Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 23599. (Read 26713440 times)

i say 150...

Ok what is causing this???
Yes it has been going down fast, but this is insane!!!!!

Praying this is manipulation so the biggest whales can get cheap coins and now it will rebound to over 300.
Who is praying with me?

Here we go again...

Ok what is causing this???
Yes it has been going down fast, but this is insane!!!!!

Praying this is manipulation so the biggest whales can get cheap coins and now it will rebound to over 300.
Who is praying with me?

So what did you say was the bottom line, at which people will switch off their miners and the whole network will collapse?=)

Worried? How can it get flashier than this?

There's something fishy happening on BFX, bids are slightly higher than asks, maybe it's a bot that tries to hold the price up?

to play arb probably

Am I the only one worried about a flash crash here?

Nothing drops forever. Every coin sold has been bought by someone.

If this is miners dumping (which clearly it isn't unless it is an active attempt to bankrupt their competition) then they know there is a limit to what bitcoin can endure without being irreparably damaged. Some people may cite 2011 and say, "look it recovered from 2 dollars", but there were less than 10,000 users at that stage. Bitcoin is now in the public eye, discussed openly in the MSM and adoption plus half a billion dollars of VC money ride on bitcoin having a market cap large enough to be useful as an internet currency in the next year.

I personally am not convinced this decline has had anything whatsoever to do with what is fairly minor monetary inflation. It is just speculators trading and shorting the price down. I am cool with short selling in general but in this case I think the fact whales can actively profit with just the price falling means there is less incentive to accumulate coins and profit by selling high later. It is conceivable for a large hedge fund (in fiat only) to be gaming the price with no interest in acquiring coins, instead simply manipulating the price for profit. Whilst bitcoin remains unregulated this could continue ad infinitum. In the real world where demand for a commodity per day is N, a hedge fund short selling 400xN over a few minutes is deemed manipulation. Regulated US exchanges are needed badly.

In the end though, a floor will be found through which traders 'shall not pass'. The question is whether this floor is so low as to effectively destroy the bitcoin economy and permanently damage the experiment. That would be the best outcome for, say, an organisation with a money printer and a dislike of a superior form of money gaining ground, right? Especially as the central banks have been so happy to embrace bitcoin in public; bitcoin would be the only market they aren't currently manipulating if alternative media is to be believed.

Looking through reddit there are a number of despair "i'm out" posts. Hopefully we get a high volume reversal soon, bitcoin is certainly massively oversold technically.