Selloff!

[Durr]

That was Satoshi and me selling some

[Scientician!]

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

http://lolthulhu.com/wp-content/uploads/2007/06/thecubist-i_see_what_you.gif

[darkwon]

hey Durr are you the famous Durrr?

[Scientician!]

That was Satoshi and me selling some

Dwan???

oO

[Durr]

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 Along with Phil Ivey

[Findeton]

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

[araisbec]

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.

[Astro]

I just bought some at ~$27 and resold almost immediately at ~$31.  Talk about froth.

[imperi]

It seems like people are scared of having it above the $30 mark.

[Serge]

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!]

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.

[SgtSpike]

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]

Dang....misses my entry point...

[billyjoeallen]

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.

[Scientician!]

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]

If it's a truly a paradigm change (like horseback to automobiles), then no, there doesn't have to be a substantial correction.

[SgtSpike]

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.

[billyjoeallen]

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.

[Adam]

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.

[Ivanish]

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.

1Lhifrdmq563mZxY5gqYPEN5AdkN7Townd - For if this made you feel better about your investments Numbers do not lie!