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Author Topic: Selloff!  (Read 8687 times)
DATA COMMANDER
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June 08, 2011, 08:57:20 PM
 #61

I hope it drops back down to $10 so that I can buy some for the price that they were going for when I started the process of getting some money from my checking account to MtGox. Smiley

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venom
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June 08, 2011, 09:01:41 PM
 #62

I just want to say thank you to all the panicked sellers.  We're going to move some major money as soon as selling slows down, and make a killing on the way back up.  I love human fear... because it's so easy to predict and profit off of it  Smiley
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June 08, 2011, 09:03:42 PM
 #63

yeah I wish I had some USD I'd be buying on mtgox right now, it's all in BTC so I just have to wait this out. 

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June 08, 2011, 09:06:16 PM
 #64

This thread alone probably had a pretty intense effect on the selloff. It's crazy how easily the market can move.
swusc2
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June 08, 2011, 09:07:02 PM
 #65



Market Depth is evening out. The value in the Bitcoin is stabilizing, the impossible growth from $9 to $30+ was inevitably going to fall. While this sell off is quite dramatic its prime opportunity to buy, it shows the market potential without having to wait too long for the bubble to stabilize to normal expected growth.

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dacoinminster
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June 08, 2011, 09:07:41 PM
 #66

The DEA is coming!! The DEA is coming!!

They have warrents! They'll close your bank account! You'll go to jail!

SELL SELLL SELLWLLWSLWSLW!!!!!!

underjeep
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June 08, 2011, 09:08:58 PM
 #67

ITS GOING DOWN!!!!!!! SELL SELL SELL!!!!!!!!!!!!!!


its GOING BACK UPPPPPPPPP!!!!!!!


BUY BUY BUY BUY


that scene in the simpsons with martin buying Soy at the stock exchange finally makes sense
imperi
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June 08, 2011, 09:09:30 PM
 #68

Everyone sell everything for a straight week, until my new funds clear!! :-)
Astro
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June 08, 2011, 09:10:04 PM
 #69

I'm buying a bunch at 20.. Sell to me!
shady financier
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June 08, 2011, 09:10:48 PM
 #70

Don't you get it? we aren't going to "cash out." ever. Bitcoin is money. we're cashing out of FRNs.

It is this attitude which will allow bitcoin to become the success we are dreaming of!

Yes, yes it is.

Massive Shout Out to the Fundamentalists.

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The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
piuk
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June 08, 2011, 09:15:50 PM
 #71



Looks like a stand off between buyers and sellers, lets see who moves first.

hazek
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June 08, 2011, 09:17:48 PM
 #72

There are 4 times as much selling as there is buying. 

You do realize that that picture means absolutely nothing because of dark orders?

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bitcoinafrica
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June 08, 2011, 09:18:45 PM
 #73

I have no issue with a "crash" -- it only hurts speculators or people trying to make a buck (or a euro, or a ruble, or whatever).

I fundamentally believe in bitcoins as a currency. If anything, the recent attention from the finance world and politicians only helps legitimize it as a thing of value--if it had no value, there would be no fuss. There are people putting money into bitcoins that aren't just "enthusiasts". We've crossed over. If there's a "crash", it's only because of irrational exuberance (or the long arm of The Man). The fundamental value--there are people who want bitcoins--still exists.

Even if the government gets involved, the nature of bitcoin means it can't be killed. And even if bitcoin falls back into something just for "enthusiasts" and loses much of it's newfound "value", I for one am proud to be an enthusiast (even a poorer one Smiley )

Bit_Happy
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June 08, 2011, 09:26:38 PM
 #74

This happened within less than 5 seconds

The bids and asks are almost the same...
{"ticker":{"high":31.9099,"low":19,"vol":113866,"buy":23,"sell":26.8,"last":28.8}}

{"ticker":{"high":31.9099,"low":19,"vol":114448,"buy":22.8897,"sell":26.4,"last":22.8897}}

A last sale went through at 28.8 then some how 22.8897 in a flash!

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swusc2
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June 08, 2011, 09:28:57 PM
 #75

Crap...someone just ninja'd all the cheap Bitcoins. I was hoping for it hit $22 before rebuying.

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darkwon
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June 08, 2011, 09:29:11 PM
 #76

Yea, there's a huge gap between 23 and 30, prices can go anywhere in seconds, never seen such a volatile market...

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swusc2
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June 08, 2011, 09:31:13 PM
 #77

Yea, there's a huge gap between 23 and 30, prices can go anywhere in seconds, never seen such a volatile market...

How many markets have you seen that are less than 2 years old?

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nebiki
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June 08, 2011, 09:36:57 PM
 #78

so, what happened today? my theory:

A bought coins for a lot of $
A waited for the announcement
A sold all his coins (probably at the same rate at which he's bought them)

if i had a few bil on my bank account, i'd do the same. just to scare some people. can anyone disprove my theory? is it not possible to invest a lot of $ at once on mtgox etc? maybe he's ddosing everything related to btc, too.. because i sure have some trouble browsing the web.

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Mafioso
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June 08, 2011, 09:47:30 PM
 #79

The "wealthiest" account on Bitcoin holds 297,000 bitcoins... At a $30 valuation it is worth $8.9 million! Is it safe to assume that it belongs to the creator of Bitcoin? Quite a smart guy I must say. His/her wealth may even be spread across many accounts... It's quite disturbing that one person holds at least 5% of Bitcoins wealth.

Could a small sell-off from such a wealthy individual cause this much volatility?
imperi
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June 08, 2011, 09:50:51 PM
 #80

I think it was intervention of the U.S. government. They pulled out ENIAC, dusted the mothballs off, and set it up to mine. The influx of hashes caused a flurry of chaotic activity in the markets.
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