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Quote from: randy8777 on August 13, 2016, 02:06:30 PM

i think we should worry more about the fact that mark karpeles still holds like 400-500k btc. the bitfinex hackers can't dump all their coins at once without getting noticed. they have to mix and sell their coins in batches of 5-10btc per time. with such a pace the market won't feel it.

I'd say that the market would rather feel the lack of 120,000 bitcoins that got stolen at Bitfinex. In this way, if an exchange is hacked every month (okay, every other month), the price of remaining bitcoins would certainly hit the sky (and then the moon)...

And Bitcoin would become as rare as hens' teeth

getting coins off the market will definitely have a good impact on the price eventually, but well, these coins that are off the market right now, will at some point find their way back one way or the other. but then again, i am glad the reality is different.

But as we saw getting coins off the market does not have a good impact on the price if they have gone through hacking an online wallet.

You are not given to change the simple truth that price depends on the balance of supply and demand. If supply is diminished (for whatever reason) whereas demand remains the same, the price will necessarily rise. Indeed, hacks like that of Bitfinex influence negatively both supply and demand (people may start buying less and selling more having less faith and trust in Bitcoin)...

But you still can't escape the laws of market price determination

That's true, the hack has make the market affected a bit but we have recovered now as evidence by the price increase again. The overall principle will always apply in bitcoin which you have mentioned the law of supply and demand and since we are increase in numbers, demand will eventually increase.

Hacks and spikes in Bitcoin's price are already well-known by us, the wallet holders. This is how Bitcoin went up from nothing to hundreds of dollars. We're going to recover and like every time, we're then going to get the price even higher than before the hack. Plus the halving, I predict we're all gonna have a good time soon! Cheesy

We are all expecting on that, on having a good time in the future. Even bitcoins suffer drop price but we all know that bitcoin price would recover and even rise its price even higher. Even what circumstances may happen to bitcoin in the future for sure it would definitely increase its price.

Majority of us here believe that the price of bitcoin will be more better in the future as we were able to make money on our investment. Panic buying and selling can happen anytime but we should be more focus on our goal and buy as much as possible.

That is right. I do not panic buy or sell. I will buy the bitcoin when the price is low and sell when the price is too high.

It is better to do panic buying as it is more positive and acceptable. If people are doing that, it means bitcoin are precious and the price will be affected to rise substantially and could also be even abruptly. So far, I have not seen panic selling because the fluctuation is still in the manageable level.