Bitcoin Price
 

I see the Bitcoin price has dropped again. I mean it was stable for a while but it seems to moving in the wrong direction.

Do believers still believe it's going to grow massively?

Look at price 6 months ago and look at price now. What is the direction?

The other day I read that the IRS is going to treat Bitcoins as property not currency for tax purposes. I don't know if that will or did have any affect on it, but it seems like there has been nothing but bad stories in the news recently.

It may still go back up, but I wouldn't be shocked to hear that bitcoins best days are behind it. Perhaps another cryptocurrency will take its place and be the one that breaks through in a big way.

The saying pioneers get slaughtered and settlers prosper is around for a reason.

IRS said it's not real money.

Stick a fork in it. It's over.

BC going to shit hole

That's not a good chart because it doesnt emphasize the true dramatic drop of the price of Bitcoin from $1000 to $500. It's skewed to graphically make it look like it only lost a little, when it lost 50% of its value in a very short amount of time. IF there was a real way to short Bitcoin, the price would likely be a lot lower. There's inherent guards in the way its structured that artificially props the price higher.

If you look at Bitcoin like a stock and nothing else, and looked at the technicals, there was a support level of $500 that suggests if it goes decisively below that, the price would go right back to where it was before all the hype, which is ~$100. In the chart above you can see that 2 previous times it went to $500 and bounced higher, including recently. The 3rd time it wasn't so lucky. And on the rise up it blew thru all other price levels right to $500.

It's indicative that there is no support for BTC at a $500 price, and it just seems to be trending down.

Imagine that.
It was pretty obvious that the powers-that-be aren't going to allow a form of money to remain legal if it means they can't control it.
Bitcoin is a noble idea but if governments don't have power over it they are going to lobby to stifle it.

Its just another trend that comes and goes like Beanie Babies or Silly Bands

Yes, massively is an understatement.

The IRS put all alt coins in the same tax category. So other coins won't be any different in that regard.

I do think the IRS statement had an affect on the price as it would appear that they want to tax as property and income when you sell. (This seems to be, and I think it's freakin' crazy town)

Bitcoin has had much larger drops in it's short life. This was 1 50% drop it has had drops 20X greater than this and rebounded to where we are today.
Not phased by short term shit.

Bitcoin doesn't have to be sanctioned as money by the US for it to be viable. You can buy sell or trade property and BTC is property that you can send anywhere in the world in an instant.
I'm betting on DARK MONEY

And do what with it? Can I go to the grocery store and buy food with it? Can I put a down payment on a new car with it? Can I make a mortgage payment with it?
What do you do with it after you get it?

So should I still buy or sell sell sell?

I think the chart is just great. It shows how much further it will be falling. Next significant support is around 90 to 100$ mark. Pretty sure it will go down there soon. Too bad one can't short BTC.

Didn't China just run all BC accounts out of it's banking system

http://www.zdnet.com/china-demands-a...in-7000027829/

Really? The answer is yes, you can buy all sorts of stuff with it. I however don 't give a rats ass if stores accept Bitcoin at this point. Western union sends 3 trillion dollars accross borders every year. Bitcoin does this better and cheaper. There's only ever going to be 21 million Bitcoins. Again I'm betting on DARK MONEY. Look it up.

Do as you wish.... I'm buying as many as I can stand. I'm mining 12 TH/s worth and looking to expand.

http://www.ebay.com/itm/like/171221884170?lpid=82 {Think about it}

It's all fun and games until... :helpme

http://i.imgur.com/5aFXucD.png

:stoned

ADG

I don't get it. I see this seller trying to sell something far higher than it's true value. I see other sellers selling for about $100.

Years ago many people believed buying and holding a Princess Diana Beanie Baby would lead to great wealth in the future. Cabbage patch kids, Beanie Babies, Bitcoin, all the same game.

Isn't the main point of bitcoin to be anonymous? Why would someone report that they have BTC to tax man? :1orglaugh
Not talking about tracable income from trading/exchanging into dollars.

I am always amazed when people post charts skewed like that... Pretty dumb :2 cents:

Can you buy food in grocery store with gold bullions? :winkwink:

The idea is to be anonymous, but of course the government doesn't want you make money that they can't get their hand on. . . unless, of course you pay them off first.

How is it possible to have a drop greater that 20x 50% ? So Bitcoin has lost 1000% of its value at some point or gone into negative territory? :helpme

I'd say the drop from $1000 to $500 is as big of a drop as it's ever had. You are obviously heavily invested in the LONG position. Good luck to you...

I really dont see some new wave of hype carrying it forward. Even the guys that are investing heavily in "Bitcoin" are placing more of a bet on cryptocurrency, than the specific Bitcoin denomination. They aren't hoarding coins, but rather building services and infrastructure around the currency.... they feel that the services they are building will be able to be applied to whatever cryptocurrency ends up winning the end of the day, and one that would have more global acceptance. So yeah, go ahead and keep hoarding those bitcoins. The long term perspective says it will drop a lot more than before it rises again. If I was you and long, I'd sell some right here, and re-buy it lower.

Ya, I get the math. I was trying to put in perspective huge drops in the past. I think from $19 back to $1 at one point.

Yeah, I got some and am getting me some more. I am more heavily invested in other alts as well. Many millions of coins in some and hundreds of millions of others.

We shall see what shakes out in all this crazy.