Bitcoin big correction.....

[kerogre256]

Will not happen until
1.mtgox flop for some reasons... and it can happend any time
2. USA goverment will make agrresive move against bitcoin( dont think it will happen in next 3 months)

[niko]

Will not happen until
1.mtgox flop for some reasons... and it can happend any time
2. USA goverment will make agrresive move against bitcoin( dont think it will happen in next 3 months)

What makes you think that any of these will cause the correction, as opposed to something else, or even better nothing in particular (it just happens)? Also, what has caused the previous major correction (bursting of the 2011 bubble)?

[ElectricMucus]

It doesn't matter at this point what it is. Any fuckup of the usual kind will bring it.

I'd almost bet on BFL, that would be too easy but it is still my top contender.

[Kazu]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

[ehoffman]

Virtex is DDoS...  down.  Supposedly they are upgrading server to counteract this.  We,ve been seeing a lot of DDoS lately.

https://twitter.com/Vircurex

Always the same scheme.  Hacker wait for price to be high and sell.  It DDoS a few servers.  Price fall.  Hacker buy at low price.  It worked pretty well with Gox this week.

[deadweasel]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

[ElectricMucus]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

Translation: I bought in at 140.

[Kazu]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

Translation: I bought in at 140.

Incorrect.
I bought in at $110 on MTGOX crash. 

[ElectricMucus]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

Translation: I bought in at 140.

Incorrect.
I bought in at $110 on MTGOX crash.  

Me too.
I sold already though.  

Volatility FTW!

[Kazu]

The big correction is already in the process of happening. Its correcting the fact that BTC used to be $15 when they should have been $500.

Translation: I bought in at 140.

Incorrect.
I bought in at $110 on MTGOX crash.  

Me too.
I sold already though.  

Volatility FTW!

Why would you sell? The real fun will happen at 5:00-ish PST.

[Gordonium]

There will be correction to $1000/BTC

[Qoheleth]

Why would you sell? The real fun will happen at 5:00-ish PST.

Have you not yet detected that Number Nine is one of our few resident bears?

Edit: Also, either none of you cones know what "correction" means, or I've had the wrong definition in my head all this time (the reversion to the mean when market exuberance goes past the "true"/"sustainable" price).

[carborundum]

I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying

[ManBearPig]

Will not happen until
1.mtgox flop for some reasons... and it can happend any time
2. USA goverment will make agrresive move against bitcoin( dont think it will happen in next 3 months)

Ooh you tease with your ellipsis and turnaround!

[BitcoinAshley]

Eh, I disagree with number 2. It's impossibiru. Anytime the government gets involved and starts regulating stuff, prices go up.
Do you think alcohol got CHEAPER during prohibition?
Do you think the "War On Drugs" hasn't made drugs more expensive?
What about ObamaCare, is healthcare getting more affordable for Americans?
The only reason they were able to take down liberty whatever and e-Gold is because they were centralized.

The concept of alcohol, drugs, or bitcoin is (relatively) decentralized. Healthcare isn't but it's controlled by government cronies (or government cronies are controlled by healthcare biz) either way.

I don't understand how people fear that government crackdown could lower the price of Bitcoins. The government isn't exactly known for making things cheaper.

[ehoffman]

I bought 100 coins at around 13$.  I sold 65 of them for BFL pre-order (that was 1333$ at the time) .  I bought approx 45 at around 45$, just before exponential growth.
Sold 20 BTC at 110$ to recover my last 2000$ I put in (not bad, considering that it more than doubled).  Just sold 60 at 132$.

So, total investment 3300$.  Total return, approx 10000$.

Take from that maybe 600~700$ I invested in mining hardware...  Custom FPGA hardware array, running at 2.2GH/s total @ 450W.  The FPGA did not cost me anything, they are telecom cards we have at our job that don't sell .  I adapted them, reverse engineered (easy since we made those, and have all the hardware specs), designed backplane PCB, PC interface, custom PC miner software interface, etc.  So, there's a lot of fun involved in the process too  Mined about 20 BTC since January.

Of course, gained and lost a few BTC betting on the exchanges, trading LTC, BTC, PPC, etc.  So I learned there too!

I still have that last 60BTC worth in fiat at the exchange, in case there's a weekend dip  But for now, it's way too volatile to risk it.  It may raise to 150~160, sure, but what the heck...  I made a lot in a few month and more than happy

And of course, some penny change BTC (2 or 3), plus my mining hardware that still run 24/24 popping .16BTC/day (that's still ~20$/day), although I now mine PPC which is worth 2~3 times more at the moment.

