http://www.reddit.com/r/Bitcoin/comments/1cmv0t/stonecutters/
Topic: what keeps the price down? (Read 3524 times)
They're talking about our thread on reddit
http://www.reddit.com/r/Bitcoin/comments/1cmv0t/stonecutters/
http://www.reddit.com/r/Bitcoin/comments/1cmv0t/stonecutters/
I would like to point out that market manipulation is extremely unlikely. Manipulating the market in a way that holds it down would require whoever is doing it to lose money, and there would be no benefit either.
I think Adam Smith would disagree with you, but I respect your right to your opinion. I also agree with you partially- the crowd is often not logical but trades based on fear and greed.
It has been well over a decade since I read Wealth of Nations, but I don't recall him spending much time trying to puzzle out daily moves in speculative markets.
Also, you totally misunderstood me. Fear and greed are boogeymen just as much as DDOS and government intervention are. Why? is not a question that has a meaningful answer. I will repeat my main point: bitcoin is small. You'd gain more insight by asking why does this fleck of dust rise and fall as it floats in a still room?
This thread, and the thousands like it, is garbage.
You'd get better information by turning on a random financial news station and pretending that everything they were saying was about bitcoin. Bitcoin is traded on a bunch of open markets, meaning that the "price" is set by the crowd. Some people in the crowd will have reasons, maybe even good reasons, but the crowd itself does not. It just is. Trying to figure out the crowd by looking at a few members is counterproductive. Not only will you fail to learn anything, but you will typically get a false sense of understanding.
Bitcoin is volatile because it is small. A few million dollars can drive the instant price way up, and a few million bitcoins can drive it way down. Until it stops being small, no other reason is necessary or meaningful. If bitcoin is trading in a range between 50 million dollars and 250 million dollars per 1 BTC over the course of a month, it might be worth looking at. Until then, stop looking for scapegoats and reasons. There are none of either to be found.
You'd get better information by turning on a random financial news station and pretending that everything they were saying was about bitcoin. Bitcoin is traded on a bunch of open markets, meaning that the "price" is set by the crowd. Some people in the crowd will have reasons, maybe even good reasons, but the crowd itself does not. It just is. Trying to figure out the crowd by looking at a few members is counterproductive. Not only will you fail to learn anything, but you will typically get a false sense of understanding.
Bitcoin is volatile because it is small. A few million dollars can drive the instant price way up, and a few million bitcoins can drive it way down. Until it stops being small, no other reason is necessary or meaningful. If bitcoin is trading in a range between 50 million dollars and 250 million dollars per 1 BTC over the course of a month, it might be worth looking at. Until then, stop looking for scapegoats and reasons. There are none of either to be found.
I think Adam Smith would disagree with you, but I respect your right to your opinion. I also agree with you partially- the crowd is often not logical but trades based on fear and greed.
This thread, and the thousands like it, is garbage.
You'd get better information by turning on a random financial news station and pretending that everything they were saying was about bitcoin. Bitcoin is traded on a bunch of open markets, meaning that the "price" is set by the crowd. Some people in the crowd will have reasons, maybe even good reasons, but the crowd itself does not. It just is. Trying to figure out the crowd by looking at a few members is counterproductive. Not only will you fail to learn anything, but you will typically get a false sense of understanding.
Bitcoin is volatile because it is small. A few million dollars can drive the instant price way up, and a few million bitcoins can drive it way down. Until it stops being small, no other reason is necessary or meaningful. If bitcoin is trading in a range between 50 million dollars and 250 million dollars per 1 BTC over the course of a month, it might be worth looking at. Until then, stop looking for scapegoats and reasons. There are none of either to be found.
You'd get better information by turning on a random financial news station and pretending that everything they were saying was about bitcoin. Bitcoin is traded on a bunch of open markets, meaning that the "price" is set by the crowd. Some people in the crowd will have reasons, maybe even good reasons, but the crowd itself does not. It just is. Trying to figure out the crowd by looking at a few members is counterproductive. Not only will you fail to learn anything, but you will typically get a false sense of understanding.
Bitcoin is volatile because it is small. A few million dollars can drive the instant price way up, and a few million bitcoins can drive it way down. Until it stops being small, no other reason is necessary or meaningful. If bitcoin is trading in a range between 50 million dollars and 250 million dollars per 1 BTC over the course of a month, it might be worth looking at. Until then, stop looking for scapegoats and reasons. There are none of either to be found.
1. miners selling?
2. bad press?
3. mtgox's failures?
4. worry of government interference?
5. money fleeing safe havens? (gold and silver are down lately too)
2. bad press?
3. mtgox's failures?
4. worry of government interference?
5. money fleeing safe havens? (gold and silver are down lately too)
None of the above, it's a correction. I wouldn't call it "down" either. It's about 700% just this year.
are you seriously delusional enough to deny that bitcoin was overvalued before?
Nothing fundamentally changed for bitcoin, it is just people's fear keep the price down, since they have never seen such fast price rise for anything and they can't believe it is possible. So they think this is a scam/bubble and they sell when their weak nerve can't take it anymore 
Yeeeeessssss.
1. miners selling
2. bad press
3. mtgox's failures
4. worry of government interference
5. money fleeing safe havens (gold and silver are down lately too)
6. merchants afraid of another crash sell right away
7. fear of the rapidly rising price and lack of trust/knowledge in the bitcoin model (it must be a bubble! sell, sell! how does bitcoin work again?)
Nothing fundamentally changed for bitcoin, it is just people's fear keep the price down, since they have never seen such fast price rise for anything and they can't believe it is possible. So they think this is a scam/bubble and they sell when their weak nerve can't take it anymore
me. 
Thank you sir. And to all the rest of the Surge Protection Team.
Please, keep the price down as low and as long as possible.
In my opinion you deserve more reward for these ballsy actions than the thousands of coins you have made.
The best thing for bitcoin would be to change the algorithm to produce steady increase of money supply.
I do hope you are just trolling. You already have fiat currencies if you want something that is worth less and less over the years- why re-invent the wheel?
The best thing for bitcoin would be to change the algorithm to produce steady increase of money supply.
I believe the "New money" got scared by the downward correction. The best thing for Bitcoin would be a steady period, and then another "financial crises" sign. (Portugal, Slovenia, Spain being bailed out, investors and customers losing money)
I would like to see the "new account" creation numbers from MtGox. Anybody knows where to see that number?
/Bob
I would like to see the "new account" creation numbers from MtGox. Anybody knows where to see that number?
/Bob
Mt. Gox fucked everything!
should I buy more or sell less ?
lots of people forgot about btc when it kept at $2-$10 for a year or so and now when they hear it's $250 they sell their small but now pretty valuable leftovers from $30 fiasco.
there are also leftover pre-miners with thousands of btc and they can crash the market any moment, you can't predict anything with btc really.
there are also leftover pre-miners with thousands of btc and they can crash the market any moment, you can't predict anything with btc really.
kids trading bitcoin they got cheap or free like it's a computer game.
The stonecutters
Who controls the DDOS crown?
Who keeps the price of bitcoins down?
We do, we do.
Who knocks Mt Gox off the maps?
Who keeps the botnets under wraps?
We do, we do!
Nice. Signed in just to tell you.
The stonecutters
Who controls the DDOS crown?
Who keeps the price of bitcoins down?
We do, we do.
Who knocks Mt Gox off the maps?
Who keeps the botnets under wraps?
We do, we do!
Probably 1 + manipulation + mtgox lag/ddos/crash/bot abuse/etc.
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