Bitcoin Forum

is the bubble bursting? i have sold my btc. have you?

6$, srsly? eh
nope

no sold at 8.5

Nope. Holding, and will buy more if I get some more funds.

Bubble is bursting.  It's going to be tricky getting support if people don't have cash at mtgox.  It takes a few days to get there, but if anyone wants to panic sell, it's super easy to get bitcoins there quickly.

If this drop continues any more, it will be interesting seeing the fortitude of the big holders to see if they unload or if they hold through a potentially ugly crash.

My thoughts arn't 'Oh god, sell, sell!' but more 'Hey, maybe I should give the GPU a break on mining and play Civ5.'

Then clearly you either really like Civ5, or don't understand basic math.

It dropped below 5.85, then jumped back up above 7. I would say the $9 bubble burst (temporarily) but it's not like bitcoin suddenly got totally annihilated, calm down. I get a funny image of OP in the 1920s causing a run on the market. But this should at least serve as a reminder to people that unprecedented growth does not continue forever, at least not in the short term.

I expect there to be some voltaility as people like OP panic, but if it will totally crash, this I doubt.

No, I'd say it's the market correcting. I tend to be contrarian; while folk were suggesting that now (now being a few days ago) was an excellent time to invest in mining, I was suggesting caution (the last time people were saying that was when bitcoin was approaching 1.1 USD - it then stagnated for six weeks, declining to just above 0.5 USD). I see a similar thing happening now - the market corrects after a big peak, and a some point it'll pick up again. Sucks to be a miner right now, particularly if you've just invested heavily in hardware, but things will almost certainly improve.

Sold my BTC? Well, I did sell some today (before prices started falling) but it was down to sheer dumb luck and had nothing to do with believing the market was peaking. In the long term I believe bitcoin will go much higher - and I'm in it for the long haul.

sold at $8.40. bought again at $6. like a boss

Well, I did fail 9th grade due to Civilization 1, but it's more that I only discovered BitCoin last Friday, had an HDD die on me while mining (Taking my private key with it! :D) and that my wallet holds a meer 6.73 BTC. :P

Short term burst of the bubble and extreme rise in bitcoin price is like a big hurricane hitting the beach. Merely a short term weather phenoma.

If I were a smart day trader I definitely would have done that. Sadly I'm just a lowly miner, *cough cough* sorry, coal dust in my lungs.

EDIT: The real winner right now though would be Mt. Gox, imagine all the madass trading going on right now between panic'd coin holders and shark speculators. Ha.

Keep in mind everyone also thought the bubble was bursting when it hit a high of $4.15 and then dropped to around $2.50. What happened was it went back to the 3s and stayed there a few days before the current rally.

Mt. Gox. is the equivalent of a company that sell mining equipment in my opinion.

Value of BTC was increasing faster than difficulty. This was extected sooner or later.

If it was speculation, then wait. Sooner or later speculators will do they moves again.
If it was just a bubble, then its good after all it burst, cuz some ppl wont lose they money investing in hardware and demanding astonnishing payouts.

To be honest I'm miner for like 5 days and this situation isnt anything bad to me or to the community. Now we will know more or less true value of BTC and we will know that its possible to get some profits too when next peak will come.


OR
What came to my mind:
These are next speculations to drive down price and buy everything cheaper. We all know it will get lower than it should be due to panic, so buying in good moment can give nice income.

http://www.freeonlinepicture.org/wp-content/uploads/2011/05/YoungMeerkat.jpg

Apparently, you failed English as well.

+1 for humour

weekends will be like this for awhile

Two standard observations:

1. Corrections are good.  They put a brake on irrational exuberance.

2. During the weekend, some exchanges are processing fewer incoming xfers, and early entry traders/VCs are not as often playing.  So, a thin market is even thinner on the weekend.

Damn! So jelly...

That's when Gox was getting DDoS'd

This is a rule of life! And honestly when looking at how the market has been moving I'm just going to guess that this is just a simple pop that happens in all markets that increase this rapidly. I'm really just starting and I look at this as a way to study how markets move, so it's a good learning experience!

eh.  so what?

ten bucks is the issue, i believe - quite an important and psychologically daunting barrier.  there's nothing as noticeable as a zero...

when it gets close to $100, it'll flirt up and down even more.