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Bitcoin Price Slumps Again
- Aqwis 13y agoBitcoin is crashing hard right now. Down to $730 on Mt. Gox, the lowest since November 21.
- mcphilip 13y agoDropped from $800 to ~$700 in the last 15 minutes: http://bitcointicker.co/ http://bitcointicker.co/
- Aqwis 13y agoYup, just went down $30 in under 3 minutes. It's in free-fall.
- MysticFear 13y agoThis is when you are thankful for slower transaction times than the stock market.
- eknkc 13y agoI just watched it go down from 750$ to 710$ in something like 5 minutes. I know that it fluctuates like that other times too but this is extraordinary to watch. http://bitcointicker.co http://bitcointicker.co PS: I got my first bitcoins 3 days ago. So, if you want something else to crash to ground, just let me touch it.
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- infruset 13y agoOh, you must be one of the first people who tried to access healthcare.gov then :-) that explains it
- elwell 13y agoI bought my first 0.1 bitcoin last night when BTC was at ~$986 so not a warm welcome. Thankfully, it's only 0.1. Definitely won't be selling any time soon.
- genwin 13y agoI'm not touching bitcoins because I don't want to destroy anyone's retirement.
- smtddr 13y agoSame here. From my experience in regular stock trading on etrade, I've come to expect anything I invest in to crash to the ground 1 minute later so I bought a minimal amount of BTC to test the waters. Sure enough, crash. I totally went into this with the plan of first buying 1kUSD of bitcoin; crash a week later then buy $4k. Just waiting to see if it'll crash below $500.
- peter_l_downs 13y agoDon't feel too bad, you're not alone. I got burned in the first big crash last spring: http://peterdowns.com/posts/my-adventure-with-bitcoin.html http://peterdowns.com/posts/my-adventure-with-bitcoin.html
- wozniacki 13y agoFor what it's worth: Bitcoin Valued At $1300 By Bank of America Analysts http://www.forbes.com/sites/kashmirhill/2013/12/05/bank-of-america-analysts-say-bitcoins-value-is-1300/ http://www.forbes.com/sites/kashmirhill/2013/12/05/bank-of-a...
- Avalaxy 13y agoAs long as bitcoin is seeing these huge crashes for no real reason, it's not a mature investment vehicle. There's absolutely no valid reason to sell right now, this crash is just driven by panicking people. I think this is mostly because too much wealth is in the hands of too few people, and people who never really traded before (techies, mainstream people, novice traders, etc.) now invested in bitcoin, and try their hands on trading. I hope all this panic selling will lead to a better distribution of the bitcoins, so that it may become a more stable investment vehicle. These random huge crashes aren't doing bitcoin much good. People want stability if they are to accept this as a currency.
- TylerE 13y agoAren't those all arguments in favor of liquidating any position in BTC?
- Anderkent 13y agoYes, unless you're in for a long term hedge. It's reasonable to hold a small amount long term, in case over the years it proves successful. It's not reasonable to put half your savings in because 'omg it's gonna double over next month!'
- Avalaxy 13y agoYea, they may be. But not now. The trader's goal is to buy low, and sell high. Selling low makes no sense.
- camus2 13y agoa trader needs to cut his losses. Selling low makes more sense than losing all.
- Avalaxy 13y agoAgree with the cutting losses, but we see these patterns all the time with bitcoin. Big chance it will be up to old levels in 4 days. The long-term sentiment for bitcoin is very bullish (or at least that's my opinion). Cutting losses is not a very logical strategy for long positions in bitcoin imho.
- TylerE 13y agoUnder $660 now.
- Anderkent 13y agoOver $800 now. I guess someone with a large wallet just dumped everything carelessly.
- drawkbox 13y agoThere isn't a crash in bitcoin price, there is a market sale going on just in time for the holiday. Entry points in down markets is smarter than entry points at the peak of they hype. This happens on the stock market everyday. When buying, red is green. In the end, crashes filter out the most speculative and eventually the shorts (in other markets -- the only way to short bitcoin is selling so it will be more volatile during these machinations, it will need shorting soon as it does help keep a solid bottom), there is apparently lots of speculation padded in the recent bitcoin price.
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- pliny 13y agoJust gained 100 dollars in a minute.
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- presty 13y agosomeone just spent close to half a million buying 724 coins on bitstamp. that was the reason for going back to $700
- scottcanoni 13y agoThis is crazy fun to watch. I just bought 4 bitcoins at $685 from Coinbase and it's already up to $777 just 10 minutes later. I think I hit the right time to buy, now I wait for it to go to $2000.
