Bitcoin Forum

In ancient Pompeii many people were needlessly killed the day their fine city was flooded by the local volcano named Mt. Vesuvius.
Later today, many good people could lose a lot of money when our fine community is flooded  by the local volcano named Mt Gox.   ::)

Question: What really caused all those needless deaths in Pompeii?
Answer: People panicked.

The open gates of the city got blocked by a massive stampede of terrified people. The first dozen, or so, in front wanted to leave but their legs were pinned under 5 or 10 other people, who were about to die because they were also trapped under the people behind them.

Question: What can we learn from about all the needless deaths in Pompeii?
Answer: People shouldn't panic so much.

Will the price of BTC open lower?
Probably.

Is it really necessary for you to spend the next night and day nervously awaiting your chance to sell before everyone else?
The great wall of sellers used to be at $25, then a huge one formed at $20.
Do you really want the next great wall of sellers to be at $2.50 or even $1.34?

Solutions:
1) Don't panic
2) If you can afford to (with money from selling above $20, for example), then get ready to buy, not sell.

When the Hot Deadly Lava from MtGox is Inches from Your Feet how Will YOU React?

Another topic for discussion:
Why are people here so extreme? Do you think we really have a lot of "suckers" who used money they cannot afford to lose? The bi-polar nature of our community is amazing. Maybe some rich banker is just messing with us and laughing?

What do you think about any of these ideas?

+1

People here is not that extreme. With the MtGox debacle a whole legion of trolls appeared in the forum creating amplifying the whole thing and creating the appearance of histeria. Beware of the trolls. Dont believe everything you read.

Thanks, I did spend some time on this.   :)



Agreed, hugolp.
 Is This Troll Invasion Part 2? (http://forum.bitcoin.org/index.php?topic=19594.0)

alot of the extreme ppl left when they bought at 30 and sold at 10. alot of the ppl remaining are in it for the long haul bc they understand the system. sure the price will go down. but the people who have done their homework will be rewarded by low prices once again and things will start on their way back up. if the system is a pure as it seems to be, there is nothing to worry about. it is the best currency on the planet and ALOT of people know this.

$17.5 is my guess.  8)

I sold most of mine, and plan to buy back when the price is down around $5 or so.  If it doesn't reach that, I'm fine with keeping my USD to pay off loans and continuing to accumulate more BTC through mining.

++1

Buy When There's Blood In The Streets

http://www.google.de/search?q=Buy+When+There%27s+Blood+In+The+Streets&hl=de

Yes, Contrarian investors find value in the worst market conditions...   :)

I think I want to say thank you. Good post.

People are trolls because they are bears and not bulls?  ::)

As for your analogy, it might work for Pompeii but it does not apply to all situations.

For example, BICC. Those who queued up immediately to get their money out are the smart ones. Those who delayed suffered for it. Sometimes it is smart to act quickly and not necessarily "panicking".

Why, yes, I will buy this piece of property with a lava pool in the back yard! Excellent analogy, good sir.

Hot Lava?!?  

https://i.imgur.com/g6ID5VN.gif

Duck, and Cover.

Why are people selling when they should be buying?

why did you bring this thread back from the dead? Seriously.

Short-term thinkers.

This type of thing is bound to happen when its current number one use is speculation and storing value. In the end, the market and bitcoin will stabilize and continue to evolve.

I've been buying while we went down. Didn't seem to impact the price :/

Just realized this thread is from '11

It's called a history lesson.  There are many new users around with no hindsight.  You can't have good foresight without hindsight.

Some idiot posted in the thread, 'I am pretty confident we are the new wealthy elite, gentlemen.' That's literally all that happened...

Best off holding, I reckon we'll find support at $32 or thereabouts. Don't panic.

When we were going up, I was open about the fact that I was taking profits on the way.

Now that the rocket is in the middle of a messy re-entry, I am watching with amusement as my auto-trade software repeatedly tries to buy 20BTC, and gets increasingly confused that Mt. Gox isn't returning its calls.

Interesting times. :)

Heh. Looks like the ridiculous little thing ended up buying three times when it should have only bought once.

Ah well, easy enough to correct. Need to make a note to fix the bug, though.  ;D

Welcome back my friends to the show that never ends...   :D


>> Are you going to remain calm tonight?

http://upload.wikimedia.org/wikipedia/commons/0/00/Joseph_Wright_of_Derby_-_Vesuvius_from_Portici.jpg

The lava is an illusion.  I will stand firm and watch it fade away...

Does anyone know how to contact BTC-e right away?
or where is the thread for people who get suddenly logged out of the site?



Good for you :)

Stop posting this question in all the threads and use the freaking search function.

I did search, I'm looking for a thread I was last week, and have not found it yet.
BTC-e posts info about the logout issue, I didn't read the details then, and now I need it.

Shortly before Gox reopened, almost like today.

The petty affairs of mankind are of no concern to the tectonic forces at work deep below the sunlit crust.

Mt Gox erupts when it pleases! 

I tried to help prepared people and many of you are still acting with fear.