Bitcoin Forum

MtGox is down almost $1 in the last few minutes!  Go buy!

HOLY CRAP, BUY BUY BUY BUY BUY!

saw this also, a few minutes ago


they'll just reset the accounts back to before the crash

15.7

haha, can't believe this is happening again.


LULZ

About time we had some action again. ;D

I Just lost over 9000 Bitcoin, im going home

How?

it doesn't update anymore ?  it seems to be stuck at 15.73

It's just a few impatient people getting out of bitcoins. They sold for a ridiculously low price for absolutely no reason at 15.9. Even though they could have sold at like ~16.7.

you might be right, it's back up.

but why would one do this? wouldn't it be easier to just sell in small amounts? plus considering the fact that almost all methods of withdrawing money from mtgox are delayed by days, this is just stupid.

 ;D ;D ;D

Not a CRASH BABY!

Gawker just published, we're moving again, IT'S ALIVE!!!!

seriously.

SELL SELL SELL

no wait...

...

BUY BUY BUY  ;D

Difficulty follows price, with a lag.  So we'll see a corresponding drop in difficulty next round :D

PANIC SELL, NO I MEAN PANIC BUY!

WAIT! ITS GOING SIDEWAYS!!!  NO! WAIT!

ITS COMING RIGHT FOR US!!!

~ Runs round in circles like headless chook flapping wings ~

Grabs a polish 8% beer, no i mean panic HOLD! ;)
lol

(as a side note last 2 weeks i barely had ANY SLEEP AT ALL i just been watching the charts, it really is amazing i have not had a heart attack yet)

ahahahaha.... same on me ^^

Nah someone is just cashing out $100k (they might have a special deal with mtGox to withdraw more), and there isn't enough market confidence to support it. As soon as anyone sells a little the market drops and doesn't pick back up since the MtGox close, so its on a down trend atm. As soon as it moves even slightly down (with supposed support), people get scared, remove their large buy orders, then the market panics. That's what just happened.

It won't be back up to 16.8 unless another someone with $100k (or lots of littles) want those bitcoins.

Ha Ha, I have no USD left :P

Gif found of Oldminer in background definitely not all there.
http://www.gifsoup.com/webroot/animatedgifs/613870_o.gif

looks like its on its way down again...anyone reckon those supports at 16.00 and 15.80 will stay?

is it only me or mtgox goes slow...

Could it be a hack again?

London Bridge is falling down, falling down...
MtGox Bridge is falling down, falling down...
I wonder why TradeHill is falling much slower...
Too bad you can't buy on MtGox and sell on TradeHill quickly and easily...

great pick up price @ 16 :)

Go on, MtGox, my body is ready

uuuhhhh... that remains to be seen...

So then buy for 100 Mio. $ pls ^^

Tradehill has far fewer users on it, it'll eventually catchup

I don't think this is a hack, just market sentiment maybe...people losing confidence?

sigh $16 is being eaten up

Annnd it goes up ^^

OK folks,

This is where we start our insane rally to $30... anybody with me ???

SJ

I think BTC has been to stagnant last few days...

I'm not really in a sweat over this. As others have stated, markets fluctuate :)

We've gotten 1 to 2 dollar swings in the past, so I can't really get worked up here. Just keeping an eye on the ticker, like usual.

Sighhh... are we now considering $1 drop as Crashes??

BTC market is getting boring now, time to spend a few coins for real stuff.

Anyone willing to sell me 55 BTC for MtGox price + 15 cents to the BTC ? By Dwolla...
DISREGARD

Well, at least we have some action.  :P

since i am new here, how possible is to manipulate the market by communicating in this forum? we say we sell at that price. and then we buy at that price. yeah i dont have market knowledge. actually i have 1.5 BTC total there :)

Your 1.5 BTC has caused a massive crash and a run on bitcoins.

Buy Now! Sell, Sell !!!

Do you trust us all? Knowing your sell and buy prices and times, I could manipulate you instead!

This won't do anything to the market..

Beside dumb comments ^^

The chart now looks like classic damped harmonic motion:

http://bitcoincharts.com/charts/mtgoxUSD#rg1zig5-minztgSzm1g10zm2g25zxzi1gVol


http://hyperphysics.phy-astr.gsu.edu/hbase/images/oscda8.gif

I will bet my BTC to see that happening. I think i want suicide if i lose moneyz:)

But why this cant work?

Tradehill isn't crashing.

Sell, Sell, Sell. 

Seriously market depth on buy side is dwindling

Interesting....

