Over 50 next week.

[lebing]

1000 new subs to reddit each WEEK now


Smashing record search volume continually week over week


And there is over 8 million in USD sitting on Gox in bids (and this figure appears to be exponentially rising).

My guess is that these trigger fingers get itchy by wednesday and the rocket ignites once again.

[1714016762]

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[1714016762]

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[BitPirate]

Monday.

Gox isn't doing too badly right now, and it's a Sunday.

Plenty of new BTC owners in the last two weeks who aren't likely to sell, coupled with a bit of euro panic. The rocket's about to leave the launchpad.

If it touches $48, I'm doubling up.

[Vladimir]

Yep Monday or even today, Sunday. The weekend deep has fizzled out. Cyprus thing is not helping bears at all either.

[cypherdoc]

Yep Monday or even today, Sunday. The weekend deep has fizzled out. Cyprus thing is not helping bears at all either.

Is it true that many of the losers in Cyprus were Russian?

[Frequency]

Yep Monday or even today, Sunday. The weekend deep has fizzled out. Cyprus thing is not helping bears at all either.

Is it true that many of the losers in Cyprus were Russian?

Most saving account in Cyprus are (BM)russian and >€100.000 are due to "taken" 9,9% to save the banks who are banktrupt but loaded with Russian savings....so yes they are ones mostly affected.....

This could be the beginning of a hugh bankrun all over EU....could be...

[Vladimir]

Yep Monday or even today, Sunday. The weekend deep has fizzled out. Cyprus thing is not helping bears at all either.

Is it true that many of the losers in Cyprus were Russian?

I have no first hand knowledge, besides that option of opening a Cyprus bank account always comes up as one of the most cost efficient and available options, every time one opens an offshore company. For example, when I was talking with accountants that specialize in offshore formation while researching biz plan for the ASIC thing they were pushing Cyprus bank accounts as default option and I had to tell em "no thanks I'll stick with the swiss".

But reportedly yes, lots of Russian money is parked in Cyprus, estimates are around 30 billions. However, this is another breach of European Human Rights to label them all as dirty money without any due process. I would bet that a good portion of those money are actually regular small businesses that are actually "hiding" money from the mob.

http://www.zerohedge.com/news/2013-03-16/everyone-shocked-what-just-happened-and-why-just-beginning#comment-3336921 This opinion seems to be well reasoned, for example:

Jim Sinclair told King World News we have just witnessed one of the most important events in history and it will have a major impact on the gold market.  Sinclair, who’s father was business partners with legendary trader Jesse Livermore, had this to say in this extraordinary and exclusive KWN interview:
 
“The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians.  That’s absolutely false.  After 1985, when the ‘Robber Barrons’ of Russia took over the general economics of Russia, that was the transformation from the KGB to private business.  The primary place for exported Russian funds was Cyprus.

Now, there is one leader in the world that would be very dangerous to challenge, and that is Putin of Russia....

“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’  Russian ‘black money’ is KGB money, now in business.  The leader of Russia (Putin) was a former KGB official.  Who’s money do you think they have taken?  This is the biggest mistake the IMF could possibly have ever made.”

Eric King:  “Jim, it’s unimaginable to me, but, incredibly, just ten days ago you warned that you don’t want to anger Russian leader Putin because he and Russia will punish the West in the gold market.  Can you talk about how this is going to impact the gold market beginning on Monday?”

Sinclair:  “What would you rather have, an insured bank account by the BIS, FDIC, ECB, when any government can come in and take 10% of your account and treat that as if you are paying a tax for monies that were lost because of devious actions by the banks themselves, or gold?”

Eric King:  “Will the Russians take their revenge in the gold market?  Is that one of the places they will seek revenge?”

Sinclair:  “The answer is that this is one of the most important events in modern times for the popularity of holding gold rather than holding fiat money.  This is the catalyst that will propel gold through the $1,600 level.  To prevent a break above $1,600 in gold would take extraordinary efforts on the part of any manipulator in the marketplace.

It’s very dangerous in doing business with the Russians to lose their money.  Revenge will be very much a part of the motivation for what happens from this point forward.  This type of event will take us out of the $1,500s and we may never see those prices again in our lifetimes.”

Emphasis is mine, because I am going to have to agree with this as a typical Russian modus operandi.

[rpietila]

We are not going to breach $50 now. The rally is over. We have entered a sideways consolidation, which may even turn out a correction, with the slightest bad news. The stability of the price is an illusion. The all-time-high just 2 weeks ago was 30% lower than where we are now. We can lose that 30% in a heartbeat if someone smells blood. Will they? In my opinion, only if something negative happens. But I can't really see a buying frenzy from here before a long breather. Hopefully we see 3 months before any serious price action to the up- or to the downside.

[rebuilder]

We are not going to breach $50 now. The rally is over. We have entered a sideways consolidation, which may even turn out a correction, with the slightest bad news. The stability of the price is an illusion. The all-time-high just 2 weeks ago was 30% lower than where we are now. We can lose that 30% in a heartbeat if someone smells blood. Will they? In my opinion, only if something negative happens. But I can't really see a buying frenzy from here before a long breather. Hopefully we see 3 months before any serious price action to the up- or to the downside.

You're in the process of buying in, then?

[BitPirate]

We are not going to breach $50 now. The rally is over. We have entered a sideways consolidation, which may even turn out a correction, with the slightest bad news. The stability of the price is an illusion. The all-time-high just 2 weeks ago was 30% lower than where we are now. We can lose that 30% in a heartbeat if someone smells blood. Will they? In my opinion, only if something negative happens. But I can't really see a buying frenzy from here before a long breather. Hopefully we see 3 months before any serious price action to the up- or to the downside.

Nice one, spreading pessimism so people buy your silver?

[rpietila]

Yes, I am buying in. And selling silver. Any other questions?

[tosku]

Any bank account money being moved out of Cyprus, haircut or not, will have to wait until Tuesday. Tomorrow is a bank holiday in Cyprus.

http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bail-out

Almost €6 billion of the savings for taxpayers in euro-zone countries came from losses imposed on depositors in Cyprus’s outsize banks. A one-off 9.9% levy will be imposed on all deposits over the insurance threshold of €100,000 before banks reopen after a bank holiday on Monday. That idea had been in the air for a while, not least because a lot of those uninsured deposits came from outside Cyprus, and from Russia in particular.

[humanitee]

1000 new subs to reddit each WEEK now


Smashing record search volume continually week over week


And there is over 8 million in USD sitting on Gox in bids (and this figure appears to be exponentially rising).

My guess is that these trigger fingers get itchy by wednesday and the rocket ignites once again.

+1. It's going over, guaranteed.

[tosku]

bank holiday.

This particular creature is on the endangered species list.

You might very well be correct. While I don't believe we will ever see the end of banks as we know them, increasing competition from bitcoin and other new systems will hopefully put pressure on them to offer a better service.