Topic: What's causing BTC price to dip below $7? (Answer inside) (Read 2901 times)

Dwolla does not usually post funding to MtGox until the end of the day.

And I am guessing that a lot of people were not taking the time to put money into their accounts on the Friday before labor day weekend.

I agree.  There are 2 things. causing this decline.

1 - Fear - People see 3 days of fast drop and they say, I'll get out now and either stay out or double my BTC collection. 

2 - Bulk Sales from Single Sellers - The volume has been decent this time around.  My guess is, there are several people holding thousands of BTC.  They are looking for fast cash.  Every time a wall is put up, a bulk sale blasts through it.

They're going to feed on each other and the vast majority of us will wind up with more BTC because of it.  Who knows where it will stop?

+1

the last part is exactly my case

& to add to the list are the Mybitcoin thieves who've now finished washing the stolen Btc, have arranged safe enough ways to cash out in bulk & who also see the post Bitcon high dive

Missing options:

• coinhunter
• the_duke
• shitcoins
• ...

Unless it is those that held big balances at the exchanges, the BitcoinDays Destroyed metric barely budged with all those coins moving around -- i.e., it doesn't appear to have been trading of old coins that are just now being unloaded on the markets.

 - http://abe.john-edwin-tobey.org/chain/Bitcoin?count=2016

If a currency is backed by nothing,then theoretically any rumours or good/bad news will affect bitcoin's value as it's not backed by anything physical like gold,silver or even the price of a common metal like copper (I know it's not worth that much but people still see value in that metal.)

I wonder if it's possible for a P2P decentralised currency to be backed by something physical or is the whole concept about being fully de-centralised (or not being backed by anything)?

As for my opinion of BTC value dipping to less than $7,I think these are the reasons (in my opinion):
1.We placed a lot of expectations on the currency early on causing it to reach a point of $30 then dipping from that point forward but it has never bouced back to that again (yet) thereby possibly pushing the value up too quickly without giving it chance to stabilise a bit (totally stable currencies don't exist and most currencies have a variable value anyway),paving the way for a huge drop (which happens often now) which
2.Lots of things have happened to BTC like hacked exchange,scammers causing problems (Bruce case anyone?),trojans,mining botnets and wallet stealer trojans (security issues anyone?) as well as lack of positive media coverage on BTC.The only positive media coverage I heard is from BBC radio World service (radio station in UK) as far as I can tell.
3.Reputation has been heavily damaged by scandals affecting BTC.
4.Lack of acceptance of BTC by more mainstream businesses and sites

I really hope the value goes up to like $18+ in a few weeks time so I can cashout everything I have and have a nice retirement from mining.

Except it's tuesday, and the price keeps falling. That weekend excuse got old a long time ago. Traders have been aware of it for months, so the price goes up in the weekend about as often as it goes down.

People with already money in the exchanges. But if no new money flows in and 7500 new BTC is generated each day, of course the price goes down.

So if no one can get money into the exchanges (which is nonsense anyway, but ok), then who is buying all the sell-orders that make the price drop?

3 days in a row people can't add money to the exchanges to buy BTC. It's not surprising the price drops. I expect a nice rally this week.

I think all the in-fighting, hacks and general behaviour of 5 year olds has driven away any confidence anyone had in btc

Most of them are people I know.

The Masonic Conspiracy isn't listed. We all know that's the reason.

That is indeed one example of a nerd who believes everything he reads online. Let me guess, you also fell for the bitcoin schemes?

I'm an older nerd, but younger nerds have no problem getting girls.  Even one guy who was in lulzsec I saw on a news article he never left his room except to go to the bathroom but had a hot girl go to him for a purely physical relationship.  And that's just one example.

What causes it to dip below $7? Well... the same thing that caused it to dip below 25, 20, 18, 15, 13, 11, 10 and 8... and also the same thing that will cause it to dip below $5, 3, 1, 0.5, 0.1 and 0.001.

Bitcoin has no value. The silly prices we have seen is just a bunch of overhyped nerds thinking that being a nerd is FINALLY going to pay off for them. Sure, they never got a girl, but at least they got BITCOINS!

For some reason I don't see 'easily predictable market forces resulting from a commodity backed by nothing but faith' on the list?
 

Sold 10BTC today, so I'd like to think I had something to do with the current price.

Guys,

 Here is what I really think:

 Concerns about the fluctuation, even dramatic, of the price of Bitcoin...
 https://bitcointalksearch.org/topic/concerns-about-the-fluctuation-even-dramatic-of-the-price-of-bitcoin-41745

Best,
Thiago

Less new people are buying btc.  Miners are always selling some.  People holding btc are noticing the slow decline and want to cut their losses or buy back for a better price later.

Past performance is no indication or guarantee of future performance... Yadda Yadda Yadda, etc...