It really does.  I keep thinking it wll keep going then it switches direction and goes weekly the other way.

The moment it starts going up next time please look away and think of the weather or somthing random

Difficulty follows mining power, not price.

trading halted?

Last trade was 24 minutes ago and new orders don't leave queue... Looks like it.  Bummer.

Why, anyone who uses IRC have info?

GOXED.

Maria.

tradehill is increasing

everyone use tradehuill its stable

I'm hoping it falls to $9 for a little bit so my stupid weeks-old buy order will finally get filled.  (I have $10 in MtGox, so want to get a bitcoin for it)

why not just buy 0.6 of one?

'cause I'm hoping for a full bitcoin ;)

This is just the normal weekend slump. Happens almost every weekend.

good.. i got some cash in my accounts in case buying looks like a good idea :)

Got some at 16! I learned to have $$ ready in the account for the weekend slump

Mtgox keeps tradehill bounded, tradehill does not keep mtgox bounded.  Also, mtgox has the biggest players.

I was kind of wondering if that would work, thanks for answering the question for me.

Alert!
The Bulls fought hard, but the market just clearly broke down below 16.
The price move is not dramatic, yet, but the sellers are lowering the "ask" price quickly.

Hmmm, might be time...

Its happening again, oh no, this truly is the end for bitcoin, i can see it going right to zero this time

I had to hurry up and cancel a lot of buy orders.  drop, drop, drop baby!

BUY and hold (or use) if the price goes down BUY some more and hold (or use)

Why are so many sellers giving in at these lower levels?

They've got half or no fees so many are probably counting on buying back at lower prices.

Bitcoin has been going down all week.


The US stock market has been rallying all week.


Coincidence?

I was correct, now how to choose a bottom? 

Everyone is selling their Bitcoins to prop up the DOW!

Put all of your money into FRNs!!!

Unless they send you a notice like I got this week:

charlie, Jun-30 15:20 (JST):
Hello,
It seems like liberty reserve is having a delay on the withdraw and could take up to 3 - 5 days for your funds to show on your account
balance. But your transfer has been processed.
Thanks,
MtGox.com Team
________________________________________

@GeniuSxBoY: In fact, I sold some and might get put options for the money elsewhere... maybe I'm just a price drop maniac? :D

No... seriously, I think you guys have a p > 60% crash configuration there. Overconfidence-only market with declining public interest and considerable running costs (miners, exchange fees). If you're holding BTC for speculation, you need a good bit of luck now.

But what am I talking about, we're already halfway into a crash. 32 to <16, that's more than a factor 2, yet people fear further drops.

@Vandroiy - I was just gonna ask whether I was the only one who thinks a crashing market has a thing of a beauty. Must be masochistic, but there's just something about chaotic entropy and people with too many BTCs at hand eagerly trying to get rid of them. This being said, I'm a firm believer and hold my coints till the worthless end. ;D

You are not alone.  In an odd way I sort of feel the same now that you mention it.  Win, lose, or draw, it's an interesting ride...and I never bet more than I can afford to lose.  I guess for me it seems like the most promising thing so far to have a chance of shaking the truly corrupt monetary systems which surround us.  If not, I hope that the bitcoin project can at least help carve a trail for something which can...and if not, the couple grand I waste will likely evaporate anyway.

? What market are you talking about? Or is this some kind of joke about the inactivity and value at 80 cent back in March? Or maybe the ArtForz sale day to 50 cent in early April is what you mean? I don't understand.

Anyways, the current pattern of media hype followed by decline, also sheer amount of actual money in the game, has not happened before in Bitcoin country.


@RogerR, tvbcof:

I'm very much enjoying the chaos ride ever since the 30 USD hike. But why would you take further losses if you guess a crash likely now? You both talk as if you see the crash scenario very likely -- if there are more people like that, another price hike becomes quite improbable. Yet hold at all cost?

Let me guess; because Bitcoin is a fascinating technology and fascinating technologies are fun. The genie is out of the barn for crypto-currencies, and it can only become better. If you haven't invested big bucks in it it doesn't matter. The spare-time would have been wasted on other, less ground-breaking things anyway.

0.01 to 32, that's more than a factor... oh wait!

I feel the need to elaborate a bit on this one.

My paradigm is the following: I have faith in the future of bitcoins for as long as SHA-xxx cannot be broken and the bitcoin limit of <21mio remains intact!

