Silk Road forums

Market => Rumor mill => Topic started by: curious_eltern on August 19, 2012, 11:00 am

Title: Bitcoin price plummeting -- How Low will it go?
Post by: curious_eltern on August 19, 2012, 11:00 am
Currently at $9.35

Remember seeing them at $15 just a few short days ago
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: dark420 on August 19, 2012, 11:30 am
Currently at $9.35

Remember seeing them at $15 just a few short days ago

I hope it doesn't continue going down, I had some money invested in a bitcoin trader, on the assumption that the value would keep going up..
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: curious_eltern on August 19, 2012, 11:40 am
8.999 was the last executed trade! Broke through the 9 dollar floor!
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: b0lixtrader on August 19, 2012, 11:47 am
Maybe it'll go back down to the 2 dollar range :P
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: BlarghRawr on August 19, 2012, 11:54 am
It will go lower if everyone panics. The bitcoin price is a factor of the total amount of coins in recent circulation. The more coins people hold onto, the more value the circulating coins seem to have. All that has really happened is that a lot of coins have been sold recently. It only means that... well, it's not really safe to keep or hold bitcoins. Better to worry just about exchanging, when you need the make a purchase. That's safer.
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: xdjx on August 19, 2012, 12:06 pm
One of the largest holders of bitcoins is currently cashing out ALOT of coins making the price plummet, this is having a chain reaction where lots of others after seeing the price crash are now try to cash out pushing the price down even further.
Hopefully this should stabilize during the next week as the coins get sold and people start buying up whilst they are low waiting for the next rise.
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: dark420 on August 19, 2012, 12:14 pm
It will go lower if everyone panics. The bitcoin price is a factor of the total amount of coins in recent circulation. The more coins people hold onto, the more value the circulating coins seem to have. All that has really happened is that a lot of coins have been sold recently. It only means that... well, it's not really safe to keep or hold bitcoins. Better to worry just about exchanging, when you need the make a purchase. That's safer.

I'm holding on to a fair bit of bitcoins, so now it would be stupid to spend them until the value goes back up..uugh..
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: edgarb on August 19, 2012, 04:58 pm
if you have any exposure, you might do well to be reading the forums at bitcointalk.org.  a lot of btc will be moving around this week, and a lot of the movers and shakers in btc land can be found there.
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: goobypls on August 19, 2012, 05:20 pm
I think $5 is the floor.  It might not get that far, but I don't think it'll go lower than that.  I have a handful of coins at a cost basis of $10.50.  I might wait for the low and then try to buy another handful to try to lower my cost basis and get even a little sooner.  I could lose the whole wad and not be too worried though.
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: fartknocker on August 19, 2012, 06:43 pm
It is a bloodbath today. Maybe someone is cashing out some windfall gains from the  huge run-up over the last month?

Is it even possible to short bitcoins and squeak out some profit from this huge decline?

Must be terrible for people who deposited coins via cash this afternoon and found their value to decrease 30% in a few hours
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: l0574l0ne on August 19, 2012, 06:49 pm
It could go very low, but I wouldn't worry about it in the long term.

IIRC BTC prices went up nearly 30% in the last three weeks and are now dropping off.  BTC aren't like official currencies, there is no group with a national interest to keep the price stable. There are just traders, who make their money by trying to manipulate the price up and down. For those of us who just use BTC to make purchases and such, I really wouldn't worry too much. Prices drop, prices rise, just do your business and don't worry too much. It's only really speculators who need to worry.
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: SequelTo33rpm on August 19, 2012, 07:07 pm
Holy shit it's been a weird afternoon. Watched $1800 in BTC shrink to 1300
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: anonemuss2012 on August 19, 2012, 07:09 pm
F'ing btc  >:(
Title: Re: Bitcoin price plummeting -- How Low will it go?
Post by: müslix on August 19, 2012, 07:16 pm
And this my friends is called crowd psychology.

Once it goes down for a longer period of time, who will keep his BTC here? Everyone will sell, more BTC will be available, stuff will get even cheaper until an equilibrium is reached. whatever that will be.

Don't know if this is the decrease already that everyone was expecting. Could be some (investment) guys toying with the BTC community. I do hope it finally goes down though.