Bitcoin Forum

Rocket's changed its course.

https://i.imgur.com/f7j8vpx.png

What's the reason? Can anyone explain?

Bitcoinxt FUD

162 methinks..

Who could've thunk about this timing. My fishing hooks are not ready  >:(

all slipped into the abyss :(

damn! i expected the price to go down, but definitely not this much. glad bitstamp and btc-e didn't follow bitfinex downwards.

people selling their coins.

The gap is so huge.. I'm jealous at those bitfinex users that were quick enough to purchase the bitcoins at $170, its $194 now, bitstamp seems to be sadly following :-/

Leveraged traders got busted on finex

Just got cheap coinz ;)

Don't to worry bro, take this situation to get profit. I just get profit and now price up again. Dont sell your coins but buy more coins and you will get profit ;)

I almost cried when I first seen it, anyways it's gone back up now.

Margin call cascade, whales picked up shitloads of coins from margin long positions down there.

lots of people called this the last few days.

dont listen to the perma bulls, they havent been right in the last 1.5 years...

Btw i m holding like a boss

This...

or to some, people think youre a mad man for holding it lol.

Me I think youre doing the right thing by supporting our network despite on these price volatile state its in.

tomorrow you could buy for 120 $
they will be crying who buy on bitfinnex for 162.

Bitfinex crash in 1 minute candles:

https://i.imgur.com/GzWpOgX.png

Price went from 164 to 216 in the same minute.

52 dollar high-low spread on a single one minute candle.

Haven't seen action like this since April 10. 2013.

A move like this is most likely due to insider trading.  I'm assuming someone inside bitfinex saw an opportunity to crash the market and trigger a majority of margin calls.  A lot of little guys just lost everything so a whale could have a snack.  I hope some lessons in margin trading were learned.

theres no way a human reaction could of profitted that unless they had some sort of automated system.

within a minute to execute those trades is absurd so imma assume some employee did some insider stuff like the person above mentioned.

Damn, somebody made my day! :D
Had a bunch of orders just sleeping at 175 :D

What can i say... thanks?!

I was thinking the same thing.

Margin trading is poison to me.

I feel like these exchanges are the reason why we need a bigger backed up venture like the twins exchange to be more legit.

Less insider stuff since they have a name to protect, and how they about to launch one soon thank god.

WTF is goin on  ???

Price gonna keep dropping all the way to double digits due to the threat of forking it in two chains.

Can't fool the market with that crap. Could well be the end of Bitcoin if stuff gets out of hand - and it is already.

Not like the bitfinex owner, or whomever openly admitted to trading on the exchange or anything a few months ago lol  ::)
Who knows maybe the xt douchers are all short, maybe they are all self rightous morons that think they are saving the world?
I'm not interested in playing catch the falling btc right now.

Maybe you should educate yourself a bit more about the whole XT thing...
I thought exactly like you, turns out i was very ignorant of what was actually going on..

Double digits means no bitcoins basically ???

The problem with bitcoiners is they think everyone knows exactly how btc works.  Do you think anyone gives a shit how their car works, tv, or anything else they use; nope.

What is going on, a crazy guy fucking btc, or a sane guy saying how btc is broken and needs to be improved?

So I either get to buy something a crazy guy can fuck with, or I buy something that is broken, and still may not be fixed if it doesn't get enough nodes or whatever.  

What great fucking options!    

On /r/Bitcoin there's a post mentioning that a single user on BitFinex sold of 20,000 of the 30,000 BTC sold during that quick crash, so it sounds like the other 10k were lost due to margin trading, and people panic selling as well.

I'm guessing there are some pretty frustrated people right now who just learnt a difficult lesson about margin trading. On another note though, it was amazing to see how quickly the price dropped. I was lucky to be watching Bitcoin Wisdom right as the price dropped to $162 and then make its way back up to "normal levels" again.

I know very good about Gavincoin and how full of shit this community is. No need to educate me.


on topic: finex was a whale rage quit obviously. Not finex fault or insider stuff imo. Normal trading action. A whale just dumped on ya and more to come.

Holy smokes! Volatility is back! I expected a down turn with all the XT nonsense but I never thought it would go this low. Hope some people here were able to get some coins below $200.

https://www.reddit.com/r/Bitcoin/comments/3hj1nh/bitfinex_ceo_interview_just_after_the_flash_crash/

And finex CEO is on our ts answering questions : ts.whaleclub.io

XT is going to bring the market to its knees, no doubt. I have orders sitting in low double digits.

Demand for Bitcoin should pretty much collapse imo cuz nobody is that mad buying in this situation except these 5 to 10 hardcore bagholders on this board. Good luck holding up that marketcap with your 5 friends. Time to realize you have been ripped off by Gavin.

That would be awesome to pick up coins that cheap, good luck to you! I'm thinking of putting in a short, but I'm terrible at trading. If I put in a short today the price would launch to $300 tomorrow.   :D

Interesting, glad I have a pocket full of cash that keeps growing to buy some decently marked down coins. Too bad trollypop went silent cause this could and might get even better.

