And.....just like that its at 14.8 a few minutes later
Is it normal for a market to have so many more sellers than buyers? Is this happening because of a lack of faith in BTC? Is this a sign that its over valued? Or are the early adopters simply trying to cash in their profits?
It's "normal" for bitcoin (although not as drastic as that usually), it's not normal for most markets. http://bitcoincharts.com/markets/mtgoxUSD_depth.html Dark pools, bro.
Your right, someone is still snapping them up around $14. |
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 and yet were still rising. The insanity that is bitcoin. |
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well that was an anti climax
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I'm holding, but nothing is happening,
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I will express my opinion in a png.  |
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Problem
It's much quicker to deposit BTC in Mt.Gox than it is to deposit USD, especially for people unable to use Dwolla. Since it's easier to sell than buy, if the market price is falling the effect maybe amplified as it takes longer for buyers to get money in to counteract the fall. Also people are more comfortable leaving BTC in their account rather than USD which skews the order book. If it was quicker to get funds into Mt.gox accounts then it might help smooth out market fluctuations and weekend trading.
Solution.
If you have BTC in your Mt. Gox account you can use it as collateral for a temporary loan, equivalent to half the value of your holding, which you can use to buy more BTC. When a loan is outstanding no BTC can be withdrawn. If the loan is not repaid within a specified time frame (72hrs?) then entire BTC from your account is confiscated.
For example.
I have 600 BTC in my Mt.Gox account and market price has dropped to $10. I can use my 600 BTC as collateral to buy 300 BTC more @ $10. I then either have 72 hours to deposit $3,000 USD or sell a proportion of my BTC or I loose the entire 600 BTC.
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I feel like posting this again.  Hold that bag as tight as you can. |
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You never know, in 100,000 years time, someone might generate a collision and send you your coins back.
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what if the mtgox owner steals the money himself and claims it to be stolen by some unknown hackers? we could not distinguish, which of the two stories did happen, could we?
It would destroy peoples confidence in bitcoins and the market price would plummet so effectively be worthless. Besides, he's is already making a truck load off transaction fees. |
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You'd only need 1-2 large sell orders (5,000BTC) pegged 0.5p above asking price, everyone who wants to sell is forced to under cut you and you have successfully suppressed the price without even selling any coins.
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I'm also convinced there is some kind of manipulation going on. Can't make any sense of it, so i'm quitting while i'm ahead.
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Thats a lot of BTC waiting to be sold. I wonder how much USD Mt.Gox is holding.
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I don't think gox should block the trades, but if reasonable evidence can be given that they are in fact stolen he should hand over the bank account details when they are withdrawn.
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Wait for sonnet to release their thunderbolt to pci express enclosure ( http://www.sonnettech.com/news/nab2011/). Then with 2x thunderbolt ports you can daisy chain up to 12 graphics cards to one iMac (24 gpus with 6970's  . |
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Look how nicely symmetrical the order book is. I don't like it, it makes me feel nervous |
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one can not manipulate the market without a metric crapton of Bitcoin and USD.
to the best of my knowledge, Satoshi is not wealthy in USD - only in Bitcoin. not that it matters, because:
Satoshi's Bitcoin holdings appear to remain - as a blockchain watcher above pointed out - unspent and un-exchanged.
therefore: Satoshi has not manipulated the market, for good or ill.
and anyway, in his position, he'd be a fool to sell in the light. dark sales for cash through a well-trusted intermediary: get cash, keep stability, maintain anonymity...
Sotoshi could have mined hundreds of blocks that people don't know about. Even if sold just a few it kind of makes sense, if he can't withdraw the money, he might leave in mt.gox to help the market a bit. Or yeah he could just use an intermediary. |
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I don't trust Mt.Gox's volume, pricing, market depth, or any other data as far as I can throw it... and I can't throw it anywhere.
Agreed |
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Sorry for your loss allinvain, just thinking about loosing that amount makes me feel queasy.
Not sure if this has been suggested but try and remember any bitcoin related sites which you might have used the same password.
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