Bitcoins in 2014?

[Retired_Member38]

That would have (presumably) effected it before Jan 1st when people would have been more likely be needing cash (which payday loan led gen volumes would suggest)

The market is small enough that someone who mined and held a few years ago can still create huge dips in the market by cashing out. I haven't followed as I don't care enough but if you watch Bitstamp order book you can see huge orders causing this

 

[timter51]

It's like monkey said, it's big holders cashing out, most likely because they are frustrated with this protracted bear market or they simply needed to free up capital. It's not news driven, this is just a slow and painful drain, which will continue until a final, dramatic capitulation. It's what happens after that which will determine the next year or so for bitcoin, but god knows when it will happen :/

 

[accelerator]

I saw someone on Twitter suggest it was a big player intentionally selling Bitcoin to lower its price ... I can't remember who though!

Also, recently California has taken a step forward in recognising Bitcoin:

http://cointelegraph.com/news/113235/bitcoin-becomes-legal-tender-for-transactions-in-california

Watch out for news of further parties accepting Bitcoin, as these are important steps. Personally I'm becoming more and more confident that Bitcoin is going to "make it". What I can't see is any particularly easy to implement ways to make money from the new technology ... I can see plenty of difficult to implement ways though, like starting your own Bitcoin payment service, but it's not something you could do on your own.

Rgds

 

[websaway]

I would imagine there is still billions to be cashed in from original investors.
People have to put new money in for early investors to get their money out.
A long haul gradually downwards lower tops lower bottoms.
$270 today a long way from the $10000 predicted.

Anyone know the volume necessary to push it back up to even $400

At least with tulips you did get delivery of the bulbs.

 

[websaway]

info

http://www.coindesk.com/bitstamp-reports-hot-wallet-issue-tells-customers-not-deposit-bitcoin/

 

[accelerator]

info

http://www.coindesk.com/bitstamp-reports-hot-wallet-issue-tells-customers-not-deposit-bitcoin/

Thanks for this. In general I am optimistic about the prospects of Bitcoin, but one of the major factors that makes me think it won't go mainstream is the security issue.

Rgds

 

[martin-s]

The success of every currency boils down to trust. From a complete Bitcoin novice's perspective, their trust has been pretty badly damaged the last 12-18 months or so?

 

[Murray]

their trust has been pretty badly damaged the last 12-18 months or so?

In what respect? exchanges like mtgox going down or just the volatility of the price.

 

[martin-s]

Coins disappearing from online wallets and exchanges closing (and appearing to do so in worrying circumstances).

The price falls are a symptom of loss of trust I guess. But if anything they should counter it as the risk of buying into the market balances itself.

 

[martin-s]

Another Bitcoin theft problem hits the news..
http://www.telegraph.co.uk/technolo...n-exchange-may-have-lost-3.4m-to-hackers.html

 

[websaway]

Touched $228 today.

 

[Retired_Member38]

Price collapsing, presumably due to Bitstamp being hacked.

If anyones panicking and wants out I'll buy your coins and current value

 

[timter51]

I sold all mine at $550... got spooked these last few days but relieved to see it keep getting knocked back by resistance at $400. I genuinely think this bear market will eventually bottom out in the $2xx, the question for me is how long will it take?

Bloody glad I didn't take my own advice! There was never any sign of a genuine reversal in the £2xx range, all of the bounces fizzled out with dropping volume, ready for the next big sell-off. Christ knows where this ends... a lot of the charters seems to think around $130, but I'm staying out until we are clearly in a new bull market, I'm not going to attempt to catch near the bottom.

 

[newguy]

Whats the easier way to buy bitcoin? Whenever I've look into it, it doesn't seem immediately straightforward. I'd quite like to get involved in a small way at this price.

 

[Murray]

Whats the easier way to buy bitcoin? Whenever I've look into it, it doesn't seem immediately straightforward. I'd quite like to get involved in a small way at this price.

I've used localbitcoins.com paying via bank transfer without a problem

 

[accelerator]

The two services I've heard mentioned on another forum for purchase of Bitcoins are localbitcoins.com and circle.com. However, I have not looked into the security of either of these two yet, so I suggest you do your own research. My understanding is the original MTGOX exchange hack was possible because users had given their private keys over to the exchange. It is important to hold onto your private keys yourself and not let anyone else know them for proper Bitcoin security.

Rgds

 

[accelerator]

Also, my own view is that attempting to trade Bitcoin for profit on a short term basis would be exceedingly difficult as it's a very imperfect market at the moment that can be moved by a few big players. Long term though, I think there is very interesting potential, although the attitudes of major Governments are still going to come into it.

I think there are 139 currencies in the world, and Bitcoin is already more attractive than many of them for people around the world.

Rgds

 

[Murray]

The two services I've heard mentioned

Have you purchased any bitcoins yourself?

 

[accelerator]

Have you purchased any bitcoins yourself?

No, not yet. At the moment I'm doing my homework on the sector and watching the price. I certainly intend to, probably in the near future.

Rgds

 

[websaway]

Like a pyramid scheme it relies on new money
to cover investors taking their profit.
The lower the price drops the more investors feel this is the time to buy,
after all, wasn't it once $1100 dollars.

Although the whole mining issue is hugely complicated
the ultimate goal purports to be a simple method of exchange.
But, could any reputable business take in bitcoins and
risk the fact that it could be worth 59% less the following
day.
Businesses and economies are built on confidence.

I hope I am wrong, but could this be the most elaborate con
the world has ever seen.