Bitcoin Forum

Just saw a ton of coins get dumped. ANd i'm not seeing a huge immediate bounce back either

10k of coins were dumped and for now the seller is done. support held. we shall see going forward

so what's everyones call?

buying pressure (I think that's the term? ) has been low for days. I was thinking today it would change because it's the day after a bank holiday in japan.

This coming Friday/sat/sun/mon  is also a banking holiday. Not sure if that will affect the price.

The price slipped from 137 to 133 with that massive sell off... and there are 606 coins in the way of being under 130.

This is starting to look more and more like 2011... :-\

Silk Road just came on line and I'm sure it is just some scared folks cashing out fast.  My gut says a lot of Silk road users have faith in the site and this might not be too bad.  I wouldn't be surprised though to see sub 100 tomorrow but with all the exuberant speculators it will probably bounce back.  Even though I don't see fundamentals and believe it is still speculation I'll probably buy more below 100.  I don't see this being the cause of a massive crash below $50.

The facts and figures don't exists for me to analyse serious fundamentals but my gut says there are far more believers than we are about to see panic selling.  When dealing with speculation bubbles you just have to watch daily and try to go with your logic and not get emotional with the herd.

I'm not sure Silk Road fixed anything since DPR didn't mention it.  Perhaps this Silk Road DDOS was just a big push for a panic sell for more buy in.  At least we can hope.

interesting..

If that is indeed the case then there should be a battle to break through below $120.

What does SR coming back online have to do with anything?  Anyone with 10K coins is not a Silk Road affectionado. 

10K coins makes that person one of the wealthiest .05% of the bitcoin community, not some "scared folk."

It was down for several days and a lot of drug dealers have massive amounts of coins.  The fear of not being able to access those coins in their accounts probably has them cashing out.

We aren't talking about 1 guy, we are talking about 1000+ drug dealers all selling at once and drug buyers as well.

Larger sell walls appearing now. Profit taking is about to ensue. :(

hopefully this http://www.reddit.com/r/Bitcoin/comments/1b6nmq/bitcoin_to_be_ruled_illegal_as_of_may_1st/  has nothing to do with any of it

source?

bullshit, posted month ago

Fincen is anti-money laundrying and can't make Bitcoins illegal.  Down vote and report that FUD.  It is not true.  Only the Federal Reserve, US Mint or POTUS/Congress could do such a thing.

The huge sell volume happened instantly as Silk Road came online.  I have been watching charts and Silk Road minute by minute.  It has nothing to do with that fake Reddit crap.

so what are the users of silk road afraid of? if that is them dumping?

Got it.  Read the SR thread--makes sense now.

Put in my buy's at 112....

127. time to buy  :)

Not until after we've had a few more 10k dumps.

Be warned all these buyers propping the price had in buy orders long ago and aren't gobbling up cheap coins.  They were thinking it wouldn't go this low.  I have no idea what will happen in 7-8 hours when the east coast wakes up and sees the price drop.  However, a panic sell is not out of the question.  If you think $130 is a great deal get some coins but, don't be upset if tomorrow people freak out and we see another $55-$70 dip.  I'd spread those buy orders down and not buy all in right this second.  Just my own thought, I could be wrong, don't follow my advice and get mad at me.  ;D

Thats 70-150k btc to be sold.... That won't happen..

I've bought and will head to bed soon. Whatever fuKin happens-happens.

right now the price is only like $5.50 less than before the sell off started. Heh.

but some supports have been eaten away

i like this

Real article regarding Fincen

http://bitcoinmagazine.com/fincen-bitcoin-users-not-regulated-exchanges-are/

Have just got my coins at 127.4
don't expect this price again.

Correct. Expect a much lower price shortly

"Nobody expects the Spanish Inquisition!"

When someone dumps coins does the price change instantly or is there a delay between the dump and price change?

uh oh. 4k selling @132

of course it changes, as he eats support price changes

fake one, someone wants to cause a panic and doesn't want price to recover, removed it 5 times so far.

Aaaand it's gone.