Current price volatility is based on speculation on the perceived future success of the bitcoin system, and people who amessed great sums of bitcoins willingness to get rid of them en mass without consideration for market dynamics and price stabilization. If all these "cash out only" type of early investors decided to dump all their coins, all it took were a few thousand dedicated believers with a few thousand $ in hand each, to stabilize the BTC price at around $1 (through their dedication serving as decentralized central bank, thus giving them the much argued about lacking fundamental value). If many of them decide to hold onto their bitcoins, the price will automatically increase as less bitcoins remain in circulation (avg price = total systemic value/circulation quantity). Any use of bitcoins beyond those few thousand geeks causes the BTC price to rise and bottom out at way above $1. The more people enter the market, the higher the amount of bitcoins held out of circulation.

The more money is in the hands of the many, the less power single "big player" market participants with the single intend to influence or crash the market possess.

I may not be able to call the bottom of the market, but by not selling my bitcoins I refuse to help lower the price and don't submit to the risk of perhaps failing to jump back on the bandwaggon in time of its inevitably recurrent advance. Thus, holding onto my bitcoins is a viable choice even in the face and expectation of still ongoing price devaluations.
Plus - the more people think and act like me, the less downside risks and incentives to sell in order to buy back at lower prices exists.

This is not a day-trading exchange. Looks like the weekly chart data would better support swing trades, i.e. a trade every few days or so, IMHO.

SJ

Looks like a nice little crash is happening.  Looks like it may only be another dollar, but hey it's something. 

It looks to me like there is a very deliberate attempt to push the prices down.  If whoever is placing these thousand btc asks suddenly cancels there is going to be surge.  For now though I would sit tight and wait for it to drop more.  If you see the big asks get suddenly cancelled then it will be time to buy.

Agreed, I think in time we'll look back and realise that the true damage of the Mt.Gox hack was not so much the bad press, but the fact that for a while afterwards people were trading with zero commissions.

Someone just removed a 20k BTC bid at 14.5.    Sorry it was a display glitch at mtgox live.  Or was it.  confused, it's gone and it happened all at once.

I think this game they have been testing is finally on.

It looks like the buyers on Mt. Gox just put in limit orders and took the day off. The market depth is slowly being eaten up as Bitcoins are sold and buy orders are used up.

I don't think "slowly" is the proper word, it's falling fairly quickly.  If those last few thousand btc buys at 14 get fulfilled prices are going to drop rapidly.  I'm sitting tight waiting to buy.

Could be a sign of new rally brewing up

I think so but it has not started yet, and probably won't while those big asks are out there.  Once it does start though it looks like it is going to gain momentum quickly.

Until it's a banking day in the US it'll be tough for buyers to get more capital into the exchanges via Dwolla or whatever.

Dwolla transfers take 3 days. The delay is so long that you are either in, or out.  Many people have money in already and are just waiting. 

...and the rebound has begun.

how low will it go?

It bottomed @ 14.2. It's rebounding now, however.

A little rally at least.  There is just too many coins on the market between 15 and 16 for it to gain any real traction.

Someone just unloaded a shitload of btc.


I have a feeling if someone unloaded a shitload of dollars, those big btc orders will cancel and move them higher

I think its great the the big early holders are getting rid of their early holdings.. leveling out the playing field.  Better sooner than later. :)

You guys have to realize that large swings are the nature of the bitcoin market right now. The order books aren't deep enough to absorb movement either way, so we have higher volatility as a result.

Like I said elsewhere, you can't expect to stay sane if you obsess over every damn wiggle.

These are not rally's just oscillating attempted corrections after the crash.  Another thing is that only 10k or so coins have been traded in the last couple of hours.  Nobody is unloading a shitload of anything.  

10k in a couple hours * 12 = 120k per day, which is $1.8 million.

I am looking at the next level of support, $13.60, to see if it will be broken today. The next one after that is $10.30.

If volume indicators deem it so, these are my buy-in points.

No.  It means volume spiked a little due to the recent 'crash', the volume over the last 40 minutes is under 500.  Also it means 10k swapped accounts, not that a huge influx of cash came into the market.  Some buy, sell, buyback, etc.  

Yesterday we are sideways all day at $15.50; are we looking at a $14.50 sideways day today?

SJ

Any moment now... ?

Looks like another decent volume dip, right after the 13.0 bids were retracted.

watching this shit is like crack.

Holy! The floats are insane!

3 refreshs 30 seconds interval: 12.6, 13.65, 13.07  :o

Ach, sweet caress of many lulz.

It looks like trades were actually made at 13.75.  Looks like there is some excitement to buy from some eager beaver.   ::)

I had the same thought, that this was an inevitable decline. Over-hyped like a crazy dot.com ipo.

