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Topic: Was there a Serious event causing current drop? (Read 4482 times)

bitbybit2

newbie

Activity: 56

Merit: 0

Quote from: Elwar on June 09, 2013, 10:16:30 AM

My guess would be one of those big million dollar investors from the bubble time is tired of seeing his money sitting in something that is not bringing a large return. So they moved on to something else.

Wrong. Speculation is based on some mega institution buying. I repeat buying and not selling an investment instrument. The drop is better for newbies but for the resilient miners the future is bright.

Saint!

newbie

Activity: 46

Merit: 0

Quote from: btc237ftw on June 11, 2013, 11:00:04 AM

Not a bad theory, I wonder if and what connection is there between the PRISM expose to this drop

I saw a news story about a link but personally I don't think the recent sells have anything to do with it. Purely coincidence

btc237ftw

full member

Activity: 157

Merit: 100

Quote

There has been a huge "asic rush" in the last days because several miners have become "available". Many meople might have moved their coins into buying some of those miners or a share in a "mining company".
If you look at the "custom hardware" section of the miners forum, you will see what is left of this "asic rush". Most of the group buys are over and people are back into market again.

but this is only a theory!

Not a bad theory, I wonder if and what connection is there between the PRISM expose to this drop

marlo_brando

newbie

Activity: 14

Merit: 0

There has been a huge "asic rush" in the last days because several miners have become "available". Many meople might have moved their coins into buying some of those miners or a share in a "mining company".
If you look at the "custom hardware" section of the miners forum, you will see what is left of this "asic rush". Most of the group buys are over and people are back into market again.

but this is only a theory!

b!z

legendary

Legendary level

Activity: 1582

Merit: 1010

Mt Gox lag + panic selling.

Crypt_Current

hero member

Activity: 686

Merit: 500

Shame on everything; regret nothing.

Quote from: ?? on ??

Quote

Was there a Serious event causing current drop?

Yes! There was. A weekend.

One of those weekends I actually wish I (was able to have) bought instead of mining Cheesy

Cheesy

Wink

vokain

legendary

Legendary level

Activity: 1834

Merit: 1019

Quote from: BitPappa on June 09, 2013, 10:56:37 PM

What the hell? How did the (gox) price just jump from 96 to 110???

the market is always right

zby

legendary

Legendary level

Activity: 1594

Merit: 1001

Quote from: btc237ftw on June 09, 2013, 10:13:41 AM

Does anyone know? Because I was looking around the forum and on several news sites and did not see anything that can be a bases for a sudden drop in price.
I am not trying to speculate here, I'm looking for a serious General-discussion about why this current drop accrued.

Buyers are out of cash.

chufchuf

full member

Activity: 205

Merit: 100

What did they expect? btc is accepted at taobao, webmoney etc, its only ussa thats so political and liable and corporate and worried that their only export left is intellectual property, where the companies try to set up their own imitation coins lol

Swapster

member

Activity: 131

Merit: 10

I was looking one minute on CBX - price was $95... ten minutes later it's at $106.

The problem with the BTC market is there are no professional market makers to provide stability.

The Winklevoss twins should put their BTC to good use and create a MM firm.

Swapster

member

Activity: 131

Merit: 10

Quote from: kjj

P.S. The quantity sold is exactly equal to the quantity purchased. Shifts in price reflect a change in the relative desires to hold of the parties involved, only.

That ignores depth of book. Who buys/sells only tells the story about the top of the book.

BitPappa

sr. member

Activity: 431

Merit: 261

What the hell? How did the (gox) price just jump from 96 to 110???

AliceWonder

full member

Activity: 168

Merit: 100

Quote from: EricTyle on February 09, 2013, 10:43:11 AM

Quote from: thefiniteidea on February 02, 2013, 05:57:48 PM

which honestly, to me, is a term made popular by Keynesian's to hide the real facts, as price inflation/deflation is simply the market exchange rate, reflective of the money supply into a currency from itself and other currencies

I'm not sure if it's just me but I had a hard time understanding the underlined. Is that redundant? from itself and other currencies?

