Bitcoin Forum

Damn its dancing  :o :'(

https://pbs.twimg.com/media/CJxyuGJWEAAdbTa.png:large

We were all gna be so rich and rolling in bitcoin money!!!

http://static.apparata.nl/images/2013/Aaand-its-gone.jpg

There was no way that bitcoin price should of been correlated to the "Grexit" ... That is an irrational and illogical reasoning to how Greece could send bitcoin plummeting $15-$20. When Greece's GDP and bitcoin availability is not that well established. So no clue why there is a rationality or logical correlation to "Grexit" and bitcoin price but I guess someone has been able to take advantage of it.

In case of Grexit, bitcoin would have reached a new peak, maybe double. Some speculators gave this idea a try.
The virtual gain was huge and the risk was rather small. 9% or less.

Are you pulling numbers out of your rear? ... how is it possible for bitcoin to be Greece's currency when bitcoin itself is not a currency it's an account that has an exchangeable price for it's "Realized Value" like a conversion to USD EUR or CNY ... in this case Greece HAD NO MONEY ... what were they going to do to obtain these "bitcoins" ... pillage and commandeer their citizens bitcoins ... start a war to commandeer other countries bitcoins?? what a joke rationalization...


Side note: clarifying Account for you guys,
Account : Intangible Assets Account ... aka comparable to a commodity note..

Also I forgot to note that Greece would have needed 80,000,000,000 euros worth of bitcoins = 25 times the bitcoin market , meaning that we would of needed 14,380,000* 25= 359,500,000 bitcoins to serve the economy of Greece. I don't know when Satoshi plans to implement that increase but hopefully it would have been soon for Greece's resolution ... am I rite (//end sarcasm)

Side note: Obviously 359,500,000 (395.5 million bitcoins) would not have been feasible but in that scenario that's only for Greece alone, what if we wanted to add All of Euro, and China, and USA with their $10,000,000,000,000 (10+trillion in bailouts) O_O that would be a dire number to see.

I think most people could tell a sharp correction was due, especially after going to $310 yesterday afternoon.  This is the normal process when btc price begins to run up.  Also another reason I didn't buy in yet.  The market is so easily and quickly controlled, it seems that events like the greek default have some play into the price, but moreso its just whales who have control and time the price pumps/dumps to coincide with excitement around these events.

The only way the Greek "default" had played a role in the market is the "whales" manipulation of the market advantage in doing so.... otherwise there is no correlation between Greece and bitcoin... there would of been no reason to.

This is true. They're even not necessarily whales. Just a bunch of good traders.

At what point is someone considered a whale anyways?

Loose Definition of a Whale:
The ability to sway a market simply based on your liquidity weight, example current order book average Ex, bitfinex lets say its 3000 bitcoins either direction on the Sell and Buy side, so being a whale on very low liquidity = having 500,000 Usd - $4,000,000+ Usd to sway that market... in my per se case its the ability to sway the market at least a few points in one direction and keep it there with other incoming support.


Side note It only took 14,000 bitcoins to drop from 308 - 284 ... That is a pretty sad realization when you realize that .1% of liquidity control = almost a 6% tumble in TOTAL market cap  which equates to a market cap value loss = $240,000,000 USD loss ....

I think it played into the situation in the sense that collectively everyone is expecting a large increase when entire countries are being kept from their bank deposits.  Maybe the money isnt coming from greece, but people around the world see these situations, and collectively "pump" the price, hoping for a run up.  Then anyone happy with their gains from $250-$310 can cash out, and that starts a windfall, always happening in the course of a few hours.

To me thats the scariest thing about holding btc, it can and will drop in a matter of hours.

You know what you should truly be worried about though besides those points ... Should Be For When "smart money" moves out and the market can no longer sustain liquidity for cashing out your bitcoins and  you are stuck holding meaningless hashed characters. At that point everyone is looking at others if they still see and value it enough to buy your "hashed characters" for a certain price. That is true fear and is really scary!

You should really be buying out Sr. mem accounts to do your FUD.

How was the FUD ... It was an example and scenario played out , and why would you even suggest buying accounts, that's stooping to such a SAD SAD level on the internet LMFAO ... buying accounts to speak on a forum wtf?

side note: Its oblivious ignorance to the bare facts that causes the sheep to get killed?

Funny part is there is no Greek deal, the EU national parliaments all have to vote for it and I suspect they won't. This is more kicking the can BS for a few more days.

You should read and not try to interpret. You'd be more accurate.
I never implied that Bitcoin would EVER get the coin - even an alternate one - for Greece. They would need a government controlled coin, for inflation and with Bitcoin they cannot do this.

The idea was that some speculators could think like this: in case of grexit Greece will go for Drahma (with huge inflation). Euro will also fall. One asset at hand to buy is Bitcoin.