Still there is something there in this unique crypto-currency, a base-line value that will find its real worth in the trading exchange.

And so the question remains..., when to buy in !!!!     :)

mtgox is reporting a lot of hacking attempts. do you think they were successful? I don't see anyone complaining about missing money or btc

Have you noticed that Mt. Gox tends to report problems when the price is going down (and they have to pay out real money), but not when the price is going up?

No.  How long have you been watching the market?  I've been closely watching since early April and I recall several times over the past months that MtGox reported problems (e.g. DDoS, switching servers, etc) that occurred while the price was climbing as fast as it's falling right now.

It's scary to watch the market fall, I have many reasons to believe it will rebound.. but not until fees are reinstated.

People are buying and selling on two markets without any penalty. Even if they profit a penny.

 This is one of the biggest problems, a very bad move - imo

That's arbitrage. In theory, it makes markets more efficient, by reducing the spreads between markets.

Arbitrage in Bitcoin markets is limited by the exchanges' "slow pay" policies. You can't keep moving the same money back and forth between markets, because it takes days to get the cash out of an exchange.

It's not exactly the first time it falls, and the recent fall isn't particularly large. In fact I'd say the rate has been unusually stable and the float unusually low after the fee reduction. I think lower fees is just what Bitcoin needs to become more merchant friendly. The fact that people buy on one exchange and sell on another does not push the price either way, it just makes the price difference between them smaller.

I believe bitcoins will ladder all the way down to about $4 or roughly the amount electricity used to create 1BTC.
I think this will take only a few days now no more 5
which imo is not a bad thing.
Typical monterey price correction. bitcoin charts tells you all you need to know.
Not many miners will let there coins go for less than it cost them to create.
If they do then why bother at all ?
The price was driven on pure speculation.

You should keep in mind that miners are not the only guys selling bitcoins, but maybe some speculators/early adopters with lots of coins decide to sell their coins as well. And remember there are miners with access to "free" (paid by others) electricity. That could easily push the bitcoin exchange rate below electricity costs.

The price of bitcoins:

[ ] Have gone up significantly
[X ] Have gone down significantly
[ ] Have not fluctuated significantly

And I believe the price:

[X ] will continue this behavior
[ ] will not continue this behavior

And therefore one should:

[ ] BUY BUY BUY BUY!!!
[X] SELL SELL SELL!!!
[ ] HOLD HOLD HOLD!!!
[ ] DO THE HOOOOKEY POKEY!!!

I base this opinion on:

[X ] mathemagic
[ ] statistics
[X] correlations between price and a thing which may or may not be causally related to price
[ ] graphs
[X] extrapolations
[X ] current events
[ ] historical events
[X] my incredible insight
[ ] the fact that a pattern like this has occurred before and therefore will occur again
[ ] insider knowledge that a large trade is about to take place
[ ] the fact that I have seen and predicted things correctly before
[ ] Oracle at Delphi
[ ] Magic 8 Ball

[/quote]

You should keep in mind that miners are not the only guys selling bitcoins, but maybe some speculators/early adopters with lots of coins decide to sell their coins as well. And remember there are miners with access to "free" (paid by others) electricity. That could easily push the bitcoin exchange rate below electricity costs.
[/quote]
very good point.

@ tymothy
you do like the copy & paste function don't you ?
Because you keep pasting the same thing in other treads too.

I don't know if it's such a good thing. Now the cheap coins are trickling back to the hoarders again.

Agreed 100%. Not only should Mt. Gox reinstate the trading fees, but they and the other exchanges should raise them to 1%. Without fees, anybody that owns 2000 btc and two accounts on Mt. Gox can do whatever he or she wants with this market.

If it goes that low you will see a lot of people turn their miners off. There are a lot of people active right now that pay more for electricity, so they will be gone. I would also turn my miners off at $4 per btc, since it equals electric, and there's a bit more to running miners. At that price it's not worth it.

This could cause some problems with the network though, difficulty being stuck where it is for quite awhile before an adjustment.

What if someone launches an exchange with no fees that can compete with 'Gox? Will people be crying for people to abandon ship like how it happened when certain pools were close to or above the mystical 50% mark?

The original post was helpful to me. It drew my attention to the weak price behavior at Mt Gox.  I moved my hoarded bitcoins from 12 months of mining over to Mt Gox and sold them in various small lots at about $15.5.  When BTCGuild gets past today's DDoS attack, I'll sell off my recently earned coins too.

