BTC dropped $70~

[Wukn]

Guess it's too late to get into the crypto currency scene now?

 

[Holdenrum]

i think it will keep dropping untill we have another breakthough or so, new people aren't adopting the currency

 

[Theoatr1x]

Ahah i just misread the title being 70$ per BTC, dropped nuts..

 

[Inchy]

I wonder if it will ever get back to it's former glory to be honest. I mean, I don't see any room for improvement atm. Naturally it's not just for profit but more of an experiment (which so far has been going very well I must say), but I doubt it will get much better at this stage.

 

[Pain]

Its already rose back up nearly ~$40 lol

 

[Halide]

The ultimate winner is whoever stocks up BTC for the next years to come. It will reach $1k in 2 years IMO so don't panic if you possess a lot of BTC.

 

[SexayMistahBee]

Welp, bitcoin is down to $280 or so and has been dropping. I'll leave it as is

 

[Naxious]

Welp, bitcoin is down to $280 or so and has been dropping. I'll leave it as is

sadly it is going dwon as the years pass :/

 

[SexayMistahBee]

sadly it is going dwon as the years pass :/

has dropped another 6 dollars(approx) in that 3 hour period..

 

[Naxious]

has dropped another 6 dollars(approx) in that 3 hour period..

any way to convert BTC to Western Union or another? I usually convert to Amazon but I want to keep it in a firm place (like a bank) which stays at a constant rate

 

[Sunos]

the price will get back up soon !

 

[Astrola]

I lost 30$ due to this which isn't a lot but still kinda disappointed and its still continuing to decrease

 

[Superfluous]

the price will get back up soon !

What's your reasoning behind this? http://puu.sh/etea1.png

 

Very interested to see when the crash will bottom out

 

I predict that BTC is fairly close to bottoming out, the capitulation will likely end soon. Lots of panic selling still going on, though.

I already have a figure in mind of when to reinvest, shouldn't be a terribly difficult flip.

 

[PokeMMO]

It will probably rise a bit after dropping a bit more but I don't think it's going to suddenly go higher/equal to what it was before the tank. It might even out a little higher than it is now, but that will take a bit of time.

 

What's your reasoning behind this? http://puu.sh/etea1.png

Wow

What determines the price of a bitcoin?

 

[Pain]

IM hoping it drops to $100 a coin, gonna buy all I can if it does, If it starts re-raising I'l hop on the train.

 

[Superfluous]

Wow

What determines the price of a bitcoin?

Yeah, that's kind of my point, should have been more overtly sarcastic ... but in case others are wondering, the eli5 version is:

The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand must follow this level of inflation to keep the price stable. Because Bitcoin is still a relatively small market compared to what it could be, it doesn't take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.

from: https://bitcoin.org/en/faq#what-determines-bitcoins-price

 

[Ejarwan]

http://www.sythe.org/cryptocurrency-discussion/1795415-reason-btcs-drop.html
this is the reason behind the drop (IMO)