bitcoin crossed 150$, 200$ & soon 500$

[Benson Samuel]

Yeah. Just read that Mt Gox had the highest volumes as they had added a bunch of accounts, But watching the troll box in btc-e made it evident that there was a pump operation yesterday and the day before.

[Pinwheel]

That, my fellow enthusiasts is the weakness of today's Bitcoin markets.

Pump & Dump will never go away in the Bitcoin world. It is the easiest way for few people to get rich.

when in flat currency trade there is regulations against such illicit activities, in bitcoins it is just wilde.

[tryingtobeperfect]

I was about to sell when its value was more than $230 but now it fell too much. Btw, what could be the causes for the changes in BTC value? How does this actually work? Any good article?

[Benson Samuel]

I can try to explain how it works.

Person A walks in with a huge amount of money and begins to buy Bitcoins all the way from 150$ to 266$, once he has finished his pump, he will have an average price for his all buys which will be far lower than the high that he has created.

He then sells all his Bitcoin that he purchased on the pump for that average price plus his profit, crashing the market. Other people jump in and scream bloody murder crashing the prices even more.

Bitcoin is awesome in a way that it will never lose value, but will always be susceptible to market forces until supply and demand begin to set the prices rather than Mt Gox speculators.

At a theoretical true end valuation of approx $190K each coin, Bitcoin's base value will grow way way more than it currently is.

[Pinwheel]

price will go up soon. now good time to buy.

mtgox has 15000 accounts waiting for approval.

[Benson Samuel]

I agree.

What nobody is pointing out here is that although it crashed from $266, it gained 10% since start of play yesterday.

And seems to be holding out for now.

[tryingtobeperfect]

@Benson, thank you for a simple xplaination:)

[Benson Samuel]

Saw this on twitter today:

David Seaman ‏@d_seaman 4h
Hey! If you really believe in #Bitcoin, you shouldn't be anxiously day trading it. This isn't http://Pets.com  stock, it's the future

[buysellbitcoin]

So what we learned yesterday is..
105 is new low and its not bad.. Its good news for long time investors..
Bitcoin has finally proved it is worth more than 100$ in such panic sell too

Cheers

[Benson Samuel]

Actually, $150 is the new low, that is why it stabilized around it. The drop to $105 regained very fast.

[dishwara]

It seems the price drop is just due to huge trading on mtgox, which frozen mtgox servers, that created illusion that price falling down.
So the value will again rise very soon & reach 500$.

https://mtgox.com/press_release_20130411.html

[tryingtobeperfect]

Actually, $150 is the new low, that is why it stabilized around it. The drop to $105 regained very fast.

What do you have to say now? $65 is the new low?

[Benson Samuel]

Well, that was yesterday :p

Lol.

[tryingtobeperfect]

Today, story got much exciting... $54.2:) @Benson bro,do u think it can go down today?

[Benson Samuel]

I am not sure.

A lot depends on Mt Gox and North America should just be coming on.

It is a Friday as well, so need to wait and watch.

[tryingtobeperfect]

^^So, how does it usually go on Friday or weekends?

[Benson Samuel]

Not sure, but there should be a difference as people would be unable to get deposits into Mt Gox on the weekend.

[Pinwheel]

tomorrow when mtgox will open at 7:30 Indian time that will be a lot of fun again.  I doubt they will solve problems in next 3-4 days or even in one week, so it will be all same again and again. I lovin in.

[Pinwheel]

by now, I'm pretty much sure it is Ddos, started around 00:10 am on 14 April. mtgox was working fine all day without any lag and went on  26 minutes  lag in few minutes, then price dropped fast from 114 to 101. if it is Ddos then it may happens again tomorrow.

[estray]

this is a good sign