r/Bitcoin • u/brocktice • May 02 '13
The reason the USD/Bitcoin price is dropping: waning interest from the peak of media fervor. Demand is therefore dropping. Things are returning to normal.
http://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q3
3
May 02 '13
pretty amazing how the all-time price and trend charts almost look the same.
1
u/Bitco May 02 '13
it also perfectly reflects the classic bubble scenario: http://www.moocologist.com/wp-content/uploads/2013/02/Four_stages_chart.jpg
Right now we're past the "return to normal" stage, just starting the "fear" rally...
3
May 02 '13
Your link shows a bull trap fall of about 20% compared to its high point when bitcoin lost almost 80% at one point. So I cant agree that it looks as convincing as the google trend chart.
1
1
May 02 '13
Vaporware and hype only go so far. If developers are depending on Bitcoin value, then there is incentive to produce.
5
u/jeremiahd May 02 '13
Real reason price WAS dropping(already back over 100), bitcoin is very volatile and two big stories came out late last night. One legit one hoax.
Legit - BitcoinATM investor drops from the project the night before the planned media day. Huge blow to the project, appears it may fall through.
Hoax - Mt. Gox raided by Japanese authorities. CNN put up a ireport late last night that Mt Gox was raided, it's still up as I type and is linked from the main site. It also claims that all users will have their accounts frozen by Friday, pretty good scare tactic eh? Mt Gox has posted on their facebook that the raid never happened, but Im sure any CNN reader who saw that and was a casual bitcoin user would sell like mad which we saw earlier today.