The only thing holding up the bitcoin price is somebody who has bought thousands of bitcoins on the way down from $30. This moron has bought so many bitcoins trying to maintain the price that he has no choice but to keep throwing more money to protect the value of his total bitcoins. He can't sell any coins now because that will just drop the price when he is the only one really buying.

He is so desparate that he put up over a 30,000 bitcoin bid wall on mt. gox at the 4.45-4.50 range. This is his last efforts to protect a fall into the 3's.

The same forces are in play that will keep bitcoin falling, like you say inflation, or so many new coins coming into the market everyday. Why buy when you can just mine. Most people into this currency are computer geeks who will just mine for their coins not buy them.

 

I noticed the same thing happening. I wonder what their goals are here. Maybe they figure that causing a long-term stable price will help them push the price up higher later.

What are the max coins that can be mined, can't seem to find it?

Funny post, and surprised about the comments.

Why has bear sentiment gone up?

Well lets see, bitcoins price dropped from $30 to $4 dollars, over a period of a few months of constant slow dropping.

Why the heck do you think bear sentiment has gone up?

Actually I can tell you that it has gone up huge. I remember when I was bearish when the price was in the $20's I would get flammed like there was no tomorrow. It was only very few people who came out bearish for bitcoins.

Now it seems that alot more people are bearish and for good reason. Bitcoin price has dropped a whopping 85% in a few months and can't seem to pull away from the current low.

It does indeed look like the bid side of mt. gox has gotten lower.

However, with the price pretty low now huge free fall's probably won't happen as easily.

OK, I want to keep this post academic, so if you are here to flame just click away please. If you don't feel there is a manipulator also just click away I heard enough about how there is none. This is to discuss the possible strategy of a manipulator if one exists.

I would like try and discuss the strategy of the manipulator, here are some questions maybe some of you can give insight on.

Why does he put up Build walls at every .05 cents? Why not just put up one huge build wall.

Why does he just not buy bitcoins to force the price higher, why does he use bidwalls right below the price, usually setup every .05 cents within a dollar lower than the price. To me it seems that he is just trying to stabalize the price, then trying to make a quick buck. Do you think that people base their purchase on bitcoins by looking at the bid side demand?

Why does he pull out sometimes, and cause the price to plummit, when it looked like he bought so many bitcoins with his walls to try and maintain the price.

Why does he use bidwalls? Would it not be better to just not put in any bid orders, and just continue to buy on the spot or have a bot buy on the spot?

Is his intention to make a quick buck, or is it to stabalize the price and help the long term price of bitcoins?

These are just some questions to help along the topic of his strategy. These are things I have noticed from watching the bid order side of mt gox. pretty much from around $20 dollars to now. If you have any other ideas or insights about the his strategy please post.

Remember, If you come here to flame and start with the "There is no manipulator your a #%#*%#*," just click away please.

You guys are something else. Somebody manipulates the price and foces the bitcoin price above $5.00, I noticed the little wall there yesterday at 5.00 at around 2800  bitcoins. Since then it must have went to $5.6 as that is the high. It would not take much money to move the market.

Why do I say manipulate? Because it was some big buyer who could have bought them much cheaper than $5 - $5.6 if he just bought them slowly in the $4 dollar range.

Nothing has really changed, as some people pointed out here, why should bitcoins rally any higher?

Same thing happens to me when i play the market. I think I have figured a reason why guys like us always get screwed.

It is a simple reason, there are smarter and more sophisticated investors that have the resources, money and technology, to know what the average investor (you and me) is thinking and will do and knows how to make (take) money from us.

They are smarter and they will almost always win. They have the money to move the market where they want. You can't beat them, they know yours and the markets psychology very well.

Well hope this is understandable and makes sense.

