Quote from: falllling on August 31, 2014, 11:25:17 AM

Quote from: niktitan132 on August 31, 2014, 11:24:00 AM

Quote from: falllling on August 31, 2014, 11:16:22 AM

Quote from: TPN on August 31, 2014, 11:12:51 AM

any reasons for the drop?

goxed
51% pool (easy came easy gone easy return)
crackers and governments and shit having 1200k coins(mtgox 200k, Ross Ulbricht 140k, crackers: 850k)
no new money
governments warning and banning
scam IPOs many including Ethereum and others
everyone is selling / spending
Dell / Expedia / Newegg / House dealer / etc are selling in real time
Winklevoss ETF will actually be shot down
GABI is already priced in
Dubai exchange won't create any thing new
etc..

FUD,FUD and FUD...

It's weekend the price is always low on weekends... Wink

The price will go up tomorrow,until then buy cheap coins and HODL! Grin

Bitcoin will continue the downtrend, according to a research note by finance giant Citi. The two main factors that the Bank blames for the price going down are miners and merchants. Citi estimates that mining adds around 3,500 new bitcoins ($1.75 million) every day. Because of the ever increasing difficulty of mining, the majority of these coins are quickly liquidated on the market to cover electricity, cooling and other costs.

If the miners are a steady source of supply and there is no increase in final demand, we have this overhang of bitcoin being sold in the market. In consequence, we have downward price pressures.

Citi also thinks that the large merchants that have recently adopted bitcoin (DELL, DISH) will be a net negative for the cryptocurrency. Due to regulatory and accounting rules, these corporations cant hold the bitcoins they receive, even if they wanted to do so. They have to sell them as soon as possible to avoid taking on speculative risk, thus contributing to lower prices.

That citibank article seems plagiarized from vinny linghams article : https://medium.com/@vinnylingham/finding-equilibrium-searching-for-the-true-value-of-a-bitcoin-ba5f3fcce103

Lingham also complains that he was not credited in citi's report. I'm not endorsing anyone selling or buying bitcoins...that's up to them to decide but this horseshit you're posting about citi is not quite accurate in terms of originality.