doing

Bitcoin Surfing

You saw it here first.

Topic: the price is falling, the price is falling!!! - page 3. (Read 3517 times)