Bid   3.6   4923.06
Bid   3.65   1031.26
Bid   3.7     1499.11
Bid   3.75   527.34
Bid   3.8     2617.32
Bid   3.85   1389.09
Bid   3.9    6106.15
Bid   3.95   483.18
Bid   4      7292.03
Bid   4.05   6084.98
Bid   4.1    4490.52
Bid   4.15   2270.45
Bid   4.2    3741.56
Bid   4.25   2259.17
Bid   4.3    2147.02
Bid   4.35   1485.28
Bid   4.4    2678.29
Bid   4.45   1911.72
Bid   4.5    3167.15
Bid   4.55   530.19
Bid   4.6    998.17
Bid   4.65   149.93
Bid   4.7    2841.89
Bid   4.75   1180.95

Seems pretty high. If all these people really wanted so many bitcoins, why do they just not buy them at the current price?

supply and demand. Simply, it is such a small market for all the new coins coming into the market.

haha, its like a cult here, you have to be a bitcoin fan or be put on the stake.

Another important fact is that bitcoins are not safe.

Personally, I would love to hold some of my money in bitcoins rather than in banks etc. Where the Government knows how much money I have.

Bitcoin price is way to volatile
It continues to lose value
Bitcions are too easily hacked.  Will my bitcoins be stolen when I turn on my computer tomorrow morning.
Mt. Gox. is rather unsafe, I pulled my money out of there recently in fear.

What do you mean by bitcoin withdraw?

From that link you sent it seems negative. I also agree with this person. Personally I would not want to hold lots of bitcoins. First it is too volatile. Second, It is way too easily hacked. If I held like 10K in bitcoins, I would be deathly worried about my wallet being hacked and my bitcoins stolen, and then I could do nothing to get them back.

If it was a crisis, this would hurt bitcoin. The last thing people will do in a crisis is put money in something as risky as bitcoins.

Making this prediction based on the already many times bitcoins hit a low to bounce back higher, only to hit an even new low some short time into the future.
This must have happened like 10 to 20 times since we hit the 30 high. Since there is no shorting in the market, this process will probably keep repeating itself.

My recommendation would be if any of you are holding onto bitcoins to sell into this short term bounce. It already looks like it is losing steam and we should be pushing towards those new lows very shortly.

It also looks like the bid side of mt. gox is bloated once again. To me this means the usual price manipulator/bot, or what ever you want to call it, is bloating the bid side of mt. gox in an effort to make the price go higher. Every time he has done this he has always pulled out, exposing just how weak the bid side of mt gox is, while the price plummets into a new low. How he keeps doing this is beyond me because I keep seeing him losing lots of money and never being able to sell all those bitcoins he buys when his walls get sold into.

So if the past is any prediction of the future, and it already looks like this mini bounce/rally is losing steam,. I would be selling my bitcoins right now in a heartbeat. Once we go into the $5.00's, and people start to realize that we are probably heading down again, people will start unloading.

 

wobbler, honestly I am probably one of the biggest bitcoin bears, have been since bitcoin touched $30. Got flammed the whole time while bitcoin kept falling.

However, $2.00 may be reached but I think it will take longer than you think.

The main reason is that some people have vested interest in bitcoin price not falling, and have already proven to put up tens of thousands of dollars to make this not happen.

It  very likely will eventually fall that low, but it will take some time. Your looking at some months.

However, it still amazes me just how fast the value of bitcoins can drop. 

What is Odd is that it somehow got the price to go higher and currently stay higher. Makes me wonder what is going on. Now it looks like the Bid orders are getting bloated again.

I seriously doubt that the average person is going to buy bitcoins at this range, when they just got beaten pretty badly lately and most likely the price will probably go back down.

This is why I think its someone or some kind of cartel working here on the pricing. Maybe its just bots also. But it is definitely not a rational person doing this.

it did show 1.99 on my screen , I couldn't believe it also. Must be Mt. Gox hack then since nobody orders got filled.

This must be the cosby coins hack, they probably got lots of mt.gox passwords and are using people's cash to buy bitcoins. I moved my money out of mt. gox last night because I was worried about this.

Did anyone notice at one point the LOW on mt.gox was 1.99.

I am surprised nobody mentioned that one.

It must be faulty data because now it shows the low of 4.6001