the recovery speed is amazing. I thought the market would need a week for this.
The bitcoin market is the fastest I have ever seen (20+ years trading). Big spreads, big moves all happening at Internet speed. Remember it is a true global 24 hour market. with newbies throwing their money in half heartattacked, half jerking off. and professionals pulling one trap after trap, shaking the trees and just opening their hands. 24/7 realtime bloodbath is that. ...but funny to watch when you'r just in hold position. |
|
|
|
Wow, I don't know why I put myself through it but I have finally caught up with this thread since I went to bed last night (though I have managed to get other stuff done in between)! Some of the accusations that there was too much bull circle-jerking going on were I think not without some justification but at least it was generally fun and bear put-downs were on the whole good-natured. In contrast the bear circle-jerking seems to have quite a nasty feel to it and I really don't understand why. From what I understand most of them did quite well from the big drop but they hardly seem in celebratory mood. For those whose intention from the start was to use bitcoin as a trading vehicle who managed to make tons of money and are in the process of walking away successful: Congratulations and good luck with whatever you move onto next  I don't get coming on here with big 'told-you-sos' and proclaiming the death, or at least the long-time crippling of bitcoin. If you're done what do you care? Why is it important to you to share your opinion in such a manner. Bye If I were going by the mood here as to what's changed I could be forgiven for thinking the price going back to where it was a few short weeks ago is going to have a devastating and long-term impact not only on the price of bitcoin but on its acceptance in practical applications for the foreseeable future. But despite my diligent reading up here and elsewhere I am failing to see one reason why this should be so. Bad press? Gimme a break! It's been mainly rubbish press all the way and the better press has tended to focus on its potential not so much on its meteoric rise in price. The big drop tells me there was a substantial amount bought on the basis of price hype and it is those naiive speculators along with the profit-taking speculators (that's not a criticism by the way) who, along with the ridiculous MtGox scenario, have caused the drop. But I know I am not alone in having just held on the way down as we had held on the way up and I suspect there are many (together representing a significant amount of coin) for whom the last couple of days means very little. Whilst I can understand why what just happened may 'feel' just like June 11, to conclude from that that it is 'just like June 11' is to ignore everything that has been going on over the subsequent years and especially this year and last and this month in particular and instead purely to focus in on the rise and fall in price. Is the claim that it is useless as a medium of exchange reasonable considering there are two days when you could with bad timing have been left with not enough money to buy what you'd exchanged your fiat for? For the very few who were doing this for the very first time in the last couple of days they might have been put off but what about all those who have benefited time and time again from increases, sometimes not insubstantial, when the market was going the other way? Are they suddenly going to decide Bitcoin is a bad idea after all? And volatility? There seems to be a bear consensus that the big drop means Bitcoin is useless as a store of value. As a store of value with a predictable any-time-accessible fiat valuation of course it is - and if it took this drop for anyone who bought for that reason to click that it is volatile then they really didn't do any homework before jumping on board. If they constitute a high enough proportion of those who just lost out and cashed out then they may well cripple the price for some time but not its utility. But I have an inkling a more substantial proportion of the money held by those using it as a store of value are those who are confident because of its potential that there's a reasonable chance it will at least retain its value. I understand to many the high risk v. high depreciation means it is considered as an 'investment' but it is still storing value (just riskily and with potential ridiculous gains). I am sorry for those who lost their shirts even whilst not feeling too sorry for them for having ignored all the warnings and gambled more than they could afford to lose. I am pleased this big drop has happened because it means we're unlikely to attract the same kind of money in any significant amounts for some time. You can repeat 'your investment may go down as well as up' until you're blue in the face but the chart with a drop like this is much more powerful as a lesson. I don't mind the speed at which the fiat price of bitcoin will rise again. It would be handy if I were able to sell off a couple at a silly profit but I don't need to. I just think it is inevitable - and probably quicker rather than slower simply because that's how ideas spread by networks of people. Also if Bitcoin is ever to be playing its gov't-abuse-protective role say in a small village in one of the more despotic countries in Africa so a mother can sell her rice for bitcoin to buy her vegetables for her kids we need to be thinking such trades will likely be in satoshis which also means the price per whole bitcoin will be immense. I'm not saying it will or it won't but I think it could - and that in this day and age it could happen a lot faster than many people imagine. And I'm quite happy to play my small role in increasing the odds that this comes to be. Thank you for reading Thanks for the thoughts; I am a fan.  One small correction: The women in the village in Afric would be using silver grams rather than bitcoins as she does not have a computer or an android or even electricity or running water for that matter. But, she's still 'on our side' as she's using a deflationary store of value that is not easily controlled by a central bank.  just a little throw in: http://piccellwireless.blogspot.de/2011/04/cell-phones-vital-new-tool-for-health.htmlokay it's an ugly old nokia bone from the 90s, but I wonder what phones they use in 5-10 years when there are octocore-smartphones in 1st world |
|
|
|
I'm just wondering what will happen around 1-3UTC. Anyone have any idea what happened with this in the end?:  felt that sound from tip to toe |
|
|
|
everytime i see this pic i wonder how cool stereoscopic charts would look. Something like  with x=time, y=price, z=MtGox lag would be awesome! oh yeah, that's how i like it. welcome to the future of bitcoin imagine that stuff in realtime without lag. i think I'd get epileptic shocks watching it. |
|
|
|
everytime i see this pic i wonder how cool stereoscopic charts would look. |
|
|
|
If this thing does keep dropping is there not a very big danger of massive hoarding and 51% attacks?
as often proclaimed, it's not good to have more than 50% of marketshare stashed at mt. gox. too centralised. mt gox is like the pendant to any central bank for fiat. more decentralisation!!! i wonder what the big players will do after the big sellout. perhaps start investing the coins they bought cheap with their freshly printed cash in developement of a centralised controlled market. welcome to gold and silver times!!! |
|
|
|
Yesterday's news! We're already trading on it  jup but just appeared two hours ago, europe is lagging on the hype |
|
|
|
|
got burned but got the idea behind it all.
this bouncingchart-circus right now just tells me that the world is on to something,
when there are such huge attacks in such a short amount of time.
decentralisation, slow growth is the way to go.
bitcoin is meant to stay longterm.
