How will market react when MtGox reopens trade?

[dbanga85]

It's going down obviously.

1. The people that were buying are now selling.
2. The people that are holding aren't doing anything.
3. People are cashing out, and by that I mean selling and withdrawing the fiat straight to their bank accounts.

From the moment Gox opens the trend is downwards. It's just going to create more panic, more fear, and ultimately lead to a drop to <$50 maybe even <$30.

Let's just add in to the mix the possibility of something else going horribly wrong, oh I don't know lets just say one of the other exchanges got hacked as is a common occurrence in Bitcoins history. With the right variables we could even go <$10.

its obvious with that grim outlook you're desperately trying to get back in the game I assume.. Good luck with that prediction

[alexh]

Guess lots of people will get rid of their coins - otherwise others will buy all up.

[Wuji]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

wow... speechless  

The exchange hold the biggest fiat fund is the one that decide the price idiot.

If you think people aren't going to be trying to get their funds out of Mt. Gox instead of buying more coin at overvalued prices then I think you are the idiot.  Every prediction I've made so far has come true.  I sold Tuesday night at 1600% and announced it in my first thread Wed. morning before the crash.

[Alonzo Ewing]

Price discovery is occurring on the other exchanges.  I just logged on to Bitfloor.  It's humming along on heavy volume.  The order book is deeper than I've ever seen it.  The price there is $92.99.

When Gox re-opens, my guess is the price will drop to match the other exchanges.

[Nemesis]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

No they CANNOT.   Explain to me how I can buy 10,000 USD of bitcoin RIGHT NOW on any other exchange?  You would have to have an account open with them AND have USD sitting in that account.

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

[Minor Miner]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

No they CANNOT.   Explain to me how I can buy 10,000 USD of bitcoin RIGHT NOW on any other exchange?  You would have to have an account open with them AND have USD sitting in that account.

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

Does anyone want to bet on the UNDER for Mt Gox at $88 VWAP for some period tomorrow?

[antimattercrusader]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

No they CANNOT.   Explain to me how I can buy 10,000 USD of bitcoin RIGHT NOW on any other exchange?  You would have to have an account open with them AND have USD sitting in that account.

+1 If I could quickly get money anywhere selling, especially BTC-E etc, I would be on that like a fat kid on a cup cake.

[Severian]

Cheap bitcoins tomorrow! Maybe even cheaper the next day!

Yay!

[Wuji]

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

I moved my money out of Mt. Gox last night but, thanks anyway.

[Rampion]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

No they CANNOT.   Explain to me how I can buy 10,000 USD of bitcoin RIGHT NOW on any other exchange?  You would have to have an account open with them AND have USD sitting in that account.

+1 If I could quickly get money anywhere selling, especially BTC-E etc, I would be on that like a fat kid on a cup cake.

Well that's pretty bullish, if there are a lot like you then as soon as Gox opens price goes up

[antimattercrusader]

You mean flash crash and then immediately back to +$200? Or you are saying that those who sold at 160btc will be queing up to buy like crazy at $123.40 (Gox last price)?

Why would anyone queue to buy at $123.40 when they can buy at $88 right now on another exchange?

No they CANNOT.   Explain to me how I can buy 10,000 USD of bitcoin RIGHT NOW on any other exchange?  You would have to have an account open with them AND have USD sitting in that account.

+1 If I could quickly get money anywhere selling, especially BTC-E etc, I would be on that like a fat kid on a cup cake.

Yeah, but I am a long term thinker. If I bought today and tomorrow the price fell, it doesn't matter. I'd buy more all the way to the floor, long term we will recover just like in 2011. By then I'll have amassed a nice collection of cheap coins.

Edit: I am mining on unmetered power as well, just gonna be banking those coins. I also don't invest more than I can reasonably afford to loose.

[Wuji]

I'm a long term thinker too when I feel things are priced at a reasonable value based on fundamentals and not speculation.  Then I'm a major bull.


As soon as speculation starts and the price starts to sky rocket with no major changes in fundamentals I become a short term bear and sell at a huge profit.   I determine the date to sell when I start seeing the trend going sideways and volatility increasing.  The run up from Monday morning to Tuesday night (with never before seen volatility) was my signal to profit.  That way I can buy back in low and have even more coin.  For me that is better long term to have more than pretend like I own Exxon stock or something not speculated out of control as BTC was at $200+.  To each his own I guess.

