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Author Topic: It looks like the Bitcoin's value is about to see a major retrace  (Read 9372 times)
Jack of Diamonds
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June 10, 2011, 08:17:36 PM
 #41

I just looked at Bitcoin Monitor, which shows all the different activity on the Bitcoin network, and it shows that the amount of trading is continuing to ramp up, while Mt Gox shows that those trades are sales whose ask price is decreasing further and further as people trying to sell are lowering their ask in order to get them sold first before price drops more. Price has already dipped below $20.

With selling building up by the minute (literally), I'm willing to bet the price will drop all the way to $10.
We may have just seen the shortest economic bubble of all time Tongue

Another candidate for the "require 0.01btc payment for registration on the forums" to deter trolls.
I'm willing to bet you signed up just to post this.

Really, even if you're just trying to push the price down just so you can buy it cheap, you're doing a pretty awful job at it. The market will correct itself.

Then again, I do hope it goes well below $20 temporarily.

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dserrano5
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June 10, 2011, 08:20:16 PM
 #42

"Another trade is still in progress, please retry in a few seconds"

Funny how this keeps showing up during the retraces.  It only seems to happen when you wish to buy BTC, putting up a sell order still goes through.

I've seen that when both buying and selling. Seemed like they were just overloaded.

bcpokey
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June 10, 2011, 08:23:30 PM
 #43

"Another trade is still in progress, please retry in a few seconds"

Funny how this keeps showing up during the retraces.  It only seems to happen when you wish to buy BTC, putting up a sell order still goes through.

I've seen that when both buying and selling. Seemed like they were just overloaded.

Doesn't MtGox make like $100,000USD a month? Sup with servers being overloaded.
dserrano5
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June 10, 2011, 08:25:18 PM
 #44

Doesn't MtGox make like $100,000USD a month? Sup with servers being overloaded.

I don't know how much they make, nor do I care. But you can't deny their service is *slow*.

theabsinthehare
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June 10, 2011, 08:37:50 PM
 #45

I just looked at Bitcoin Monitor, which shows all the different activity on the Bitcoin network, and it shows that the amount of trading is continuing to ramp up, while Mt Gox shows that those trades are sales whose ask price is decreasing further and further as people trying to sell are lowering their ask in order to get them sold first before price drops more. Price has already dipped below $20.

With selling building up by the minute (literally), I'm willing to bet the price will drop all the way to $10.
We may have just seen the shortest economic bubble of all time Tongue

Another candidate for the "require 0.01btc payment for registration on the forums" to deter trolls.
I'm willing to bet you signed up just to post this.

Really, even if you're just trying to push the price down just so you can buy it cheap, you're doing a pretty awful job at it. The market will correct itself.

Then again, I do hope it goes well below $20 temporarily.

I'm not trolling, and the bubble comment was tongue in cheek. I actually have no intention to buy BTC, and only casually mine them. My day job however is that of a Forex intraday trader, so I find the bitcoin economy interesting and I've been following along with it pretty closely. As I said in my second post, I don't think the value will drop to nothing, and I know this is just a correction that will reverse if people actually start using bitcoins instead of simply speculating on them. I made this thread to warn people of the retrace and possibly help people realize that it was a good idea to sell *some* of their bitcoins at that time to recoup their initial mining setup costs. I'm sure the people who took my advice 12 hours ago are glad they did. I do not however think people should sell off all their bitcoins since we'll see a slow and steady rise back up as coins are actually put to use (when The Silk Road reopens its doors, most likely Grin)
computerparts
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June 10, 2011, 08:50:37 PM
 #46

I just looked at Bitcoin Monitor, which shows all the different activity on the Bitcoin network, and it shows that the amount of trading is continuing to ramp up, while Mt Gox shows that those trades are sales whose ask price is decreasing further and further as people trying to sell are lowering their ask in order to get them sold first before price drops more. Price has already dipped below $20.

With selling building up by the minute (literally), I'm willing to bet the price will drop all the way to $10.
We may have just seen the shortest economic bubble of all time Tongue

Another candidate for the "require 0.01btc payment for registration on the forums" to deter trolls.
I'm willing to bet you signed up just to post this.

Really, even if you're just trying to push the price down just so you can buy it cheap, you're doing a pretty awful job at it. The market will correct itself.

Then again, I do hope it goes well below $20 temporarily.

I'm not trolling, and the bubble comment was tongue in cheek. I actually have no intention to buy BTC, and only casually mine them. My day job however is that of a Forex intraday trader, so I find the bitcoin economy interesting and I've been following along with it pretty closely. As I said in my second post, I don't think the value will drop to nothing, and I know this is just a correction that will reverse if people actually start using bitcoins instead of simply speculating on them. I made this thread to warn people of the retrace and possibly help people realize that it was a good idea to sell *some* of their bitcoins at that time to recoup their initial mining setup costs. I'm sure the people who took my advice 12 hours ago are glad they did. I do not however think people should sell off all their bitcoins since we'll see a slow and steady rise back up as coins are actually put to use (when The Silk Road reopens its doors, most likely Grin)

I think your initial post is pretty much spot on. Buyers are what's driving the vale of bitcoin. If the buyers lose trust, the bitcoin will lose value. I think we will see a strong correlation with people's trust as the gov't involvement increases in this. The gov't go after Silk Roads, but they are just going to re-open somewhere else right? So if the gov't can't stop Silk Roads, what's the next logical step? To take out the exchangers. When that happens, bitcoin is going to lose a lot value because many people treat it as nothing more than cash cow and not the digital currency it is.
gordy
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June 11, 2011, 08:09:47 AM
 #47

since there's a correlation..
http://www.google.com/trends?q=bitcoin
seems like legitimate organic growth to me
digimag
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June 11, 2011, 08:37:03 AM
 #48

since there's a correlation..
http://www.google.com/trends?q=bitcoin
seems like legitimate organic growth to me
I also believe that the value will go up. But don't forget to offer services for Bitcoins. Otherwise people will loose interest and sell.

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dserrano5
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June 11, 2011, 02:53:49 PM
 #49

After the big downwards movement of some minutes ago, it went up just when it touched $13 as expected. Midterm bullish is still alive ATM.

Minsc
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September 07, 2011, 12:21:14 AM
 #50

For the people who own thousands of these coins, they were crazy if they did not sell some of their bitcoins when the price was over $30.

I think many tried to and that's why it quickly dropped from $30.

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Otoh
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September 11, 2011, 06:49:18 PM
 #51

I know I'm not selling my coins until it hits $30 USD. It reached that point and then backed down. No one in the right mind is going to sell right now when it's $25 USD.

famous last words  Grin

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