It's the same size, I think they changed the graph scale again I noticed yesterday, that there were 50k BTC to $9.91 and 50k worth to $6.4. It was very lopsided. Right now is a different story. And, the $1.28M yesterday, has been reduced to $972,xxx in bids. The full view of goxlive looks inverted from 24hrs ago. Agreed the order book at Gox has changed dramatically.
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Since we broke through $6 two weeks ago, we have been bouncing off of $7.20. You will notice that most of these "bounces down" took us under $6.50... you will also notice that we haven't gone under $6.50 today. We are consolidating closer and closer, the ask wall is a lot bigger now but I'm not scared... Still looking bullish to me.
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I'm not getting this analogy. Can you dumb it down a shade?
You're teasing me, right? If not, do the experiment yourself. Pour a gallon of gin into one container, put it next to a cup of ice cubes. Then remove the equivalent of 1 oz liquid from each, and measure the change in level. Then, fedex me the remaining gin. I think he's not getting how this relates to trading... that's where I'm failing too. I'd hope we all know ice is less dense than water. Right; I totally understand the physics of water expanding upon freezing, and the volume and all that. I am not seeing how this is an analogy for our market, though. Pretty sure all he is trying to say is less market depth = more volatility
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Yes absolutely, but they profit from very small percentage fluctuations - large fluctuations don't happen due to the deep liquidity. It's more efficient to do that type of trading using derivatives actually options, futures, etc.. even less capital is required to control large sums for temporary time frames.
Think of a physical analogy - you have a glass full of ice cubes, vs a gallon of water. The ice takes much more volume, and if you add or remove a few cubes it will change the level in the glass much more abruptly than if you remove the same amount of H20 as water.
I understand smaller market = more volitility... but the only way we are going to get bigger is with the help of leverage and day traders.
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I'm not really saying this is a bad thing. It makes for fun sport if you want to speculate - my point was only that providing leveraged speculative trading opportunity works directly against the goal of establishing BTC as a widely held currency. BTC can either 'stay small', locked up by leveraged daytraders, or it can grow big and become a stable, highly liquid commodity that functions as a currency - just not both.
Aren't "stable highly liquid commodities" also full of "leveraged speculation and daytraders"?
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I love when people with 40 posts try to educate the rest of us who have been around for months...
I respect the fact that Bitcoinica can have "reserve" issues, but I'm not sure it if will completely cause a "crash."
There are plenty of other exchanges to get bitcoins, and plenty of people with money elsewhere who will continue to level the price out where ever it lands.
Post count != Intelligence
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Remember today is a US holiday ... banks are closed ... tomorrow however they are not. Edit: Think about all those GoodWives sitting at home today for the holiday... researching BTC
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Ya'll do realize there is going to be a dip...
Yeah absolutely, After $8 maybe *** Guess you were right... Not like I could open a lower position at bitcoinica now anyway though***** So im still holding long *** ***
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Probably liquidated a few bulls who got jumpy too close to the price last night... not me tho
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I'm honestly shocked that that many people are searching Bitcoin after this. The funny part is, the first thing they see when they find this forum and start browsing it is all of us talking about the TV show. Jason Biggs showed America what a webcam could do in American Pie (1999) why not trust him about BTC too?
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Spread em! Looks like Bitcoin to me
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The moment a rumor that Amazon is accepting bitcoin is verified I'll go 10:1 long on bitcoinica with a $200,000 margin balance.
I am happily amazed that this could be accomplished with only 3000 BTC "Margin balance" is the amount you put in. He would need to have $200,000 to have a margin balance of $200,000. Ahh you are correct. You would only need 3000 BTC for a 200K tradeable balance at 10:1.
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The moment a rumor that Amazon is accepting bitcoin is verified I'll go 10:1 long on bitcoinica with a $200,000 margin balance.
I am happily amazed that this could be accomplished with only 3000 BTC
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Only 22k bearish BTC left below $7.20...
Edit 20k
10k edit: 20k hehe
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Keep thinning out $6.90 to $7.10 ... thats fine by me.
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It's because of bitcoinica. When there were no mass adoption of bitcoinica, the price was $2. After that many bulls come to bitcoinica and take long position with 2,5 leverage. This lead to the current situation ($2 + $2 * 2,5 = 7) when bitcoinica is constantly showing "no buys" sign. I don't think it's quite that simple, but it does bring up another point for me. If this rally from $2-$3 to $7 is highly leveraged, what would a reversal in price look like? People are betting on a higher price with other people's money, but if the market turns it could be a swift and violent shock downwards as speculators are liquidated and short selling intensifies. It's easy to bet with leveraged money when the market is rising. This will happen... the only question is will it happen before or after $10?
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No pussy cats shall pass that is
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The ask wall has been ratcheting down for days and the bid wall is standing higher than ever... $8 is toast
5k added to the bid wall as I speak...
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