It really is more relaxing to be sitting on the sidelines with cash at the exchange watching this downdraft.  As I write this post, Mt Gox has been dropping at the rate of $0.11 per hour for over a day within a channel on the price chart - just broke past $12 to $11.89.

[update] the channel has just been broken on the downside with a quick move down to $11.

Well this is fun.  I learn about bitcoin at 10.50, I get convinced at 12.  I start transferring money at 17, I miss it when it hits 32, I buy it when it hit 21, and it continues to collapse from there.

I think I may have missed the big bubble.  Oh well, I guess I'll hold in good faith.

i think you might even see this hit the bottom in next the 24hrs.

http://www.youtube.com/watch?v=5gqT6En2O78

About to break through 11.  FREEEE FAAAAALLLIN

I learned about it at 5, sold a few whilst mining was good at 5ish, realized it kept going up, so stopped selling.. missed the peak as I was at work, and now can't sell as I'd make a loss on the mining rig...

At the rate it's falling it'll be back to 5 tomorrow.  It was fun whilst it lasted I guess (never invest what you can't afford to lose..)

Nobody called this today, it's in freefall at the moment with a huge order of almost 10,000 coins up around the $10 mark.

Which will disappear as soon as it approaches 10.

purely speculation, but maybe about $5 or $6 will be bottom ?
then buy ?

We're not at the danger stage yet, but we are at danger of getting there.

Learned about it last summer. Did some hobby mining (~10h) but didn't get any BTC. People said it barely paid for electricity. Come back this summer at about ~20. Miss 32 peak waiting for deposit. Cash reaches account at about 20 but this time going down. Made a nice profit taking short term positions. Still some money in coins, but still overall+.
Feelsokpony

EDIT: Tradehill seems to be recovering.

OMFG THE SKY IS FALLING

HIDE YO KIDS 
HIDE YO WIFE
AND HIDE YOUR HUSBAND
CAUSE THEY RAPIN EVRYBODY OUT HERE!

Actually, the 10.8 was predictable using google trends, and I called it late last night.

http://forum.bitcoin.org/index.php?topic=26046.0

Make sure you look at the second page where chodpaba has an excellent statistical analysis. Using his numbers, the latest google trends data gives a price of $10.8

Expect false rallies from the bottom.  You might be tempted to buy too soon.  Back in April before the bitcoin bubble, one could buy a bitcoin for $1 or less.

The bitcoin market, as opposed to the bitcoin economy, must become unloved and neglected - the bottom can be expected to have relatively low volume, an absence of speculators, mostly merchants, customers and miners conducting routine transactions.

i think i will tottally sell in a few hours. already lost 25%...

until you did not sell you lost nothing at all.
i'm using the chance to buy in again. which lowers my avarage btc price.

SHOCK AND AWE
SHOCK AND AWE
SHOCK AND AWE
SHOCK AND AWE
SHOCK AND AWE
SHOCK AND AWE

FUCK I hate mtgox. It lags like hell and then suddenly price has jumped. Itsnt te first time either. FUCK!

I THINK PEOPLE ARE FUCKING UP AND REVERSING THEIR BUY/SELL AMOUNTS  ;D

I guess I should cheer you for paying my wage

i'm buying coins @ $4.50 w\ paypal.  I'll provide 3 forms of photo id + online id + a friendly phone conversation during the transaction.  (no troll)

Why? People can still get out at higher.

i see it just spiked 12.40, i'm at work so i cant see the tickers, someone must have bought a ton haha

dude, it spiked upto $14.00 I had a 7btc trade that sold at $12.99

This may be a bug, but for one refresh cycle at 12:38, the Mt. Gox order book on bitcoincharts looked like this.

http://www.downside.com/image/misc/accumulated_orderbook2011-07-05-1238.png

not a bug... someone bought the whole dayam thing

It was getting exciting at $11 level, please continue

Ok, can someone please explain me WTF IS GOING ON?

http://img708.imageshack.us/img708/7420/immagineag.png

I'm getting sick of this madness, i'm seriously considering to sell all my bitcoins and call me out untill the price chart of the major exchange service doesn't look like white noise anymore.

It's called a free market and an insanely volatile, revolutionary commodity. What exactly did you expect?

Chillax homie.

Madness?

This
is

Mt. Gox!

I feel we're going to pay a pizza ten grands BTC again soon.
Even if it seems that there is much further to drop, I am not selling my BTCs bought at 19.xx USD each for anything less that I paid it  >:(
... even if I will have to wait a couple of years or more to do it.
Definitely I will stop mining if it drops below 10 USD.

