Bitcoin Forum

So tomorrow the last of Silk Road's bitcoins are being auctioned off. We will see what effect that has on the price - will it rise or fall? Lets wait and find out :P

It's already crashing rapidly.. boy who would have expected that?...I highly doubt the auction can possibly have any upward effect,  if anything it will accelerate this free fall.

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Shut up, kwukduk! You, sir, are a party-pooper of the first class.

It's up 6% on the day.  How is that a crash?

I'm not crashing the price, I'm warning people for exactly what's happening right now. Feel free to ignore me and buy more $500 coins.

just wait 5 minutes or so, it will be back up.

this is just a test to see if the price holds

and it will.

Thanks for warning us.  I had no idea bitcoin price can be volitile...

Weak hands can sell, we're still holding cheap coins. 500$ by tomorrow morning, 600$ by tomorrow night.

Well... it was fun while it lasted. Back to 200-300 I guess.

That's what I'm thinking as well.

i think it will have little to no effect on the price. but we'll see it tomorrow to find out what's really going to happen. it's the last auction. i think the buyer will hold his coins for a long time. at least untill the block halving.

Why would the auction have anything to do with the price going down?

No one is going to buy them, then sell them right away.

Agreed.  I doubt the buyer is going to dump them right away.  So we should see little effect on the price tomorrow

Indeed. Those coins will most likely not see an exchange any time soon.

Nobody is dumb enough to buy them, probably at a premium, only to sell them directly after at a loss.

Well $75 dollar shaved of todays high. I would not say he is a party-pooper but someone who actually see's it for what it is  8) The auction will never have a good effect on the price will it lol

Pretty sure that was just some market panic and weak hands getting out.  I expect us to be testing 500 again within the next 24 hours after this little dip is done.

Buying the coins just to sell immediately doesn't seem like a very bright idea, considering they'll probably go at a bit of a premium.  I'm hoping whoever gets them is looking to invest in the long run, or an exchange that wants to make some fees off selling in smaller amounts. 

It's falling as fast as it rose, now deep into the $300s. Whoever pumped it is out, I don't think it will test $500 again for a long time.

by a long time, you mean a few hours right?

A lot of blood in the land of bitcoin right now and the slaughter continues.

Yeah keep on hating guys. Keep telling me how wrong I was and how much profits you made.

If I remember correctly the price actualy increased last auction. And makes sence since big VC firm will be holding for a while to see a nice ROI. They won't dump the coins or start to sell imho.

"Buy when there's blood in the streets, even if the blood is your own"

Already starting to head back on up now that the freakout is done, think we'll at least be back at 450 by the end of the night