Why would we want to pull a "Bernanke" and print money?
I'm sorry, but we're not idiots. Talk to the federal reserve, hell - they may even give you a job.
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Looks like this thread may have started a pre-market frontrun of psychological resistance @ $10
pretty thin market, interesting how the rumor mill can cause a $12 move....
I farted when the market was going higher, so I'm going to get a few bean burritos and make myself rich! Oh, that's right, correlation doesn't imply causality.
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I'm posting this from my spare account because I don't want to be hated by the other early miners...
I'm selling my 50k BTC in staggered amounts starting from tonight, and hopefully my impact on the market will be limited.
It's just not worth sitting on this kind of uncertainty anymore.
And I'll be there to pick up what you've foolishly decided to liquidate. Just promise me you won't come back on the board crying when it trades above $100, okay? Thanks.
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You do realize the flash crash only lasted about 4-5 minutes right? The market exactly did its job.
And do you realize that NANEX has an exhaustive analysis of what happened to the NBBO (National Best Bid/Offer) in those minutes? I think you'd have less of a cavalier attitude if you read their in-depth research. The HFT algos pulled out of the market, instead of staying in and making bids/offers like real trading specialists do on the floor with the order book. I don't call that 'providing liquidity', when their first action was to power down and run like hell. There have been daily patterns in other stocks that mirror the flash-crash, things trading at 12$ going to pennies and back. That isn't a healthy market, it is a feedback loop of chaos that will one day converge in a very real way on the indexes. Hope you don't have any equities or mutual funds, because they will all get smashed to bits. I've traded markets for a good while, you would find it in your best interest to educate yourself on what is happening to them.
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My original chart from Jun 4 (daily price dots + fitted exponential curve), plus dots for new days since then:
(snipped)
Also consider (log scale):
(snipped)
Good charts. I've been looking at the log scale myself, when everyone was screaming bloody murder and I didn't see the current bar close under 15, I knew we had a successful test of the longer-term trendline. Newbies when trading make the same mistakes, succumb to emotion instead of sticking to a plan. I'm not at all surprised that we are shooting back to previous levels here. Just wait until monday...
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They mostly hate bitcoin.
But since this is coming from the same crowd that said the iPod would never make it, I'm not too worried.
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High Frequency Trading is a festering crap-pile. It is market cancer. May flash crash? Oh, that's right, the HFT boys pulled the plug, instead of 'providing liquidity'. Anyone who believes they do either works for the squid, or has their own co-located box getting exchange 'rebate' kickbacks.
HFT can 'eff up the equity markets all they want, we don't need them here.
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Sometimes the Greater Fool theory works the other way around... Who's the greater fool this time?
Only someone who listens to you
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Coincidence isn't causality.
I farted when the market went down, should I cut back on the bean burritos?
It happened at the SAME TIME, OMG.
Guys, we have a volatile market that is deepening in volume day by day. Multi-dollar moves are common. Don't lose your heads.
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I still stand by my prediction. I'm a buyer at 10, and at 5 and at 1 Newbie panic isn't going to dissuade me, because I know what the global implications of bitcoin are.
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Jesus freakin Christ... is every other thread here started by a troll? Seriously.
Yeah, that is why I called one of them out directly. I don't mind contrary well-constructed arguments or viewpoints, but I *do* mind posts that are designed to provoke reactions. It is ridiculously easy to discern between the two. I'd support a forum sub-section called "Drama" - and have the threads shuttled over there for all the "free speech" people to hash it out, but for me, I'd rather not see it in the main discussion forum.
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Yeah, the only hedge right now is going into your parent currency and then back into bitcoin.
Be interesting to see options pop up here.
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I'd buy it with both hands around 25. Hell, I already have.
Stick to your guns, we'll be laughing about how this price level got left in the dust a few weeks later.
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You're better off just taking the variance and solo-mining.
But people are greed-machines, as the pool operator statistics show...
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How about I just call the parent poster a retard instead?
Or even better, a 'dollar' holder.
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Volatility in a market that is gaining volume isn't surprising. We're not at the volumes that would preclude 2-5 dollar swings in valuation. I'm happy to pick up btc at a discount, though
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@chodpaba
Nice charts, I see your point. While there is variance regarding BTC Rate Price and Difficulty, the curve tends to adhere to an uptrend.
Got it.
Nice retrace on the BTC Rate, I'm a bit heartened that we didn't punch through 15 - the upward trendline would've been breached.
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In short, the executive summary is: "People are stupid." With the corollary: "People ruin everything." Yeah, I include myself in that - but luckily I've managed not to ruin everything I like.
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Based on what we've seen so far, 50% retracements from recent doublings isn't anything alarming. It would have to go through 15 to break the longer term trendline on a log chart.
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