Why is Bitcoin dropping?
 

Bitcoin has been going in the opposite direction dropping close to $30. What's the reason for the decline in value and how low will it go?

It will sooner or later be worthless... as in worth ZERO. All of the ass clowns here that were investing mney into them make me laugh. Funny, a month or so ago that's all you saw on this forum, then overnight every just shut the fuck up about it. Running out and buying multiple high end video cards to mine this worthless shit. Fucking idiots :1orglaugh:1orglaugh:1orglaugh

I feel sorry for all of those people that have deposits at Butterfly Labs

Where is Frank?

It will eventually find an equilibrium between pounds of weed vs bitcoin... :1orglaugh

I was just going to ask!

The pyramid has to stop somewhere. Sooner or later the suckas run out.

Anyone going to pre order one of these bad boys? Just think of all the money you'll make mining with one those!

http://www.butterflylabs.com/

This is clearly the logarithmic chart of a pyramid scheme on its way to zero.
Any day now... right guys?

http://i.imgur.com/36qrHSk.png

past couple weeks it keeps dipping below 100. it is almost like someone is tempting people to buy in heavy again making it look good below 90 to find new buyers and then dump everything

$30? It's still over $100.

Maybe confidence is being shaken up?

https://krebsonsecurity.com/2013/06/...ts-bing-yahoo/

paging frank

bitcoins seem like such a waste. the butterfly labs boxes are nice - but it seems you have to invest a lot of capital in something that gets harder to mine - not to mention that the hardware you actually buy looses it's value really damn fast when you think it's only purpose is to generate bitcoins that sure as hell aren't going to make it big.

but then again I think the pyramid scheme on its way to zero is the USD/reserve currency

i'm glad the hype cooled off. been waiting to see where the price levels off after the buzz goes away. not sure where the op comes up with $30, btc hasn't been near that for months now, lowest it's been in the last 30+ days is ~90.

that's remarkable btw, if that's where it will maintain until the next hype bubble. ~$100 seems like a good price to buy.


you won't see me starting btc threads.

:1orglaugh:1orglaugh:1orglaugh :error

Same reason gold is floating back down to $1,000. Manipulation - causing a bubble - by the rich. The twins have probably made a lot of money off the gullible.

:1orglaugh :thumbsup

I unequivocally agree!!

It was great watching all of these fools buying up shit to *mine* for worthless shit. :1orglaugh

BTW - where is the biggest clown DF now?

What the fuck are you talking about? It's at about $100 now...

I have mining farm for Litecoin harvesting composited from 25x 7970 cards. Having hashing speed 18,300 KHash/s. Electric consumption is 7.5 kW. :)

its at about 100 right now

u are more stupid than a stone dude ... i bet u have no clue what you're talking about, u just like to pretend u do ...

as a note for your stupidity GPU mining has nothing to do with BTC, you can mine LTC wich is more profitable than BTC, but hey, thats too hard for your peanut brain to understand :321GFY

bump for this question....

I love thsi kind of charts, stoping on 100$ and then next line is 1000$ so you dont see big drop from 280$ to 100$, and big fucking lost money!

I have a new currency based on passing kidney stones. Bitstones.

I'm more interested in knowing why ASICMINER-PT values are rising sharply, not really complaining about it but it seems like we're on the way to 3+ BTC per share right now... $$$

because people realized that play money is actually worthless and hold imaginary value only till there are enough people to believe in it or pretend to believe in it (value).

He said good bye to gfy so no bump needed.

2 things to make it more accurate:
1. add more dates, OP claims 30$ price, this one shows 100$ as latest
2. make scale in actual proportions (like distance from 10$ to 100$ should not be the same as distance from 0.1$ to 1$, it should be 900 times longer.

ps: it seems that OP lied about 30$. What a tool if he actually managed to think it was 30$ if it wasn't lower than 90$ for weeks :)

he may have meant "by $30", it was floating around $130 for a while, dropping to around $100 last couple of days..

that's what i was thinking too. last i looked it was 128. today its 101. that is almost a $30 drop.

Really, the bitcoin drop is caused by Frank selling his huge bitcoins balance.

i have no bitcoins but a few litecoins and a good miner

c'mon he only had 1. :winkwink:

if that's his question he should know by now btc has violent swings in valuation for any # of reasons. it's just like the stock market, it hinges on manipulation.

perhaps the selloff was prism related. perhaps some heavy hitting russians decided to swing the market down. who knows. it's a market.

BTC hasnt gone anywhere near $30 recently. the lowest it went recently was 84 I believe, in which I bought in at 88 and now they are sitting at around 105

how i read it too

doesn't seem to drop under 100

$30? lol its near 100 right now. It will swing back to 130 pretty soon

Bye Bye Bitcoin dummies .

Sooner or later people realize that only a government issued currency has any actual value.

it's important to realize a government issued cryptocurrency will happen.

it won't be bitcoin, which is simply an experiment that is proving the validity of the concept. and btc will ultimately come to an end. that's not a failure, that's a fantastic success story. it already is imo.

but it's silly to have a digital 21st century economy based on paper money. transactions don't happen with cash changing hands anymore. transactions are digital blips on a network.

why wouldn't you want digital currency on a digital networK?

Can somebody please address the "$30" remark and tell me if Bitcoins are around $100 now? Thanks.

Bitcoin is at $101 on btc-e.com

Your posts are always good. That being said, people want to see something and it's not a balance on a computer monitor. Don't get me wrong, a balance on a computer monitor looks great, but when you are dealing with actual money you are coddled to know that you can run right down to the bank and stack that shit up and stare at it. It's a warm &fuzzy thing.

In today's day and age, yes, people still want to see what it is that they have. 20 or 30 years from now it may not make a difference. We live now.

It already is happening... Canada have started to develop such a currency, Google it...

hehe bitcoin keeps failing +1000% up every single year so far, obviously i don't expect this continue indefinitely but there is still lots of room for growth.

anything below $100 is a good buy in my view, would love to see $1-10 bitcoin once more for a few months but with how and where things stand and going it is pretty unlikely outcome.

why drop? remember, currently it is mostly speculative market, hype, high expectations, weak hands, realizing profits, politics.. if you don't expect bitcoin value go up and down in this yet immature state you are fooling yourself.

130-30=100

Not even a comparison there.

It's MintChip.. but it has a ton of security flaws. (Mostly un-pinned SSL stuff.)

Not to mention the gubbermint holds your munny which is exactly what Bitcoin prevents.

I bet you still raise your hand and ask for permission to go to the bathroom. :1orglaugh

I believe the bitcoin could succeed as currency, if it wasn't for the US government. They will make sure it fails. If hackers don't steal all the coins first.