[Hiwhatsup]

I occasionally read coindesk, and /r/bitcoin, and all the other bitcoin sites, actually like everyday. I keep seeing people ask "Why is the price of Bitcoin so low?" there are obvious reasons, and there are reasons that i have no idea why.

From what i have read, the price of Bitcoin reached an ATH(All time high) of $1242. This was because Bitcoin was a new technological advancement that seemed to have tons of promises, a lot of people thought it was a get rich quick scheme as well as a pump and dump. They wanted in! Getting off topic... with Mt. Gox being a leading exchange, they were able to manipulate the price, and from what i have read used "Willy the whale". The whale was able to drive the price up, with fake buy and sell orders. Not sure if they were able to fake volume? Correct me if i am wrong! With that being said, all of the people with tons of coins that got in early dumped all of the coins to people that were hoping the price would go up. Then with Mt. Gox getting "hacked", many coins were dumped and eventually price plummeted and so on. Obviously that is not the only reason, but that is speaking for ATH.

Now with the price being so low. Bitcoin has been adopted by many large businesses, with all of the hype you would think that Bitcoins price would be a lot higher. Wrong. Companies are accepting the BTC and then converting it to fiat. When you have a high supply with a lower demand, obviously the price is going to go lower, basic economics. Miners are mining coins, and then selling them on the market, it seems that the market isn't able to eat up all of the newly minted coins. <-- That is what i have seen on reddit recently.

Now recently a lot of Bitcoin shit has been going down, Bitstamp being hacked something like 18k coins, Not so recent, but Silk Road getting shut down, Mt. Gox being hacked, dumped coins, oh can't forget, scam running away and dumping the coins.

I know this is a super unorganized writing but i keep seeing people ask why the Bitcoin price is going down. It seems as if there wasn't so much Hacking and scamming, Bitcoin would have a lot more pomposity and adoption.

Please share your thoughts, i know i missed a TON of things. I am bored on a Tuesday night and it felt nice to type something up :)

EDIT: butterfly labs refunding coins?

[TreeWeep]

Honestly, I can't see Bitcoin recovering from this. Its down at 219$ atm.

[Hiwhatsup]

Honestly, I can't see Bitcoin recovering from this. Its down at 219$ atm.

You never know... it could go to $10 next month it could go to $1000 next month, that's the fun in it!

Invest more than you can afford lose 😅

[TreeWeep]

If its goes under 100$, I will probably gamble a little.

[Bӏue]

I'm not an expert, but I was reading that the funds taken from silk road, 29,000BTC are gonna be destroyed instead of used.
Not that I exactly trust the US government to do that, but... If that is true Will that effect the price?

[Moon Rock]

Honestly, I can't see Bitcoin recovering from this. Its down at 219$ atm.

If you can't see it then so be it, I believe it'll go up just have to wait and see what the future brings.

[Truth]

If you planned to make money with BTC that boat is long gone. Now its only use is to buy shit online and maybe if the USD crashes then it will be the only way to buy shit online.

[typhoid]

if it goes under 100$ i will finally get the btc award

[TacoTacoTacoTaco]

This is the same exact time last year BTC dropped like 40% I remember because once btc went down i gambled all my btc on one bet trying to get it back and lost.

[Unturned]

The time I post this is actually 181.78 USD now.

[TacoTacoTacoTaco]

The time I post this is actually 181.78 USD now.

If you have btc just sell it and enjoy life its s virtual currency its run its course the hype is over.

[Dan.]

If you planned to make money with BTC that boat is long gone. Now its only use is to buy shit online and maybe if the USD crashes then it will be the only way to buy shit online.

That's total bs, there's certainly money to be made with such a volatile currency.

[Midraks]

I'm really entering In panic it dropped to $160.

All we think it will go up in 2015

[Dan.]

I'm really entering In panic it dropped to $160.

All we think it will go up in 2015

I think we may see a pretty bad drop tonight.

[Freddy K.]

Its going back up to $189 boys ggnore wp