Author

Topic: Why is Bitcoin Price so low? (Read 2106 times)

legendary
Activity: 2114
Merit: 1015
February 14, 2014, 05:16:30 PM
#13
it's so easy to troll the speculation forum
legendary
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
February 14, 2014, 04:43:21 PM
#12
Why bitcoin is still so high?

Bitcoin is proving itself to be super resilient Smiley  I am impressed with how it continuously bounces back from all the bad news. The news we have been facing over the past few weeks would have pushed bitcoin under $50 back in 2013 probably

People are more privy to its potential. Some of those people have very deep pockets.

It's in their best interest to both buy as many cheap coins as they can, and to protect the price.

Thats why I really don't see us going much lower. Bitcoin is in a different place than it was last year. Anything is possible, as there are many coins out there that could be dumped all at once, and we've seen that recently. But there is much more confidence about bitcoin's potential than a year ago. People will buy up anything under 500 unless something catastrophic happens.

"Catastrophic" is a relative term in the bitcoin world.   Lol.   To many of the people on this forum, bitcoin value going down $40 is catastrophic.  haha
sr. member
Activity: 308
Merit: 253
February 14, 2014, 02:44:21 PM
#11
Mt. Gox is the only one that is gone right?
legendary
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
February 14, 2014, 01:10:15 PM
#10
Why bitcoin is still so high?

Bitcoin is proving itself to be super resilient Smiley  I am impressed with how it continuously bounces back from all the bad news. The news we have been facing over the past few weeks would have pushed bitcoin under $50 back in 2013 probably
hero member
Activity: 728
Merit: 500
February 14, 2014, 02:08:22 AM
#9
Why bitcoin is still so high?
legendary
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
February 14, 2014, 01:35:01 AM
#8
Bad news rolling out like a steamroller lately
sr. member
Activity: 308
Merit: 253
February 14, 2014, 01:28:40 AM
#7
Does anyone else think Devcoin seems promising? It has goals not just hopes
sr. member
Activity: 308
Merit: 253
February 14, 2014, 01:28:05 AM
#6

That thread only answers the question in a shock factor way and doesn't really explain practical basics behind BTC's recent drop.  If there was a practical answer it was buried in a lot of emotional diatribe.  Here's the answer as plainly as I can put it:

Mt Gox froze the trade of BTC only allowing people to sell their BTC for cash resulting in more supply of bitcoin to the open market by forcing a mass liquidation of bitcoin to fiat currency.  The failure of Mt Gox encouraged FUD and many of those using Mt Gox are less likely to return to bitcoin OR it will take a little bit of time for them to transfer funds back into bitcoin on some other exchange.

Mt Gox's irresponsible actions would be detrimental only if other large exchanges failed.  But, it does prove how devastating it can be when a bank/exchange fails.  It's history repeating itself on a smaller scale.  It has been a deep cut in the collective community soul and will be interesting to see how the bitcoin community reacts.

Okay, I've gone off into my own version of emotional diatribe so I'll just finish with:

I think it could be argued that Mt Gox was criminally negligent in this case.

Hearing it that way is much more helpful I think Bitcoin will bounce back as long as this website we are on still exists When it gets to like 200 no one will be able to resist  buying more
legendary
Activity: 2296
Merit: 1031
February 14, 2014, 01:10:27 AM
#5

That thread only answers the question in a shock factor way and doesn't really explain practical basics behind BTC's recent drop.  If there was a practical answer it was buried in a lot of emotional diatribe.  Here's the answer as plainly as I can put it:

Mt Gox froze the trade of BTC only allowing people to sell their BTC for cash resulting in more supply of bitcoin to the open market by forcing a mass liquidation of bitcoin to fiat currency.  The failure of Mt Gox encouraged FUD and many of those using Mt Gox are less likely to return to bitcoin OR it will take a little bit of time for them to transfer funds back into bitcoin on some other exchange.

Mt Gox's irresponsible actions would be detrimental only if other large exchanges failed.  But, it does prove how devastating it can be when a bank/exchange fails.  It's history repeating itself on a smaller scale.  It has been a deep cut in the collective community soul and will be interesting to see how the bitcoin community reacts.

Okay, I've gone off into my own version of emotional diatribe so I'll just finish with:

I think it could be argued that Mt Gox was criminally negligent in this case.
sr. member
Activity: 308
Merit: 253
February 14, 2014, 12:58:08 AM
#4
So Mt Gox is basically gone?
sr. member
Activity: 434
Merit: 250
🤖UBEX.COM 🤖
hero member
Activity: 658
Merit: 500
February 14, 2014, 12:23:59 AM
#2
It was 900 like 2 weeks ago

Stop making thread without reading you lazy ass.
sr. member
Activity: 308
Merit: 253
February 14, 2014, 12:22:29 AM
#1
It was 900 like 2 weeks ago
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