And again at 1352:

http://www.downside.com/image/misc/accumulated_orderbook2011-07-05-1352.png

This is continuing. Yet, in the absence of buy-side strength, the price is going up.

Isn't that graph sideways?

 ???

See the thread "Strange stuff MtGox".  Mt. Gox seems to be having yet another downtime/hack/trading halt/screwup/WTF event.

bttt

I personally never said I guessed a crash was likely.  I certainly think it is a possibility...as is the possibility that BTC can inflate into a bubble, or just come to a fair price both or which _could_ be orders of magnitude higher than the maximum I can possibly lose (i.e., 100% of my outlay.)  I simply do not know which direction it will go...and as I said initially, am mysteriously ambivalent about it.

If BTC crashes to the point where I would give up hope of a re-bound, it would not be worth bothering to sell my stash.  If I got a credible early warning of a defect, ya, I probably would liquidate, but I don't see how I (personally) would find myself in that situation.

(Actually, now that I think of it, in some degenerate circumstances, I could lose a bullet-hole-free cranium or a stay in Guantanamo in addition to my outlay of $$$.  I'd liquidate to avoid that to I suppose.)

Time to cash out fellas (if you havent already)..price just dropped to $13.11.

$12 here we come   ;D

http://us.123rf.com/400wm/400/400/ekays/ekays1010/ekays101000002/7896266-a-yellow-sign-with-caution-price-crash.jpg

Everybody with serious investments is watching the US debt deal. No time to play in the Bitcoin sandbox today.

Look how thin the market depth is.  The price is going up and down on dinky trades.

It's been like that since the bots took over.

What do you want, it's an electronic currency, we should be grateful bots even allow us humans play with their currency, too :) But as soon as the ultimate GPU farm is built, we won't be needed anymore.

I'm not saying anything negative about the bots!  If you can't beat em, join em.  I'm on an active hunt for a good bot to play with.  I don't want to start one from scratch.

Bots don't cause thin depth (they prevent it).  Volatility does.

The market was always thin back in April, when days with volume of $100k were unheard of.

Now depth only gets thin on volatile days.

I'm hoping.  What would be really cool is if someone will wipe out Tradehills books and hit some of my absurd bids.  If one of the recent large(ish) scale scammers got in a hurry I could see that happening maybe.  Or just a general panic.

I dunno if I could live this my conscience if I ended up with dirty BTC...well...given the details of how they were acquired, I bet I probably could :)

I'm hoping it drops to at least 5$ (or 2.5$) and then rises to 100-200$ in a couple of months. So I don't have to keep cursing my bad luck for not having heard of this two months earlier (when it rose from ~1$ to 30$)...
 ;D

Yea I agree. Lets have a restart.  ;D

It's sad to see so many greedy fiat monkeys in a project like this.

If price will ever crush to as low as $2.5, why would it ever go back to $100 ?  Just because YOU jump on board with your sorry ass $5000 ??? If it drops to $5 and a bunch of sorry ass monkeys buy in for $5000 each, the 82.8% chances are it will continue to drop and eventually wipe them all out before going anywhere ever.

So you scan the speculation board in search of people to admonish?  Sheesh...what a life.

Or lack thereof...


Well if that stupid expression means what I think it means, 90% people here are greedy fiat monkeys out to earn a buck, and so is whoever created this whole deal (bitcoins that is), because I'm pretty sure it wasn't out of an altruistic desire to help humanity. He/they made a lot more money that any of us is ever likely to. And if it wasn't for greedy fiat monkeys no one would ever have even heard about bitcoins yet as they're probably years away from actually being usefull as a means of payment in commerce.
As for greed I donate blood and money, probably unlike you.

Bought in @ $30 did we?  ;D

I feel like the only tree left standing in the forest is Mt Gox.

This is a big crash & it seems to be gaining momentum. If we don't see a BIG change upward soon we could be going to single digits...

Or the next domino?

Now that would have an impact on the BTC price.  Especially if the coin were lost, and even more especially if they were lost to garden variety miscreant.

This is going to be a loooong painful slide. The order book and market depth speak to this. There's not any support until we hit about $10, and we could probably slide past that.

I'm just glad I didn't go all in with hardware :P I waited for my current mining rig to pay for itself (done) and was going to wait until it made enough money to fund another one 100%, but at this rate, I think I'll just collect as much money as I can as fast as it mines while the prices are still good  :P

The $12.50 was just torn the fuck down.

Yep, dropping fast.

Time to buy guys! Buy low sell high!

Did someone photoshop the penis OUT of this picture?  :P

Broke below 12

This is fun to watch. I usually always sleep through all the action.

