Topic: THE PRICE OF BITCOINS IS CRASHING SELL SELL SELL (Read 23499 times)
i agree
Well done sir! 
When the price of bitcoins wasn't crashing, the "Volume" was running about 30k. Even assuming that was all straight trades and not bots buying and selling back and forth, 7,200 / 30,000 = 25%. How is 1/4 of the market not significant?
I remember when it was rallying or going up, the volume was at 100,000. It seems to crash when volume gets low (last night and this morning it went down to $12, and volume was 30k, but it went up to $16 now and volume is at 99k). You're right, 7,200 is significant, but that's also assuming that everyone who's mining is selling them right away. There's a lot of assumptions with all of these ideas I guess.
You guys are forgetting that, despite the difficulty increase, the average number of bitcoin produced is still 50 every ten minutes. So, even if all the miners were trading, miners will still only ever be able to sell 7,200 bitcoin a day. I.E. supply of BTC on the market doesn't change with difficulty (SupplyxDemand stays the same). That's also a fairly small number compared to the overall daily volume.
When the price of bitcoins wasn't crashing, the "Volume" was running about 30k. Even assuming that was all straight trades and not bots buying and selling back and forth, 7,200 / 30,000 = 25%. How is 1/4 of the market not significant?
You guys are forgetting that, despite the difficulty increase, the average number of bitcoin produced is still 50 every ten minutes. So, even if all the miners were trading, miners will still only ever be able to sell 7,200 bitcoin a day. I.E. supply of BTC on the market doesn't change with difficulty (SupplyxDemand stays the same). That's also a fairly small number compared to the overall daily volume.
So what do you guys think will become of the price now that difficulty has increased
I just stepped in with my 5x 5780 and I never had much luck before, so I think it will drop like a brick...
YMMD
difficulty is a lagging and somewhat sticky indicator of price, not the other way around. besides, difficulty is known about in advance so could be priced in if people thought it would have an effect.
So what do you guys think will become of the price now that difficulty has increased
I just stepped in with my 5x 5780 and I never had much luck before, so I think it will drop like a brick...
So what do you guys think will become of the price now that difficulty has increased
The often repeated reason for Bitcoin's continued appreciation is the increasing difficulty in creating new Bitcoins. This argument doesn't make much sense when you look at who is trading. Most traders are not miners, therefore they don't care how much it costs to mine or how expensive a 6990 is. There are already enough BTCs floating around to keep traders happy.
Actually, volume consistently drops after a difficulty jump. Hence yes the traders are the miners. Now it's possible older miners have no reason to trade, nor even to mine that much, but new miners do in fact trade. And newer still are in college dormrooms and at home paying rent. There's a lot of accusations of hoarding which is skewing ppl's estimations of the market.
Also people so this silly thing of thinking of Bitcoin as a single priced item. It's not. It's short term inflationary, long term deflationary. It has a pricing window. When difficulty doesn't keep up there is a volatility increase. When it does go up, the bottom rises and consolidates, while the top panics. The bots from the weekend were truly ridiculous. But circuit breakers could eaily be written into the bots. Don't trade up or down in high speed movements.
Fear inciting hate mongers like you are the reason the housing market crashed. If you wan't to incite a panic go somewhere else.
LOL. Pretty sure the housing market had some pretty basic fundamental reasons it crashed (and has further to fall) than someone crying Sell!
Fear inciting hate mongers like you are the reason the housing market crashed. If you wan't to incite a panic go somewhere else.
Bitcoin is not immune to crashing.. I wish it was. No government regulation does not guarantee success. Regulation is not always a bad thing if done right..it's the human greed factor that screws things up.
Peace
Peace
Bitcoin cannot crash. The government cannot control bitcoin so it will not crash.
Hmm wierd because a lot of the bubbles I can think of (dot com, housing, credit crunch, etc) specifically occured because the government wasn't properly regulating them.
Um no. They were regulated. Just not for our benefit. Form is not function.
Shouldn't these troll threads be deleted by now?
So you're saying the price did NOT actually crash? If it did, then what's so troll about this thread?
Shouldn't these troll threads be deleted by now?
The charts are looking sick now, IMO sell now before the panic starts, IMO.
On Saturday I posted a prediction that we'd see a Dead Cat Bounce up to $20 before falling below $10. Well, its gone a bit over $20 since the crash and showing a downward trend again. The MtGox market is pretty thin when the USA is asleep. Whoever pumped and dumped the market last week is well aware of this.
The often repeated reason for Bitcoin's continued appreciation is the increasing difficulty in creating new Bitcoins. This argument doesn't make much sense when you look at who is trading. Most traders are not miners, therefore they don't care how much it costs to mine or how expensive a 6990 is. There are already enough BTCs floating around to keep traders happy.
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