How low before you buy in?

[tbcoin]

I'm just waiting for my transfers, that I sent a week ago. I WANT BUY!!!

[Cluster2k]

Some people say the current mass panic selling was sparked by Pirate liquidating his operation.  If so, he has a whole bunch of bitcoins to sell for which he obviously wants the best price.  The observation has also been made that he's allegedly liquidating on a weekend, when people can't get money into MtGox through their banks to buy up all the cheap bitcoins on offer.

So why does Pirate liquidate on a weekend if he would know banks are closed and there's less dollars around to soak up his sells?  It doesn't make sense from a financial point of view.  Anyone can transfer bitcoins 24/7 to sell, but the same cannot be said for dollars to buy.  It becomes a race between him and others to get all the dollars on offer.

Why liquidate at the worst possible time to sell?

[Technomage]

Pirate isn't the one selling. The market is selling. Pirate is most likely the one buying, more and more as people panic.

[anu]

Ooops, bottomed out already? Come on guys, push it a little lower. I want more sweet coins 

[bitcon]

always large arbitrage opportunities between mtgox and virwox.   as of writing this;


mtgox - 9.69
virwox - 10.31

[beckspace]

At Six point Crazy I'll be standing guard:




At Five dot Buy a Lot:

[runeks]

Why don't you guys keep some money at Mt. Gox in the event of price drops like these? I always keep a couple of hundred dollars there, just in case the market goes bananas and bottoms out. I just picked some coins up at $9.53. That's more than a third cheaper than it was, like, four days ago.

Crazy times. I'm enjoying every moment of it.

[anu]

Crazy times. I'm enjoying every moment of it.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

[notme]

Crazy times. I'm enjoying every moment of it.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

Welcome to humanity.  We have two options: greed and fear.

[OgNasty]

Welcome to humanity.  We have two options: greed and fear.

+1

[evolve]

No particular price, just watching the charts trend and making my bets on market senttiment...that said, I cant see jumping back in until I am confidant that the crash is over.

[anu]

Crazy times. I'm enjoying every moment of it.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

Welcome to humanity.  We have two options: greed and fear.

Is is?

To me the best strategy seems to be to act as if I want to keep the prices stable: Buy low, sell high. But my newly gained coins of this weekend must come from someone who lost them.

But I lost, too. If more would try to keep the prices stable, we'd see a slow gain of maybe 200% each year. But for some, 200% a year is maybe not enough. Like those losers I won my Bitcoin from.

[anu]

Crazy times. I'm enjoying every moment of it.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

Sorry, going to disagree with you again.

Imho bitcoin isn't ready to go mainstream yet, the basic services are still being built up, the core is being tweaked and fleshed out and, with what we're seeing now, the user base is being pruned down to a solid core.

Indeed. I think we pruned quite a few merchants this weekend who considered accepting Bitcoin. Great job.

[Thralen]

Regarding Pirate selling as someone mentioned earlier in the thread. Here is my opinion:

Pirate started selling Friday afternoon, selling enough BTC to start a sharp drop. Knowing that people would panic sell, he started this panic sell so he can purchase enough bitcoins at a lower price in order to be able to disburse all the bitcoins he needs to send out. The panic sellers just played into his hand is all. He started it on a Friday, knowing that most people don't have funds immediately available on the weekend to make BTC purchases. I would bet that he had quite a large amount of funds positioned to do his buying over the weekend when he knew he could drive the price down and it would stay down for a few days due to the weekend limitations on people getting funds in and ready.

So, he announces he is closing out (right before the weekend), starting some nervousness. He dumps enough BTC at the higher price to start some panic selling (shortly before the weekend). He uses the funds he gained from selling at the higher price, plus any funds he had in there already to buy throughout the weekend at the lower price. Once Monday rolls around and price starts gaining again, he sits back and disburses the coins as mentioned in his closing announcement. Any BTC left over from his weekend buying spree are pure profit.

The worst part about it is that anyone could have realized what was going on when it started. They could have not panic sold (and screwed him). They could have joined in on his plan (making it pricier for him). But they played sheep and played right into his hands.

Note this is all just my opinion and reality may vary. I thought of this scenario as soon as I read about him closing and then saw a major drop starting on a Friday afternoon.

Thralen

[Dalkore]

Crazy times. I'm enjoying every moment of it.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

Sorry, going to disagree with you again.

Imho bitcoin isn't ready to go mainstream yet, the basic services are still being built up, the core is being tweaked and fleshed out and, with what we're seeing now, the user base is being pruned down to a solid core.

We can all see what happened at the start of bitcoins life, when I first heard about bitcoin I saw that and walked away. Zoom out on the graph now and this is nothing more than a minor glitch, not enough to scare those away who will do some research and understand how it works and what happened here but enough to scare off those just looking for easy money that will run at the first sign of trouble.

Bitcoin is like anything new on the net, acceptance takes time, could be a year, could be 10. There is no point trying to rush things because we'll be rushing to nowhere and when it collapses under its own weight it will put folks off for good, there's competition coming. Better to build up slowly on solid foundations and beat them simply by being better.

+1  - I feel the same way.  I am currently working on projects to help build more plumbing for BTC.   I am watching the charts and will be making some purchases once I see what I am looking for.   That goodness for reading all those technical analysis books.

D

[GeniuSxBoY]

Dannnng! I just canceled my $8.50 order when it blasted to $8.50  




I wish he'd just sell his entire stock and get it over with 

[anu]

Dannnng! I just canceled my $8.50 order when it blasted to $8.50  




I wish he'd just sell his entire stock and get it over with 

+-10% in price within seconds. No liquidity. At the moment, Bitcoin has the highest TX cost of all payment systems. WU is a bargain in comparison.

 

[cbeast]

Thisw is another case of spending other people's money. All the stolen Bitcoin lately has been waiting for a time to dump. I think we are near bottom.

[bitcon]

glad i have $4k USD sitting by in the exchange and ready to go.

[dust]

Order at 8.51 just got hit.