The bears have it

Who are the bears in this market?

Is the correct assumption the miners?

I truly don't understand what drives this market other than good news / bad news.

I would agree that the MyBitcoin guy is selling it all...quickly.

Emotion drives price more than anything

Which is what confuses me. I would think BTC would seem like an asset to hold like gold in times when the dollar/euro and global stock exchanges are shaky. There are so few big players in the BTC game I guess it behaves a little differently.

"Looks like I picked the wrong day to quit sniffing glue."

(Actually, so far only one of my low bids have been taken out so far...but the day is yet young.)

Thank heaven for diversity:

http://www.kitco.com/charts/livegold.html

this might help cheer you up: http://www.youtube.com/watch?v=38bEi8wnXJA

Gold doesn't need electricity. BTC is a bi-product of our current Internet reality. If we could figure out a way to run the block-chain without the need of a domestic power source, Bitcoins would double in price tomorrow :). Which is why I purpose everyone donating BTC into a big pot, we get investors & established company's on board. And we blast the block-chain into space using a self sufficient satellite that runs off the sun. That would make bitcoins virtually indestructible to the point where it would take a missile to disrupt the blockchain.

Doesn't this silly idea defeat the purpose of the decentralized part of Bitcoin?

You could hypothetically shoot thousands of satellites into space thus keeping it "decentralized". But the current reality still exists, the biggest centralization to Bitcoins is the energy it takes to power the blockchain itself. And until we can figure out a way for cold fusion to work (free energy), humanity will seek to control, distribute, and regulate this energy thus keeping Bitcoins in a forever incubated state.

EDIT: Or the government can just come out and say that this system is better and wants to see global adoption. That would sort of have the same effect, but for now we have the crazy idea of shooting the satellites up into space, and there are many smart/rich people who CAN make this happen... I know my idea sounds radical but it's the only way we can guarantee that no man can disrupt the blockchain, making the "coins" we hold today, TRUE GOLD...

Gold needs energy to survive.  It takes energy to mine it.  It takes energy to refine it.  It takes energy to transport it.  Even if all the gold was mined, refined, and transported just sitting there, you still need energy to trade it, whether electonically or physically.

Gold needs energy to be excavated from the ground but needs 0 energy to be stored. However to hold Bitcoins you need ENERGY. With no energy the block-chain can't work, thus making your Bitcoins worthless.

When did I say anything about trading?  If you want to compare the "energy" it takes to trade gold in comparison to Bitcoin, gold could be exchanged just as easily. That's why there's something called E-GOLD...

However, you're missing my point, if the blockchain goes bye-bye all your bitcoins automatically become worthless. Sure you can store Bitcoins with the latest blockchain, but they would be rendered useless in a network attack that took us back 2009... The block chain could go bye bye under many different scenarios, and having Bitcoins not on this planet could render those scenarios impossible.

http://www.youtube.com/watch?v=NoBFhdeR9PE&feature=player_detailpage#t=52s

It's over.  Hide your cards, sell your wife.  It's going down like the Titanic or like KFC's stock on a promotional free chicken day.

I'm loving every minute of it!!!!!   :D :D :D :D :D :D :D :D

http://th89.photobucket.com/albums/k222/buonanotte/moving%20stuff/th_icon-real-ohthosemoves.gif

We're all gonna buy die!

Catch them all!

http://img232.imageshack.us/img232/2179/knife4.jpg

oh snap just burst through 11 like a flood.

Waaaaaaay to many people just wanting to get out/protect their cash now...man it takes nerves of steel to hang around...

Buyback in T minus 1000, 999, 998...

Daaaamn!  Someone got my 8-n-change 'absurd' bid on Tradehill just now.  C-mon baby...down to $5 and I'm done.

Well it seems like the fall is over (at least for now) and it's holding a little above 9. I've been expecting the price to fall, actually sooner than this, it's been stagnant for longer then expected.
What's most irritating is that bitcoincharts.com also fell during this fall. And it hasn't gotten up yet !
Also extremely irritating is the fact that there were two peaks when it rose from about 9 to above 11 quickly and then fell back, and I missed both, I looked at the prices just before and just after that (I went to the bathroom and did some other stuff in between), so I missed an incredible chance for making money !


She must be saying : Wow, it's that long !? :o


ROTLFMAO !  ;D

I think that quick spike had some serious bot action :).

LMFAO

Those pics fit perfectly together Xp

Yeah, I thought the same thing when I saw my post... She's gonna BLOW...  ;D ;D ;D

But I dont see it as bad as it is.. 2nd chance to be an early adopter ^^

Only if it rises to dozens of $ value for the 2nd time !

