[2012-08-17 16:15:10] <boonies4u> pirateat40: will you be daytrading with your own funds after this?
[2012-08-17 16:16:15] <pirateat40> boonies4u, Yes I hold personally over 30k BTC
[2012-08-17 16:16:45] <Azelphur> pirateat40: is that your personal or the total funds of BS&T?
[2012-08-17 16:17:57] <pirateat40> Azelphur, personally.  BST is over 500k BTC

https://bitcointalk.org/index.php?topic=101339.msg1111794#msg1111794

Meanwhile, Liberty Reserve is mass closing down account
It is possible that :

1. "Someone" exchanged significant amount of Bitcoins to LR $ in various "mini" LR account after the "operation" is successful
2. Liberty Reserve doesn't have enough massive "reserve" to cover that up
3. Liberty Reserve goes into "maintenance" mode for 2 days until this pirate incident is clear

https://bitcointalk.org/index.php?topic=101955.msg1118853#msg1118853

Note :
LR is hacker's preferred payout choice during bitcoinica and other bitcoin "hack".
https://bitcointalk.org/index.php?topic=95738.0

I would suggest you to withdraw all your funds there once the "maintenance" is complete, 2 days "maintenance" isn't normal.

It is possible that :

1. "Someone" exchanged significant amount of Bitcoins to LR $ in various "mini" LR account after the "operation" is successful
2. Liberty Reserve doesn't have enough massive "reserve" to cover that up
3. Liberty Reserve goes into "maintenance" mode for 2 days until this pirate incident is clear

Note :
LR is hacker's preferred payout choice during bitcoinica and other bitcoin "hack".
https://bitcointalk.org/index.php?topic=95738.0

Current maintenance

2 days
Liberty Reserve will be unavailable: From August 20 until August 22,
This upgrade will give you a faster, more productive system.
http://blog.libertyreserve.com/2012/08/scheduled-maintenance-august-20-1100am.html

Previous maintenance :

2 hours
Liberty Reserve will be unavailable on: August 11, between 06:00 (am) and 8:00 (am)(UTC)
http://blog.libertyreserve.com/2012/08/scheduled-maintenance-august-11-0600am.html

2 hours
Liberty Reserve will be unavailable on: May 19, between 06:00 (am) and 8:00 (am)(UTC)
http://blog.libertyreserve.com/2012/05/scheduled-maintenance-may-19-0600am-utc.html

N/A
http://blog.libertyreserve.com/2012/04/scheduled-maintenance-june-18-0800-am.html

1 hour
Liberty Reserve will be unavailable on: 12 March, between 08:00 (am) and 9:00 (am)(UTC)
http://blog.libertyreserve.com/2012/03/scheduled-maintenance-12-march-0800am.html

1 hour
Liberty Reserve will be unavailable on: 28 January, between 08:00am and 9:00am UTC
http://blog.libertyreserve.com/2012/01/scheduled-maintenance-28-january-0800am.html

1 hour
Liberty Reserve will be unavailable on: 26 January, between 10:00am and 11:00am UTC
http://blog.libertyreserve.com/2012/01/scheduled-maintenance-26-january-1000am.html

2 hours
Liberty Reserve will be unavailable on: 21 January, between 08:00am and 10:00am UTC
This upgrade will give you a faster and more productive system.
http://blog.libertyreserve.com/2012/01/scheduled-maintenance-21-january-0800am.html

3 hours
Liberty Reserve will be unavailable on: 05 November, between 07:00 (am) and 10:00 (am)(UTC)
This upgrade will give you a faster, more productive system.
http://blog.libertyreserve.com/2011/03/scheduled-maintenance-10-march-1650-gmt.html

2 hours
Liberty Reserve will be unavailable on: 24 July, between 8:00 and 10:00(GMT)
This upgrade will give you a faster, more productive system.
http://blog.libertyreserve.com/2009/11/scheduled-maintenance-15-november-1200.html

Ah, looks like my chart scare away buyers. Will we go to $5 soon without the ride to $11 - $12 first ?
I mean, some miners are really really really want to sell on $12.

EDIT : new chart with price added by request

Previous bitcoin bubble


Current bitcoin bubble

We're in "return to normal" phase.
We'll go to $11 - $12 first before we roller coaster back to $5.

This will be funny, because we'll repeat history twice.

It's the classic bull trap

I'll just leave this here :

No one want to buy bitcoin above $5, it's overvalued now that BCST is closing.

$1 looks awesome.
People's confidence will be totally broken down if $5 wall get shattered by pirate, there will be a massive dump afterwards as the result.

Posted for prosperity of the new generation, to learn how to cut losses.

EDIT : This time, 8 x 20k BTC transferred in 15 minutes, totaling ~160k BTC.

At least there's someone sane here on bitcointalk.

$9 is still higher to $10, so some people still keep believing it'll go back up.
There's not much time left for pirate, so pirate willl hit $8 soon to break people's confidence.
When we hit $7-$8, people won't be hesitant anymore to dump to cover loses.
And back on Monday, people will spend 10-25% of their coins that they receive from pirate to dump.

We'll hit $5, whether people will like it or not.

$0.5 - $0.6 correction before the price is drop even further looks normal to me.
You can't see the previous bubble chart, but that's what the chart is doing all the time (until now).
Price drop, dead cat's bounce for $0.5-$0.6, drop again...

http://btccharts.com/#m=mtgox-BTC-USD

You're doing the correct decision.
It's hard, but you know when to cut loses, I appreciate it.
At Monday, people will sell 10-25% of their coins after they get it back from pirate just in case bitcoin will keep going down to $5, this is not over yet.

Screencap for those that don't see it :



Also, look at that various small bubble, it looks like many people that mine 1 - 10 BTC / day send it to Gox now to prepare for selling.

Doesn't 1 BTC = $1 sounds lovely ?   

At least $5

Chart courtesy of Joric & ruski

From November 04, 2011, 06:14:09 AM to today, around 9 months.
Chart courtesy of Joric & ruski.

From what I watch and read from the chat and forum, people that hold big amount of BTC (2k - 20k) are a bit reluctant to dump, as it'll hurt their investment.
But for normal people that hold small - medium amount of BTC (10 - 500 BTC), they don't have any problem dumping it to the market now to get fiat, now that BTST is closing and bitcoin is trending down.

Since there's no more incentive to get 28% profit per month, people will stop buying bitcoin in large amount.
At some point people will learn to cut loses and dump anyway when we reach "that price" level.
I've seen 10k ask order moved and eat most of buy order that's in the way a few hours ago.

The real dump party will start when pirate is giving back everyone's coin.
At least 10-25% coin that they get will get dumped just in case bitcoin get down further.

+1 for being honest.

Jokes aside, you should know that every $2 increment, there will be a correction.
After bitcoin passed $12 because of the bug on MtGox and there's no correction at all, a "correction" at $15 is suitable.
Also, $15 is half of $30's bubble.
If enough people think the same things, a "correction" will happen.