Pop!

[ehoffman]

So, mini flash-crash, or the bubble just popped?

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[Tronlet]

Lag on Mt. Gox always causes panic sells like this. You can't even see what the price is right now, just the price from ten minutes ago. Makes people scared and they sell, and other people buy up the coins they sell, and it typically doesn't make it go down too far in the end.

http://puu.sh/2wi5d

[Nancarrow]

Last price at 1536 UTC: USD 194.50

Whatchoo talkin' about Willis?

[Krabby]

Keeps going up, I should really put my barriers in early.

[chiropteran]

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

[NamelessOne]

Ohhhhh yet another spike down, like the 15th one since December. Yawn.

[crazy_rabbit]

Who even cares anymore. Till they fix the trade engine, I just use moments like this to take a break. Nothing can be done right now that makes any sense.

[BitcoinTate]

Ohhhhh yet another spike down, like the 15th one since December. Yawn.

+1 We will be well over $200 by the end of the day.

[ehoffman]

That's what I thought!  Put buy price at low value and wait for profit 

[proudhon]

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

It's gotta start somewhere.   This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  Anything above single digits is just too fragile.  The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period.  

Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol.  Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time.  The next few years will be interesting to watch, that's for sure.

[BitcoinTate]

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

It's gotta start somewhere.   This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  Anything above single digits is just too fragile.  The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period.  

Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol.  Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time.  The next few years will be interesting to watch, that's for sure.

I think a lot of early adopters cashed out at $80, $100 and $120 if they where going to cash out all at once. The rest see the potential for BTC and are "holding for the longest time" and cashing out 1 or 2 here and there as they need them.

[SomeWhere]

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

It's gotta start somewhere.   This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  Anything above single digits is just too fragile.  The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period.  

Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol.  Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time.  The next few years will be interesting to watch, that's for sure.

proudhon spoke, it's time to buy!

[warpio]

The price was $145 yesterday and it's $194 now.  That is a bubble pop?

It's gotta start somewhere.   This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  Anything above single digits is just too fragile.  The depth of this market is still tiny and the price wouldn't withstand more than a few dozen (at best) attempts to buy a modest house within a short period.  

Bitcoin might have a chance, but a good number of early adopters will need to divest themselves of a large portion of their holdings, and that will cause another catastrophic price collapse, which will, hopefully, last years and allow developers more time to mature the protocol.  Then again, it's uncertain now that bitcoin will recover from the coming collapse given that it's going to turn a lot more people off this time.  The next few years will be interesting to watch, that's for sure.

Bitcoin frees you from debt, why would you ever want to sell it back for debt-based money?

[chiropteran]

This price has got to be too tempting for a large number of early adopters.  Once enough of them decide they want to pay down debt, the price will be lucky to stay in the double digits.  

What if this is currently happening, and the price is rising *despite* many early adopter sell-offs?  We have all seen the weekly dips, often triggered by 1000+ bitcoins being sold at once.  When the early adopters run out of bitcoin the price is just going to increase even faster, IMO.

[ehoffman]

I think the "correction" was inevitable.  It was predictable and I started to wonder why it just would not happen during last weekend.  Well here it is!  It will probably stabilize a bit and then rally up over 200+

Question is, now, will proudhon owe 2BTC to someone else? (No hard feeling proudhon)

[ehoffman]

EAs have been taking profits this entire time. Maybe you failed to notice?

EAs have nothing to lose...  The pizza is still worth over a million

[Gabi]

So finally i'll be able to buy cheap bitcoins? yay

[PachucoBro]

LOL I didn't even open the thread, but when I saw POP! as the title and flipped over to MtGOX. I didn't see it run down so much so fast. I sold at 188 and am looking to buy back in at below 180 depending on the speed of it falling any further.

[Crypt_Current]

proudhon mentioned single digits in this thread; means i'd better take my %5 and stop shorting now :-D

[proudhon]

The bids side has lost about $2m in the past few days.  The asks have significantly increased.  I'd say we're witnessing the reversal.