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Bitcoin Plummets And May Be Stuck In A Self-Fulfilling Downward Spiral

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  • Bitcoin Plummets And May Be Stuck In A Self-Fulfilling Downward Spiral

    http://uk.businessinsider.com/bitcoin-price-drop-2015-1

    The price of Bitcoin is continuing to crash, dropping as low as $173 early Wednesday, according to stats from CoinDesk. It's down from around $244 just a day before, a drop of nearly 30%.

    Some people are beginning to worry that Bitcoin is stuck in a self-reinforcing negative price cycle in which Bitcoin hoarders are being forced to sell Bitcoin to meet their dollar-based costs, and the excess supply of Bitcoin cheapens its price which makes dollar costs and debts even more "expensive" for Bitcoin holders.

  • #2
    There's a shocker. I never saw this coming.
    My local hospital has a sign which reads "This way for accidents and emergencies." Haven't people in hospital got enough to worry about without looking for further misfortune?


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    • #3
      Yeah its been over for a while, once it hit $800 a coin and every man and dog started investing it was doomed.

      Too many coins, too little of a market for them.

      Freedom isn't free"



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      • #4
        Well it hit about amount and then then bounced back up a bit this time last year. Personally I think it's more of a 'normalisation' than a death spiral. It's not going to disappear but neither is it going to go back to the days when it was $1000 per coin.

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        • #5
          too high a perceived value and then "investors" and financial "experts" start seeing a dollar to be made, and it becomes unstable like this, I can't see it working if it's hoarded, if it's out there circulating being used, then yeah, but once the sharks get involved the honeymoon is over

          my desktop widget is telling me 130 per coin, which is lowest i've seen for awhile

          "Finally, we will access, disclose and preserve personal data, including your content (such as the content of your emails, other private communications or files in private folders), when we have a good faith belief that doing so is necessary"
          - EPIC EULA M$ !...... thanks, but no thanks! - GWX Control Panel

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          • #6
            So now is clearly the right time to invest in a big way then!



            All your spoon are belong to us

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            • #7
              Originally posted by RandomPC View Post
              So now is clearly the right time to invest in a big way then!

              Usual rules of gambling apply - only bet as much as you can afford to lose...
              Follow me @twitter

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              • #8
                Originally posted by RandomPC View Post
                So now is clearly the right time to invest in a big way then!

                I wouldn't considering they are expected to drop so low that cloud miners have now stopped their services.

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                • #9
                  on a plus point my Merlin Entertainment shares broke 4 each yesterday

                  "Finally, we will access, disclose and preserve personal data, including your content (such as the content of your emails, other private communications or files in private folders), when we have a good faith belief that doing so is necessary"
                  - EPIC EULA M$ !...... thanks, but no thanks! - GWX Control Panel

                  Comment


                  • #10
                    The 'internet weirdos' of bitcoin are shaping the way money works

                    http://www.theguardian.com/business/...ay-money-works

                    Bitcoin’s downward spiral won’t matter in the long run because it is leading the way for cryptocurrency.........

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                    • #11
                      I'd agree with that to some extent. Bitcoin may be fading but I suspect that at some point a more 'user friendly' variant will be widely used. A lot has been learned about cryptocurrencies from the whole bitcoin 'experiment'.

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                      • #12
                        Is Aria still going to accept them as payment?
                        My local hospital has a sign which reads "This way for accidents and emergencies." Haven't people in hospital got enough to worry about without looking for further misfortune?


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                        • #13
                          Originally posted by Snakedoc View Post
                          Is Aria still going to accept them as payment?
                          We're not exposed the the fluctuations significantly, because the agency we use (BitPay) pay us regularly in real currency. So there might be some minor loss as a result of a large daily change in value but the number of transactions is small compared to cards, paypal etc. If it does completely die off then we'd stop bothering, but right now there's no reason for us to stop accepting them.

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                          • #14
                            1 Bitcoin equals 151.45

                            Seems to have come back up slightly...........

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                            • #15
                              http://www.bbc.co.uk/news/technology-30949658

                              Bitcoin backers seek to create 'regulated' exchange

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