How soon will it be before those who are stuck with a load of coins from last night begin to cut their losses?
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night.
Demand is completely listless - it doesn't take a genius to figure out what is going to happen next.
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New lows of $2.13 just set. This is going to keep going well under $2.
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Say bye-bye to the bid side of the order book! I don't think it will be with us for much longer.
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All the bids down to 2.20 or so have just been wiped out. And new lows have been set at 2.22. This is going to be a bloodbath.
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Someone is artificially holding the price up around 2.4. Every time it dips below, someone buys just enough to push the price back over. How long can this be kept up when there is virtually no demand on the bid side, not even fake bidwalls? It feels like the sword of damocles is about to fall.
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Is it just me, or does the 'stepping' on the ask side on mtgoxlive look particularly suspicious? It almost seems as if someone were gearing up for a mass buy.
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Hold fast mateys! Batten down the hatches. Don't let them drag us under tonight. The battle might have been lost, but the war is still for the winning.
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Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money.
That is a sign of real support at 2.40. There has been no extreme buying to pump the price. Whoever was doing this has had enough fun for one day. Time will tell what will happen next, but not tonight I would imagine.
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MtGoxLive has finally calmed down. Everyone relax. The major volatility is over for the time being.
The room holds it's breath ...
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Ok, enough excitement for one night. I'm off to bed with my 15% btc profit! Getting bored of watching this game of rinse and repeat.
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My guess is this is just the beginning of another giant move down. Look out below!
Way too soon. imho. Agreed. Might be wrong, but I'm betting on very little movement below $2.50 for at least a couple of days.
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This is mad. MtGoxLive has no idea what is happening. There are lines everywhere.
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That 25,000 bid at 2.6 just got eaten alive!
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It's jumped to 2.6 now - 25,000 btc bid.
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A couple minutes ago I watched the 50,000 BTC bid wall move from 2.50 to 2.55 all at once. It's definitely just one person.
Yep, saw that too. I think your conclusions are correct.
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It's 2am here in Ireland. Was just about to fall asleep, but I think I'll stay up and watch this unfold. Managed to snag quite a few cheap coins for myself. Delighted!
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You could use github.com. I love this project. Keep up the great work ThomasV!
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Hmm. If you have perfect information as per the wikipedia article, the the most rational thing to do is to not take part in this auction at all. By placing a single bid, you are led into a series of rational sequential bids, leading to irrational bids subsequently. You know this in advance, so any bid is irrational. In saying that ... 0.5112 btc
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Posting mainly to follow this thread. I'm from Ireland, but I would very much like to attend at this conference.
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@molecular: I double checked my bitcoin conf file and you are correct, it was set to pregenerate 100 addresses. Yet I can still only see a few in the address book from the bitcoin GUI. Does the client set them aside for later use, when I initiate the getnewaddress rpc? I wonder if I increased this number up to, 500, for example - then restarted the client, would it pregenerate 400 additional new addresses and add them into the wallet? You'll have to excuse my lack of knowledge on the subject, I am still getting to grips with the ins and outs of the protocol. Also, just want to thank whoever it was who sent the very kind donation earlier. It is very much appreciated!
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