[Nemesis]

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

I moved my money out of Mt. Gox last night but, thanks anyway.

So idiot, you say you can move the fund from MtGox to your bank and deposit it to other exchange in less than 12hrs?

Because transfer fund from MtGox to other exchanges is NOT possible. Dumbass.

[gollum]

I think people will panic sell during the weekend and the price may crash much more than you think is possible...

I am a buyer between 10-20$, if it goes down to 0,01 i dont care, I just buy and hoard more coins the more it crashes.

[Wuji]

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

I moved my money out of Mt. Gox last night but, thanks anyway.

So idiot, you say you can move the fund from MtGox to your bank and deposit it to other exchange in less than 12hrs?

Because transfer fund from MtGox to other exchanges is NOT possible. Dumbass.

No I never said that.  I moved my funds to a bank account.  I said I couldn't move it from Mt. Gox because, I transferred funds out.  When you assume you make an ass of yourself.  And when you called me an idiot your showed me you have no real argument and have to resort to name calling.  I have an 8 year old nephew who does the same thing.

Edit - I have transferred BTC but not USD from Mt. Gox.  I have no idea what the limitations are from one exchange to another after you sell Bitcoin.

[antimattercrusader]

I'm a long term thinker too when I feel things are priced at a reasonable value based on fundamentals and not speculation.  Then I'm a major bull.


As soon as speculation starts and the price starts to sky rocket with no major changes in fundamentals I become a short term bear and sell at a huge profit.   I determine the date to sell when I start seeing the trend going sideways and volatility increasing.  The run up from Monday morning to Tuesday night (with never before seen volatility) was my signal to profit.  That way I can buy back in low and have even more coin.  For me that is better long term to have more than pretend like I own Exxon stock or something not speculated out of control as BTC was at $200+.  To each his own I guess.

Yeah, I wish I had employed that strategy, I'd have alot more to invest in more coins now.

Then again, hindsight is 20/20. Once I get my temporal displacement device running, I'll be able to make perfect predictions everytime. Stay tuned.

[Nemesis]

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

I moved my money out of Mt. Gox last night but, thanks anyway.

So idiot, you say you can move the fund from MtGox to your bank and deposit it to other exchange in less than 12hrs?

Because transfer fund from MtGox to other exchanges is NOT possible. Dumbass.

No I never said that.  I moved my funds to a bank account.  I said I couldn't move it from Mt. Gox because, I transferred funds out.  When you assume you make an ass of yourself.  And when you called me an idiot your showed me you have no real argument and have to resort to name calling.  I have an 8 year old nephew who does the same thing.

Edit - I have transferred BTC but not USD from Mt. Gox.  I have no idea what the limitations are from one exchange to another after you sell Bitcoin.

So i was right on my point? You're an idiot talking BS....." why would i buy higher on MtGox when i can easily transfer fund to other exchange"

You didnt predict crap, if thats your intelligent. lol

[Terpie]

I didn't say they could immediately buy on any exchange.  Any person with sense would be transferring their money to another exchange and only put buys in at $88 on Mt. Gox.  A transfer usually takes me around an hour or so.

Prove it, go transfer your fund to other exchange and see for yourself

I moved my money out of Mt. Gox last night but, thanks anyway.

So idiot, you say you can move the fund from MtGox to your bank and deposit it to other exchange in less than 12hrs?

Because transfer fund from MtGox to other exchanges is NOT possible. Dumbass.

No I never said that.  I moved my funds to a bank account.  I said I couldn't move it from Mt. Gox because, I transferred funds out.  When you assume you make an ass of yourself.  And when you called me an idiot your showed me you have no real argument and have to resort to name calling.  I have an 8 year old nephew who does the same thing.

How is that a realistic choice then to say people would prefer $88 @ BTC-e over $120 @ Gox? It's a stupid false choice. 90% of all US dollars capable of buying BTC when Gox opens in 8 hours are situated in accounts at Mt.Gox.  The real choice is $120 @ Gox or the price @ BTC-e 2 days from now (MINIMUM) when your fiat arrives. Don't be dense.

[Krabby]

I wonder how much of a difference the change of servers will make...
Does anyone still hold bitcoins?

[Draino]

I love how this is the second time gox's incompetence has turned a market correction into something more damaging to bitcoin as a whole

and here we are, with thread after thread of people waiting to log right back in

it's hard to stay hopeful for the future.  even with bitcoin.  proudhon, do you have a fan club?