If Bitcoin now jumped to $50 and stayed there for a few months
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there is a 0% chance that this is going to happen
Historically speaking, everytime people started talking about "stabilization", Bitcoin tended to crash hard soon afterwards.  |
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And if MtGox gets hacked? Or targeted by law?
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What size was this wall at 4.9, arepo?
wish i had screen capped. maybe that would help me 'get over myself'. i'm just trying to have a pleasant conversation here... i'd estimate about 20k. it was sloped too, orders placed at even intervals, all with sizes powers of 2. so what exactly is going on here? My guess is that somebody is hoping to jumpstart a rally they can sell into. 20k? Well, I have a suspicion who that might be. He probably needs bid depth, otherwise he would put up limit ask orders. |
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What size was this wall at 4.9, arepo?
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At some point the market is going to take that positive attitude of yours and violently kill it.
Soon, proudhon. |
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Yeah right. 50k+ BTC confirmed on the lose, and we don’t know who the other half of the victims where and what losses they suffered. Better BUY BUY BUY because good for long-term.  This is a prime example of biased reporting. The facts are that nobody lost any money except the service providers themselves who actually had enough profits from their services to cover every single bitcoin that was lost. On top of that the market didn't crash which was exceptionally impressive. And on top of that this will make Bitcoin companies take even more care of their security leading to less events like this in the future. On top of that we seem to have so much depth in the market these days that the thief could actually dump all of it and we wouldn't crash to pennies. He won't be doing that though, it's impossible to dump that money en masse at any major exchange that has the buyers to buy those coins. No bias, I just said they are "on the lose" as in out there in the hands of a single thief. I’ve already explained why I believe the market didn’t crash – normalcy bias. You are still confusing short and long term, by the way. And no, the thief will most likely distribute them slowly via an exchange like this one: https://btc-e.com/ Which puts up a resistance via arbitrage. |
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"really bad news" what are in fact nothing at all.
Yeah right. 50k+ BTC confirmed on the lose, and we don’t know who the other half of the victims where and what losses they suffered. Better BUY BUY BUY because good for long-term. I think that we're in the process of a reversal
Me too. I’m watching for a reversal of the current uptrend. Oh, and let me add: I am not short Bitcoins. Neither do I have put options. |
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It proves that Bitcoin can actually take a shitstorm or two and be more than fine afterwards.
Proves how much denial there can be despite worse news than TH+Paxum combined. Kind of reminds me of the time Gox got hacked. |
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The correction that started from the $7.2 high is now officially over. The 30-day average is moving to green across the board. Not official, official will be if it CLOSES above. And that’s just one indicator. |
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There goes your 4.60 support.
a gox admin basically said they are not the police. wonder if those were stolen coins? Where did he say that? Quote? |
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1) Linode hacked, 4 out of 8 affected customers got ~50k BTC stolen, the rest is not known yet. 2) http://www.instawallet.org/ closes down (Why excactly when the hack happened?) 3) http://bitcoinwatch.com/ is for sale (Why exactly when the hack happened?) Anything else? |
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got deposited $30k
20k*4.7=94k |
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Sorry for being rude, Technomage. I think it’s because I myself was the same during most of summer, and then I kept catching the knives without selling the actual bounce, bleeding USD on the way down.
You know I did the same thing and I'm intent on not making that same mistake this time. Well, I think I have learnt to drop the hot potato in the right time and make some USD even. Do you have a good idea to determine a reversal and yet not lose too many BTC? I really wish I could make use of Bitcoinica. MtGox needs to offer options. |
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It is truly incredible how well Nagle’s MA is holding up. AGAIN.  |
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Sorry for being rude, Technomage. I think it’s because I myself was the same during most of summer, and then I kept catching the knives without selling the actual bounce, bleeding USD on the way down. Everything done in a pure Bitcoin economy requires people to be VERY suspicious about everything, leading to much less stupid usage compared to the regular economy That just leads to less usage at all, really.  I agree with you that on a long-term basis this is probably "healthy", but I’m not made for that timeframe. I like mid term. Proudhon, I tend to agree. Still, I will probably catch some knives. It’s inevitable. I’m too long-term bullish. |
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Everything the same here, except I was still just long from the lower 4s. I’m going to wait for a sustainable bottom now. We don’t even have a clue about the real extent of the things that are happening, and I keep seeing more and more bad news. For instance, bitcoinwatch.com is for sale recently. Why? Does the owner need cash RIGHT NOW? Has he had lots of BTC stolen too? I don’t know. But it sure is a weird coincidence. Technomage, the funny thing is that you actually lose out on getting more Bitcoins with your long-term bagholding. |
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I'm confident that I have more of a clue than you do. This event is negative in the short term, that much is obvious, but in the long term it will clearly help make Bitcoin more useful and more secure. If you disagree with this then offer logical counter-arguments, but wait, you never do.
Did it ever occur to you that the long term consists of a bunch of short term timeframes? Currencies are built on trust. Trust in the money supply, trust in the acceptance, trust in the institutions that handle it. Trust in its security (NOT technical security, but actual, practical one). Bitcoin’s value is built on speculation and projection into the future. Speculation that it will get more popular, be more trusted, more useful. We know there are 4 out of 8 people who lost ~50k BTC to a malicious attacker. We know that there is no way to prevent the coins from eventually diluting ours, one way or another. (Except the attacker is stupid to have MtGox intercept them directly, haha.) We know that no matter what the HELL we do, someone’s coins always get stolen or scammed and dilute our honest coins. We cannot trust in most Bitcoin institutions. I bet Bitcoin is the currency with the highest percentage of stolen money supply. How can an economy run like that? How can it be BETTER than a negative sum game for all honest participants? |
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I won't even mind answering Blitzboom, if that is truly what he thinks I can only assume that not everybody are sane.
Then you have no clue about markets, no clue about economics, no clue about social dynamics and no clue about what currencies are built upon. I’m serious. |
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