Except for the fact that the huge drops in price are always combined with huge MtGox lag.
Yeah, thats the point. The lag allows Mtgox to prop the market (by slowing down the freefall) during a crash. |
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Panicked investors, and its not over yet.
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It doesn't. People just don't want to admit that investor confidence might be shook, and the whole meteoric rise in price was all a charade, so they are looking for a scapegoat.
If anything, MtGox lag slowed the freefall.
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No one knows. I'll be taking profits from the crash soon and staying out until the market figures out a direction.
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Nothing. I set a low buy order last night that got filled today. Will be taking profits very soon.
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The price dropped $160 (over half its value) in a couple hours....if and when this thing pops all the way, a lot of people are going to be caught with their pants down. Meanwhile the echo chamber here keeps encouraging people to leverage debt to buy bitcoins. The hype machine around here is going to make a lot of people very, very poor.
Let this last crash be a lesson to all of you buying in to get rich quick; chances are you will be left holding the bag.
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 Is your confidence shaken yet? Or are you still clinging to the "new paradigm" hype? |
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This would actually be a genius move by a country like Cuba or Greece. They could bypass their external monetary issues, and they could maintain sovereignty by issuing their own currency through their own central bank backed by bitcoin (like what is done with gold and other reserve currencies).. by the very nature of them adopting the price would soar. Other countries like Venezuela, Iran, etc.. that has some monetary gripe (right or wrong) then would have an increasing incentive to jump on board. As the early adopter Cuba or Greece type country would become fabulously wealthy.. almost like if you were the first country to officially recognize gold as valuable.
Why wouldn't they just make their own cryptocurrency? |
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Multiple events (including those you mention) caused the bubble to pop. The bubble was done popping when the price no longer went down (at around $2).
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Hahaha, holy shit! Bumping for awesomeness  |
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What is it going to take to pop the bubble? MtGox lag not kicking in to slow the freefall of sell orders during one of those 20% drops that occur in less than an hour. |
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It went all the way back to just over $2. You're looking at a selectively small time period if you're saying the bubble burst and it fell to just $17.
This. |
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Do you now convert all of your pesos to dollars?
Yes, because dollars are accepted in more places than pesos, and the peso could plummet back to less than a dollar just as quickly as it rose. In this scenario, it makes the most sense to lock in profits with the more useful currency. |
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That's what's baffling about this as a bubble, there seems to be no shortage of sellers at every single price point so far, to put it another way, every single seller since mid march has lost money (until it crashes).
That isn't to say they didn't profit by converting or selling over what they paid for it, but it has increased so much day to day since march...
Unrealized gains are not the same thing as profit. Your "gains" are worth precisely zero until you take profits (sell). So those that have sold, or those that sell constantly, are the only ones who have actually made money. Everything else is unrealized gains or potential profit. The thing that people on this forum dont seem to understand is that missed potential profit is worth exactly zero as well. Yes, I might have made more potential profit buying and holding, but by selling I have locked in profits and mitigated any risk by exposure to a market that could tank at any point. Those that refuse to lock in profit are the same ones that will be left holding the bag if and when the market crashes. |
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No, the true believers around here were all excited about Cyprus (because their govenrment wanted to seize a percentage of citizens bank accounts)...but it certainly isnt in wide adoption there, and there is no evidence to suggest that Cypriots have bought up a significant amount of BTC.
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No. No country has or will adopt use of BTC as its currency.
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Can you remind me what happened almost every single time about 2-3 hours after those 20% crashes? My memory is a little fuzzy.
MtGox lag kicked in enough to slow the freefall and the price was bought back up. MtGox can only help prop the price for so long, however. Even ignoring any potential market manipulation by Gox, 20% drops in an hour is not a sign of a healthy market, even if the price eventually recovers. |
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I locked in more profits.
Then I came here to post about the bubble.
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I doubt it will go to zero anytime in the near future, but all this new money coming in can exit just as quick in a panic. We've seen 20% drops in value in an hour within the last couple of months, and those were just small selloffs...imagine the damage a real panic will do. I think its entirely possible to see singles again.
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That chart shows exactly why this exponential growth we are experiencing is unsustainable. A lot of people are going to get burned when this whole thing comes crashing down.
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