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Author Topic: Selloff!  (Read 8688 times)
Durr
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June 08, 2011, 07:22:55 PM
 #21

That was Satoshi and me selling some Cheesy

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Scientician!
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June 08, 2011, 07:24:19 PM
 #22

It's going back up, now at 30! Buy buy buy! Remake your wallets! Reload your GPUs!

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June 08, 2011, 07:24:32 PM
 #23

hey Durr are you the famous Durrr?

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Scientician!
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June 08, 2011, 07:25:18 PM
 #24

That was Satoshi and me selling some Cheesy

Dwan???

oO
Durr
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June 08, 2011, 07:26:20 PM
 #25

hey Durr are you the famous Durrr?

Haha no I'm someone else, but Tom 'Durrr' Dwan is actually one of my favourite Poker pro's Smiley Along with Phil Ivey

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Findeton
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June 08, 2011, 07:26:40 PM
 #26

Yeah, please scare the people so it goes back to 0.01$/btc. I'll buy so many bitcoins then!!

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araisbec
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June 08, 2011, 07:27:55 PM
 #27

Well, I am going to put some more faith into my investment of bitcoins for the next little while...

I really hope we haven't reached the peak of the rollercoaster ride just yet.
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June 08, 2011, 07:29:43 PM
 #28

I just bought some at ~$27 and resold almost immediately at ~$31.  Talk about froth.
imperi
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June 08, 2011, 07:30:51 PM
 #29

It seems like people are scared of having it above the $30 mark.
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June 08, 2011, 07:31:23 PM
 #30

well, that's a pretty strange ask pattern. Looks like a selloff.. 1k at each full denomination
At least, it's a balanced selloff
Scientician!
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June 08, 2011, 07:33:50 PM
 #31

I just bought some at ~$27 and resold almost immediately at ~$31.  Talk about froth.
It seems like people are scared of having it above the $30 mark.

Definitely seems to be some serious resistance around 30USD.

I content to mine at a relatively slow rate until early last week. Damn U Dwolla lag! I wanted in for 10K! I would have recouped and doubled down and recouped again! Twice! In a FKIN WEEK ?!  

Either way, a correction on the order of 25-30% would be good for BTC. Even if to momentarily shut up the Ponzibubble Trolls.
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June 08, 2011, 07:38:59 PM
 #32

I love these threads, they make me laugh.

Hovering around $3/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $5!"
"It's going to market correct down to $0.30"

Hovering around $8/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $10!"
"It's going to market correct down to $0.30"

Hovering around $18/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $20!"
"It's going to market correct down to $0.30"

Hovering around $30/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $40!"
"It's going to market correct down to $0.30"
bitlock
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June 08, 2011, 07:39:56 PM
 #33

Dang....misses my entry point...
billyjoeallen
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June 08, 2011, 07:41:52 PM
 #34

every dip is a buying opportunity. I just wired more USD to MTGOX. BTFD!!!!

Do you really think 29 million will be enough to go around when >1% of trade is conducted in BTC? It will go up forever, but not always this quickly.

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Scientician!
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June 08, 2011, 07:47:01 PM
 #35

I love these threads, they make me laugh.

Hovering around $3/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $5!"
"It's going to market correct down to $0.30"

Hovering around $8/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $10!"
"It's going to market correct down to $0.30"

Hovering around $18/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $20!"
"It's going to market correct down to $0.30"

Hovering around $30/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $40!"
"It's going to market correct down to $0.30"

We'll I suppose they're all wrong... Until they're right..

The frothiness alone would have me liquidating some derivative proportion today.

That said, I'm still a newcomer dying to get USD into BTC. I'm personally not foretelling doom, per se - I doubt very highly that BTC ever crashes (>75% of current rates) - Just that there has to be a significant correction at some point right?
imperi
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June 08, 2011, 07:49:21 PM
 #36

If it's a truly a paradigm change (like horseback to automobiles), then no, there doesn't have to be a substantial correction.
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June 08, 2011, 07:51:05 PM
 #37

I love these threads, they make me laugh.

Hovering around $3/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $5!"
"It's going to market correct down to $0.30"

Hovering around $8/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $10!"
"It's going to market correct down to $0.30"

Hovering around $18/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $20!"
"It's going to market correct down to $0.30"

Hovering around $30/BTC:
"ZOMG, the market's going to CRASH and BURNNNNN!"
"This is the peak for sure, no way it'll reach $40!"
"It's going to market correct down to $0.30"

We'll I suppose they're all wrong... Until they're right..

The frothiness alone would have me liquidating some derivative proportion today.

That said, I'm still a newcomer dying to get USD into BTC. I'm personally not foretelling doom, per se - I doubt very highly that BTC ever crashes (>75% of current rates) - Just that there has to be a significant correction at some point right?
There may be a correction as some point, sure.  And I don't mind if one does come.  But it's not going to be down to $0.30 without bitcoin dying out completely, and it would have to be initiated with a major event, such as the US government (or any other government, for that matter) outright stating that using bitcoins as a currency is illegal.  Whether or not they can enforce that position doesn't really matter - what matters is that people would lose confidence, and it would spiral into a panic sell until they're completely devalued.

As long as there's no major event like that though, there's not going to be any major corrections.  I doubt we'll ever see a drop of more than 50% in value without a corresponding event.
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June 08, 2011, 07:54:35 PM
 #38

N!"
"This is the peak for sure, no way it'll reach $40!"
"It's going to market correct down to $0.30"

The frothiness alone would have me liquidating some derivative proportion today.

That said, I'm still a newcomer dying to get USD into BTC. I'm personally not foretelling doom, per se - I doubt very highly that BTC ever crashes (>75% of current rates) - Just that there has to be a significant correction at some point right?
[/quote]

Percentage-wise, it's getting less frothy by the week. If I had a BTC for every newby who made the same comment as you, I'd be Satoshi Jr. People have been predicting a correction since 1BTC, 1USD.  Don't you get it? we aren't going to "cash out." ever. Bitcoin is money. we're cashing out of FRNs.

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Adam
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June 08, 2011, 07:56:00 PM
 #39

You need to factor in that the entire 30d volume in BTC according to bitcoincharts is less than $12.5million, and that's probably >90% of all the money ever traded.  The market cap right now is $200M.  So much of this is just on paper gains at this point, which makes anything possible as far as price moves.

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June 08, 2011, 07:56:21 PM
 #40

If you're looking at a 2 day or 3 day analysis of MTGOX/USD, I'd say yes we're in the later phases of an upward trend. 1-2-5 day ADX indicates a strong shift to a downward trend. In fact, the 2 day ADX shows a drop from 65~ ADX upward trend to 35~ ADX downward trend (and rising trend strength).

This is all fine and dandy if you're just looking for a quick buck.

If you switch to a 30day, 60, or 90day view though you'll notice that there is still a 70~ ADX positive trend with the +DI over 50 and the -DI next to 0.

Don't freak out folks. Keep growing bitcoin and shut your pie holes about 'where BTC/USD is going' until you know how to actually read some charts.

Just my ฿.02.

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