Bitcoin Forum

LOL I know its a bit late....tsk tsk tsk

But who did?... :D

I bought at exactly $100... :) Almost freaked me out though when we were into the $80s... :\

Im sure a lot of members here took losses, but I really doubt anyone did something as bad as sell in to the bottom.

I'm scared. The chart right now of the past 2 days looks exactly like a small inverted silkroad crash. And soon we might be asking "so who bought at 163"?

Quoted for future reference.

On the contrary.

Did you see that enormous volume spike? 

This ^

Someone sold a ton of coins waaay... down there.

What do you mean? Of course someone did, I just cant imagine anyone on these forums did..

And that is who this is directed to, of course.

some did sell at the bottom. but i seriously doubt they didn't get back in at 90 or 100. if those people all sold and stayed out, who knows what might have happened. btc took that crash like it was nothing.

Nope not that i have much anyhow  :)

My panic sell wasn't in the SR "crash" but in the April crash. Man I've learned the lesson :P.

I was out when I heard the news. Couldn't get my coins to the exchange in time, so I missed the dip. Sold on the rebound at $100 on BTC-e expecting another drop. FML.  >:(

Hopefully I'll now be mocked and berated by Smoothie as a reminder never to sell any coins ever again.

I bought below $100. In the $80s. It was great.

I didn't sell, but I also thought the exchange rate could go quite a bit lower, especially on BTC-E, where I trade, since there is shallow market depth. Only had 1/5 bids fill. Oh well, better than nothing.  :)

Weak-minds.

I've deliberately made my cold storage time consuming and laborious to access. I couldn't sell that quickly even if I wanted to. Which I didn't.

How could you possibly know which part of BTC price is linked to SR -> how could you predict where price will go? Thanks god I wasn't here where that happened.

I sold 10 coins at 122 then got back in at 115. Small profit but I am pretty proud of myself, first time playing the market. Normally I just buy and hold.

People moan about gox (and other exchanges) but if it was easier to sell and get out of bitcoin a lot more people would've panicked and left. What kept them in was it was just too difficult to get out. It's part of the problem of there being too many hurdles for noobs to get in but kind of inverted.

Bought in at $69-$80 - wish I had bought more and would've had I not needed to jump through so many hoops.

I sold on a down trend crashing btc-e from 115-95 in seconds... bought back between 78-85, great rush trading..... reminded me a lot of how I use to spend my days....

The drop cause me to go all in ( had bids for all-in at the slightest drop ) , i saw my orders fill, then i saw the news, and i thought, " fuck! ...i'll hold and come back in 2 weeks... "

sure enoght bitcoin went back up, i sold, and i'm still not a millionaire  :'(

Can't say who sold under $100, but I can tell you at least one person who was pleasantly surprised to see their $95 bid filled.

<--------------

I sold at 126 BitstampUSD and bought back at 118 ::)  really did not expect such impact of SR news

i unfortunatly didn't get to buy while it was low :( i was at work and when i got home it had already recovered :(

I was on btce at the time, and saw the dip without knowing  the full extent of the news. I bought at 120, then 115, then all in at 110. Then it went towards 75 and I started shitting myself and swearing I was done with crypto.

Nonetheless I headed to bit stamp where I had an equal stock of fiat  waiting. I placed a bid at 100.  Btc went below 100 but my bid never filled. After 5 minutes btc was 95- and my bid still wasn't filled. Praise the lord i thought and I rushed in to cancel and adjust.  Btc was now 90. I analyzed the walls and knew this was ending soon. Right when btc was 85 and there was a small wall left  I placed a bid at 86. It never filled.... btc shot up and next thing I know I'm looking at 125...

So a combination of lag and greed caused me to not get single coin there. :(

Strange, how can price be below your bid without it being filled?

All my bids down to $90 were filled on bitstamp, but I did place them when price was still higher.

At one point though somebody had placed sell order of hundreds or thousands of btc at $89 but price was still above $100 but this $89 showed in order book as lowest ask, while there were still many bids above $100. So I cancelled a bid around $100 and replaced it at $90. It worked and got filled. :)

I think the large $89 ask was being executed slowly and did not touch my $100 bid yet. And my cancellation got prioritized over it?

Also had similiar problems with Bitstamp. The pressure on the website was so big, that some of my orders didn't go through, but some did, so I made a nice buck buying at 90 something.

