China is dumping
Most likely arbitrage. There was a difference of $45 earlier. Made me wish I had setup an account there. Then I gotta deal with LR though, which I do not have. I tried Arbitraging BTC China last week with a $50 spread. Unless you have a Chinese bankaccount to transfer your yuan to and back to Gox it is not worth it. By the time I went Yuan -> LR, LR-USD-Gox I had been hit with almost 15% fees and it was barely profitable. Plus it took 2 days and the spread closed. |
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crap, missed the dip. Stupid work  EDIT: double crap, I had $240 sell orders at bitcoin24, none went through. Should have put it a dollar lower  . My sell order on gox was $195.00..... should have put it 10 cents lower. lol Just 1 BTC for fun, no way I would risk losing anymore. |
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But single digits? No way. Market depth is not that small, and there are still plenty of "late adopters" queueing at Gox in order to pour in fresh fiat.
To put some perspective to that statement. I submitted my ID to MtGOX for verification Sunday afternoon. The site now shows me, "Your Position in the Verification Queue 13640". I was number 13720 about 4 hours ago. I still don't see cheap bitcoins  Cheap? is Relative... I saw a nice 10% price drop. What other investment will give you 10% on your money in < 4-5 hours?!Pachuco, we have seen days with 40% ups&downs in price. If you are into daytrading, BTC is definitely your thing. I'm for buying and holding, BTW  Only if you can predict the top and bottom. Which at this point is a complete gamble. |
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This dip was not nearly as much as I expected. Is it that A ) People are getting smarter and not messing around when Gox starts lagging, or B) We could see a double dip later today or tomorrow before jumping back on the BTC rocket to $300 next week?
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"Hoooold for the longest time."
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The bids side has lost about $2m in the past few days. The asks have significantly increased. I'd say we're witnessing the reversal.
That's true. I saw the same signs as you did - that's why I have some fiat at Gox waiting for that crash that will allow us to buy cheaper BTC... It's true that if early adopters decide to cash out some hundreds of thousands of BTC we will see a significant decrease in price, and that will be an amazing buying opportunity. But single digits? No way. Market depth is not that small, and there are still plenty of "late adopters" queueing at Gox in order to pour in fresh fiat. And frankly speaking: I've been waiting for that decent crash since we were at $40... And so did you... And what happened since then? Let's face reality, my friend I am waiting for the days when we see the price jump a $1,000 |
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Hey, I have a naive question about this whole DDOS thing. Would it help if Mt. Gox doubled (or x10) the number of servers they have? Even an extra 100 machines can't be that expensive (probably ~$200 K).
Won't work. The trades must be executed sequentially, that can't be parallelized much. The lag is not about the DDOS, it's mostly about the trading. Their trading engine is implemented poorly. They have enough hardware but their engine just doesn't cut it. They should hire a team of $300k+/year programmers with extensive experience about these kinds of high performance financial systems and get them to rewrite their trading engine. Perhaps adding Solid State server drives might help though. |
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Its about time we had a pullback, those profits were too tempting at $195.
We'll be back at $200 within days
$200 by late this afternoon. |
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Damn. We crashed all the way down to 85% above the price a week ago today  And that is why I quit trying to play the dip. After the first two sell high, buy back highers in the $20s and $30s I learned my lesson |
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Just look at the lag increasing... people going fuck fuck fuck.... buy buy buy!! lol
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So, now it's a race to see who can spam the buy button the fastest?
I sincerely hope that everyone who sold lost thousands of dollars.
+1 |
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Bitcoinity roller coaster!
Lol! Awesome! |
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Thanks for the honesty. lol I must confess that I did not sell anything at $195 like planned. I am now "holding.... for the longest time." After doing some calcs and another chart I realized we can easily blow past $200 today and tomorrow and the mini crash wont be as large as I first thought.
Meh... I think we are seeing the big correction we were all expecting at some point... once the dust settles then we can all buy back in. I only have 1 BTC at this moment. I got out at 188. Looks like $155 to $160 is the next support level. Damn... I didn't heed my own chart. lol! |
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BTC China currently @ $214.24. We will break $200 sometime today or tomorrow morning at the latest.
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This = DON'T PANIC SELL WHEN GOX IS LAGGING.... it will come back within hours.... it always does!
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The price was $145 yesterday and it's $194 now. That is a bubble pop?
It's gotta start somewhere. This price has got to be too tempting for a large number of early adopters. Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits. Anything above single digits is just too fragile. The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period. Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol. Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time. The next few years will be interesting to watch, that's for sure. I think a lot of early adopters cashed out at $80, $100 and $120 if they where going to cash out all at once. The rest see the potential for BTC and are "holding for the longest time" and cashing out 1 or 2 here and there as they need them. |
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When I read OP for the first time I thought you were absolutely bonkers.
I was wrong.
Thanks for the honesty. lol I must confess that I did not sell anything at $195 like planned. I am now "holding.... for the longest time." After doing some calcs and another chart I realized we can easily blow past $200 today and tomorrow and the mini crash wont be as large as I first thought. |
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Ohhhhh yet another spike down, like the 15th one since December. Yawn.
+1 We will be well over $200 by the end of the day. |
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Another strong rally stopped cold thanks to the incompetence of the folks at Mt. Gox.
more so the lemmings that are using it, and panic selling Yeah, there are too many noobs that haven't learned their lesson. Once they get "Gooxxxxed" for the first time they will change their mind about panicing and hitting the sell button. |
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