Bitcoin Forum

ACK WHO SHOT THE MARKET????? So much RED, looks like the market has rolled over for now. 15.40 to 11.00   Anyone wanna catch a falling knife?

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Who would be able to sell 38000+ coins at one time?

Bitcoinica hacker and Tom Williams are cashing out.  lol

Everyone's cashing out because they think a shit load of BTC are going to hit the market on Monday when Pirate does his thing.

I'm buying like crazy, but seems gox is goxin - have about 15 orders that have been "pending" for at least 10 minutes or so.

So the Savings and Loans ponzi collapsed?  I haven't heard any victims complaining yet.

dont know the name Tom Williams? Have to google.  hehehe now google is a verb!

beep beep beep 10.72 and falling!

kill all orders till this stops

Wow, already lost 1/3 of the value from the high...and still going down..I wonder how bad it will be once pirate starts paying people on Monday... I hope this isnt the "calm" before the storm.. But what an opportunity to buy..

why should he wait 'til Monday when everyone is prepared?
http://i1264.photobucket.com/albums/jj488/spinegod/gifs2/fe8e3b90.gif

again you want to try to catch a falling knife.

I figured that pirate had a lot of coins.. But, I had no idea that he had control of so many that it would make the market react this much... Or at least the perception. If/when Pirate starts paying people, I hope that they re-invest into things like GLBSE and other bitcoin related ventures.

It makes me think that Pirate was buying up coins during the last week(hence the up-tick in BTC) so he can start paying people off. At least its a plausible theory...

Either way, even if it does tank. It will just be a matter of time til it rebounds..

AR

People are probably going to be a bit gun-shy about GLBSE investments until the JRO dramas are resolved and they're probably also going to be wary of other HYIPs (many of which could only offer high returns because of their exposure to pirate).  We'll probably see a lot of people returning to day trading over the next week or so.

If pirate had the capacity to move the price, it would have made sense for him to move it downwards if he needed to buy Bitcoin on the open market in order to pay people out.

General fear of GLBSE investment would be terrible,  :-[ , but wariness of HYIP offerings will be a good outcome if it occurs, imo.

Honestly, I think a lot of the fear of GLBSE investment can be overcome by businesses proving that they've got a well thought out business plan and especially that they have plans for accommodating expansion and a disaster/exit plan if something goes wrong.  The ones which will have problems attracting investment are those whose business plan is nothing more than "I have an idea, give me money and let me create!".

I wish I shared your "people are fundamentally rational" beliefs. Greenspan had to rethink that one.

Who the heck is this Pirate guy? Kinda out of the loop here.

He ran an HYIP which was returning 7% per week.  Today he announced he was shutting down.  Come Monday, people will discover whether or not he has the means to pay everyone back their investment plus interest.

Ah, I see so everyone is panic selling over the potential flooding of bitcoins come Monday?

400k BTC, give or take 100k. At least on paper.


Many think there will be no flooding come monday, or ever.

Exactly.  And some (myself) are ready to place buy orders if prices remain at 11ish or go any lower.

No, we're panic selling over the fact that Pirate's investors were driving most of the Bitcoin demand. That has now ceased.

All of next week is going to be interesting as people either get their bitcoins or find out that they don't have bitcoins. If they get their bitcoins, there will be another drop in price. If they don't, there might be a short rally, but without that Pirate demand, we're still doomed to deflate to $8-$9.

This is a contingency that I've been prepared to execute for weeks, and I haven't been wrong about it yet.

I stand ready.  In the big picture, there are only 21 million of these units.    Great time to buy. 

lol,few days ago I was thinking how high can it go..Now its how low can it go ???

Shallow pool means big players make big waves.

Rumour has it he controls approx 4% of total pool of available bit-coins, shifting even 2% would make some significant waves...