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nemo (OP)
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June 11, 2011, 11:02:49 PM |
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I know it was over valued, and this is a correction. But this screen shot was taken by a redditor (severedbrain).  They've since been deleted from his tweets. My guess is he's trying to double or even tripple up those bitcoin donations he received for releasing PS3's source code. |
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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onesalt
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June 11, 2011, 11:04:22 PM |
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Nope, Somethingawful.com (go sign up an account there and register your displeasure) trolled the bitcoin market enough to cause a market panic. In conclusion, fuck the internet.
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bcpokey
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June 11, 2011, 11:06:10 PM |
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If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.
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nemo (OP)
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June 11, 2011, 11:10:02 PM |
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I don't get advice from them. But their impact does has an affect on what I choose to do, so I find it relevant to know if this panic is organic or not.
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Maxxx
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Activity: 70
Merit: 11
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June 11, 2011, 11:11:00 PM |
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Nope, Somethingawful.com (go sign up an account there and register your displeasure) trolled the bitcoin market enough to cause a market panic. In conclusion, fuck the internet.
No they didn't. |
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onesalt
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June 11, 2011, 11:11:48 PM |
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If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.
So what you're saying is that anyone who believes in bitcoins are sheep for following what could potentially be a perfect currency? |
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Hekuro
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June 11, 2011, 11:28:57 PM |
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hawks5999
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June 11, 2011, 11:41:13 PM |
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So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market? |
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Drone_Fragger
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Activity: 3
Merit: 0
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June 11, 2011, 11:42:33 PM |
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hawks5999
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June 11, 2011, 11:48:44 PM |
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WTFever. Trolls are posting SELL SELL SELL all the time. |
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hoo2jalu
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Activity: 70
Merit: 10
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June 11, 2011, 11:51:33 PM |
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... So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market?
Used to be you could crush supply/demand curve across multiple exchangers for much less... They picked the perfect day, as volume always depressed over weekend. |
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gigitrix
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June 11, 2011, 11:52:02 PM |
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Or, you know, could just be a market correction due a rapid and unsustainable growth, exacerbated by those who wish to exploit it for personal gain?
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onesalt
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June 11, 2011, 11:53:04 PM |
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Or, you know, could just be a market correction due a rapid and unsustainable growth, exacerbated by those who wish to exploit it for personal gain?
So what you're saying is that it was, infact, a bubble? |
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hawks5999
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June 11, 2011, 11:53:12 PM |
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... So this basically means they did loopback sales (for lack of a better term) of 17,000 coins to crush the market?
Used to be you could crush supply/demand curve across multiple exchangers for much less... They picked the perfect day, as volume always depressed over weekend. So in the end, Mt. Gox had a good day on fees and everyone who BTFD will have a good day come Monday. Thanks. |
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silversurfer
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Merit: 10
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June 11, 2011, 11:54:12 PM |
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That which is falling should also be pushed.
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Drone_Fragger
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June 11, 2011, 11:57:24 PM |
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You don't get how cashing out 50x340 bitcoins at once in 50 accounts to bypass transaction account limits to withdraw 340,000 dollars at once and more other the next few days could possibly crash the bitcoin market? |
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silversurfer
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June 12, 2011, 12:01:04 AM |
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50x340 going from where to where? What account limits? What 340k? Sorry you made me more confused now.
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That which is falling should also be pushed.
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nemo (OP)
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June 12, 2011, 12:03:43 AM |
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MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell. Bundle that up with trolls spamming forums with SELL SELL SELL.
Is that what it was?
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silversurfer
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June 12, 2011, 12:05:25 AM |
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MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell. Bundle that up with trolls spamming forums with SELL SELL SELL and there you have it.
What does that 17000 bitcoin deal have to do with Mt. Gox $1000/day limit? There's a limit to how many bitcoins you can withdraw, not just how much USD you can withdraw? What? |
That which is falling should also be pushed.
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hoo2jalu
Member
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Activity: 70
Merit: 10
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June 12, 2011, 12:07:20 AM |
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MtGox doesn't let you take out more than $1000 a day or $10000 a month. So 1 guy made himself look like a ton of guys who rushed to sell.
If you want pretty graph pull up market volume chart, like http://bitcoincharts.com/markets/mtgoxUSD.html , then click on 10day range or so. Observe the giant red spike that is negative sales flood and volume of sales total. See how this drastically alters the supply/demand curve across multiple exchangers. (Note that you could spike high just as easy with same approach.) Lots of you charting the bitcoin seas with your eyes closed. Not a good idea when the LulzBoat is prowling... ;P |
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