Bitcoin Forum

Once again the market (the direct buyer) are feeding the mining sector of the Bitcoin economy. And once again Bitcoins are overvalued. The market gives you the chance to sell on high levels. Take the chance.

You sold out at 7 it seems? :) Lol. We'll see much more topics like this in the months to come.

I have never bought any Bitcoins, ever. I have a mining rig. I would like to short sell it, but I cant.

I'd like it to move to below $1 to have rookie miners get out of the game, unfortunately that is hardly possible :( Maybe $5 would be enough to filter out the weak, but I see that everybody who wanted to sell - sold already.

I don't think we will be seeing 5 :). Miners rather hold their coins... You see trading today? There was some real resiliency to sell coins by the miners. A crash coulda easily happened today if everyone would have panicked. But everyone knows what this is worth. Lets not loose our heads people we are CLOSE!

Any bounce back from lows (sub $6) to highs (anything over $8) is likely to get the sellers active again.  There's over 20% in gains to be made in under a day.  Not selling now and waiting for the next lows next weekend would be leaving free money on the table.

I believe you. Sold the few I got in my messed-up day-trading tonight around 8.5.

Man, I wasn't good in this spike. The 28k unlimited sale was just not something I considered likely enough, it messed up my day-trading. I barely broke even, made a hundred dollars or something... should've just gone to sleep.

But yea, had I not messed up, I'd be selling right now, down to a price of 7.7 or so... lol, look at the depth. The price would *be* 7.7 now if I still had some. These buy-orders are really thin, I wonder where the panic went.

Whoever it was ran out of stolen coins and the price will go back to where it was. No biggie.

You talk as if people who steal coins are significantly worse at trading than the average person here. I don't think so. Stolen or not, this was a panic sale, and the conspiracy theories are mostly bait, manipulation or urban legends.

Traders have no interest in clarifying false beliefs. If you think about it, you'll see that the stolen coins were probably sold *before* it became obvious they were stolen. Why would mybitcoin sell AFTER everybody tries to track their coins?

Also, this is a financial crash's bust pattern. Why would a sell-off from one or two thieves cause fancy spikes and saw-teeth?

I think people who blame stolen bitcoins or a guy running bots for the falling value are clutching at some very short straws.

17,000 bitcoins were allegedly stolen (mybitcoin says everything is back, btw), and that's meant to cause a crash in a market of almost 7 million?  It doesn't seem very logical.

One guy running bots to corner the market?  Maybe if he has several hundred thousand bitcoins to play with, otherwise that doesn't make sense either.

The only logical reasons for the falling value are the current state of the world economy (can't pay investment losses or taxes in bitcoins), panic (price is falling, which makes others sell before it hits zero), and the usefulness of bitcoins in the real world (currently, not very useful).

Sometimes a cigar is just a cigar.

I have like $1000 in tradehill and I'm thinking i will have to move to mt. gox.  Instead of figuring out a way to withdraw, I think I will just have to buy coins and transfer them over.  I like tradehill, but its very hard to catch fast dips cause they lag behind and the volume is not very volumptious.

 ::) ;D

I think you've accidentally found a use for bitcoins: moving money around the world fast!