Are you feeling bearish or bullish?  I don't know how to feel  Extremely bullish but not much fiat to back up those sentiments unfortunately. |
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I'm pretty out of the loop...What's causing the falling price now, another Mtgox meltdown?
Well Bitcoin actually istnīt worth more than 50 bucks. It was held artificially high all the time, thatīs all. It will now grind slowly down. F off Fonz!  |
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I'm pretty out of the loop...What's causing the falling price now, another Mtgox meltdown?
Another one  |
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Anyone who really believes that markets can only ever go up or down regardless of what is being traded is a moron, even the dollar and the global markets occasionally go up so assuming Bitcoin is going to always go up because it's the opposite of the dollar is foolish, I'm definitely bullish on Bitcoin long term but it's never going to be a true currency without having to face some real difficulties otherwise we can't test how well the code works.
Yes of course. But I propose that today we are watching a company in trouble, and not the price of Bitcoin. They really are two completely separate things now. |
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266 was broken on btce and mtgox. More than obvious overlap
Good point. Do we know that it was NOT the result of a liquidation (I heard btc-e offers leverage) or a hacked account? I would take it much more seriously then. Just looking at the chart tells you that was a freak straight off! |
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I think there is internal manipulation going on in gox, so they can buyback the BTC they were running on by fractional reserve so they can handle everyones withdrawals.
+1 Every since I first started watching the charts I automatically thought "What are they going to make it do now?" when watching Gox. Never got the same feeling with the others. I guess it's the Willy bot. That's got to be an internal thing - any reasonable exchange manager would have cut the API to the puppet master long ago! |
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Well this is exactly the kind of sentiment that you usually see around a big reversal too. There has to be despair and kind of a hopeless feeling that there's no upside left and everything is going down to shit.
Exactly. Capitulation turns into despair. People like to say "buy when there's blood in the streets" as if it is an everyday occurrence but the thing is that in a real dive the blood in the street is also yours. It's no longer "where is the bottom" but "will there even be a bottom?" People get afraid to buy. It tests one's will to even hold, let alone buy. How are you feeling right now? Just out of interest.  |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
It would be significant if MtGox weren't almost completely decoupled from the wider market. Indeed. MtGox is not representative of BTC prices anymore, even moreso than when they had their +20% premium on the upside. Who actually lost wealth on mtgox's BTC/USD price going down except for MtGox users? Coinbase, Bitpay etc. do not use MtGox prices, apart from other exchanges. This is really interesting to watch. A few days ago I was somewhat optimistic about MtGox's chances of recovering and re-syncing, more or less, with the broader markets, but I'm much less optimistic about that now. I'm inclined to think we really are watching the death of an exchange. Nearly every major bitcoin price aggregator has abandoned MtGox and all the major non-exchange liquidity pools haven't used MtGox prices to negotiate buys and sells for many months (SecondMarket, for example). I just hope, in a last flash of decency, Mark Karpeles takes the exchange offline voluntarily while attempting to sort out the mess. Gox needs a break! And by "takes the exchange offline" we should mean "closes shop". For MtGox, I just don't see how they recover from this. This is an especially bad time to have another Gox-up, since in the US a lot of money from VCs and other large profitable firms is now moving to create "regulated" and professionally managed exchanges. At this point, it's just really difficult to imagine any noteworthy portion of market participants sticking with MtGox, when much better and more trustworthy alternatives already exist and even more trustworthy exchanges are on the horizon. The good guy thing for Gox to do at this point is stop the exchange, give people back as much money as they can, and close shop. Bye, bye, Gox. Please can this happen next week! |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
Yeah but BTC-e broke it days ago. Also Gox went to near-zero in the past. Today is a reflection of Gox the company - everyone knows that (hopefully). In a sense we are watching a company going bankrupt minute by minute; under normal circumstances not many people could watch such a situation unfold in such painful detail. But this is being broadcast live to the world! You copy and paste from the other thread; I follow. |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
It would be significant if MtGox weren't almost completely decoupled from the wider market. Indeed. MtGox is not representative of BTC prices anymore, even moreso than when they had their +20% premium on the upside. Who actually lost wealth on mtgox's BTC/USD price going down except for MtGox users? Coinbase, Bitpay etc. do not use MtGox prices, apart from other exchanges. This is really interesting to watch. A few days ago I was somewhat optimistic about MtGox's chances of recovering and re-syncing, more or less, with the broader markets, but I'm much less optimistic about that now. I'm inclined to think we really are watching the death of an exchange. Nearly every major bitcoin price aggregator has abandoned MtGox and all the major non-exchange liquidity pools haven't used MtGox prices to negotiate buys and sells for many months (SecondMarket, for example). I just hope, in a last flash of decency, Mark Karpeles takes the exchange offline voluntarily while attempting to sort out the mess. Gox needs a break! |
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I'm not sure what to make of all the reports of MtGox accounts being hacked, but it's possible MtGox could be experiencing something like the June 2011 HackCrash. The major difference this time is that there's a much broader deeper market outside of MtGox, and MtGox appears to be almost completely decoupled from the broader market. Very strange and interesting to watch.
Proudhon! You look like you've lost a little weight? |
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Just broke $266, which was the high of wave 3. This is significant for psychological reasons
And yet, in my estimation, and the coming mean-reversion bounces notwithstanding, the bear market in Bitcoin is just getting started
Yeah but BTC-e broke it days ago. Also Gox went to near-zero in the past. Today is a reflection of Gox the company - everyone knows that (hopefully). In a sense we are watching a company going bankrupt minute by minute; under normal circumstances not many people could watch such a situation unfold in such painful detail. But this is being broadcast live to the world! |
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Go go Gadget-Gox!  |
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To think, a few weeks ago China was the big bad wolf.
China's got nothing on Gox! "We" (very broadly speaking of course) really f***ed ourselves over, no help from China needed at all!
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These prices are insane. If it enables withdrawles, than what?
Since you and several others continually butcher this, let's give this a shot... withdraw: verb. Use: "I wish I could withdraw from Gox." withdrawal: noun. Use: "I wish Gox would enable withdrawals." Next week we'll work on "cow." The cow goes mooooooo. or in certain situations "withdrools..." |
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plus500 switched to btc-e
Odd. I still have Gox prices with them. Just checked. Got a margin call this morning. Thought Gox would go back up again at 300 like last time. Would have thought I'd have learned my lesson by now. Bloody leveraging. |
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And do you think you were right with your analysis of Bitstamp et al having doubled bottomed at $540?
This is not my analysis. It wasn't? (Shit, it really wasn't..lol) Well, who the fuck was I arguing with in this here post: https://bitcointalk.org/index.php?topic=400235.msg5168148#msg5168148If it wasn't you, it must have been someone! I mean, I wouldn't just imagine that someone had disagreed with me and burst out into an incoherent tirade against them, would I? Never! I find your tirades quite coherent - amusingly so in fact! |
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Well, at least it looks like they just pulled the plug on bear Willy for the moment. That's kind of them!
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$300 BTC is mighty appealing............................................ hmmmmmmm
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Choo choo to the moon now?
He he! You went in then? |
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