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Author Topic: Bitcoin big correction.....  (Read 2876 times)
kerogre256 (OP)
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April 05, 2013, 02:12:15 PM
 #1

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
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April 05, 2013, 02:20:09 PM
 #2

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)?

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ElectricMucus
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April 05, 2013, 05:44:13 PM
 #3

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
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April 05, 2013, 05:46:49 PM
 #4

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.

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ehoffman
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April 05, 2013, 05:49:14 PM
 #5

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.

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deadweasel
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April 05, 2013, 05:50:33 PM
 #6

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.

Cheesy

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April 05, 2013, 05:53:46 PM
 #7

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
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April 05, 2013, 05:54:30 PM
 #8

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.  Cheesy

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April 05, 2013, 05:57:00 PM
 #9

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.  Cheesy

Me too.
I sold already though.  Grin

Volatility FTW!
Kazu
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April 05, 2013, 06:02:42 PM
 #10

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.  Cheesy

Me too.
I sold already though.  Grin

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

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Gordonium
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April 05, 2013, 06:03:53 PM
 #11

There will be correction to $1000/BTC
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April 05, 2013, 06:04:02 PM
 #12

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? Wink

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).

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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April 05, 2013, 06:07:41 PM
 #13

I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying Cheesy
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April 05, 2013, 06:13:54 PM
 #14

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!

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April 05, 2013, 07:25:25 PM
 #15

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
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April 05, 2013, 07:43:28 PM
 #16

I bought 100 coins at around 13$.  I sold 65 of them for BFL pre-order (that was 1333$ at the time) Angry.  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 Tongue.  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 Smiley  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 Smiley  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 Wink

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 Grin

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Kazu
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April 05, 2013, 07:52:35 PM
 #17

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.  Wink

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BitSlut69
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April 05, 2013, 08:06:05 PM
 #18

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

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
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April 05, 2013, 08:07:29 PM
 #19

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

And how would a bitcoin confiscation be performed?
Buy up all the bitcoins on gox?

Oh wait.

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pyromaniac
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April 05, 2013, 08:09:53 PM
 #20

There will be correction to $1000/BTC
And this is not a joke. Most probably bitcoin will rise up at least at 10 times.

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