Are you people insane ?

[jorov]

Why are you selling like hell!

This is not Bitcoin economy melting down !

You allowed MT. Gox to screw us again ?

What happened ?

[1713891169]

1713891169

[1713891169]

1713891169

[luffy]

you sell in order to buy later cheaper BTC, if you are lucky!
this is the game
in BITSTAMP it was 78$ earlier!!!!!

[Twerka]

you sell in order to buy later cheaper BTC, if you are lucky!
this is the game
in BITSTAMP it was 78$ earlier!!!!!

That is wrong, people should use the coin to buy thing, not to give them for nothing to a guy who came here with a lot of money. Even banks can print money to buy us the bitcoin, and then what? They have all the bitcoins and the money and we are again with nothing.

Don't know if people is easy to fool, or the greed make them not to think.

[jorov]

it is the greed ... i think ...

[glendall]

Currency speculators have been known to be harmful to currency markets

Not that I have anything morally against them...fair enough for them... but in the bigger picture another big exchange is desperately needed. If there were 2 x mtgox things would be in much better shape.

Any predictions for tomorrow? I'd say back around $220?

[alexeft]

The way the price is jumping around, I wouldn't be surprised even at 300$.

[0x11]

Why are you selling like hell!

This is not Bitcoin economy melting down !

You allowed MT. Gox to screw us again ?

What happened ?

What happened?  Obviously, a lot of people have doubled their balance in April and sticked to this proposal:

https://bitcointalk.org/index.php?topic=169651.msg1772621#msg1772621

Strategy for April:

1. BUY
2. Wait for the price to double.
3. Sell 60 % so yo're a bit ahead.
4. Withdraw fiat and coins. Spend fiat, hold coins !

Now we have a great chance that Bitcoin price becomes more stable, which has more valuable for community and the whole ecosystem.

[smracer]

Stop panic selling you fucking muppets.

[FenixRD]

you sell in order to buy later cheaper BTC, if you are lucky!
this is the game
in BITSTAMP it was 78$ earlier!!!!!

That is wrong, people should use the coin to buy thing, not to give them for nothing to a guy who came here with a lot of money. Even banks can print money to buy us the bitcoin, and then what? They have all the bitcoins and the money and we are again with nothing.

Don't know if people is easy to fool, or the greed make them not to think.

It is both. People are easily fooled, and greed makes them even more irrational. I wouldn't worry, Twerka... even if you bought at $250, unless you need access to that as fiat in the next couple days, you'll be fine. Bitcoin cannot be relied on as a quick-access high-yield savings account, which many are treating it as. As Gavin and everyone sane has always said, it is a massive experiment, and never invest anything you cannot afford to lose.

[shkiser]

This is a fucking mess. Weak minded fools are creating their own destiny. If you're doing business on mt gox please withdrawal your coins and take them to a different exchange! Very obvious gox is scheming now.

[DrG]

Stop panic selling you fucking muppets.

Exactly.  If you thought BTC to be a good investment at 200 or 250 why would you sell it all of a sudden - the fundamentals haven't changed.

Unless you were planning on selling it at 275, well in which case ha-ha.

[nebulus]

Here we go making them headlines again!

[Akka]

you sell in order to buy later cheaper BTC, if you are lucky!
this is the game
in BITSTAMP it was 78$ earlier!!!!!

That is wrong, people should use the coin to buy thing, not to give them for nothing to a guy who came here with a lot of money. Even banks can print money to buy us the bitcoin, and then what? They have all the bitcoins and the money and we are again with nothing.

Don't know if people is easy to fool, or the greed make them not to think.

This, but get rich quick people don't get it.

What you just saw/still seeing is nothing but a wealth transfer from weak Hands to professional speculators.

Guess the new wealthy elite is going to be just the old guys again.

I know why I'm staying out of this. (The Speculating, not Bitcoin)

[superdork]

I would imagine the people who get hurt on this are the idiots who tried to jump on the bandwagon.

Bitcoin peeps should be smart enough to

A) realize the bitcoin will rebound, which is is doing, like crazy right now
B) not panic sell  (let the traders who just got here take the beating)
C) Don't leave your coins in a market with a market price sell order and no stop order

[jorov]

So ...
A friend of mine found the answer to what happened today:

Some fellow (or fellows) transferred about 14 000 coins and sold them today.


What I think:

People with different accounts with common agenda - destabilize Bitcoin market.

They were buying a lot gradually and finally dumped all in a few hours.

No normal investor does such thing. If you are such big player you should do it smart and get twice more in a few days.

Hope this is understood.

Such attacks will continue until we hit at least $100 B value.

We also need more exchanges.
In every country (with local market specific fast funding options)!

[JordanL]

As long as you don't sell, how is it screwing you? Buy more. 

[ElectricMucus]

I would imagine the people who get hurt on this are the idiots who tried to jump on the bandwagon.

Bitcoin peeps should be smart enough to

A) realize the bitcoin will rebound, which is is doing, like crazy right now
B) not panic sell  (let the traders who just got here take the beating)
C) Don't leave your coins in a market with a market price sell order and no stop order

It will rebound for sure. Strong buy.

[alexh]

Sell more guys...! :D

[nobbynobbynoob]

As long as you don't sell, how is it screwing you? Buy more. 

+1

It really is this simple. One simply does not sell bitcoin [for fiat], except maybe in some kind of emergency where one absolutely cannot get the fiat from someplace else.

[Qoheleth]

What you just saw/still seeing is nothing but a wealth transfer from weak Hands to professional speculators.

Guess the new wealthy elite is going to be just the old guys again.

Really?

Because I made nearly two grand on the past day and a half of fluctuations, and it's not because I'm some cigar-smoking carpetbagger. In every bitcoin exchange of which I'm aware, there's no $10,000 minimum balances, no $7-per-trade fees, no whole-share granularity. Small guys have all the same tools as big guys.

If you want to fight turbulence, do it by trading against the wind. Sell a little when the price goes up. Buy a little when the price goes down. Anyone can do that, and by doing it they'll help stabilize the price and make money at the same time.