Topic: WTH? why a sudden drop by 10 cents? - page 3. (Read 13697 times)

S3052 said there will be a breakout soon and we're in a rally mode. 

Yeah I hate it when today's "news" outlets release articles about various prices rising or falling and then they pin on something banal like I don't know unrests in Libya being responsible for rising price of silver...  

It's always just supply vs demand with a tiny bit of the speculative element.

I think X cause Y change in bitcoin price.

I have a feeling that the change of ownership of Mt. Gox might have caused this slight dip in the prices.

Looks like it rising now. I'm curious how long it will take to reach over $2.

nothing to worry about, keep moving... you just forget that the price jumped from 25c to 100c in 3 months!  That is a market cap growth rate of over %2100 p.a. What happens is that real Bitcoin economy was slightly slower than it, and the price is lagging until the economy reaches that point again.

The long-term prospect is that 1BTC is going to easily clear 10$ by mid September and $20 by November, and $30 by the end of the year!

 

lets see what happens, however I fully expect that soon new funds will come online.  The number of Bitcoin projects in development atm in this community is staggering.

See there are stages, for example when he price was 25c the miners were sitting and waiting, now that the price has moved to around $1 the number of miners has dramatically increased.

The stage before was when MTGox and other trading sites came online.

We are in another phase now, this phase is when web-services based upon Bitcoin are being developed, when these come online, we will see a massive increase of trading value of Bitcoin.

Then, again, the miners will fight over the leftovers.

It will be a wild ride, it is the wild west after all.

Well of course they won't like it.
But if somebody/some people act anonymously, they are powerless to stop this.

However i think that as long as anons don't overdose with the stickers (vandalism), the companies won't really care much.

Anon power.

Just a feeling.

Well, I think companies might not like this at all.

I Can Haz™ a detailed explanation, please ?

I think it will backfire?

I haven't heard such an awesome & nifty idea in months...
That is simply genius.

I agree that too few services are available in bitcoins to make the Bitcoin concept attractive. Of course, it would be nice if some businesses accepted Bitcoins.

I however think Bitcoin could be even more efficiently advertised and used for donations to non-profit organisations, or open-source projects. It's an easy (and rather anonymous) way to support causes you want to defend. Moreover, it is attractive to me to donate bitcoins, which I haven't really paid for, except for running my graphic card. This way I'm giving money that I would never have had without Bitcoin in the first place.

Such non-profit organizations could benefit from that, and could maybe obtain more donations, while advertising Bitcoin. They wouldn't at least take too much risk, as one would when building a bitcoin-based business.

Example : imagine if Wikileaks had accepted Bitcoins, I'm sure it would have obtained much more donations, especially when Paypal and Visa and Mastercard had blocked all donations.

We need to think about long-term fundamental rather than getting riled up about the price of bitcoin everytime it does a dramatic rise or a dramatic fall.

OMG, what is all the hassle about ? It's a normal correction.

It happens and it will happen very often. BTC price will not stabilise until there is great amount of goods & services avaiable for it + much larger number of speculators than now...

Agreed if face amount states weight, like Suisse Gold does with purity. The problem there would be knowing the current value of said weight, in New York or Dubai not that big of a problem. In a Zimbabwe village, there would be a problem. The consistency of value would need to remain a constant for a said period of time.  Without that, there are a multitude of problems. Ie product prices would vary by the second, place shifting of currency (Buy Zimbabwe, Sell New York or vice versa).

Sorry but that's a myth and a complete fabrication by the history taught in government institutionalized schools.

Dollar amount isn't suppose to represent a value but the weight of the coin. Much like 1 troy ounce equals 31.1034768 grams, back in the day when they used gold coins a $25 gold coin was equal to 1 troy ounce gold coin which was equal to 31.1034768 grams gold coin. So when the price of gold fluctuates what actually changes when pricing goods and services is the amount of weight you have to pay in gold for certain goods or services.

It's only when the government took over of issuing and the regulation of how much a dollar amount stated on paper gold receipts actually represents in weight that the paper gold receipts conveniently called dollars and used as money instead of the actually gold coins became separate paper money only backed by gold. Today it's not even that, it's just some name on a paper with a number and the government tells you you have to use it and how much it's suppose to be worth.


In a true free market prices of goods in services would be expressed in the weight of gold and silver coins and fluctuations would cause no problem at all.

Slovenia is part of the EU, which exempts many gold coins from value-added tax (1, 2). IIRC, gold is subject to tax in many other jurisdictions. (I don't recall which ones: I'm fortunate enough to live in the EU too!)

I think the biggest problem with gold was its fluctuation. You can put $20 on the face, because it could be worth $15 or $25. If we switch to gold, the gold need to be pegged to a value higher than its intrinsic value to guarantee face value. This would provide a shoring up of the currency (an absolute minimum value) and allow the face values to remain constant.

And while in theory, the BTC has appeal, the lack of security will prevent it from being a base currency but might allow it to be a excellent secondary currency.

I.E. If my power and/or internet goes out (Hurricane, Earthquake, etc...) BTC will hold no value. Only Physical currency will matter. For this reason, non-physical currency (including Dollars in electronic form) are useless.  Having been in disaster areas, I have seen even the wealthy succumb to lack of access to cash, they had huge amounts of credit and wealth in their bank accounts, but it didn't mean anything because banks couldn't verify and didn't physically have enough cash to give out.

In this area, third world countries have an advantage. They are not reliant on electricity, computers, and the internet.

For this reason, I believe the BTC will be an excellent temporary currency. In and Out type of transactions, which will bode well for the Xchanges.

And it's also possible if you live in a small country called Slovenia of which most people haven't even heard of and with a population of just 2mio people one of them being me. I don't doubt your word that you tried but maybe you should have tried harder.

I suppose it's possible to get those prices if you live in London or New York or similar, but it's not anywhere in my country. As I said I haven't bought any gold, but it's not for the lack of trying.