However, I wrote looooong ago that I don't expect a Grexit at this time. But what would be the speculators if they wouldn't try every opportunity, however impossible they looks for me and you?

I think you just fried my brain , I'm checking for a nose bleed right now as I try to logically figure out your statement X_X LOLS (//EndSarcasm)


additional note Greece only accounted for roughly 2% of the euro's annual GDP ... not even a fart in the wind to the Euro so it shouldn't "dramatically drop"  and also you mention "bitcoin as an asset at hand to buy" GREEK citizens couldn't EVEN GET MONEY because they HAD NO MONEY LEFT ... How were they suppose to buy bitcoins? [Insert jerk response here]


... anyways  Cool story bro ...

then any early adopters could perform that, maybe some whales tried to increase the price slowly but then some random early adopter dumped his coin, because he need those for emergencies or something else

certainly not impossble, when you have plenty of people with 50k coins and counting...

You are a wonderful bag of silliness. Quite entertaining to read  ;D
Euro group fought hard to keep Greece inside not because their GDP, which, as you also stated, means nothing for EU. It's the TRUST. If markets lose TRUST in EUR project, the coin will fall.
About NO MONEY LEFT ... you know, that's way different from NO MONEY. They withdrew BILLIONS of EUR from ATMs. That money didn't vanish. The ones that have it may want to further secure that wealth.

The ugly truth is that if they have detractors and can't reach an agreement, there will be a "reshuffling" of Parliament that will happen shortly thereafter.  Sacrificial lambs.  Then a new vote that will eventually capitulate and pass.

This is what happens when the overlord banksters are in control of the world.

Man they must of withdrawing billions in toilet paper .. Even then they were running out ... With 60 Euro a day allowance = 66 USD  how was it possible to withdraw billions?!?! More like hundreds of millions to possibly lower billion dollars but more than that would of been almost impossible (they couldn't make 1.8 billion euro payment to imf) ... so yah =] .... and EURO is VERY VERY strong just think of it they have GDP equal to USA and CHINA the TOP 3 ECONOMIES ... no way Euro can fail just because a tiny Greece fails ... Like I said it's a fart in the wind ... It stinks now but goes away =]


Also in response to Torque... The banksters don't directly control "Greece's" fate, Their dumb Minister of finance and the European Union committee approving of the plans for the Resolution control Greeces fate... in order to make anything happen.

The 60 EUR/day allowance is only since about 2 weeks ago. Before that there was a withdrawal frenzy. Just search a little. One of the first results is this http://leaprate.com/9BjDQ (I could find better, but I think that this is just fine).
You are mixed up between Greece's money, Greece's debt and Greek people's personal money.

EURO economy is... what exactly? Euro zone is made of countries that are allowed to decide for themselves. If tomorrow they all decide to split up and use their old currencies, EUR will become just another currency for .. enthusiasts (or, you could tell toilet paper). And the tiny fart called Greece can start that process.

Very true, actually when you think of it .. Germany which is the Euro zones largest economy would have their dutch money be valued at 1 Dutch dollars to 3 Euro ... so it would be a wierd exchange ratio ...  also the total withdrawl and total leaving money (payments for bills and to other companies) were counted for in that number of 1.1 billion etc etc but the citizens as a total did not withdrawl 1.1 billion (11 million people live in greece 11,000,000* 60 euro = 660,000,000 euros total) so yah .... its a really wierd number to account for but ehhh the greece situation is a few days away from being over anyways and it'll be old news until they have to repay their debts again and then they will fart again hahhaa =]

We had an excellent run passing 310, of course we're going to correct down. The 300USD mark is really only a psychological barrier by U.S and those who trade using usd. A large portion also trades cny, and they don't give a fuck about your "Spartan 300"

hahaha you are right. That seems to be the only source of price movements, what comes out of china.  The rest of the markets involved in btc are WAY smaller in terms of the effect they ahve on price

You guys are some highly ignorant people in the face of hard numbers you can look up at the volume of btc-e and btc china vs bitfinex , bit stamp and coindesk etc holy cow .... you guys shuld understand USD runs over CNY's contribution in daily volume -_-

China took a huge dump on us after Greek bailout and already 12 hours later price is back over 290.  Bull market confirmed.

If it holds until Wednesday I fully agree with you....  money is on its way to the exchange as we speak

When people are saying Greek's couldn't get hold of their money to switch into Bitcoin, I'm not sure that's correct.  Whilst there were restrictions on cash withdrawls from ATMs, I don't think there were restrictions on electronic transactions.  So, they could convert any EUR holdings into Bitcoin with one of the companies like Coinbase if they were so inclined.  I might be wrong, but I think that's what I heard on the news.

of course that if no grexit, no bitcoin rises.

however, economy would with the ECB to collapse if grexit occurred.
instead, promote bitcoin gives the best method to rise bitcoin.