Anyways, with the ASICs coming out soon, what do you think the value of bitcoin will do for the the first couple of months? I feel like it will start to drop rather rapidly as people are trying to get their hands on more USD to compensate for their expenses. Then they would start to keep the BTC and the difficulty would rise so it would go back up?

I feel like it will start to drop rather rapidly as people are trying to get their hands on more USD to compensate for their expenses.

That's from https://bitcointalksearch.org/topic/inflation-and-deflation-of-price-and-money-supply-140793 Post #7

Coincidence? I doubt it. I think he nailed it.

AliceWonder

full member

Activity: 168

Merit: 100

Quote from: BitPappa on June 09, 2013, 12:02:59 PM

Seems no one thinks a serious event caused the current drop.

My uneducated, newbie guess is manipulation plus fear.

My uneducated, newbie guess is that this is a relatively young currency and I would be far more suspicious of manipulation if things like this didn't happen.

bluemeanie1

sr. member

Activity: 280

Merit: 257

bluemeanie

Quote from: Welsh on June 09, 2013, 11:29:02 AM

Well, in my personal opinion. I believe it was the manufacturers of the ASIC were simply cashing out.

they could be pumping it up as well.

It's fairly simple really, if ASIC Rigs were such a great asset, wouldnt the companies just be mining rather then vending hardware?

firefop

sr. member

Activity: 420

Merit: 250

Quote from: Mahn on June 09, 2013, 02:56:57 PM

Quote from: doom309 on June 09, 2013, 01:28:27 PM

all this trying to guess why the drop happened, this could be addressed somewhat if mt gox had a live "market news" ticker on its website, so events could be interpreted better in terms of what is happening to price

There are no "market news" that triggered this, that's the whole point of the discussion here; we have to guess because there is no explicit reason for the drop to be found otherwise.

What about aurumxchange not dealing with bitcoin exchanges for awhile? Wasn't this the main way to move fiat between exchanges?

BitPappa

sr. member

Activity: 431

Merit: 261

Quote from: manfred on June 09, 2013, 06:11:07 PM

The only serious event is "The NSA files" (PRISM). As SHA-2 is made by the NSA and sits right at the heard of Bitcoin it puts up a lot of questions.

Did everyone trust the NSA before, but now with the exposure of PRISM, suddenly people think there's a greater chance that SHA-2 has a backdoor?

BitAddict

legendary

Legendary level

Activity: 1190

Merit: 1001

Quote from: Littleshop on June 09, 2013, 01:02:28 PM

Quote from: Welsh on June 09, 2013, 11:29:02 AM

Well, in my personal opinion. I believe it was the manufacturers of the ASIC were simply cashing out.

I would agree with this. Also small ASIC holders customers are more likely to hold and participate in the BTC economy while big players like ASICMINER are most likely to cash out. The balance has shifted to larger players until BFL and Avalon clones ship more.

The ASIC transition is rough but necessary.

+1 I think this is the key.

manfred

legendary

Legendary level

Activity: 966

Merit: 1001

Energy is Wealth

The only serious event is "The NSA files" (PRISM). As SHA-2 is made by the NSA and sits right at the heard of Bitcoin it puts up a lot of questions.

Roy Badami

hero member

Activity: 563

Merit: 500

Quote from: BitPappa on June 09, 2013, 03:42:08 PM

I was happy keeping money in Gox for awhile, and had a bunch of orders set up. But then I started getting nervous about the U.S. or Japan shutting Gox down (smarter people than me convinced me that was a possibility). If money transfers took hours or less, so I could buy and get the BTC out, I might think it worth the risk. But with it taking often a couple of business days to transfer money, I'm too nervous to put much into Gox now (with 20/20 hindsight, I wish I would have kept a little cash there to buy on this recent dip).

I also can't help but wonder, since Gox now seems to be in the U.S. government's line of fire, are all U.S. Banks still willing to keep wiring funds there?

True... I don't keep any funds in exchanges, which means I can't trade - but then I'm not much of a trader. I prefer to just buy and hold, so Gox and wire transfers work for me.

roy

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