I think it's because bitstamp's order execution is not atomic, unlike gox and btce. On gox and btce, orders are instantly executed against any available opposing orders BEFORE the remainder appears on the book. However, notice on bitstamp how you can see crossed orders on the book before they execute - you are seeing the trader's original order on the book first and THEN it gets executed later by some algorithm (fifo?). Also the execution is arbitrarily marked as a buy or a sell which is why you see red/green mixed up on services. It is not atomic. So during the crash even though you saw a 90 ask, it wasn't really available because there was a huge line of people ahead of you waiting to execute against it. And I could also see executions of 95 and 105 being mixed together in the tape.

For the worlds new btc market leader, their trading engine sure needs a lot of work. Also the UI could be improved and made more robust for traders.

I stopped using Bitstamp for reasons I think are related to this. During flash crashes I had limit orders on the bid side set on multiple occasions -- the exchange rate declined right past by bids, recovered, and my bids were never filled. So aggravating. Never, ever using Bitstamp again.

+1

If volume continues to pick up, everyone cheering for stamp will switch to complaining.

Well, most of us have known for a while that all big exchanges suck in one way or another... Currently BitStamp just sucks least because their money transfers essentially work well which on Gox has reached a high level of notoriety.

Anyway, interesting to read about these issues... I seem to remember seeing something like the mixed up trades under high load before, but never experienced any problems from it myself.

Gox' trading engine certainly has the reputation of being slow (stamp to my personal impression just slightly less), but at least their trade execution seemed to be ok.

Let's see what happens when Gox gets their new trade engine... well I suppose nobody really cares as long as they don't solve their withdrawal issues...

I think only litecoin traders care about midas.

Now way, i buy coins from my last job payment.
Made a 1000 euro bucks in 10 days!


Now we still need a rise in price for litecoins!

Mobile Phone dude!

Same here, I didn't have money at exchange at that moment, and when my deposit finally arrived, it all recovered

I held all below 100 and below 80 because i dint noticed about the crash until like 6 hours after when the price was back to 105, so i dint make any change in my btc balance.   :)
You dont think about shorting btc when you see a so fast recovery

Congrats to those who had their bids filled. I think that was the last drop below $100.

Time will tell.

I bought less than one BTC at about $100.  Nothing exciting.   No money to spend.  I wish I had more to invest but that is the way it goes.

Maybe not a bear market to below $100, but after the SR incident I am convinced that anything is possible during a flashcrash with the right mix of panic and idiot market dumpers, especially with these thin books. After all there is only 20K btc bids on the entire book at Bitstamp (the market leader). Just 8K would take us to 100 right now. Gox used to have those kinds of dumps all the time like they were nothing.  Gox had 20-50k dumps even.

Even during the crash, the ask volume did not increase that much, this indicated that bitcoin has been widely distributed since last crash and now not so many people have large amount of coin or have the willing to sell

http://blockchained.com/depth_mtgox.png

Yeah good point.

Say goodbye.

I panic sold at $98 in bitstamp, I watched the price drop till 85 I didn't want to buy back there, I thought the price will drop even more, I went outside to smoke a cigaret when I went back price was rising around 96-97 $, I didn't want to buy, after 10 min it went up to 120$ and dropped back to 105$ and I still didn't buy, I thought maybe this is just the start, the price start climbing back, just then I knew I fucked up, I waited a couple of days to see price just going up, so I decided to buy LTC instead. I went all in LTC.


well even Litecoin isn't doing good, long story short, I lost a total of 20 BTC......

Props for having courage to admit to failed trades.

Ouch.. that must have hurt quite a bit. But this is bitcoin, if you're able to learn from this experience you will get a chance to make up your losses and more. Just stay away from the altcoins unless you know what you're doing. :P

I'm sorry for your loss. :(

Don't think Litecoin was a good decision though. Risk/reward much lower than bitcoin.

I get the impression you still try to escape/makeup the loss, instead of accepting it, hence another poor decision.

Also, I think all-in can almost never be justified unless the market is at extremes, which clearly is not the case for Litecoin valuation.

Indeed great you recognize your mistake. Many don't do that so you are ahead.

Next step is not to take investment decisions with your emotions but instead ask questions 'what if it goes up from here, am I good?' 'what if it goes down from here, am I good too?', 'what are the chances that it goes up, what are the chances that it goes down?' etc. Try to listen to all your parts, the fearful and greedy, do not let one part of you take you over but hear them out, negotiate with them and take a decision that all your parts agree with and you will make much wiser decisions.  

