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simplydt (OP)
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April 11, 2013, 02:32:45 PM |
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So the people who invested money they could lose at over $200, are definitely holding. This is going to create a bigger scarcity than before, as they won't sell up until bitcoin recovers its value. If you look at the asks vs bids graph now, there is plenty of bids but hardly any asks up to $160 http://bitcoincharts.com/markets/mtgoxUSD.html I think if these holders can hold their resolve for a few days chances are the price will go back up. Thoughts? PS.- I dont care if the price goes up or falls. I hold so little bitcoin its irrelevant, just fascinated by all the drama  |
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yokosan
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April 11, 2013, 02:34:50 PM |
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The price moves in the direction of average sentiment plus or minus a few high rollers.
In short: no, the price is going down for quite a while yet.
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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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April 11, 2013, 02:36:08 PM |
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Too early to tell, but my gut says if might take a whole block reward reduction period for it to recover old highs.
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BitcoinAshley
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April 11, 2013, 03:14:43 PM |
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Sorry, folks, but only in bizarro-world does a market with oodles of money flowing into it from every direction end up going down in value over the long term.
20,000 Gox accounts per day, 16000+ cue of $1000+ fiat deposits, and similar situation although on a smaller scale at all the other exchanges. Even Bitfloor was down for a little while yesterday due to volume.
We'll recover from this one faster than all the other significant flash crashes. Just wait and see ;-)
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piramida
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Borsche
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April 11, 2013, 03:18:22 PM |
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20,000 Gox accounts per day
Sorry but this is a completely irrelevant number, like number of McDonalds burgers served per day. It would be a sign of strength if those 20k users were signing to an exchange, where you can trade dollars for bitcoins, but they are signing up to MtGox, where they can generate more lag together, and that's about it. |
i am satoshi
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Francesco
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April 11, 2013, 03:33:33 PM |
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Sorry, folks, but only in bizarro-world does a market with oodles of money flowing into it from every direction end up going down in value over the long term.
20,000 Gox accounts per day, 16000+ cue of $1000+ fiat deposits, and similar situation although on a smaller scale at all the other exchanges. Even Bitfloor was down for a little while yesterday due to volume.
We'll recover from this one faster than all the other significant flash crashes. Just wait and see ;-)
I hope so. But first we'll see how deep the hole of the white panic seller goes... |
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Newscastix
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April 11, 2013, 03:36:00 PM |
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So the people who invested money they could lose at over $200, are definitely holding. This is going to create a bigger scarcity than before, as they won't sell up until bitcoin recovers its value. If you look at the asks vs bids graph now, there is plenty of bids but hardly any asks up to $160 http://bitcoincharts.com/markets/mtgoxUSD.html I think if these holders can hold their resolve for a few days chances are the price will go back up. Thoughts? PS.- I dont care if the price goes up or falls. I hold so little bitcoin its irrelevant, just fascinated by all the drama I planned to hold a few years anyway.... Good time to get some more coins.. later...  |
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zarl
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April 11, 2013, 03:40:08 PM |
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Many got in this show very cheap, under 15$ pr coin
im thinking ALOT cashing out $ will take place.
Gox will go short of cash quickly, lol
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dancupid
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April 11, 2013, 03:42:09 PM |
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Everyone who dumped their bitcoins now has $ in their mt.gox account - they believed in bitcoin enough to invest in bitcoin in the first place and they will buy back again at some point.
If they made money, they will want to make more. If they lost money they will want to get their money back.
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ElectricMucus
Legendary
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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April 11, 2013, 03:46:53 PM |
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Everyone who dumped their bitcoins now has $ in their mt.gox account - they believed in bitcoin enough to invest in bitcoin in the first place and they will buy back again at some point.
If they made money, they will want to make more. If they lost money they will want to get their money back.
Actually at this point I am thinking about withdrawing all my funds. If the value drops too much I fear the exchanges might run with the money. Bitinstant disabling paypal withdrawl also speaks books. All this pointless market intervention actually makes things worse. |
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Newscastix
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April 11, 2013, 03:49:07 PM |
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Many got in this show very cheap, under 15$ pr coin
im thinking ALOT cashing out $ will take place.
Gox will go short of cash quickly, lol
How? if coins are sold they can only be bought by someone with cash balance... I can't buy coins without cash... |
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Francesco
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April 11, 2013, 04:02:54 PM |
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So the people who invested money they could lose at over $200, are definitely holding. This is going to create a bigger scarcity than before, as they won't sell up until bitcoin recovers its value. If you look at the asks vs bids graph now, there is plenty of bids but hardly any asks up to $160 http://bitcoincharts.com/markets/mtgoxUSD.html I think if these holders can hold their resolve for a few days chances are the price will go back up. Thoughts? PS.- I dont care if the price goes up or falls. I hold so little bitcoin its irrelevant, just fascinated by all the drama So the people more eager to buy did it even at 250 -or during the bull trap at 200-170. So now ther's scarcity of USD you could say... Well, however... I'd wait before calling ANY amount of coins "irrelevant"  Maybe not this time, but in a few years you could be glad you forgot a few bitcents in that wallet... |
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Qoheleth
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Spurn wild goose chases. Seek that which endures.
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April 11, 2013, 04:39:16 PM |
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So the people more eager to buy did it even at 250 -or during the bull trap at 200-170. So now ther's scarcity of USD you could say...
There's scarcity of USD because everyone's USD is tied up in a frozen exchange where it takes 3-5 days to withdraw. (Compare to their bitcoins, which can easily be moved elsewhere to sell in 1-2 hours). The $64,000 question is whether people are withdrawing that money right now, or waiting to buy when Gox comes online again. |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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desired_username
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April 11, 2013, 04:44:45 PM |
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 I have not seen anything like this before  |
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dancupid
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April 11, 2013, 05:00:10 PM |
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I have not seen anything like this before I've seen it - my wife in a bikini |
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bitcon
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Activity: 2212
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April 11, 2013, 05:06:05 PM |
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i have $12k on virwox right now. buying before nightfall.
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essem
Newbie
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Activity: 42
Merit: 0
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April 11, 2013, 05:27:56 PM |
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So the people who invested money they could lose at over $200, are definitely holding. This is going to create a bigger scarcity than before, as they won't sell up until bitcoin recovers its value. If you look at the asks vs bids graph now, there is plenty of bids but hardly any asks up to $160 http://bitcoincharts.com/markets/mtgoxUSD.html I think if these holders can hold their resolve for a few days chances are the price will go back up. Thoughts? PS.- I dont care if the price goes up or falls. I hold so little bitcoin its irrelevant, just fascinated by all the drama wishful thinking |
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simplydt (OP)
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April 11, 2013, 05:32:46 PM |
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So the people who invested money they could lose at over $200, are definitely holding. This is going to create a bigger scarcity than before, as they won't sell up until bitcoin recovers its value. If you look at the asks vs bids graph now, there is plenty of bids but hardly any asks up to $160 http://bitcoincharts.com/markets/mtgoxUSD.html I think if these holders can hold their resolve for a few days chances are the price will go back up. Thoughts? PS.- I dont care if the price goes up or falls. I hold so little bitcoin its irrelevant, just fascinated by all the drama wishful thinking Care to elaborate? Cheers. |
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