Bitcoin Forum

Over the last few days I've noticed something. There seems to be lots more bitcoins for sale and it looks like its starting to push the value down. I'm not a money person so to speak but do you think some of this has go t to do with these day traders that have bought bitcoins to make a quick profit and are now flooding the market ?

I may be totally wrong lol just wanted to hear some opinions.

Maybe, I've noticed that too.

Now, Mtgox market sells at 6.6899.... long variation in few days.

Around 10k Bitcoins are being mined a day, the daily volume lately has been within a 10-15k bracket, this is mainly miners selling their production while the flow of new investor is at a low.

I wonder how much activity there has been at Dwolla this week.  Those guys sure have some good insider information.


PANIC!  FEAR!  BUBBLE!  SELL NOW!


 :o

10K coins per day at $7 each is a LOT for the market to eat up.

Ahh so a number of factors are coming into play. Yes the mining community has grown considerably over the last month. I thought at first it would push the price up due to people having less coins to sell. But didn't really consider that the total amount of coins would push the price down.

I heard bitcoin bubbles! http://bitcoinweekly.com/articles/comic-reaction-after-dramatic-rise-of-bitcoin-s-value

lol :D

Even if the value of btc relative to the dollar drops to $1, btc is still worth more than it was last year. The point is to create a working P2P currency, yes?  ;)

imho one of the main reasons or the one is this dark pool at mtgox. It should be closed because a lot of BTCs sold there on relatively low price per one coin VERY VERY SOON they pop-up on mainstream with 2x to 10x increase in the value. This moves the market and it's one of the bad sides of wild capitalism.

Who cares about last year, I bought yesterday :)

there were alot of new buyers when the price was between  7 and 8.90 over the next couple weeks they will get worried and sell. the price action could get ugly.

Actually, I really did buy yesterday. Good thing I'm more interested in BTC than profit. : )

If you like throwing money away, I'll sell you mine at $7.

Find me when you want to dump them at $5. It could happen tonight.

This is where the rubber hits the road. Those who are in it for the long haul will stay in until the bitter end. The profiteers will drive the price down so that we can buy some cheap coins.

I do not see such a thing happen in the short term. It rather seems that there are no buyers for the generated BTC. Also i do believe that the BTC price was hyped due to recent media attention. Price is correcting itself right now.

Interesting theory.  Not very sound, but ok.

I don't plan on dumping at $5 unless something real bad happens that would justify it.  I know I'm gambling based on there actually being a use for them.

I sold a bunch at 7 and am ready to buy at 5 as well. 

This.

7000-10000 new coins every day.  That's up to $70,000 USD that has to be put in to the market in addition to what is already there, EVERY DAY.

The price can drop to $1.00 and I'll still be profitable.  Hopefully, a bunch of the miners will drop out so it ends up being MORE profitable, but we'll see.

It could drop down to $0.10 or something ridiculous though, then all the miners leave because it's not profitable to mine anymore, then it takes 2 years to bring difficulty back down.  Just sayin.

Sell all your coinz!  Stop your mining!  The market is C R A S H I N G!

If BTC seriously cannot withstand a single forum guy (who is also basically just posting hedged bets of "market will go up unless it goes down" and now asking money for it) saying the market might go down, then there is a serious issue with the market going on..

Not sure why one would look at "analysis". The market depth order books show just how nutty expectations are spread: the buyers are placing a bucketload of bids near 1.0, the sellers at 7.0, 9.5 USD..

And while those sitting on BTC who are basically trying to "live" off of mining BTC eventually are forced to sell, those that want to buy in and are still living "normal lives" otherwise have no urgency to pay a premium.

Or: People have begun to realize there is no real worth behind BTC. Or there aren't enough news articles flooding in new suckers. Or..or..or..

Who knows. Going from 1$ to 8$ in less than a month never felt very sustainable..but let's see how whacky it still can get.

I'm just glad there are people/"speculators" who are actually interested in buying at 5$ for no reason other than wanting to buy at $5.

On the other hand: If enough buying can hold, it becomes self-sustainable again as sellers wait to see how high prices can go and those trying to get in don't want to miss the run higher or have it get too expensive..

Ah, market psychology. It's fun when the market is small enough to be this observable.

Fake sales driving down btc price. Can use co-conspirators, or multiple accounts.  Examine the  spikes carefully, thay hardly move price and are dark to dark. Wish I'd thought of it.

Just like the US stock market, ask 100 people why the price is dropping, and you'll get 200 answers.

Someone just cleared a huge order.

Yes, now that the manipulation has been exposed.

Can you explain how fake sales drive the price down?

From TA thread:

Of course it will only work a few times, but it can work because there are a lot of inexperienced traders involved with bitcoin.  As to whether this is what's going on, IDK.  I'm away from home and I've really only been on the forums and glanced at charts a few times.

Even supposing that people are actually going to care about last when Last: $5.50 Bid: $5.80 Ask: $5.90 you'll likely just run into other dark pool offers.

You may as well just make a thread saying "Hey guys I just sold 10,000BTC at $4.25"

No one cares. Open offers matter. Inexperienced traders don't all have 80% of their brains on the floor. Anyone who is reading into this shit is just as likely to read into it the opposite way that you are hoping.

I guess I don't understand...  if there are open bids higher than the darkpool sell, why does anyone care?

I'm not sure what you are trying to say, but to be clear, I'm not hoping anyone will read anything any way.  I am very minerly (pun) invested in BTC.  I'm just trying to help explain the theory toddbethell is offering up all over the place.  For all I know, he's trying to drive the price down by yelling "OMG look at how easily the price is manipulated".

Overreaction to seeing the chart drop when you hit f5.  They see a high volume move down and panic.  I agree it wouldn't be wise to fall for such manipulation, but it doesn't seem entirely unreasonable that such a thin market with so many new traders could overreact.

I don't really care though, so toddbethell will have to field the questions from here on out.  Here's one to get him started if he comes around: Do you have evidence of a large trade executing below the current bid near when the bottom dropped out?

drug dealers? CIA/PLAAF operatives ? or 2-in-1 :P
/sarcasm