This speculation board is full of hypers and spammers that try to drag you into the market mood, often with 'hero member' status, watch out for them (https://bitcointalk.org/index.php?topic=276773.0).

I do not listen to trolls and speculators, I usually try to analyze data, fellow the market and base my buy/sell decisions on predicted news or analyzes, though the Silk road news was something different, for a moment I didn't understand what was going on, I tired to read the news and decide what to do, but price kept dropping down before I got my shit together, this is why I panic sold out.... sadly after I sold all my BTC, I was sitting and reading what was the SR news all about, so I decided to buy back but at lower price to make some profit out of the situation..... and you know the rest of the story.

I witnessed few crashes, and we usually took some time to recover, but the last crash was unpredicted, zthe price recovered so fast, that it amazed me.

my decision about Litecoin was taking a great risk that might bring a great reward, the thing about LTC is that all traders on BTC-e are just jumping from one to another coin, as soon as BTC start rising they dump LTC and buy BTC, as soon as LTC start rising the dump BTC and buy LTC and all over again.

in all different situation i have been at, I found that buying BTC and holding it no matter what is the best thing you can do.

Bearish indicator

Only if you think that the posts on speculation forums matter. ^^

Single posts, no.  But when there is a clear bias of opinion shared by most posters...

It's a great lagging indicator, it shows you what people have done.
After they've bought they will post here that they think Bitcoin will go up and when they have sold they will post here why they think it will go down.
It's usually more effective to look at the charts and news though ^^
Maybe it can be helpful when the influence of things are discussed that haven't happened yet, but I also remember a lot of posts claiming that the end of SR would be dramatic for Bitcoin.

Unless you have a bot that can read the news and trade, you will not react quick enough for that to be useful.  Knowing what people have done is the basis for why you look at charts.  The market eats overconfident positions.

This is pretty much a single post and its smoothie so it doesnt count.

It doesn't ? ;)

I'm no financial genius, but try doing the opposite of what others are doing. I make the most money buying when everyone is selling and spending when everyone else is buying. 

i admit it. i sold into that crash. fml, right? i had to be in front of the computer at exactly the time it happened. again, f m l

I'm NOT destroying my Bitcoins. Fancy doing the opposite of that?

fml, for not buying at 85 when I had the chance.

Buying at $88 was a GREAT IDEA!

It was not even a conscious decision. I just had buy orders sitting around that I forgot about.

Certainly none of us Keynesians sold.  The severe decrease in velocity was bound to explode the price. (*)

* Actually, this is more or less a complete troll.  I only thought of it yesterday, and don't even know if the relationship between currency value and velocity is Keynesian, universal, or even valid or what.  Sounds good though.

A keynesian even owning bitcoins in the first place is paradoxical.

Still, I occasionally see someone arguing for or excusing keynesian policies on bitcointalk forums of all places. What are people smoking these days?

Smugly bought more cheap coins yum yum

I didn't really have the fiat lying around to pick up cheap coins, which I obviously regretted. I missed the $85 price that I wanted, but would have bought at $105 if I had the fiat in a bank account. Relating back to the current price run up, I've sold some coins at $150 and $166 looking to buy back after a price correction over the next week. We'll see.

I don't care about Gox, what was the Bitstamp high?

To me Gox is just its own entity of paper trading. The lack of USD liquidity for Gox customers has not been resolved, and so it's just a sinkhole of value IMO.

The volume indicates there are either fools with lots of money still trading, or a few big fish who have made private arrangements with gox for withdrawals.  I'd bet on the latter.

Those that sell below $100 would rage quit and never to enter any bitcoin forum again.

Yep, same

I dunno.  I'm as much a Keynesian as anything else I recon, and I own a fair amount of BTC.

I've always felt that something like PM's and Bitcoin are 'barbourous' in terms of their utility in a functional society of any magnitude.  Frankly speaking, most people are losers who kinda need a 'distribution of wealth' in order to avoid abject poverty.  In a system which operated on a foundation of something solid (and I consider PM's and Bitcoin to be interchangeable in this respect) society would very quickly devolve into a systems of fiefdoms with 'strongmen' controlling as much turf as their cunning allowed.

I don't wish to live in a society as described above which is why I favor more modern forms of monetary systems.  OTOH, our current system in the West is on the brink of a breakdown, and in the US at least, it is failing to achieve the kind of wealth distribution needed to sustain the kind of society I'd prefer to live in.  Thus, I look out for my own ass first.  And thus I dabble in Bitcoin other value stores which have limited counter-party risk.