There are always x number of buy and x number of sell orders.  If I instantly dump 15k coins they will continue to sell down at whatever the next 15k coins are set to sell off for provided my sell price is low enough to hit 15k buy orders.  It is fairly instant minus a few seconds of lag.

it was indeed removed. If I held 4k coins i'm not sure I would want to devalue them unless I was about to buy a lot more lol

Is it possible the person is just changing their mind? The price would only slip 4 dollars for a 4k sell

Ah... I think I get it. Damn. I'm learning a fuck ton. Maybe waiting for my BTC wasn't such a bad thing. The knowledge I've gained the past few days has been priceless. Thanks for the clarification.

No, he is trying to cause panic so he can buy cheap. He had done it 7-8 times at least in last hour. Sometimes with 4000, sometimes with two 1500 ones.

As soon as it comes close to the top, he just removes it. And he is doing it whenever price tries to recover a bit. It's pure mind manipulation. Since I'm all in I hope he'll get bored of doing it, lol

I'm actually quite intrigued at the lack of a panic sell this go around and fast price recovery.  This does not seem like the typical behavior of the herd seen before in these situations.  I'm thinking there are a large number of trading bots being ran to help stabilize the pricing.  Anyone else agree on this?  If so this could seriously help Bitcoin from bubbling or sinking out of control on speculative news.

The above comments about quick trades added and removed at 4k or 1.5k etc. got me to thinking this.  Analyzing the charts it certainly looks more code driven than emotion to me.

Bots came to help in critical moment, yes. It's still far away from being over though.

bots or buy orders?

I still don't think it's over but the price always continues to baffle me.

That 2.5k coins for sale at 133.5 doesn't look like a fake sell wall

Well this graph will help illustrate what I mean.  Note how much smaller volume movements drove huge price movement before Apr 12th.  Then after Apr 12th volume is much higher yet the price seems far more stable.

This could be explained by a huge number of speculators in competition however, I think they arrived in early March.  I'm not sure there was a huge surge of new investors mid April.  This is what leads me to believe trading bots are doing a better job at stabilizing the price.

https://i.imgur.com/5NclduM.png

what are you talking about

whether robot or human, someone is taking a position betting on a certain direction. no one is trying to "stabilize price" as if that is the end goal. people are trying to make money off each other

It'd be nice if the drop continues ... Still wating on Gox to move my USD to OKPay so I can get it into BTC-e... this sudden drop makes the arbitrage that much sweeter  ;D

So when the price fell from $266 to $105 in a day where were all those people trying to make money off of each other?  Why were they panicking in unison?

I'm not making this up about bots stabilizing price.  I'm actually currently talking to quite a number of guys running them.

well, you wouldn't profit on it right now as btc-e is some 3$ lower. It was even higher at one moment when mtgox was on initial 129$, btc-e was on 130$ then.

It's often a case during sudden dumps, it's a small, not liquid market and big guys there are able to keep the price where it fits them.

Keep in mind that 20K volume @ $260 is the same amount of money as 40K volume at $130.  Unless you are using a ratio of volume and price on the Y axis then you should expect to see higher prices result in lower volume.

there were plenty of people buying at 266 then at 250 then at 220 then at 200 then at 180.. all those buyers were trying to make money. they were wrong and lost (so far). all the sellers were trying to save money (same thing as 'make money' since we will assume no ability to short)


i never claimed you made anything up

but you surely are looking at it wrong

none of those guys you are talking about are running their bots to 'stabilize price'. they are doing it to make money. they don't have some noble cause to try to keep bitcoins stable. and if they do, they won't for long as their account balances dwindle, but they don't

STAMPEDE!

