Is bitcoin stabalizing again or will it plummet even further than the weekend?

[Projects]

Just curious to everyones opinion, is the value going to stabalize at around $10 for a while or is it going to crash/rally again in the near future?

[Piper67]

Just curious to everyones opinion, is the value going to stabalize at around $10 for a while or is it going to crash/rally again in the near future?

Yes

[DeathAndTaxes]

Yes.  No.  Maybe.  Both.  Neither.

Game theory time:
If someone actually could predict the market it would be in their best interest to not tell you (trading is a zero sum game).
If someone can't predict the market it would be in their best interest to lie and have you become the counterparty for their trade (allow them to sell for more or buy for less).

[LoweryCBS]

If someone actually could predict the market it would be in their best interest to not tell you (trading is a zero sum game).
If someone can't predict the market it would be in their best interest to lie and have you become the counterparty for their trade (allow them to sell for more or buy for less).

Unless...    That's EXACTLY what they WANT you to think!

                               

[elosk]

Personally, I believe that the market is going to drop even further than it did over the weekend. Maybe it is just that I have good faith, but I believe that Pirate will soon start paying everyone what they are owed. Once that happens, hundreds of thousands of coins will return to the market, many of which will be sold, flooding the market and bringing the prices down.

[VelvetLeaf]

Buyer doesn't even want to touch the buy order at the current price
Seller want to sell at $30 $15 $10, go figure.

[Raize]

These bids are so thin for someone who wants the price to go up so badly. And the walls are so fake. It's pretty clear someone's got a lot to sell right now, IMHO. The price is only increasing so they can get people to line up their bids for the next big sell-off.

[skinturtle]

Personally, I believe that the market is going to drop even further than it did over the weekend. Maybe it is just that I have good faith, but I believe that Pirate will soon start paying everyone what they are owed. Once that happens, hundreds of thousands of coins will return to the market, many of which will be sold, flooding the market and bringing the prices down.

Nah, I believe he's gone with his 500k btc

[blazing]

These bids are so thin for someone who wants the price to go up so badly. And the walls are so fake. It's pretty clear someone's got a lot to sell right now, IMHO. The price is only increasing so they can get people to line up their bids for the next big sell-off.

Agreed. I'm suprised we're still sitting at $10. It's just a matter of time.

[proudhon]

Funny tweet from Enky Nakamura this morning:

It's hard for me to forecast the price range when there's an ignorant investor with 400k bitcoins in the bag,he is like a baby with a gun:)

[jimbobway]

pirate has not paid anyone back yet.  Which means he may be planning another big move to drop prices further.  I'm positioned to buy more bitcoins when this happens.

[Serge]

There are two opposite forces at work:

1. more press in the media, BitInstant's debit card being mentioned everywhere which is going to reflect in more bitcoin appreciation on top of past two weeks of news
2. possibility of pirate returning bitcoins to lenders which will put some excess stock on exchanges driving price down

result: short term volatile uncertainty

[niko]

The price is only increasing so they can get people to line up their bids for the next big sell-off.

As in: it rained today only so I don't have to water the garden?

[Spekulatius]

Yes.  No.  Maybe.  Both.  Neither.

Game theory time:
If someone actually could predict the market it would be in their best interest to not tell you (trading is a zero sum game).
If someone can't predict the market it would be in their best interest to lie and have you become the counterparty for their trade (allow them to sell for more or buy for less).

In this case your logic does not apply because you are dealing with a large group of traders instead of only one. When the majority of traders on the market shares your believe, the market is going your way. This is based on mass psychology and the herd behaviour.

[Technomage]

We just had the biggest news since Silk Road (Bitcoin Mastercard) so I'd say buy while it's still cheap. Price may go down a bit on the short term but I'd say that the combination of the recent news, the September Bitcoin announcement and the block reward halving... going up is a near certainty.

[Spekulatius]

We just had the biggest news since Silk Road (Bitcoin Mastercard) so I'd say buy while it's still cheap. Price may go down a bit on the short term but I'd say that the combination of the recent news, the September Bitcoin announcement and the block reward halving... going up is a near certainty.

I totally agree...after this week has come to an end. With paybacks and 500k BTC (walls?) looming ahead, I wouldnt expect a rise too steep before this week has passed.

[niko]

pirate has not paid anyone back yet.  Which means he may be planning another big move to drop prices further.  I'm positioned to buy more bitcoins when this happens.

Are you going to sell beforehand?

[Elwar]

The price was rising slowly based on more than just the ponzi scheme. There are a lot of advances and the block reward is dropping in half. This means that we are outpacing the 50% inflation at the current rate. When the inflation rate is cut in half and we continue at this rate, that means a 25% increase in value yearly at least.

Pirate dropped about 10k BTC last month and the price dropped from $9 to $8. He dropped 100k BTC over the weekend. It was bound to fall. He can only drop it that much 4 more times.

[sunnankar]

Pirate dropped about 10k BTC last month and the price dropped from $9 to $8. He dropped 100k BTC over the weekend. It was bound to fall. He can only drop it that much 4 more times.

Plus, I think you are underestimating the possibility of there being much deeper pockets that Pirate which kind of enjoy shaking the Bitcoin tree to see if any bitcoins fall out. And from another thread:

I have already started helping some people formulate a USD/gold to Bitcoin carry-trade.

[Technomage]

http://money.cnn.com/2012/08/22/technology/startups/bitcoin-debit-card/index.html

http://www.google.com/insights/search/#q=bitcoin%20%2B%20bit%20coin%20%2B%20bitcoins&date=today%203-m&cmpt=q (The latest media wave doesn't even register here yet)

Price will surely plummet.