Bitcoin Forum

$12 down to $10!!!!


Oh noooossss!!!!

it was at 7 and change and bounces to 10 then 12 then back to ten area and you call this a crash?

The sky is falling!!!

Sell your mining machines!

This stuff again?

Please sell, my standing buy order at $6 never got filled, crap...

think a  "CHAOS!!!!" thread might be better

*bump*

This isn't a crash, though it does look like we're going to go down more today - maybe settle in the 8s somewhere.  Who knows.

Here we go  ;D

Looks like the dumper is back.

seems like someone is dumping and another is buying who will win

I'm buying all the way down little by little.  I think these are great prices with the conference coming up.  Gonna be lots of media coverage and goodness.

bulls winning .. urmm maybe not

seems like unusual high activity or is it just me ?

Wonder if it'll celing back at 10.1?

Looked like two bots fighting each other.

I was about to put in an ask at 9.5 and a bid at 9.8 and have them keep bouncing back and forth but they stopped their battle.

i dont think bots can trade in that much volume can they ?

yeah like this volatility! come to me cheap bitcoins! ;D

Today's bout:

Round 1 to the dumpers

Round 2; Pumpers

Round 3; dumpers

Wonder how many rounds they will duke it out today?

think all bots are poor? =)

*quietly waits for the next round*

Wow, dumpers are not finished with round 3 yet!

Is the winner decided by number of rounds won, the closing price, or some combination of the two?

Definitely the closing price.

I'd propose whatever the level is when they both start gasping for air. Above 10.1 is pumpers, below 10 is dumpers, in between is a draw. 8^)

How long until we hit 6 again?

At the rate its dropping I'd say oh in about 3 minutes....  ;D

That doesn't seem like a winning strategy.

You may be right. if the dumpers have about another 8-10 rounds in them they might make it down there.

But it looks like there are enough pumpers to slow them down for now.

I wonder if the person that broke into mybitcoin is cashing out in waves? There is a lot of volume lately, and it is all sell, at whatever price. Kind of strange. I think he sells like a maniac, then waits one or two days for the market to recover its natural price level, and then he goes at it again.

In my opinion, no further crash attempts should be made before the conference.  Greedy, ignorant fools.

.
Ha I was thinking more like a couple days but that woldnt surprise me either

My order is still there waiting on when it makes it back to 6. I moved it around a bit but I'm not coming in over 7 until I see a stronger upside trend. Plus with the way the stock market is acting it's all I can do to keep track of those wild swings and still work a job.

around 10k BTC exchanged hands in past few minutes  taking bitcoin from 9.7 to 9

Yep, couple of quick jabs then a huge body blow.

Ah, but here comes the Pumper swinging right back. lol

I'm loving this crap, but I gotta go to bed someday!

If you were trying to offload tens to hundreds of thousands of bitcoins would you not be doing exactly that?  Heck, it may not even be the thief.  Maybe an early adopter lost his job and is thinking a few hundred thousand dollars in hand and a fed&secure family beats potential billions in the future.

If you have a monstrous pile of coins to offload you'd want to add up the bids until they total a reasonable amount over a minimum you're willing to take then take an instant dump on them.  Wait for fresh money to be added by bargain hunters, repeat.

Which is exactly why I think the money that's being extracted right now will NOT be coming back to push prices higher in the future.

Well some money may definitely go out but for every seller there is a buyer, so this so-called early adopter -- who is panicking and his bitcoins were generated in the basement so worth nothing to him -- just exchanged bitcoins to a mister "rich second wave adopter", who now have paid his own money for it and won't just cash out at any price, and also knows a thing or two about markets. So, all in all, Bitcoin marketplace just became healthier with noobs out, pros in.

bump

What is going on with the price lately?

 ;) :D  ;D

http://i5.imageban.ru/out/2012/12/16/2fbdf3dab976880ac7c0f46fdc3f91c1.jpg (http://imageban.ru)

Nice pic.

+ 1  That's so cool.  I've got to do that tomorrow to show my nephews :)  Thank you!

1 btc == 13.37 USD
 ;D ;) :D

+1 to balance.

and an extra lol @ wildfires.

Lol, please make a pic and post it here!  ;D

pump & dump (TM) ;D

Ok, I still have no proof to offer and it took me ages to get around to it but I can tell you it does work!