 ;D


https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcRb_drxxWYlypov-bGhwX5kq0wBqLBRdPk8SP6A-ikANj5BOTjE

BTW, do you guys really watch the sales journal trying to find patterns? you know that movie, "a beautiful mind"? it is a trading engine working, it matches offers and demand with sometimes very tiny amounts...if your paranoia tells you the whole thing is manipulated and nobody knows how it works in detail and everybody knows there is no regulation whatsoever.....it may well be true, some people will "manipulate". so what? hooray unregulated market! anarchy at it's best..no rules, only the strong survive ;)

or maybe they just trade? you'll never know for sure. If I had to guess I would say you are very open to conspiracy theories my friend. anyway, trying to analyze the moves of an automated trading engine plus some bots seems pretty pointless to me.

Even if you see the "manipulators" in action - it will happen, you will watch, they move what they want to move and you still think about how and why this happens :P

I already sold genius ... looking to buy back < $140 ... good times  ;) :D

So was the 1929 stock market crash caused by bots too? Panic is human nature. Most people with common sense had a good feel at $266 that the price was overbought. When the selloff started there was a rush to the exit. People even discuss this now as one of the most predictable crashes in history.

$124

$120 is the crucial point right now.

I'm hoping it breaks $120 and drops. I know that isn't what most want to hear but I sold everything at $129 and would like to see $110

I'm so sick of retesting 120 that I wouldn't mind it dropping just to see what the hell happens.

correction $129.90

I would like to see $110 I would call $995 today a good day. Yes I love BTC and while I always intend to keep my BTC, I do enjoy making some fiat until I don't need it anymore.

I think if we break $120 we will be looking at the $90 range in a very very short amount of time. When/if that happens I believe we can expect some large buying (I know I will be placing large orders)

I've got orders from $110 down to $50.  Unless some big news happens I feel a slide coming on down.  Not sure how long it will take or last, but I see nothing to support another exuberant escapade right now.  I suggested putting in buys all the way down last night in this thread.  ;)

Hm... everyone expects the price to go down... that can only mean one thing...

its gonna skyrocket!  :P

Try reading comprehension.  I said the huge crash was pre-bot manipulation and bots were placed after aimed at stabilization.  I've reviewed the code for 3 bots that are attempting to stablize prices.  these were implemented after the sell off.  You failed to understand what I was talking about and in fact accusing me of saying the exact opposite of what I was saying.

Everyone?  The sentiment I see is everyone still thinks it will continue to go up "on the boards".  Unfortunately the big money in Bitcoin aren't forum posters here on the boards.  Unless they are really able to manipulate they should be cashing in more and more as time goes on.

You can do that through AurumXchange at a much lower price.

dont even bother, the guy is an idiot, who thinks hes something special because he knows of the existence of certain "bots"

he thinks bots are created to stabilize prices instead of make money

$104 hot damn. Who grabbed that?

Buy orders kicking in at $120, $110.  Got them all the way down to $50.  I'm loving this game so far.  The past few months have been very good to me and I've been sharing all my movements in advance on here.

Yeah if you go back and read my posts you'll see I openly said all trades before I made them and I'm up 1600% on Bitcoin.  Feels good to be an idiot.

Obviously bots are made to make money off speculative moves.  However in large numbers they do stabilize price.  The more they compete the less fluctuation.  I'm sorry I assumed a lot of people here had common sense and understood this concept.  I should never assume anyone uses logic I guess.

Sorry if I misunderstood your other post, seems you were saying crashes can't happen if everybody is just out to make money. Sure, bots can help stability if they spread out liquidity and bring less panicked orders into the market. But that's not automatic, the HFT bots on wall street sure haven't done much to improve that market.

I agree but Bitcoin is far lower volume than wall street and a ton of computer nerds running many different flavors of bots.  Seems it would be easier to steer price with Bitcoin.

I had really expected another 200+ rise in price when looking at the graph these past weeks. This sudden drop in price is very unexpected especially since no one thought silkrd would be shutdown. They kept ddos Gox and that didn't cause a panic sell so they went after Silk. Very organized and well thought out plan and it's working. Though I had no idea people were holding so much btc in silk, I would have thought they were cashing them out on consistent basis.

Another idea could be the same people who dumped all those coins were the ones who shutdown Silk with the hopes of making more intelligent speculators panic into thinking silkroaders were on a selling spree making them sell off their coins early.