I'm imagining what happens when litecoin is getting same attention
the big players get their engines running again and fool the next wave of newbies.
it's really too simple to do it over and over again until the hype is over.
so best proof this idea is a good thorn in the flesh of the ruling class
and this means we're on the right way
|
|
|
|
|
jup looks like selling for your life.
but with bots leading the flow of the chart you can't really speak of financial indicators anymore.
This whole thing is not a product of the free market.
it's just everybody running around like headless chicken looking at a manipulated graph
|
|
|
|
|
dropping below 80
...and the bots went right on
|
|
|
|
I believe it is coordinated and on purpose.. to break confidence. Bitcoin Is a brilliant new idea that is dangerous to some powerful people who have virtually unlimited resources. If Bitcoin is successful (and It would be without this purposeful interference), It will begin a new paradigm that has these people veery fearful. They won't control it.
I'm not really sure if they wan't to destroy bitcoin, it would be much better opportunity to milk the market like a cow with their the pump&dump-bots. For them it's more like doing the same shit like on the regular market If I would be some big taxcheating player just the imagination of fast laundering my money via bitcoins would get me horny. much simpler than blurring the transfers to tax havens imo bitcoin is the perfect instrument for them. only question is if they let the little man participate in the whole game. very difficult to to look into the future. ECB, russian oligarchs, FED...who's the fucker involved? (putting tinfoilhat on) that's the big question: Destruction or Regulation (=Manipulation). |
|
|
|
how is mtgox behaving today?
Shit could be worse that's the spirit!  |
|
|
|
|
sometimes i it seems to me as if they use the bots with microselling and some big dumps now and then to shake the market like a tree of apples to get the coins that fall to the ground
|
|
|
|
|
every newbie to bitcoin has to realize that we take part in an experiment whose outcome lays in the future 5 to 10 years.
it's not about the quick buck.
I watched the whole thing just for about two months before i decided to take a ride.
and got burned heavily in the last to days (ran right into the constructed bulltrap after the big crash at 260$, buying at 160$)
but as long as its just some of my money that was lying around, doing nothing but loosing value over the time (I'm in €-land)
I couldn't care less.
the problem at the moment is the centralisation of bitcoin with mt. gox trading more than half of the supply, so every other exchange is running behind them like little ducklings.
but that problem is regulating itself already with people moving more to the other exchanges.
in this way it's more difficult for the big players to disturb the whole market with their pumping and dumping style.
i think decentralisation will relax this whole thing and the ride is getting smoother and more stable.
|
|
|
|
Everyone relax!!! We knew this would happen. MtGox is under a massive Ddos. There are powers higher up who do not like the idea of a decentralized currency and will commit a number of attacks and manipulations to kill bitcoin, but they can't!!!! Not if everyone relaxes and understands how it works. YES, there will be a crash (which we saw yesterday) and it may continue, but I am certain the price will rise again!!
Bitcoin will be under attack for a long time to come and if everyone panics and does what the powers that be want us too (panic, sell and get out of the market forever because were scared) then their plan will work. But I know too many people who will not let this happen.
Do not sell right now!!! Keep mining and holding your coin, if it falls hard, buy!!!
They can try to stop the currency and manipulate it but bitcoin will be around another 100 years my friends!!!!!
+1 imo the only way these powers can destroy this idea is to buy more than 51% the bitcoins on the market and keep doing the stuff we experience right now at mt. gox for the next decade. besides i kinda see ripple as a try to lure people away from bitcoin. one power in control of all currency at the beginning, and there exist 100 billions, so now and then more ripples can be pushed into the market for stabilisation (sounds like fiat to me) the whole rollercoaster ride will smooth down exponentially with the time. Let's think in months years decades, but not in hours and days (besides second chart in this thread is measured in 10min-steps...doesn't represent anything) |
|
|
|
|
i can't understand all the talk about a bubble.
bitcoin will then be a bubble if too many people are burnt and completely avoid using it in any way and there's just a little unimportant group holding the front and using it for regional markets in their inner circle.
It's just the system bitcoin functions as itself what will push it forward.
Especially when you look at the developements after cyprus imo bitcoin will become a very attractive possibility for tax refugees and many other big players
who can shift huge sums around without any big fees and that completely anonymous.
everybody knows how much money lays in that tax haven sector.
the whole thing just needs time.
You can't predict a longterm developement from these technical problems right now.
The profit gain in these last weeks was just ridiculous, now everythings back to normal.
And I'm still waiting for these 75k accounts at mt. gox to be activated.
(conspiracy wise the only try that finance regulators can do to get a hold of bitcoin and smash it is to buy a significant amount (more than 51 %), control the market and pumping and dumping so hard that everybody has enough after some time.
we will see what's going on in 1 month and how the rollercoaster ride in europe is getting forward.
it feels like big anthill going crazy right now because one stick fell of the tree
|
|
|
|
|
Show Posts
