I sold everything at $158/159 this morning

[jasonjm]

problem is how do you trade this on mtgox

its ridiculous having market orders execute 10 to 30 minutes later. In that time price could easily move 25% or more.

its 2013 and the coders at mtgox cannot make a simple price matching platform. Quite silly really.

[A_Pickle]

I don't even know, man.  It crashed today, but it'll go back up.  I expect these crashes and booms will continue, too, as the exchanges undergo life and death.  Really, I'd say it's all on them -- if people feel like they can't back out of their BTC investment, then Bitcoin is doomed.  They know that, so I think in the coming months we're (hopefully) going to see some improvement on timings and infrastructure throughout the Bitcoin Network.

[AlexanderB]

That might be a good thing, we don't need a central bank in bitcoin, makes bitcoin an easy target...

[AlgoSwan]

How do you explain todays chrash?

1. Panic selling
2. Manipulation by a wt. street fund manager
3. ASIC manufacturer insider selling

I put my head on third.

[ByTeCee]

To all of you panic buying because you missed the "greatest thing ever", mark this post, within 6 months you will be able to buy in much lower, I have a large buy order at $35 (just above the 2011 high).

if this were an established commodity like gold, copper, soybeans, or a currency cross, which I have been trading for 15 years, that is the smart buy point - not at $159

you just need to look at the naivete of the posts on this board to know this is a sucker rally.

"i'm loaning money to ....."
" I save $200 a month and im putting it all in bitcoins ...... "
"we are revolutionaries......."


good luck to all the future bitcoin millionaires :-)

I know the guy is arrogant but he is right, I hopped out at $137 on the way up (no lag on the Gox at that stage). Guys, a few of you are gonna learn some harsh lessons but trust me it is better long term that you do. I do think this has a future as a currency but I am not interested in trading it long term to be honest. For a start, as a few have pointed out, the trading platforms are useless.

I just lucked into this rally cause I only use bitcoin for 1 purpose and had a few stocked up so I didnt have to keep depositing all the time ... then ... kaboom!! ... fortunately for me I have been in equities for about 7 years so I recognised the pattern straight away.

[jasonjm]

How do you explain todays chrash?

1. Panic selling
2. Manipulation by a wt. street fund manager
3. ASIC manufacturer insider selling

I put my head on third.

one thing I have learned about market movements is its literally pointless trying to assign reasons to them. As the little guys we never really know, or are told when the big guys have got in ahead and are about to reverse the direction.

The real reason it moved is because there were more sellers than buyers, end of story.

You can waste days reading newsites, agonizing of why things are moving the way they are, and in the end, you may just end up confusing yourself.

If its moving down there are more sellers, if its up, there are more buyers. End of confusion :-)



if mt Gox opens with a big crash under 50 tonight I will consider going all in long. But for anyone doing the same thing, accept that you may lose every cent of that money, and it may go to $1 or less. Do not do it if that money really means something to you (my opinion).

[tributetosn]

I just read this whole thread since the beginning and it is fascinating how you can track the emotions through the euphoric rise to the panic decline. This thread is a fantastic representation of the last 4 day price rollercoaster.

[statokinetics]

I guess I just end up wondering if the erraticism is going to increase rather than decrease as time goes on? Certainly, it seems that as the bitcoin's value continues to steadily climb (and the illiquidity only gets more exacerbated), that is bound to happen.

[m123132]

As a student I am still saving up to own a bit coin and be apart of this awesome currency

[ByTeCee]

I'm bookmarking this thread so I can bump it when we hit $300.

BUMP

[ByTeCee]

This is a great graph ... burn it into your memory. You will see it again and again if you continue trading pretty much anything. Next time when you experience a sudden massive price run up the first thing you will think is .. "sh*t, time to sell".



http://www.thereformedbroker.com/wp-content/uploads/2011/06/bubble-phases.jpg

[chip1]

I don't think a bitcoin will be worth more then 250 ever again...

[bsost]

Well done, as for the bubble, of course, it's something new that speculators can play with.  Reality, bitcoin will succeed or fail. As for the currency speculators, MT.Gox total vtc volume, is what 10% of total bitcoins in circulation, so it doesn't really matter what bitcoins are worth against the Euro, the Dollar or the Pound, irrelevant in the long run.

[black flag capitalist]

hopefully mt gox having problems will make more quality bitcoin exchanges open.

[bitcoinfuturefiction]

I don't think a bitcoin will be worth more then 250 ever again...

Why can't we all realize that we have no idea where the price will go? It's pure speculation. Everyone should admit they just don't know.

[chip1]

I'm a gambler and more chances then not coin wont reach that high only if big bankers lift you up then drop you on your head again...it's not pure speculation it's an educated guess

[bitcoinik]

There are going to be other exchanges coming online at some point because of Mt. Gox's problems. Is that a bad thing? I don't think so, but it would be nice if the exchanges worked on the same price - not sure how that would be possible though.

[jasonjm]

you dont need to worry about exchanges syncing their prices

guys will code arb bots

and they will exploit and arbitrage differences between the exchanges, thus putting them at the same prices

and bitcoin needs lots more exchanges, and much better exchanges than mt gox too.

[randerson]

It'll be the seasoned traders who win this war... preying on the emotions of the inexperienced.

[ByTeCee]

you dont need to worry about exchanges syncing their prices

guys will code arb bots

and they will exploit and arbitrage differences between the exchanges, thus putting them at the same prices

and bitcoin needs lots more exchanges, and much better exchanges than mt gox too.

+1 and I wish I could code arb bots. How do I do that?