MtGox "Cooling Off" again.

[mccorvic]

Seriously, what will it take before we stop looking to MtGox to "determine" the price??

[NamelessOne]

It's funny how when anyone calls bitcoin a bubble, they all forgot about the 2011 'bubble' and the bubbles before it. In the media June 2011 became nothing more than a little speed bump and meant nothing to them. This correction to the trend line and eventuall higher prices will probably end up being treated the same in the future.

All the wishful thinking around here is proclaiming Bitcoin to find new highs tomorrow.

In 2011, it actually took quite a bit of time after the initial crash before Bitcoin bottomed in earnest. Since the bottom, Bitcoin took 18 months of mostly steadily (and then not so steadily) rising valuations before it hit the July 2011 high. If you are using history as your metric, then Bitcoin needs to drop to at least $20 and take at least 18 months to 'recover'. This is not what people here want to hear and so it is not going to form part of their beliefs.

I was there in 2011, I made a ton of bitcoin at $2, it took 4-5 months to hit bottom and has been climbing ever since, with a lull in early 2012 for a couple months. I was also there in the crash August 2012 when hit rocked bottom hovered around and gradually started climbing almost immediately. People were shouting doom and gloom in both situations. Both times it climbed out of the dirt. In this instance we have a long term trend line supporting us. This latest crash/correction/whatever fell straight to it and bounced off it hard, just like all the flash crashes of the last few months. No one knows the future, and I never proclaimed new highs tomorrow, but right now we have the trend on our side.

[dasein]

Seriously, what will it take before we stop looking to MtGox to "determine" the price??

It will probably take an alternative exchange that is at least as large as gox.

[BitcoinAshley]

Nobody who has the best interests of Bitcoin at heart (not many) as opposed to the best interests of their own personal wealth at heart (almost everyone), could disagree with this statement.

Look, buddy, I appreciate a good truism as much as the next person, but incompetent sophistry is SOO ancient greece...

What I mean by that, is, we have too many idiots making grand stereotypes and assumptions about what everybody else thinks, what everybody else does with their bitcoins, and how much everybody else "cares about bitcoin." Basically you're sitting around wanking and nobody else really cares what Random Dude #2819875432 On Internet Forum thinks they do with their coins, how much he thinks they care about bitcoin, etc. etc.

How is it that I put $50,000 in a USD savings account for a "Rainy day" (while also spending USD normally) and I am a "responsible saver," but if I put $5,000 (equiv) in a Bitcoin wallet (while also spending BTC normally) I am all of a sudden a greedy speculator who doesn't care about bitcoin? If the stereotypers had their way, everyone would buy just enough bitcoin to buy shit and not save any of it.  If your position is based on truisms and stereotypes you should perhaps spend some time alone, reflecting the kind of person you have become 

[Bushleaguer79]

Nobody who has the best interests of Bitcoin at heart (not many) as opposed to the best interests of their own personal wealth at heart (almost everyone), could disagree with this statement.

Look, buddy, I appreciate a good truism as much as the next person, but incompetent sophistry is SOO ancient greece...

What I mean by that, is, we have too many idiots making grand stereotypes and assumptions about what everybody else thinks, what everybody else does with their bitcoins, and how much everybody else "cares about bitcoin." Basically you're sitting around wanking and nobody else really cares what Random Dude #2819875432 On Internet Forum thinks they do with their coins, how much he thinks they care about bitcoin, etc. etc.

How is it that I put $50,000 in a USD savings account for a "Rainy day" (while also spending USD normally) and I am a "responsible saver," but if I put $5,000 (equiv) in a Bitcoin wallet (while also spending BTC normally) I am all of a sudden a greedy speculator who doesn't care about bitcoin? If the stereotypers had their way, everyone would buy just enough bitcoin to buy shit and not save any of it.  If your position is based on truisms and stereotypes you should perhaps spend some time alone, reflecting the kind of person you have become 

A+

[DeathAndTaxes]

All the wishful thinking around here is proclaiming Bitcoin to find new highs tomorrow.

Name a single person other than you saying that.  I'll wait.  Just a single quote of anyone even a 1 post noob predicting (prior to your post) a $261 exchange rate tomorrow.

[HappyBitCoinUser]

[arepo]

Sucks for the people who fell for the bull trap and bought in at 110+. It's not like I didn't warn them...

the bulltrap hasn't even yet begun. first, we break $90, then we break $50.

[bitcoiners]

Wow, so we really are in the denial stage yet....  We haven't even hit despair which is where I thought we would be by now.  lol.  I love how people think bitcoin doesn't conform to other markets... We are watching it happen right now.

This bubble is massive.

[Frizz23]

[rpietila]

This bubble is massive.

Ah, please.

[niko]

If he isn't right, then Bitcoin is destined to go up in a mushroom cloud.

why?

Bitcoiners tend to be enthusiasts who forget what a minority fringe phenomena that Bitcoin still is and tend to over estimate the present day significance of the coin. This is why so much drivel about the fundamentals pushing up the price during the recent bull run was disseminated and widely consumed on this forum and no doubt across the Bitcoin world.

Relatively few could recognise that a classic speculative bubble was what was actually happening, and quite probably, a bubble that was being manipulated into existence.

Yet that is what it was. If that is all that Bitcoin is to be in the future then Bitcoin will never develop any substance and will sooner rather than later, fail.

Mass investment psychology will ultimately be the kiss of death on any stock or intangible asset that isn't based on anything or forcibly held in place by some powerful third party.

Bitcoin needs real businesses and real people en masse, trading goods and services, and transferring wealth to each other, using Bitcoin. In recent times, Bitcoin couldnt be less appealing to anyone with anything other in mind than pure profit seeking speculation.

Too much speculation on any asset is a parasite on the organism which will ultimately kill it.

This is the best post I've read in many days.

[World]

How the heck can the engine be so slow? There is less than 11000 orders in the book! Do they match orders by hand?

also:

How to reduce the number of Gox orders by 29% in the blink of an eye? I took a look at the depth.

Code:

Number of asks: 3854
Number of bids: 7071
Number of orders: 10925
Total order volume: 54871573BTC
Number of orders less than 0.100000BTC: 3175 (0.29%)
Volume of these orders: 73.04821735

https://data.mtgox.com/api/1/BTCUSD/depth/full

I don't understand why Gox does not take any action on this; it would be so easy to temporarily block orders under .1BTC and it would pretty much solve all problems until they change their trading engine.

Why do they continue to allow these thousands of bot micro trades all the time?

http://www.reddit.com/r/Bitcoin/comments/1c7ahh/we_are_mt_gox_ama/c9dqxr9

The thing is... .01 transactions are bitcoins! Depending on the exchange value that can be a lot of money to people.

[bitcoiners]

This bubble is massive.

Ah, please.

And it's crashing down hard again.  You were saying?

[MatTheCat]

And it's crashing down hard again.  You were saying?

I am so tempted to start a big FKn

!!TOLD YA SO!!

thread, as my views on Bitcoin have been like prophecy since I came on this forum. Not that any mystic talents were required other than having a modicum of common sense, but it seems that would be a modicum more common sense than the majority on here.