Bitcoin Forum

Today the MtGox exchange price is 16.1 for Bitcoins, down 15%. Should we worry when it fall below 14.5 today? Weighted Price (30d) 8.17 Are traders on a Sunday break or are the cracks in the ecurrency starting to show? Deepbit.net mining pool is a very big investment in the Bitcoin currency. What are they thinking today?
I noticed the down volume is out pacing the up volume. I hope one of the big holders of Bitcoins is not ready to bail leaving thousands of traders with Bitcoins less than what they paid for. Could Computer Auto trading programs cause a Bitcoin Flash Crash?
WATCH THE DOWN VOLUME!   A good CORRECTION could see Bitcoins at 10.5
See updates @ http://www.bitcoinconnection.com
KT

Funds stop moving from bank accounts into the exchanges on the weekends so a small drop in price as the buyers run short of money is normal.

I don't think investors are over leveraged enough or panicy enough at this time to cause a huge drop.

Jesus Christ man nobody is trading right now and new money isn't coming in. This has happened every weekend, this happens in a 24/7 market playing by 40-hr workweek rules

THE BUBBLE HAS BURST!!!!1!

Even if the price drops to $1, Bitcoin will still have gone up more than a thousandfold. I've said elsewhere that I believe that some sort of major correction will (and should) occur, but the underlying fundamentals are still there.

this.  Also CRASHHHHHHH EVERYONE SELL FAAAAAAAAAAAST...lulz

Yes it is bubble burst. Guys just sell it quickly  as possible. I am still have some funds to buy  ;D

That's true. But I think that price should consolidate a little before rising again, so that we get more Thash/s.

A market correction could happen in the near future though, I wouldn't be surprised. And that would be a very good time to buy a lot of bitcoins!

Looking at the trade data right is kind of interesting because you do get to see supply and demand in action and volatility is much higher with the volume so low.  I'm sure in the long run it means very little, because this is pretty much equivalent to the after hours market on regular stock exchanges which may be way different than what happens when trade opens.  I remember watching Jim Cramer's show on CNBC like five years ago, and any time he'd do a big segment on a certain stock it would jump a few percent in after hours, and then almost invariably give the gain back during the next trading day.

My prediction for the rest of the day, which will mean nothing I'm sure but I'd like to see if I'm right, is there is there is some support at the $16 range, so we'll likely stabilize around there, but if it breaks through the $16 mark it will go all the way down to $14.  Should make for a good buying opportunity.

1) The price could trade down to the 14 - 15 area and still be within the long-term trend. (Bitcoincharts.com mtgox/USD, log chart). This pattern was followed when price ran to 8 from 4.

2) High Frequency Trading wouldn't work with the 1-block-per-ten-minute throttle in place now. I'm very glad this is the case. Another win for bitcoin.

Fluctuations in a new market are not new nor do they forecast complete destruction. Give the market time to mature, it is really too early to say x% means we're on a ride to the bottom :)

+1 I have been waiting on dwolla and Mt. Gox since Wed.

Looking at Mt.Gox there is a big buy @ 16, i think if that gets filled its looks like there is very little buying power left to keep the price up.

Same but with paxum (which they don't accept anymore, after I'd already sent my funds). I've been waiting for them to manually add my funds for three days now after I sent it to MtGox. I have found this wait very frustrating as the price rallied and rallied. I'm hoping it will stabilize at something close to what I originally hoped to buy at. 

Is anyone arbitraging this trend yet?

The new rally tends to start on Sunday afternoon/eve.
Correction over BUY NOW!!!  

lol this guy is obviously trying to sell his BTC

LOL, actually:
1) I've seen more than one weekend end with a strong rally that starts on Sunday afternoon/eve.

2) The "herd mentality" is the downfall of many good people.
How many of the BTC'ers who are afraid to buy this moment:
{"ticker":{"high":18.998,"low":16.2,"vol":27622,"buy":16.32,"sell":16.3902,"last":16.3902}}
are the very same ones who panic buy when the rest of the "heard" is also buying?

To say CORRECTION over buy now is just ridiculous...to say a "correction" happens every weekend and then ends Sunday is just as ridiculous.

Every time a huge rally ends we have this same discussion. Then another rally begins and people talk about prices of $1000+ by the end of the year. People's opinions with Bitcoin are often too extreme.

True. These threads should be moderated.  We could have a single collapse thread but we dont need 5 new ones every day.

..tends to start on Sunday afternoon/eve != to say a "correction" happens every weekend and then ends Sunday
You have clearly misquoted me.

Did you even notice my primary point was to teach others about the herd mentality? I know it's "ridiculous".
It's also "ridiculous" to have a 15 Trillion USD debt, do you also find fault with that opinion?  :)

I simply had to point out, its HERD not HEARD.

Thanks ;)

Oops, Edits done, thanks. :)

this makes me laugh so hard seriously i think its some bad guys,they have discovered huge fails on bitcoin and now are creating fake btc.
So if you want to sell me your coins for 1 dollar before they are worth nothing here is your chance ...
lol

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True. These threads should be moderated.  We could have a single collapse thread but we dont need 5 new ones every day.
[/quote]

Exactly.  The title on this thread sounds like it may be an intelligent conversation about how it could collapse, instead... buy.. buy ... sell... hurry the roof is falling. 

These threads of people trying to influence the market through the forums should be deleted for sure.

If anyone cares to notice, my advice was exactly correct, this time.   :D

Nothing to see here.

http://www.investopedia.com/terms/l/low_volume_pullback.asp

;D SHHHH though...don't tell anybody! lol

Can you add to the polling list? :

People start trading on reputation trust systems not requiring a medium of exchange.

Wouldn't this be the only reason that can collapse Bitcoin, if something better gets adopted?

what about:

• More than 50% of bitcoiners become addicted to gambling and drugs and fork the project to generate coins for themselves and maintain their addiction (just like stealing from your own house)

It is almost mathematecially impossible for a bitcoin collapse to occur since there are trillions that could move into it and it is limited supply and huge convenience= increasing demand. If a Govt declared it illegal and they will ,then I expect perhaps a few weeks or months dip in price but other than that we should see no losing quarters probably no losing months and I project 150 by 2012 maybe 1000..look there are less than 7 million bitcoins.If a billion dollars pours into bitcoins (which is a super small amount of all that could pour into it) the price would be over $140 per bitcoin.Face it we who are in early are gonna make some very good cash. Wait till the drug lords start parking their money in bitcoins or the mob or just a billionaire or two

I have great faith in the resilience of Bitcoin, and for the sake of my little hoard hope others do too

this sort of reasoning is deeply flawed. by analogy, you'd have to say it's 'almost mathematically impossible' for the population of iceland to remain so small, given all the worldwide travel and the fact that iceland has such a low population density.

finance, like many other human affairs, doesn't work like a thermodynamic system that can be analyzed in simple stochastic-entropic terms.