I couldn't find a hammer so I tied a weight to a bar.  Providing the centre of gravity is beneath the table it won't fall :)

It really looks like it shouldn't work which is what makes it such a great illustration of centre of gravity.  This is why I will over the holidays get the proper kit together to show my nephews.

Actually, to increase the chances of it being a more fun and better lesson I'll make sure the string loop is the right length first then give them the hammer, ruler and string and starting with the youngsters, see if they can figure out for themselves how to hang the hammer from the ruler whilst the ruler is on the table  - no hands :)  My dad will probably work it out in his head whilst others are experimenting but it'll be interesting to see if anyone else will.

Well, I loved physics when i went to school. But that's a few years ago. Looking at the picture, my first thought is that the whole structure would fall off the table. The only thing I thought of was that the weight beneath the ruler would make it so that everything would fall down. However, as the previous post stated, as long as the center of gravity is beneath the table, there will be upwards pressure from the shaft of the hammer, this will effectuate a upward force upon the ruler, and placed correctly, it will balance, like in the picture.

Honestly, I thought the picture was a hoax in the beginning, but when I tried it out for real, I could see how it worked, and I could feel the upward force. No pic needed for proof, as anyone who doesn't believe us, can try for themselves.

It's just physics at play, but a pretty neat trick to show off!

Cool, you just convinced me!

Wayyyy easier than it looks. Worked 1st time for me.

https://dl.dropbox.com/u/12679676/pichost/hammer44gdrv.JPG

edit: took another one with bitcoins, gold and paper along with luigi

https://dl.dropbox.com/u/12679676/pichost/hammer56aprf.JPG

Haha. Nice. If I owned some BTC I would tip you for that. :D

CRASH!!!! just became PHYSICS!!!!

Tee hee :D Thanks for that.

Ahem, yes, apologies - I am partially responsible for derailing this thread.

OK, now where were we?

...

Oh yes, a way in which these pictures can relate to the crash (or lack thereof) of the Bitcoin market is:

As much as it looks like the hammer should come crashing to the ground it is quite happy just to sit there!  As much as Bitcoin's price being as high as it is may look like an illusion in that it is 'denying gravity and 'shouldn't' stay there' it also 'just sits there'*.

Of course the difference is there is no direct equivalent of the simple laws of physics that apply to the hammer upon which we can rely to ensure this situation continues for Bitcoin.  The Bitcoin market is 'messier' in that it is the aggregate of the beliefs and decisions of everybody participating in the process.  But the beauty of the Bitcoin market is that it represents the aggregate of the beliefs and decisions of everybody participating in the process ;)

* ...well it hasn't crashed yet (in 2012)

merry christmas to all, and to bitcoin's value, goodnight.

i'm targeting $12.50 before a bullish correction to $12.85 and then only down from there...

short term targets: $13.00, $13.10, $12.85, in order

I wonder what kind of pressure is on the table from the ruler; very interesting

straight down from the point of contact, otherwise it would move.

at how many lbs of pressure :P

the combined weight of hammer ruler and string. The area of contact between ruler and table is small. so the pressure in PSI is high, maybe 100-200 PSI.

physics student here, hoping to demystify what's going on in this cool demo:

http://s8.postimage.org/z0l45hawl/hammertrickexplained.png

forces on the ruler are in red, torques on the ruler are in blue.

for simplicity the forces and torques on the hammer are omitted.

the force of tension from the weight of the hammer through the string (Ft) exerted on the ruler is balanced by the normal force up from the table (Fn). normal force is the force exerted, for instance, on your hand when you press on a solid, which prevents you from compressing the material as you would a semi-solid like clay. forces are equal and opposite. no problem here.

however, what's more interesting is the the ruler doesn't rotate; it won't flip off the table. rotational motion is caused by TORQUES, which is a force at a distance from a point of rotation. what's cool about torques is that T = F * r or that a small force at a large distance away from the center of rotation (utilising a large lever arm) exerts the same amount of torque as a large force closer to the point of rotation. think how crowbars work. in this example, the center of rotation or pivot point is the point where the ruler rests on the edge of the table.

for no rotation to occur, torques must also be equal and opposite. the weight of the hammer is providing a large force close to the pivot point, but only provides a small amount of torque. this torque is clockwise from our reference point because the applied force is down. the handle of the hammer is actually causing an upward force at an angle theta with respect to the ruler, which exerts a smaller force at a right angle with the ruler, upward. this smaller force at a longer distance in the opposite direction supplies to equal and opposite torque, so the system remains in equilibrium.

physics is pretty sweet 8)

due to recent buying pressure, we may see a small upswing before the plummet, but it will be a bull trap. no higher than $13.75, and then the above targets.

link to previous right predictions please

above is a validated prediction. breakout but only to $13.67.

