Categories: Bitcoin Entertainment

Bitcoin’s Twitterati Reacts to Price Decline

Click here to view original web page at www.coindesk.com

The bitcoin price crashed below $200 on the CoinDesk USD Bitcoin Price Index earlier today, dropping to $179.13 before rebounding.

Unsurprisingly, the price collapse has set off a whirlwind of conversation about the future of the bitcoin network, both within and outside the community.

Regular bitcoiners have been reeling at what the news means for their digital currency holdings, while traders have welcomed the return to volatility and exchange volumes have surged to their highest levels since November 2014.

At press time the price stood at $184.

While the $200 mark is likely a significant mental threshold for many bitcoin investors, the lower price is also notable, as it comes in just under ¥1,000 Chinese yuan – the currency credited with being involved in over half of the total bitcoin trade.

Acknowledging the extreme price movements, prominent figures from within the bitcoin community took to Twitter to share their thoughts.

Community reactions

With prices dropping but difficulty still high, many miners are at crisis point.

Author and advocate Andreas Antonopoulos sent out the following prophetic tweet two days ago.

Evolution of the dynamic difficulty of bitcoin mining as the price declines and profits turn into losses. A difficulty plateau coming?

— AndreasMAntonopoulos (@aantonop) January 12, 2015

New York-based founder of Digital Currency Group and creator of the Bitcoin Investment Trust, Barry Silbert, joined the conversation as the situation unfolded late yesterday.

His tweet, although brief, created a flurry of debate among his followers:

Silbert's blunt message was followed by one from Roger Ver, a prominent investor in various bitcoin startups, who referenced the Silk Road Trial's possible effect on the price fluctuation.

I suspect the Bitcoin price has been dropping in anticipation of the Feds selling 100K more bitcoins in light of the #SilkRoadTrial news.

— Roger Ver (@rogerkver) January 14, 2015

The Wall Street Journal's tech columnist, Christopher Mims, was quick to link the effect of recent events elsewhere in the financial world and the price decline.

This morning there was panic selling in copper-linked stocks, the Ruble and Bitcoin. The connection is obvious.

— Christopher Mims (@mims) January 14, 2015

Marc van der Chijs, a big bitcoin believer, seemed to be monitoring the situation closely.

When there's blood in the streets… Some people are making tons of money right now, this is fascinating to watch #bitcoin#crash

— Marc van der Chijs (@chijs) January 14, 2015

Some even saw the funny side, with Erol Kazan, a technology and digital platform expert, sharing a humorous take on the affairs.

Charlie Shrem, former BitInstant CEO and Payza consultant, predicted that things are likely to get far worse.

I lived thru 4 #Bitcoin bubbles and watched it 'die 27 times'. We won't hit the bottom until theres blood! DESPAIR! pic.twitter.com/OCmI5U1ZRt

— Charlie Shrem (@CharlieShrem) January 14, 2015

To keep things in perspective, Antonopoulos reflected on the fact that bitcoin will continue to work as a payment system regardless of its price drop.

I first got really excited about bitcoin when it was $5 each. It worked then. It works now, plus 500 startups and $250m in seed capital

— AndreasMAntonopoulos (@aantonop) January 14, 2015

Image by Tom Sharkey for CoinDesk

Unsurprisingly, the price collapse has set off a whirlwind of conversation about the future of the bitcoin network, both within and outside the community.

Regular bitcoiners have been reeling at what the news means for their digital currency holdings, while traders have welcomed the return to volatility and exchange volumes have surged to their highest levels since November […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

43 mins ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

2 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

2 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

2 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

2 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More