They sell their mining rigs for the same reason that people starting a company sell part of their company to investors.

I've been in line since last Monday.



Some numbers have been removed to protect the innocent.

Edit: I forgot to remove one number, oh well, fiat is for noobs anyway

The issue here is that I can't deposit more in time. Gox will take forever to process the wire. Unless I try cash deposit, I suppose.

The logic here is that if you have Bitcoins to sell, you are probably already part of gox.

Its amazing how insensitive some people on here are. I lose a couple of bucks due to MtGox dying and I get mad, and that was unintentional. Multiply that by like 10,000 and you get the amount that was stolen from the OP. Yes, maybe he trusted a few people he shouldn't have, but that doesn't somehow make those people that stole from him any less blameworthy.

Never in my life have I seen something so utterly and blatantly unjust.

I've just got a couple more fun numbers to throw around that I've been mulling over.



You see that really steep part just before $150? That halved in size on Friday.

Also, it sees fair to separate that ask curve into 4 sections: Less than $150, between $150 and $180, from $180 to $200, and $200 +

I'm pretty sure that we'll break $150 next week. By Monday, people will have had all weekend to think about buying, if anything indicating a larger number of buy-ins than on Friday. This would break the $150 barrier, and send us into the $150-$180 range.

Whats interesting here is that going from $150-$180 is only slightly more difficult than going from the current price to $180. Now I know the road to $150 has taken a couple of days since the Gox incident, but note that the wall at $150 used to be twice the size of what it is right now. Much of what happens next depends on what happens after breaking the $150 level. Do we sink back down, or do the bulls build a wall at $150 and start pushing the price above $180? Doing the latter would provide a massive amount of tempo for the bulls considering that it would likely push us near, if not over, the $2B market cap line which would trigger a whole 'nother round of press coverage.

I'm not suggesting all of this will happen Monday, but it will be very interesting to see what happens in the next 2 weeks.

Personally I'd hold out for 1-2 more weeks if possible, or try buying in fiat only. Thats just me though, I'm known to be ridiculously cheap

The reason I say this is because the indicators that talk about -now- are predicting an uptrend, and its usually more accurate to talk about -now- rather than trying to compare the past to now and look for similarities between actions in the past and now. I'm not saying that chodpaba doesn't know what he's talking about, I'm merely saying that his indicator, while interesting, is still just one more indicator.

The other thing is that, at the end of the day, Bitcoin is simply -better- than fiat, and has been getting a lot of press. Compared to that, these chart analysis numbers don't mean quite as much.

But obviously, money is for spending. If you gotta buy it, then by all means buy it. I just see Bitcoins finally breaking out of $150 early next week and as can be seen from the charts, there is significantly more resistance before the $150 level than afterwards. Depending on how everything plays out, honestly it might just coast to $200 once the huge wall at $150 comes crashing down. Not making any promises though, aside from breaking $150 next week.

Get you're bitcoins Sunday before Europe & Asia wake up on Monday, America. Otherwise we'll have another Goxxian failure. I think this Monday will be very big considering all the press we had late last week. A weekend can do amazing things.

We are just waiting, thats all. We will probably stay within the 141-144 range for the remainder of the weekend (depending on where you live your weekend might end early).

We have a pretty nice wedge/convergence forming:



When the series of lower highs crosses the series of higher lows then something fun will happen, which will be about when eastern europe is waking up, which makes sense.

Bumping this.

Wtf? What is going on? Did I mis $5 bitcoins or something?

How would that screw over the other people? I can always look at the current highest bid and put one for 0.01 higher. That doesn't mean I somehow screwed over the person just below me.

How would they screw over everyone else? Wouldn't they just buy into a ceiling or sell into a floor? Unless that person more than half the money, I don't see how that would work.

When I first read the title I thought it had to do with an offensive anti-bitcoiner bill that just passed or something.

Swell.

I dont see why it is a conspiracy.

The idea would simply be to smooth the ask curves while making more walls on the bid side, while currently it is pretty much the opposite. A bunch of people doing it together just makes everything line up better.

The issue is here that things like the media, or MtGox screwing up, cause all the bears to be lined up, while the buyers come in at a more steady pace. The result is huge swings, which a group with a fair amount of Bitcoins could not only help damp, but make more BTC while doing it.

I believe Mtgox may already be secretly doing something of this nature. If not, I propose the creation of a legion of Floor Makers who will stabilize the BTC price as such:

Step 1: Pick value for floor.



You buy Bitcoins at the floor to stabilize their value (and get cheap Bitcoins).

Step 2: Pick a soft ceiling. The soft ceiling would have a 45% angel.  The idea would be to fill up this wedge with asks. You would add in asks or remove asks from the market as other people add/remove their own asks that would cause it to go above or blow the 45% angel line.

This would prevent bubbles and make sure there is real demand (and reduce your exposure risk to Bitcoins).



Step 3: As each bitcoin is sold you recycle the money (plus the bonus from ceiling/wall spread) back into the floor making it more stable.

Step 4: When another 'natural' wall begins to grow ahead of the floor, you move the floor up as the old floor has likely been obsoleted.

So my question is:
1. Do you think mtgox is already doing this?
2. Do you think this strategy would actually make money resulting in a larger floor each time or would the price increase of Bitcoins erode the size of the floor over time more than price volatility would grow it?
3. Do you think some people doing this would be a net benefit to Bitcoin, or would it detract from the currency?


(obviously you'd need to have a better definition of where to put the "floor" and where to put the "ceiling" but this is just for demonstration purposes. All I'm saying is you'd hook onto areas of high resistance for floors and areas of low resistance for ceilings.

$1430

Yea, I'm not sure how I can be noobing this badly, but it still is giving me nothing to mine on, exiting.

My conf file looks like:

rpcuser=username
rpcpassword=password
rpcport=9778
server=1

My shortcut looks like:
C:\fakepath\bytecoin-qt.exe -rpcuser=username -rpcpassword=password

My GUI miner settings are:
Server: other (no solo setting that I can find)
Host: 127.0.0.1
Port: 9778
Username: username
Password: password

Result: "Nothing to mine on, exiting."

Thanks for the info. I wasn't actually looking to mine Bytecoin, but I guess its a good test.