What happened yesterday? (6/1/14)

[BitchicksHusband]

With what happened at MtGox (fake trades pumping up the price, non existent money used to buy bitcoins), who is currently checking the largest bitcoin exchanges to make sure the same games are not being played again? 

Ultimately it hardly matters. As long as at least so me percentage of people is actually paying real money for bitcoin at that price, it means there is demand and support at that price level. The ones that really will be hurt are the people who sell bitcoin at affected markets and recieve no money, because the owner of the exchange 'bought' bitcoin with fake money.

Sure the price will tank for a while when that happens. But it will not really have a permanent effect other than that a large amount of coins is stolen.

That's why you should not tryst shady exchanges.

And definitely hold your bitcoins in your own local offline or cold wallet.  Don't leave them in an exchange.

[okthen]

Easy Bittbuger you're going to hurt yourself patting yourself on the back. I think it had more to do with the price doubling the $340 low so it was a good time for people to take some profit.

Very good point! Makes sense

[btc-owl]

any predictions?

[jamesc760]

any predictions?

will hit ATH by end of August 2014.

[Parazyd]

any predictions?

will hit ATH by end of August 2014.

Can't wait to see those yellow triangles on bitcoinity again

[keithers]

Looked like we were mounting a good rally, and the price corrected back down, most likely for 2 reasons:

1) people taking some profits off the table
2) people who were in the red were finally able to break even, so they sold


There were other factors that caused the volatility, but the above are two of of the primary

[cspeter8]

any predictions?

Will reach $4900 by end of July 2014:

https://bitcointalk.org/index.php?topic=634245.0