What exactly is happening on Monday? (tomorrow)

[Mitchow]

I was hoping to ask what has been happening recently and what would be happening tomorrow. I've been reading the post-crash threads, and I keep seeing "just wait until Monday". I'm not very familiar with what happened during the crash, so I would appreciate any help.

From my understanding: the owner (pirateat40) of Bitcoin Savings & Trust (investment fund) decided to end his business. In order to make the final payout to investors, he had to purchase a whole lot of Bitcoins (resulting in market peak of $15-$16).

Then there was the crash to $13, a bit of fluctuation between $12-14, and now it's dropping even further, below $8. Why is it crashing like this?

And why do people have hope for tomorrow's market?

[bb113]

Its just crashing because everyone is trying to improve their positions.

[Mitchow]

Its just crashing because everyone is trying to improve their positions.

But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic?

[bb113]

Its just crashing because everyone is trying to improve their positions.

But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic?

I don't think its really even that much panic, its just people trying to accumulate bitcoins.

[notme]

Its just crashing because everyone is trying to improve their positions.

But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic?

I don't think its really even that much panic, its just people trying to accumulate bitcoins.

It will be one hell of a race to get back in once we form a solid bottom.

[Mitchow]

Its just crashing because everyone is trying to improve their positions.

But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic?

I don't think its really even that much panic, its just people trying to accumulate bitcoins.

I'll admit that the moment I saw the almost-instantaneous $15 -> $13 drop, I panicked. I had no coins on hand, but I worried about my mining.
If people were trying to accumulate Bitcoins however, the price would rise. These people trying to accumulate Bitcoins are just reaping from the panic-selling phase.

[bb113]

Its just crashing because everyone is trying to improve their positions.

But by panic-selling? I mean sure it brings them out of the game and into the safe zone, away from this depression, but wasn't there an initial cause of this panic?

I don't think its really even that much panic, its just people trying to accumulate bitcoins.

I'll admit that the moment I saw the almost-instantaneous $15 -> $13 drop, I panicked. I had no coins on hand, but I worried about my mining.
If people were trying to accumulate Bitcoins however, the price would rise. These people trying to accumulate Bitcoins are just reaping from the panic-selling phase.

I think most people are selling because they think other people are going to sell for cheap and they want to have more money on the exchanges to take advantage.

[istar]

Lots of people are waiting to buy as low as possible but most money will start to get in, in the middle of next week.

[BlackPrapor]

Lots of people are waiting to buy as low as possible but most money will start to get in, in the middle of next week.

Yes, that's because it takes time to wire the money to mtgox

[nima]

When pirate pays back, ppl are gonna move their money to other bonds, btc price will slowly recover to $12 sometime at the end of September.
Those who mined their coins will not sell cheap.

[matthewh3]

I think the price will be ~$9 by Friday then hover around that for a few weeks (no lower than $7 and no higher than $10) until starting to rise again.