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It seems the price is being driven down by one determined bear at the moment. Looking on clark moody the person keeps on piling their 430BTC ask lower and lower.
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It's because of bitcoinica. When there were no mass adoption of bitcoinica, the price was $2. After that many bulls come to bitcoinica and take long position with 2,5 leverage. This lead to the current situation ($2 + $2 * 2,5 = 7) when bitcoinica is constantly showing "no buys" sign. I don't think it's quite that simple, but it does bring up another point for me. If this rally from $2-$3 to $7 is highly leveraged, what would a reversal in price look like? People are betting on a higher price with other people's money, but if the market turns it could be a swift and violent shock downwards as speculators are liquidated and short selling intensifies. It's easy to bet with leveraged money when the market is rising. On the way down people leveraged on the bet it was going to continue going down. When those shorts got liquidated we got a nice price spike. They are short on USD which means people are overleveraged for it it to go down, meaning more fuel for the rocket. It is for this reason bitcoinica exaggerates movement in any direction. |
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I don't know about what triangles or breaking averages mean, but I know bitcoinica is out of USD on mtgox, that says to me: don't buy into this "rally" prematurely.
fuck the bitcoinica. own funds = own responsibility = own profit Also bitcoinica ran out of BTC last night allowing for no selling so I would take that with a grain of salt. The fact it fell after bitcoinica ran out of BTC is suspicious to say the least. |
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I just wanted to point out that Bitcoinica caused the prices to go low from $7 down to $2 last autumn.
+1 Zhoutong even admitted that bitcoinica sold down below $2. |
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We just had a new high which is a positive sign. The rally continues.
(Update)
And yet another high of 7.17
We will see 7.20 by the time I wake up.
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You heard it folks, BIG RALLY!
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There are a lot of pools not listed on their options. I for one mine at ABCPool which is not on there and their total hash is 485Ghash or roughly 5%. I know there are a number of other pools not listed. I am not concerned at all.
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to all clever people on this thread- has any one noticed the proportional large increase in the "unknown" block hash rate on bitcoin charts. What if unknown = FED and its approaching 51% is not this a concern to anyone but me? . reg.
its called ppl started mining again because it once again became profitable |
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Keep in mind, it could have also been due to your appearance at CES.
Well, this particular merchant, on his application, specifically said he heard about Bitcoin on the Good Wife and googled it  And we have the smoking gun. Please keep us posted in the short term of merchants who apply due to good wife. |
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That is really impressive. Lets hope the site that adopted it is a big one. |
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it took exactly 23 minutes after the show ended for a merchant sign up for Bit-Pay after doing a google search after the show. Once he is up and running, I will tell you who it is This is very good news. One has to wonder if a deluge of other companies will follow. Amazon and newegg would be great. |
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So since no one else can go long on bitcoinica I would say we are going to break 7.20.
Either that or Zhou is going to dump a bunch of coins to liquidate those longs (aka bucket shop).
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im afraid since we didnt break 7.20 in the latest wave unless we are still in it that we wont be seeing 8 quite yet.
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No one has lost money yet. There are warning flags so let people make up their own minds. You are essentially trolling this thread yet.
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I don't want to be too greedy now. I think 8 is realistic but the resistance to 10 is not all that strong once we break 8.
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This next wave just might and should probably break 7.20. It really is the moment of truth now.
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is everyone ready for $8?
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The rocket has fuel and is leaving the launch pad!
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The negative balances issues was caused by a miscalculations in the withdrawal script. It is fixed now i believe.
We could not get a loan because, again, our country is under heavy crisis, and credit is being spilled drop by drop and only to safe ventures. Bitcoin status here is of total illegality. We stay in Italy where now by law, you cannot have more than 1000 eur in cash. Imagine what would be getting a loan for investing with a cryptocurrency, the heaven for money laundering and tax evasion, which is what Italy is fighting the most now.
Not allowed to have more than 1000 Euros cash? That sounds pretty fascist to me. I also wasnt aware that bitcoin was illegal anywhere. If your in such a crazy country why not move to another one that's a little more sane? To me I would worry that you will one day say sorry we got busted and cant pay back the coins in your accounts. Im not accusing you of anything but its a little too much for me to invest even a single satoshi in. |
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