Today reminds me of this.

http://www.youtube.com/watch?v=rZXze53fpPI (http://www.youtube.com/watch?v=rZXze53fpPI)

fuck it, i'm gonna get back in, $6 was always my target bottoming out anyway

Solid technicals.Congrats  8)

lol

That stupid bot is still buying up orders, how much money does that bot have?!?!

Some of the most blatant bot bids are the 0.08 asks.


Mt Gox doesn't allow you to input a sell order for less than 0.1

right for the night anyway :)

Yeah but I doubt we've reached midterm bottom yet... But who can tell really with things this crazy...
All I know is I could have made 50% on my investment in the last 3 days had I known exactly when these 2 big growths were going to occure (not even counting the several ultra-short spikes !) and instead I lost 12% !
I wish I had a bitcoin market chart from the year 2012. !  :(

what goes up...











































must come down.

SS Bitcoin  >:(

This is brutal. Who are these dumbos placing big orders just to watch them fall?

Its the guys from wall street. Think about it. That makes more sense than it first appears.

Don't kid yourself. Noone "from Wall Street" has anything to gain from such a shallow, small market. If they are here, its probably to get a sense of power from manipulating the market, not make money.

Yeah think about it, one millionaire could really screw with the market just for to rub his rocks off if he wanted to.

I feel dirty watching all this bot masturbation.

The bot is playing with himself. 80% of those bids you see between the swings are bot bids.

pretty sure he did that already back when the market went to $30.

Seeing as you completely missed my quip I'll explain it to you.

See the guys on Wall street are obvious knob jockeys which is why their financial system is so screwed up.

So..what I was saying was (tongue in cheek) in response to GeniuSxBoY's remark about how stupid the bots trading seems to be, is 'its the boys from wall street with their ass-about losing-money-hand-over-fist trading system'.

Let me know if you still dont understand..

I get it now. I had read somewhere about folks actually thinking the wall-street guys were involved in Bitcoin and thought you were serious. :)

Where did you get the picture of the old guy and the laptop. It creeps me out every time i see it.

It was a random pic I found on the net. And the only people that have commented on it so far (besides you) said they found it amusing. Guess it goes to show we're all different..  

When the gloryhole  (http://www.youtube.com/watch?v=W_fSc3uuaxU) is occupied he logs on chatroulette while laying naked on the grass.

Here we goooooo

^


http://ts4.mm.bing.net/images/thumbnail.aspx?q=1078001866491&id=f1031e65f23e64f3ac8e9ac8e400b3e1

someone needed cash quick, no crash =)

http://ts1.mm.bing.net/images/thumbnail.aspx?q=1188294963540&id=e92ed6b81f3a96d3aa2422a837a5241f



HOLD IT!!! BUY BUY BUY!!!

Yeah, lone big seller. BUY BUY BUY!

http://ts3.mm.bing.net/images/thumbnail.aspx?q=1177213088174&id=dd168aa34d734b4afda40b7ed8ecc37d



BUY! SELL! BUY! SELL!!!!

hmm 10~10.5 maybe?

This week should be full of action

ED (http://encyclopediadramatica.ch/Bitcoin) needs someone to add these memes.

• SELL! SELL! SELL!
• BUY! BUY! BUY!
• RALLY!
• CRASH!

Oh, didn't know there was such article!  :D

25% drop in value over 2 days...miners closing down in 3...2...1...  ;D

Wow, what took this thread so long to bubble back up here?

Looking at MtGox Live, I've never seen asks and bids so lopsided before.  Looking at the number of bids we should have a very firm floor to not go below $6.  Asks have retreated to a fraction of bids.

Interesting times.  Eating popcorn and watching the action.

Nope volume is still too low if you take previous selloffs into consideration. We are about 13k now and it has to go above 20k to end.

Remember when we rallied when bids were a tiny fraction of asks?  It's like that.  The order book is not to be trusted.

Alright.  I've just seen the reason why bitcoins are crashing:

http://www.kitco.com/

Swiss Franc
-8.65%    09/06-08:28    0.8551    1.1695    

The Swiss are dumping their currency, and in a panic are dumping their bitcoins too.

 ;)

These low numbers are making me want to buy Bitcoin when I do not have extra money to invest.  Holy fuck I had a joke order on Tradehill for like six bucks something a while ago, I never dreamed the day it would go through :)

Ok, I trust you are buying massive amounts of coins now then. right? RIGHT!?