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Listen to the chat on btc24. A lot of questions asked like "Total Newb here, should I buy now or wait for a dip?" "Newbie here, what is a realistic target for the price".
It's hard to draw a conclusion from that alone since those guys will probably not hold a large amount of the overall market. But those are definitely signs of a bubble if you ask me. But then, how high will it carry us ? Sell now ? Really?
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The Euro Exchanges will carry us through 100$. We are at 77.88 Euro at Btc24 already, this is pretty much > 99$ and not much resistance ahead. That's the beauty of a global market, some may be affected by a psychological barrier at 100$, others not  With news on the major german news site yesterday, i expect some volume today. |
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German here.
Quite a few people around me see this as a forced market correction in the banking sector. Cyprus had some business there that other countries such as Luxembourg or the UK with London feel they should have, as they were in charge of it in the past. Now it's coming back. It was decided that Cyprus doesn't belong to the too big to fail and it was dropped, in order to bring financial business back to where the more powerful european leaders believe it belongs.
Think of the fact that former Euro Group President Juncker, also MP of Luxembourg, a state that lives of its financial sector is very close to the center of power. Why would they let Cyprus have this piece of the cake? Cyprus is traditionally a poor country and that's what it's going to be again. The Status quo was defended.
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Last dip before we go all rocket again Regarding Cyprus: Such an irony to first make Jean-Claude Juncker the President of the Euro Group. As the prime minister of Luxembourg he lead a country that lives by the same business model as cyprus: low taxation and low regulation. Now they say that business model is dead. Only in Cyprus? A few years ago London's financial sector was the model for Germany to follow, 10% GDP out of financial services. Well, it's ironic |
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Third: That the general population should care how and whether a bank saves itself. Instead the stakeholders of the bank should be the ones voting on a deposit reduction, chapter 11 or other options.
Problem is the top two banks' stocks are only worth 500M so where to find the 10000M they need? Let the banks go bankrupt and everybody will loose more than 10%. |
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Where can you set a stop loss? I was going to write a small watchdog program for that but that would depend on a server running and internet connectivity.
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Speculation in form of daytraders is what stabilizes the prices right now. They are the ones that take the profit in a swing from 69 to 74 and back at 69 buy back in. A certain amount of speculation gives the market its immune system.
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That weird feeling of holding but at the same time being happy about prices to drop for buying more  |
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nuke the price?? a 100k sell off would take it down to around 30, if that, and it would very soon be back over 40. all youre doing is talking nonsense You're probably right. Message I wanted to get through: a remaining risk on the market (that is not considering the technology but only "legal" interaction with the market) is a non-rationally acting agent. Like one guy selling off a very high amount of coins in a haste. Right now the market does seem very healthy, with a very strong immune system, so i'm on your side here. We could survive a selloff of that magnitude but i would expect it to cool down interest of new people for a few weeks or months at least. I'm not fully convinced the market would come out of this stronger on the next day already. |
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If it's fake or not i can't tell but it would be stupid anyway to pull the trigger on that gun. It's very possible somebody decides to pull off the 8 or whatnot M$ for kicks, the effect on the economy would maybe not be too good for the near time. Selling slowly would probably give him way more money! However it's still possible somebody would do it, too much money, too much coke, let's just grab that 8M and be the guy who popped the bubble, why not? There are crazy people out there P.S: Gox probably would believe they are hacked and not allow such a big order btw. |
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Guy on Btc24 appraently pushed the wrong button, buying all coins up to 69.98E ~ 90$ Chat "So how is this again, to buy means i sell a bitcoin, right?" |
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Whats crazy is that there is already a bid wall at 70. Last time we broke a big number (60 i believe) the same thing happened... Really strange.
I think its a mixed strategy, market order + bid wall at the same time. This way you get the hidden sellers that are triggered by the price raise while with only a market order the order would be executed to the end before the bots can respond. It's cheapter to buy like this. The full order in one thing could have driven the price way higher, leading to higher slippage. my 2ct |
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The lack of understanding there was astounding. BTC uses an algorithm, HFT uses an algorithm, which is bad. Therefore BTC bad. Yikes. I also like how they point out it isn't "backed" by a government or bank as if that makes it sketchy somehow. Still the press is a good thing. Press might be a good thing but you can already see how FUD is spread against Bitcoin. The message is Bloomberg can't really figure out how it works so keep your money out of it, isn't it? |
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Related question: Whats best to have a peek at the market on the run with Android in my case?
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Imagine this wall selling via market order, would bring us down to <63 instantly.
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The right question: Is the price of Bitcoins currently less or equal to their true value. And that my friends is measured in utility and potential utility of Bitcoin, nothing else.
Right now the potential utility dominates the calculations i would say. That's why we have such a hard time putting the right price to a bitcoin. Is giving all miners combined 10k$ a day for their services a lot? Probably not.. |
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But it is misinformed anyway, since didn't they say that nobody's existing account information is given to the US Feds (anymore than what's already the case) without the account holder's approval..?
How much this can be trusted is written on another page. Wouldn't be the first time the feds know about something they legally can't. So lets be a bear for the fun of it and say that's just the us silk roaders trying to cash out in BTC right now Paradoxically, this wouldn't hurt the course anyway, as fewer btc on mtgox can only be good. |
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Decent price for half a pizza anyway.. I hope we'll see 67ish before 70 or once again I fed MtGox without putting anything on my table  There we go  |
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