Bitcoin is a transnational currency. It is not a stock. It does not follow news as if news is the only thing that moves the price. It follows supply and demand. There are large market forces at play that have nothing to do with news events. When there are more coins going in than fiat, then it goes down. When there is more fiat going in than coins, then it goes up. Whenever there is a bad news event like Silk Road but the price recovers, people like to say "oh honey badger dont care". Well guess what - it's the same thing with GOOD news events - If the price is in a downtrend then the price will "recover" from the good news events and continue its trend down. Bitcoin runs a boom/bust/hype cycle about every 6 months and there is always a capitulation regardless of whatever news events are going on. The whales behind the scenes pushing hundreds of thousands of coins and millions of dollars are much more powerful than the people reacting to news events. So please guys every time there is a drop or a rise - stop saying "omg what is the news?". It looks silly.
but dont you think it's speculative nature plays a role in that? the price is not high because of genuine demand, yet. Many factors move the price but people act like there is only one. I want to add this also:  Some might argue with the significance of my TA but my point is that nobody should be suprised by a drop that started so slowly and had so many warning signs, or think there was some event today that suddenly drove it. "What is the news"? How about "what was the news two weeks ago"? |
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Bitcoin is a transnational currency. It is not a stock. It does not follow news as if news is the only thing that moves the price. It follows supply and demand. There are large market forces at play that have nothing to do with news events. When there are more coins going in than fiat, then it goes down. When there is more fiat going in than coins, then it goes up. Whenever there is a bad news event like Silk Road but the price recovers, people like to say "oh honey badger dont care". Well guess what - it's the same thing with GOOD news events - If the price is in a downtrend then the price will "recover" from the good news events and continue its trend down. Bitcoin runs a boom/bust/hype cycle about every 6 months and there is always a capitulation regardless of whatever news events are going on. The whales behind the scenes pushing hundreds of thousands of coins and millions of dollars are much more powerful than the people reacting to news events. So please guys every time there is a drop or a rise - stop saying "omg what is the news?". It looks silly.
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There might be a temporary bounce around here but I'm not a big fan of how the daily EMAs and weekly MACD are crossing down.
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That would be funny if this just ended with another 2 weeks at $820.
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Gox really needs to get with the program.
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Bitcoin has not increased in value in 2-3 weeks and is now plummeting. I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc.
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases. I'm obviously missing a core concept here so wtf is the deal?
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum. Where do you see the next bounce coming TERA? I am placing my bets on the $700 - $720 range, but am ever mindful of the potential for a proper capitulation event as the China exit nears. I don't know. This has become too difficult to predict. I'm trading based on dynamic TA indicators and not based on set targets. |
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This drop could last several days weeks.
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Bitcoin has not increased in value in 2-3 weeks and is now plummeting. I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc.
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases. I'm obviously missing a core concept here so wtf is the deal?
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum. |
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People would be scared as fuck, tryin to get their money out of the remaining exchanges as long as they provide a withdrawl service, which is already happenin on Stamp as it seems.
But people withdrawing money on Bitstamp wouldn't constitute a run on Bitstamp. If I have Bitcoin on stamp and want money out, I have to sell my Bitcoin. That can only be to another party who has USD with Stamp or with any of the other exchanges that are linked into Bitstamp. If Bitstamp is run as it should be, then what the BTC price does is irrelevant to Bitstamp, as Bitstamp itself has zero exposure to Bitcoin price and profits from exchange fees, no matter what BTC price is doing. At least this rosy little ideal is how I would like to think things are. If volume is a constant, then the income of an exchange is directly proportional to the btc price. This is because the fees collected are equal to volume times a percentage times the bitcoin price. If btc price halves, then gross income halves. If income falls below operating costs or the profit level is no longer of interest to the exchange operators then there is a problem. |
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Warren does not invest in commodities. If he invests, it will be into a bitcoin-related company, not bitcoin itself.
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WILLLLLLLLLLSOOOONNNNNNNNN
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 wow much discrepancy. |
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What is going on at gox? Is gox trying to lead a rally by itself? Or is this the usual trapped fiat eruption?
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I would like to obtain or build a bot that buys and sells on btce whenever the 1 hour MACD on Huobi crosses over. Is this possible?
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Litecoin already rallied due to addition on Chinese exchanges - it can't get any better than that. Also, on a good day for Litecoin on btce, it does about 10 times more volume in btc than btc does on mtgox... The only way up for Litecoin now is more commercial adoption or investors like SecondMarket.
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This is hands down the worst exchange. The lag and ddos last night was horrible. Sometimes I couldn't even load pages. They take several minutes to place your order, making trading difficult, and take almost an hour to process withdrawals (what do they do them by hand?) making arbitrage impractical. When you cancel orders it takes 15 minutes just to cancel the order and return to funds to your account and you don't know what the hell is going on. The order book is always crossed. Unfortunately the doge volume is here right now.
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Do not use market orders on this exchange. It will skip Bitstamp and go straight to executing on the Bitfinex order book and will execute at strange prices way outside the bid/ask. Always use a limit order.
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So is that bot on mtgox going to buy us all the way up to $10,000, 20btc at a time?
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