Ya but double digits ??? It popped right back up to 235-240 didn't stay down too long

FUCK MY LIFE! HAD BUY ORDER AT 161!!!!!!!!!!!!!

https://scontent-sin1-1.xx.fbcdn.net/hphotos-xpt1/t31.0-8/s720x720/11850743_937561716302623_5491914029926041415_o.jpg

The next game will be hit 500$  ;D
still positive thinking

Woah that was fun!

Trollish doom posts by night while sleeping on some lowball bids... heh.

Even the trolls love Bitcoin. Why else would they waste so much time?

so are you want to sell for short term ? or hold it ?

Its like….. it was$179.00 for 1 minute ONLY, enough time for one shark to buy up all that he wants…. >:(

One of a Disadvantage of worthless and decentralize market is something like this ..... in forex you must have millions of dollars for make candles like this ......

sh*t! price dumping much today :o
what happened with bitcoin price

Bitfinex is full of surprises (not to mention DASH Crash Aug-7 and hacker attack). I sold on 250 my modest account because tech analysis predicted something like down to 200 on this week. But surely not 162.

and this is why nobody should trade on Bitfinex.....

.....it is blatantly phucking corrupt (see my sig).

Last night was obviously corrupt (but erm, who ya gonna call?), but they are fucking corrupt and generally at it all of the phucking time (or at least their trading bots privvy to insider info are).


Ya know what....I really felt that Bitcoin has done it's time in the doledrums and the natural market sentiment from here on will be to slowly recover before ultimately going on another rally......but with major market places as corrupt as Bitfinex on the scene, basically netting together all the little fishies and crustaceans of the sea for an insider whale to take a big bite out of, there will come a point where nobody is willing to sink money into Bitcoin....

....How many of those leveraged long traders who just got Bitfinexed do you think are still 'long Bitcoin'?

Good to see you back, Mat. :)

I never claimed to hate bitcoin. I just think there's a lot to be done, both on bitcoin itself and within the mindset of the people involved or using it in any way.
For a while things were looking pretty grimm to me, i'm still not going to tell you it will be worth $10k though :p But i certainly feel more positive about it reading more on the XT drama, whats ACTUALLY going on instead of all the FUD, and this quick bounce also instilled some confidence.



Not sure, like i said, feeling fairly confident that we have a stronger market than i thought before, for now i'll hodl a bit and maybe spend a bit for fun.

I think this is the lowest price that happened since 2013
The next days will show us is it the second collapse of bitcoin or only normal thing

An unlikely miracle could happen tomorrow and greece defaults. Yeah yeah. ::)

And what good do you think that's gonna do?

Take a look at actively used swaps and compare the volume to Bitfinex's order book. Since I started regularly watching them in early 2014, margin call cascades were always a possibility at any given time. Bitfinex has never had adequate liquidity to support the amount of margin they allow, and this is exacerbated by the bullishness of leveraged bitcoin traders -- always heavily, heavily skewed long.

How long do people think they can baghold margined longs in a sideways/downtrending market? Price slow bled for a month, and then people are surprised there was a flash crash that cleans them out?

Cry manipulation all you want, but slow bleeding into support was a great opportunity to trigger a breakdown, and it didn't take much coin at all. It's a thin line. Below $200 is a liquidity crisis -- the first trip to $166 taught us that. Below $240 is below the highest volume buying in a near 2-year downtrend. Do the math......

sadly it does not count, until it happen on every exchange, i'm not gonna trust a single exchange no matter the volume that this exchange is holding, there are heavy manipulation going on right now, you can't trust shit

Well this is just one isolated user. Nothing else. He got scared about all the XT turmoil and he decided to get out. The fact that btc-e and Bitstamp haven't followed confirms that.

Lets just hope that we won't see any more cases in the near future because this scared the s**t out of us all. Also this is why all the XT turmoil need to be solved asap. We are just not stable enough as a community at the moment.

Yeah, I wouldn't go purely off Bitfinex either, but that's why we have to acknowledge that we haven't really gotten a good old fashioned capitulation. Bitfinex did perhaps, but not the other exchanges. Looks like everyone else (Stamp, Okcoin, Huobi, Futures) just bounced $220ish. Looks pretty weak though.

well, i don't think that person was scared or anything. i'm sure he or they were looking to create massive panic and trigger stop loss orders to create a flash crash.

Yeah you are right but only in a second, it's enough to make some people panic and sell their coins in cheap price :)

Well this can be the case as well. If this is really what happened, then we should feel good since his plan didn't work out at all.

This would also mean that there is a huge, huge resistance in the $200-$220 area that will hard to break. This makes sub $200 coins hard imaginable, except for the 1 exchange crashes that we saw on Bitfinex yesterday.

i'm agree with you and i think look like manipulation by some player to take benefit who sell their coins in cheap price

Next leg down is coming. Now we will see who is a real believer and who is a pussy...

Preparing to buy for first time in a while

Wait for at least one week more.

Who are you?