The shakedown

[ElectricMucus]

aaaaaaaaaand electricmucus kills my buzz...

cheers 

[Le Happy Merchant]

I can smell the panic.  What is wrong with you people?

I can't understand why anyone would be selling right now, all they are doing is dragging the price down harder, there is no logical reason the price is actually so low, except that somebody with big pockets is shaking them out.

Then again, there was no good reason the price hit $15.40 on mtgox and $17 on bitfloor, I think most people who are selling right now must be taking a loss though, and its a loss they don't need to take, and that they pass it on to others. Considering the speed the price is falling at, as I type it will probably hit below 10.30, people aren't just dumping, they are undercutting massively on each wave.

My demand for more coins is only hampered by the wait time on my dwolla account, in 4 days when I can buy coins, I will reap the benefits of panic. I value my bitcoins the same now as I did a few hours ago, because I am still holding the same amount of them, the people that sell will end up holding less money, and fewer coins.

[notme]

I can smell the panic.  What is wrong with you people?

I can't understand why anyone would be selling right now, all they are doing is dragging the price down harder, there is no logical reason the price is actually so low, except that somebody with big pockets is shaking them out.

Then again, there was no good reason the price hit $15.40 on mtgox and $17 on bitfloor, I think most people who are selling right now must be taking a loss though, and its a loss they don't need to take, and that they pass it on to others. Considering the speed the price is falling at, as I type it will probably hit below 10.30, people aren't just dumping, they are undercutting massively on each wave.

My demand for more coins is only hampered by the wait time on my dwolla account, in 4 days when I can buy coins, I will reap the benefits of panic. I value my bitcoins the same now as I did a few hours ago, because I am still holding the same amount of them, the people that sell will end up holding less money, and fewer coins.

Newbies will be newbies.  It takes time to trust the system and the market exploits this.

[thezerg]

I think a lot of people were 100% in.  In that situation it makes sense to lock in some profits and get some fiat in case there's an opportunity to pick up some really cheap coins... For example I went to 90% BTC / 10% USD, at about 2 dollars profit per coin.  Especially since you might not be able to get the USD to the exchange in time to take advantage of a crash...

[The-Real-Link]

  For not being an economics expert, it seems that things will always naturally correct themselves, though.  The sharp dip was surprising, but I figure that people are also seeing it as a great opportunity to pick up coins at a (relatively) low price not seen in the past month or two. 

  I'm not worried overall, but I can understand why a lot of newbies and general BTC fans would panic with this much of a price change so fast.  Within but an hour or so it looks like it's almost cancelled itself out.

[zby]

My bet is that the real shakedown will be tomorrow.

[notme]

My bet is that the real shakedown will be tomorrow.

Possibly.  We may have another day or two of confidence busting before the uptrend resumes.

[adamstgBit]

I'M FREAKIN' OUT GUYS !!!

 

you bought at 15, sold at 13, right?

[Yuhfhrh]

I'M FREAKIN' OUT GUYS !!!

 

you bought at 15, sold at 13, right?

Bought at 15, sold at 13.50, bought at 11, sold at 12.20 >.<

[Fray]

Weeks? Investment horizons should be 10 years at the least, except if your old or dying. Markets are irrational, it takes a potentially long time for value and price to converge.

Forgot which forum you're in?

[Piper67]

If this is a pirate-induced shakedown, it makes sense that it should continue throughout the weekend. Assuming he's got the fiat on hand, he can keep dumping, then buying more on the way up. But, if some smart souls out there had sent their fiat to the exchanges in anticipation of the "weekend dip", it could end up being a costly proposition for pirates 

[giszmo]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Same here.

You are neither "all in" nor in the right forum. If you are all in, tell me how you pay your bills. If you speculate, you arbitrage other people's panic and lend your coins to panic buyers to buy them back from panic sellers.
Seams to me you two are pussies

[chsados]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Same here.

You are neither "all in" nor in the right forum. If you are all in, tell me how you pay your bills. If you speculate, you arbitrage other people's panic and lend your coins to panic buyers to buy them back from panic sellers.
Seams to me you two are pussies

Perhaps by "All in" these people meant all the money they can set aside while taking care of bills..... yes i know-thinking logically hurts!

[niko]

I'M FREAKIN' OUT GUYS !!!

 

you bought at 15, sold at 13, right?

Bought at 15, sold at 13.50, bought at 11, sold at 12.20 >.<

Think of it as paying the tuition.

[wachtwoord]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Same here.

You are neither "all in" nor in the right forum. If you are all in, tell me how you pay your bills. If you speculate, you arbitrage other people's panic and lend your coins to panic buyers to buy them back from panic sellers.
Seams to me you two are pussies

Where did I claim to be all in? I meant exactly what I said. I am a buy and hold investor and I wait for my investment to appreciate based on it rising to its actual value and the underlying Business (in this case the Bitcoin economy) growing. I think Bitcoin is my only invesment that is almost completely based on growth while my other investmets are maily value.

Speculating is a zero sum game. Enjoy yourselves hough

[befuddled]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Then why are you in the speculation forum?

When I was mining for bitcoins at a dollar loss, and said I was saving them for the day when they were worth more, we were told we were speculating on the value of bitcoin. And now we're told holding them long term is not speculation. You haters make up your mind already why dontcha?

[thezerg]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Same here.

You are neither "all in" nor in the right forum. If you are all in, tell me how you pay your bills. If you speculate, you arbitrage other people's panic and lend your coins to panic buyers to buy them back from panic sellers.
Seams to me you two are pussies

Certainly "all in" in this context means all the $ you have allocated for investment in bitcoin.  If you put 100% of your net worth into this high risk investment to the point that a correction is going to put you out starving on the street you are a freakin' idiot :-).

Cheers!

[ElectricMucus]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Then why are you in the speculation forum?

When I was mining for bitcoins at a dollar loss, and said I was saving them for the day when they were worth more, we were told we were speculating on the value of bitcoin. And now we're told holding them long term is not speculation. You haters make up your mind already why dontcha?

Buying the same amount would have resulted in greater profit. There is nothing you can do about that since it is the truth, now get out please.

[dree12]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Then why are you in the speculation forum?

When I was mining for bitcoins at a dollar loss, and said I was saving them for the day when they were worth more, we were told we were speculating on the value of bitcoin. And now we're told holding them long term is not speculation. You haters make up your mind already why dontcha?

There is no reason to mine at a dollar loss unless it is for charity.

[bitarrow]

I never exchanged a Bitcoin for fiat in my life and don't plan to start now.

Then why are you in the speculation forum?

When I was mining for bitcoins at a dollar loss, and said I was saving them for the day when they were worth more, we were told we were speculating on the value of bitcoin. And now we're told holding them long term is not speculation. You haters make up your mind already why dontcha?

There is no reason to mine at a dollar loss unless it is for charity.

apparently it worked out for him