- Aqueous 13y agoI think it's going to be pretty wild for the next few days/weeks because of the China news. I would sell at $777 and wait for the ride to be over before I bought in again. I got out earlier today at $900 anticipating the China news to sink in later today. Sure enough when China wakes up it crashes. I'm going to wait until it stabilizes around a price before I buy again. The good news: China can't ban BitCoin as a currency again, and the US looks like it isn't going to.
- ekianjo 13y agoChina woke up and itsnot crashing that much more.
- maxerickson 13y agoLook at a chart of the last 30 hours. I wouldn't draw too many conclusions minute to minute here, it's anybody's guess where things will be in a few days (I suppose as is per usual with bitcoin).
- scottcanoni 13y agoLike I said, I'm waiting for it to go to $2000 before I sell but maybe $1300 for a quick profit. Merrill Lynch appraised it at $1300: http://www.ibtimes.com/bitcoin-worth-1300-merrill-lynchs-case-virtual-currencys-value-9-charts-1496744 http://www.ibtimes.com/bitcoin-worth-1300-merrill-lynchs-cas... I agree with you about no government being able to ban bitcoin. It's unstoppable.
- kunle 13y agoOut of curiosity, does anyone know if the Chinese Central Bank action (discussed on HN here: https://news.ycombinator.com/item?id=6853305 https://news.ycombinator.com/item?id=6853305) prevented Chinese citizens from converting RMB into BTC directly from their bank accounts? Might be behind some of this (from what I understand, BTC was one of the only ways mainland Chinese citizens could /legally/ convert RMB into other currencies above the daily limit).
- cstejerean 13y agoThe interesting thing is you can still use bitcoin to convert RMB to USD regardless of bank policy, by investing in mining. If you can pay for the costs of mining (hardware + electricity) in RMB, you can then sell the coins you mine for USD, completely bypassing capital controls. Even if you are mining at a slight loss, it might still be worth it to someone really keen on turning more RMB into USD then otherwise allowed.
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- drakaal 13y agoThe Difference per "exchange" are interesting. A buy at https://www.coinmama.com/ https://www.coinmama.com/ is still over $1050 A buy at https://www.mtgox.com/ https://www.mtgox.com/ is $750 That's not quite but really close to 50% more than MtGox.
- jellicle 13y agoThis ought to be a giant warning sign. Illiquidity of that magnitude should suggest that you stay the fuck away, that there's no real market in bitcoins and therefore that the risk is probably much greater than you perceive. But, hey, this just means that I'm envious of all your internet riches, or something like that, so feel free to disregard.
- drakaal 13y agoActually, I only just bought A coin. And mostly because it will be more fun to watch with skin in the game.
- loceng 13y agoCouldn't this just all be someone dumping a huge amount of their Bitcoins to convert it to real $? Same thing can happen when someone who owns a lot of stock in a company lets go of a huge amount of stocks in a company all at once..
- maxander 13y agoI was wondering when Satoshi Nakamoto would decide to cash out. If one (or several) big account(s) was making a huge trade like that, though, it would be visible on the block chain.
- teawithcarl 13y agoThe tiny division of Baidu which "quit" accepting Bitcoin (and was the only part of Baidu which ever accepted BTC) was tiny. Think 1/10,000th of Baidu.
- TallboyOne 13y agoLost about $8000... made it back within not long. ughhh my stomach
- e12e 13y agoLost, as in you've invested N+8000 USD, and were down to N, or as in lost out on the opportunity to cash out?
- ye 13y agoWent from 780 to 650 and back to 890 in 50 minutes.
- elwell 13y agoWith market activity like this, it seems humorous to hear stories of employees' [0] salaries being paid in BTC. [0] - http://news.cnet.com/8301-1023_3-57614544-93/kentucky-police-chief-to-be-paid-in-bitcoin/ http://news.cnet.com/8301-1023_3-57614544-93/kentucky-police...
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- grahamburger 13y agoWow I lucked out. I bought about $70 in Bitcoin earlier this year. Cashed out on Monday fir $800, I needed the money for some car repairs. Looks like I might be able to repair my car and spend the leftover to get just as much BTC as I had last week.
- teddyh 13y agoAnd all from the comfort of your own home in your spare time!
- axaxs 13y agoYawn. Of course it did. Listen folks, China was driving value. The upticks now are the clueless looking to make some money. If you believe in it, by all means. If you're looking to buy for profit, please don't. I stand by my prediction of sub 100 soon...