Bitcoin Forum

So, mini flash-crash, or the bubble just popped?

Lag on Mt. Gox always causes panic sells like this. You can't even see what the price is right now, just the price from ten minutes ago. Makes people scared and they sell, and other people buy up the coins they sell, and it typically doesn't make it go down too far in the end.

http://puu.sh/2wi5d

Last price at 1536 UTC: USD 194.50

Whatchoo talkin' about Willis?

Keeps going up, I should really put my barriers in early.

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

Ohhhhh yet another spike down, like the 15th one since December. Yawn.

Who even cares anymore. Till they fix the trade engine, I just use moments like this to take a break. Nothing can be done right now that makes any sense.

+1 We will be well over $200 by the end of the day.

That's what I thought!  Put buy price at low value and wait for profit  :D

It's gotta start somewhere.   This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  Anything above single digits is just too fragile.  The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period.  

Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol.  Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time.  The next few years will be interesting to watch, that's for sure.

I think a lot of early adopters cashed out at $80, $100 and $120 if they where going to cash out all at once. The rest see the potential for BTC and are "holding for the longest time" and cashing out 1 or 2 here and there as they need them.

proudhon spoke, it's time to buy!

Bitcoin frees you from debt, why would you ever want to sell it back for debt-based money?

What if this is currently happening, and the price is rising *despite* many early adopter sell-offs?  We have all seen the weekly dips, often triggered by 1000+ bitcoins being sold at once.  When the early adopters run out of bitcoin the price is just going to increase even faster, IMO.

I think the "correction" was inevitable.  It was predictable and I started to wonder why it just would not happen during last weekend.  Well here it is!  It will probably stabilize a bit and then rally up over 200+

Question is, now, will proudhon owe 2BTC to someone else? (No hard feeling proudhon) ;D

EAs have nothing to lose...  The pizza is still worth over a million ;D

So finally i'll be able to buy cheap bitcoins? yay

LOL I didn't even open the thread, but when I saw POP! as the title and flipped over to MtGOX. I didn't see it run down so much so fast. I sold at 188 and am looking to buy back in at below 180 depending on the speed of it falling any further.

proudhon mentioned single digits in this thread; means i'd better take my %5 and stop shorting now :-D

The bids side has lost about $2m in the past few days.  The asks have significantly increased.  I'd say we're witnessing the reversal.

We will be over 300 end of april

Yeah, or we're witnessing a weekend  ;D

Sorry folks, show is over.  Move along, the price is back up to $187 and moving upwards.

Yeah it dropped 10% in 2 hours time so that was a quick sell off, but obviously now it is doing the BitCoin Hustle and jumping back up to the 190s.

That small dip earned me a nice $78 (after fees) which is a cool 5.1% on my money. Actually sold at $185.49 and repurchased at $179.00.

That's true. I saw the same signs as you did - that's why I have some fiat at Gox waiting for that crash that will allow us to buy cheaper BTC... It's true that if early adopters decide to cash out some hundreds of thousands of BTC we will see a significant decrease in price, and that will be an amazing buying opportunity.

But single digits? No way. Market depth is not that small, and there are still plenty of "late adopters" queueing at Gox in order to pour in fresh fiat.

And frankly speaking: I've been waiting for that decent crash since we were at $40... And so did you... And what happened since then? Let's face reality, my friend :D

I still don't see cheap bitcoins  >:(

Pop my asshole !!!

I am waiting for the days when we see the price jump a $1,000 :)

To put some perspective to that statement. I submitted my ID to MtGOX for verification Sunday afternoon. The site now shows me, "Your Position in the Verification Queue 13640". I was number 13720 about 4 hours ago. Soon as I am verified I have $5,000 more to put in...


Cheap? is Relative... I saw a nice 10% price drop. What other investment will give you 10% on your money in < 4-5 hours?!

Pachuco, we have seen days with 40% ups&downs in price. If you are into daytrading, BTC is definitely your thing.

I'm for buying and holding, BTW :D

Only if you can predict the top and bottom. Which at this point is a complete gamble.

Just panic sells, when the bubble pops for real you won't have time to get out. It will drop $100 in a minute and it won't be till December before its back up again.

hooray!  cheap BTC just before December!   :D

Oh hell yeah, proudhon! I was just getting nostalgic for all the Single Digit talk of days gone by. Leave it proudhon to bring up S.D. during these heady times. Don't ever change!

