Quote from: lphelps on August 14, 2014, 09:52:13 PM

I understand why Gold and Silver aren't doing shit because they're being held down with paper contracts..

But BitCoin going down and it being pretty much pegged to the US Dollar.. Does it go down because the Dollar went up in value???

I figure if the dollar crashes, then BitCoin will skyrocket because it will take many more Dollars to buy a BitCoin right??

I see you have more and more retailers accepting Bitcoin, so why is it diving?? Central Bankers dumping their stashes of BTC??

imho the recent drop in btc price can be attributed largely to the following:
1.) Pending bitlicense regulation
2.) Margin trading on Bitfinex
3.) Massive # of automated trading bot's selling off in a frenzy as a result of pre-programmed settings.
4.) Fat bag holders that received their coins illegitmately that are trying to get what they can just in case btc's day in the sun is over.
5.) Most merchants that are starting to accept bitcoin you have to understand are basically doing so with the intention of converting it instantly to fiat. Everytime this happens bitcoin price is going to take a hit. Particularly if the Buy order depth on whatever exchange or processor the person is cashing out on is weak.
6.) Overall image of bitcoin suffering pretty bad, at least the majority of the opinions i've been hearing are largely negative. And primarily based in ignorance. I try to correct what I can when I can but it's hard to argue with the types of headlines that are making the big news right now.