Bitcoin Forum

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc)  Coinbase says:

'sorry, we're sold out'


What??   It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.



Dagnamit!



 

oh, rub it in  ...


what price were you able to get them at?

Wow! I didn't even realise that was a thing that could happen!

They're back up again...

Thanks for that, I missed the $515 but was able to get $517 so I'm pleased, thanks again. 

I'm trying to grab up some bits here and there as it goes down hoping to see it break under $500.

Like McDonals they have a really good idea of what to expect, in terms of trades each day, so they try to keep those coins online for that, and when traffic gets heavy flags start to wave to announce an unplanned buying pattern.   Once those flags start to fly mgmt gets more coin so that they could take care of the new unexpected traffic. 

As the ceo of coinbase explains, most of the coins are held off line, some locally, some not so local but in state, then more out of state by in country, then key parts for the remainder scattered around the world (perhaps 5 places).  This way a major alarm doesn't have to sound if the need is only for coins stored offline locally.   

see vid
http://www.youtube.com/watch?v=ZwG1roO70co&list=PLEUe0yAulQTtJp-KuUVxx_acD0B4cOh7o&index=11

Thanks!

22:20 for Brian Armstrong's explanation on what they do in these situations.

Just bought some more. Thanks for the update!

Be glad to trade you a couple of mine for $1242 each.

:)

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator.  Expect bitcoin to plummet.

...or maybe it's just coincidence that they ran out on a Monday afternoon, shortly before issuing a public statement sure to send the market into a tailspin...

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

this

That's what I believe...just put my money where my mouth is and bought a few btc

I'm so close to using my credit card balance here...

I think it's still got some fall left in it but I'm in complete awe right now. This is amazing and terrifying at the same time.

Yup, reminds me of the Bitcoinica starfish.

I love your positive attitude but Overstock and Tigerdirect have started to dump massive amounts of Bitcoin trying to immediately cash out. They are two major US stores who accept bitcoins now. So keep watching because Bitcoins will continue dropping because people are now spending them.

Looks like they did you a solid.

Bought some at 430

My thoughts exactly, at last for now.

Glad they got more coins together to purchase. I got a good chunk from them as well.

stagger the buys, prices are still tumbling as the exchanges must reassure the market in light of what occurred with Mt. Gox

It means price will rise on CoinBase...hehe That is something new.

I think both statements are perfectly valid, thanks for that.


 

I agree that Mt. Gox has a lot to do with the downward trend, however that part of the dip proceeded the news, as such you could expect a further dip of about $100 just on the news of Mt Gox's death.

The market will rebound based on how the remaining exchanges react to the loss.  If they take not overtly positive actions the rates will linger at a low price, however if they respect the loss then find a way to celebrate with the community the markets will shoot up like a rocket.  The greater their celebration the higher the price will go.
 

stagger your buy on the way down,  don't look for the absolute floor on this the market's are just too unstable to know what will happen when it gets there

According to a statement made before the NYS regulators recently http://www.youtube.com/watch?v=DHoaWqwaIi0&index=9&list=PLEUe0yAulQTtJp-KuUVxx_acD0B4cOh7o Overstock immediate sells all btc upon receipt so their pricing system doesn't take a hit.   If they did "hold" btc, they are not likely to do a sell off of them before no longer accepting them for payment. 


I'll look into the tigerdirect thing, thanks.