Bitcoin Forum

Unless it's a trap, the price should go up. No?

Looking at Mt.Gox. And just bought all in. :)

it's been like that few days. btw, we don't see complete picture at any given time, there could be and probably is a whole bunch of asks above 12.77

I seriously  think people are bidding on stale prices. If you hit go to the trade page and it takes you a few seconds to decide what you want to do , the price gets stale. That's why I think you have all these instantaneous reversals.

This weekend, unusually, somebody put in more money. The buy-side trade depth is way up to 60,000 BTC, or about US$600,000. Did somebody finally figure out a way to get cash into Mt. Gox on weekends? Previously, we've seen the buy side slowly run down over the weekend as the cash runs out.

Nagle, can I suggest an idea that not all cash sits in bids? Some people set bids when they actually do want to buy. That may happen to be a weekend, if the trend change is becoming apparent.

+1  I almost never leave standing bids. My cash sits at the exchange until I want to buy, then I buy. I imagine many people never hold standing bids and thus the true bid depth on both buy and sell side is very tenuous.

Don't leave sizable cash in the "exchanges" for longer than you have to. They're all too flaky to use as banks. It's still not clear that Mt. Gox has enough cash to pay off all their accounts. Without an outside audit...

talk about US national debt and other domestic deficits

Hmmm so the big boys had to go out for a meal and the rally took a pause. Tut, tut, tut what's going to happen when they come back?

Me thinks they're gonna say yummy cheapo coins particularly with the conference and decent technical analysis backing this  ;D

But then again I could be wrong  ???

I'm holding on to my current batch of mined coins until sometime after the conference.  With several major news publications sending staff there, I imagine Bitcoin getting some good press (for once) and maybe a decent rally.

+1

Then again, if we're all holding until after the conference, we might see a crash right afterward as we all try to sell.  :P

Catch 22...

Does anyone know if you need the money on mt. gox to place bid order quantity? Like if someone placed a 10K bid at 10, would he need all that money on hand at mt gox to place it?

if you have tinfoil hat on, then you don't need all that money to place such an order

Yes.. you need the money on hand for it to show up in the bid list.
mtgox lets you place an order without the covering funds - but these orders don't become active/visible until the covering funds materialize from a sale or deposit.

Buy the rumour, sell the news..

On the other hand, positive attention goes a long way with BTC. Add to that the price per coin is practically meaningless for trade as long as its pegged to USD, and youre left with - a rally of new interest! The sole fundamentals BTC have are the price miners are willing to take, and the price-volume hoarders/earlybirds can take advantage of. A low volume rally is best for miners, high volume for hoarders.

So what we need is more, gradual interest and adoption. News rallies cannot last.

Since you're a smart guy, but didn't get this, I'll help you out a bit:

The answer is an astounding yes. The method is simple. It's the Yakuza that's wheelbarring the Yen into mtGox offices,
and to add the obvious punch line in true Charlie Sheen style; DOH!