And...  I'm waiting for the correction now!  Well, if it happen

[Kazu]

The only reason they were able to take down liberty whatever and e-Gold is because they were centralized.

E-Gold is well an good. Its just named Liberty Reserve now. 

[BitSlut69]

I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying

And how would a bitcoin confiscation be performed? I guess the government could shut down the internet. Short of that nothing can stop bitcoin.

[Kazu]

I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying

And how would a bitcoin confiscation be performed?

Buy up all the bitcoins on gox?

Oh wait.

[pyromaniac]

There will be correction to $1000/BTC

And this is not a joke. Most probably bitcoin will rise up at least at 10 times.

[Pruden]

Why would you sell? The real fun will happen at 5:00-ish PST.

Have you not yet detected that Number Nine is one of our few resident bears?

Edit: Also, either none of you cones know what "correction" means, or I've had the wrong definition in my head all this time (the reversion to the mean when market exuberance goes past the "true"/"sustainable" price).

That's what we are talking about: USD value is experiencing a long-delayed correction towards the true miliBTC range.

[Qoheleth]

Edit: Also, either none of you cones know what "correction" means, or I've had the wrong definition in my head all this time (the reversion to the mean when market exuberance goes past the "true"/"sustainable" price).

That's what we are talking about: USD value is experiencing a long-delayed correction towards the true miliBTC range.

So you're saying that USD used to trade at thousandths of a bitcoin? I don't remember anything like that.

[XXthetimeisnowXX]

Eh, I disagree with number 2. It's impossibiru. Anytime the government gets involved and starts regulating stuff, prices go up.
Do you think alcohol got CHEAPER during prohibition?
Do you think the "War On Drugs" hasn't made drugs more expensive?
What about ObamaCare, is healthcare getting more affordable for Americans?
The only reason they were able to take down liberty whatever and e-Gold is because they were centralized.

The concept of alcohol, drugs, or bitcoin is (relatively) decentralized. Healthcare isn't but it's controlled by government cronies (or government cronies are controlled by healthcare biz) either way.

I don't understand how people fear that government crackdown could lower the price of Bitcoins. The government isn't exactly known for making things cheaper.

um maybe the fact that you cant buy anything with it. kinda the point of currency. businesses will not except it.

prohibition.....relay? people just want to get drunk and party so that didnt make it go away. does bitcoin make you feel good?

war on drugs? people will always find a way for there substances.

bitcoin is not s substance, it is a currency.....surprised you didn't know that.

governments want taxes, this lets them have less, thus it is more than probable that at some point they will shut it down. but intill then ill ride the wave

[Brushan]

I don't think we will be caught by surprise. My feeling is that if a government is planning to forbid a currency they will first stage a terrorist attack, killing some of their citizens. Later it will be announced that the attack was funded by BTC. If you see this happen, then you know it's about to happen.

[Luckybit]

I bought 100 coins at around 13$.  I sold 65 of them for BFL pre-order (that was 1333$ at the time) .  I bought approx 45 at around 45$, just before exponential growth.
Sold 20 BTC at 110$ to recover my last 2000$ I put in (not bad, considering that it more than doubled).  Just sold 60 at 132$.

So, total investment 3300$.  Total return, approx 10000$.

Take from that maybe 600~700$ I invested in mining hardware...  Custom FPGA hardware array, running at 2.2GH/s total @ 450W.  The FPGA did not cost me anything, they are telecom cards we have at our job that don't sell .  I adapted them, reverse engineered (easy since we made those, and have all the hardware specs), designed backplane PCB, PC interface, custom PC miner software interface, etc.  So, there's a lot of fun involved in the process too  Mined about 20 BTC since January.

Of course, gained and lost a few BTC betting on the exchanges, trading LTC, BTC, PPC, etc.  So I learned there too!

I still have that last 60BTC worth in fiat at the exchange, in case there's a weekend dip  But for now, it's way too volatile to risk it.  It may raise to 150~160, sure, but what the heck...  I made a lot in a few month and more than happy

And of course, some penny change BTC (2 or 3), plus my mining hardware that still run 24/24 popping .16BTC/day (that's still ~20$/day), although I now mine PPC which is worth 2~3 times more at the moment.

And...  I'm waiting for the correction now!  Well, if it happen

years from now you will look back at this post with your last remaining Bitcoin worth $1 million+ and you'll wonder why the hell you sold them all away for ridiculousness lol.