$13.00 here we come!

FOR CHAOS! BLOOD FOR THE BLOOD GOD!http://images3.wikia.nocookie.net/__cb20110716020417/warhammer40k/images/5/5a/Star_of_Chaos.jpg

due to the strong support forming around $13.20 (approx 4k btc) i have made the bolded amendment in targets as i suspect this is where the resistance will form.

as we just witnessed a dump (L: $13.30) immediately following the bulltrap up to $13.67, we are staying on track. next movement will break through the support at $13.20 and bounce off of $13.00, then following the aforementioned targets.

---

the only reason i am bothering with this short-term stuff is i believe the upcoming movements are serious and will precipitate a true mid-term downtrend that will break us out of the price channels we've been in for the last 2 months. if you are also following lucif's thread, he seems to be reading the charts the same way.

BLOOD! BLOOD! AHHAHHHAHAHAHHHAHAHAHAHHHHAHHHAHHAHAHAHAHHAHAHAAHHAHAHAHAHAHHAHAHAHHAHAHAHAHAHA HAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Be careful not to overpay for your bitcoins in the medium term (few months).

im not sure what you're implying...

are you saying that the predicted downtrend will not bottom out in the mid-term? i'm not sure anyone can say with confidence that we may be looking at a downtrend in the long-term, bitcoin has been historically bullish.

That does not mean the price can only go up.

yes, but what evidence is there for a long-term downtrend? my analysis of the market data shows ambivalence in the long-term, but moderately to extremely overbought in the short- and midterm. i also think the lack of a stable short-selling platform like bitcoinica has been and will continue to be an issue for bears.

If you can read I said MEDIUM TERM not LONG TERM. Keep up ok? Thanks lol

i'm keeping up. by the above i assumed you meant that they would REMAIN overpriced THROUGHOUT THE DURATION OF the mid-term. naturally meaning that we would still have a ways down to go in the long-term. sorry for the confusion. maybe if you posted actual analytic replies and not just cryptic hints we'd get somewhere.

if you remember, my very first response was a request for clarification.

it would be natural adjustment as per market requirements

your specificity is incredible. pronouns without referents, even. well done.

Nooo no chaos yet I need my popcorn

Please explain to me the figurative meaning of the word. Unfortunately, I'm doing a lot less reading (interpretation) of the Thread. If you want to know my next steps (in the chaos) - I will continue to move the price up. I want to overcome the strong upward peak (spike) the resistance of 15 than there .. (as will be the right moment) Thank you.

Naimaonline

LOL ur keeping up yet you keep referring to longer-term when i said medium-term.

But okay lol

you've got to be trolling me. maybe i'll just ignore you; that seems to be a very popular forum solution for your (seemingly intentional) less-than-helpful posts.

 :-* please do. That's the whole point...to turn you into a pussy lol.

as much power as you may think you have, my clicking of your orange button fails to transform me either into a cat or a vagina.

did everyone see the 4k btc bid wall @ $13.40 eaten up within a half hour? we're looking to freefall any day now...

oh how times change.  :D :D :D

times are a continuin

someone needs to delete this thread.

noooo!

keep it, it's a good reminder :D

Didn't quite work out as intended :) or maybe misplaced dot. "short term targets: $130.0, $131.0, $128.5, in order"

I recall that I originally posted this because it had gone from $7 to $12 quickly (a 70% increase). Then settled back down to $10.

Then after that all hell broke loose and it was every man for himself trying to pick away at any gains they could muster.

A similar increase today would push the price up to $270 and back down to $225. It would be pure chaos.

$174 at GOX.  Banks must be opening somewhere.... gonna be a interesting week.