The last time the bubble popped there was a huge intraday upward spike and the downward slope in the following days, weeks and months was much gentler than the climb.

If the history repeats itself, we'll have ample time to notice that the peak is in the past.

Bills?  mortgages?  other shit they wanna buy that doesn't accept bitcoins yet?

What is the deviation for selling and buying in order to break even at a .6% fee.


If I sell 100 shares at $190... I would have $19,000 minus $114 fee = $18,886

I'd need to buy x-(x*.006) shares to get my 100 shares back.
I'd need to buy x= 100.6036217303823 to get my 100 shares back

100.6036217303823 shares at what price will cost $18,886?
100.6036217303823 shares at $x will cost $18,886?
$18,886/$x = 100.6036217303823
$18,886= 100.6036217303823x
x = $187.72684

Therefore, if I sold a 100 shares at $190.00000, I would have to buy in at $187.72684 to get my 100 shares back.
Giving a deviation of $2.27316.

Add a few orders of magnitude to the price and yes it is tempting.

This is still early in the game.

if the price drops >=$100 in a crash, I'll:
1) still be in the green on my initial investment by 80%
2) buy SO many bitcoins, you don't even know

I'll just leave this here...

----------------------------------------------

MtGox Bitcoin USD Exchange Rate below $100 by end of 2013. (http://bitbet.us/bet/385/mtgox-bitcoin-usd-exchange-rate-below-100-by/?ref=1GnAwdT6U3THn25WduQKs2bcB6oJcXUXv)

"The MtGox Bitcoin exchange rate will dip back below $100 USD at some point before the end of 2013."

Bet started:   5 hours 5 minutes ago (08-04-2013)
Bet closing:        in 8 months 3 weeks (29-12-2013)
Resolution:         in 8 months 3 weeks (31-12-2013)

-----------------------------------------------

Make it easy and stick with percentages... it costs 0.6% on each end of the buy and sell. Your 2.2% is pretty good to break even.

Taking into account the current BTC prices I usually figure in my head that selling and then buying lower doesn't make any sense, due to lag in timing and order processing, unless the price is swinging by more than 3% which is about $5 right now.

So really in the past history there hasn't been much need to sell and then buys since BTC seems to keep going up and up. Only today did I sell and re-buy and made 5% on my money ($78).

This post was so much worthy of a 3 pages thread, I feel like ignoring you all !

What happened in Cyprus was not a 'hair cut', it was theft.

What is happening with BitCoin is snowball, not bubble.

Get it right!

Now, after every panic sell, the other half of the crowd takes advantage to buy up everything at low prices. In the end, the price is higher than before the panic sell.

When do theses people learn to stop panic selling. Just ride it out.

This thread is still "au goût du jour"...

Well I was 2 day off with my original post.

https://www.youtube.com/watch?v=bw9CALKOvAI

When it does "pop", you can't stop :D

Glad that I resisted the temptation to immediately buy and left my $$$ hanging around at Gox, nice buying opportunity around the corner ;)

don't sell, common, just house money.

Come on guys, sell a little bit more :)

I never thought I could've bought again BTC under $40... Please bears make that happen

Gotta love weak hands, come on guys... Panic!!!

 ;D ;D ;D ;D ;D

Is the pop over?

No, Sub 100 very plausible.

Yes please, I won't mind a bit of that.

Bears will say "oh look, obvious bubble, pop", and judging by yesterday's crash, they look right. But the dump was needed, really: it's a sign of market sentiment. Bitcoin is fine, and has all the potential and is revolutionary yada yada, but the exchanges and other overlying infrastructure just aren't good enough. As market sentiment reflects that, maybe we need a bit more bearishness for a while. Cheap 'coins to snaffle up and all. ;D

I believe it is not a good idea to buy now... things get worse soon and then we get sexy cheap coins.

Yep, wait this one out, we can probably get in at double digits. Single digits, no chance unless something big happens (like authorities shut down mtgox or something big like that).

Yea double digits would be already cool  :)

24 posts and you are acting like an expert on this forum.

Yes guys sell BTC now before we hit double digits!

Then you can buy back higher at $300+

But he is right. The ship is sinking for some time.

This.