Davyd05
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June 15, 2014, 07:30:30 PM |
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back from the cottage with no internet access, and someone goes and buys a big lot to give me a welcome home spike.
I see Jorge's methodology hasn't changed. This time it seems as if he speculates more about the motives of bitcoin trusts and exchanges, more so than we speculate on the price.
IMO in relation to the USMS Auction, we see a dip for those wish to try and front run what they sheepishly believe will happen, some sort of super under priced sale of btc in the auction and then dumping.
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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adamstgBit
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June 15, 2014, 07:38:19 PM |
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Objectively, what are our chances of going lower? I can throw in some fiat and buy some coins, but this is probably the last time I will be buying for 6 months or a year. Ignoring the trolls, is there a legitimate chance of hitting $500?
I recommend dollar cost average buy in over 2 weeks I expect price to rise once FBI coins are gone, but its hard to say what price will do till then. Feels like we've sufficiently corrected, i wouldn't expect lower lows, but i dont expect it to recover or go much higher until its said and done. so I recommend dollar cost average buy in over 2 weeks. chances of hitting 500$ are good, but definitely not gr8, place bids there, and hope they fill within the 2 weeks, meanwhile look to support current price with small bids which you replace when filled, there is no rush, not for 2 weeks imo. thats how i'm playing it, I might even sell if market gets heated up before the 2 weeks are up, with intentions to buy back cheaper of course
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phosphorush
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June 15, 2014, 07:48:08 PM |
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how can that amount fo coins make such a difference on the price? -_^
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bitcoinsrus
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June 15, 2014, 07:50:03 PM |
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how can that amount fo coins make such a difference on the price? -_^
The majority of coins are not on the market. If you look at the exchanges volume per day, its not that much. A 30k sell or something, could swing prices. But obviously its unlikely a dump of this magnitude would occur (at the same time).
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gentlemand
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Welt Am Draht
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June 15, 2014, 07:51:36 PM |
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how can that amount fo coins make such a difference on the price? -_^
The price is what everyone imagines it to be. I guess their imagination ran with the idea of someone spending several million dollars and then destroying that value by dumping all those coins. I don't think rationality is a strong point of the BTC market.
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wachtwoord
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June 15, 2014, 07:53:34 PM |
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This is probably very improbable though
lol, what?
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ChartBuddy
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June 15, 2014, 08:00:58 PM |
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Parazyd
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June 15, 2014, 08:03:35 PM |
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First $670 sideways for a week, then a $100 drop. Now 570ish sideways... What's next? Can't wait until the Silkroad auction's over.
What's your take on the whole Wall Street thing people?
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Globb0
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June 15, 2014, 08:03:52 PM |
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possibly impossible
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anujjain
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June 15, 2014, 08:05:32 PM |
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possibly impossible
What possibly impossible.
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PoolMinor
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June 15, 2014, 08:07:03 PM |
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Your poll has merit, but is limited in that if I had bought BTC30 at say $500 I would expect that the 30% yield would be requiring a $650 price point (after fees). Therefore I would sell ~BTC23 to recoup my $15,000 leaving me ~BTC7 . Meanwhile if the price continues to drop after selling I can buy back cheaper than my selling point affording me a lower cost average as it falls. If the price goes up I still have retained some BTC and won’t find the need to kick myself for selling too early.
Now I realize people might say, after you broke even your cost average is zero on the remaining ~BTC7 and any future buybacks only increase your cost average, this is true. But as the price continues to fall any future purchases do lower the cost average after the initial buyback.
This poll isn’t really for me as I never purchased any BTC to begin with and my cost average currently is -$570+ for any remaining BTC I have.
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JorgeStolfi
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June 15, 2014, 08:10:09 PM |
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speculates more about the motives of bitcoin trusts and exchanges, more so than we speculate on the price.
It was not me who raised the topic of SecondMarket's plans for the auction. Besides, the movement of large quantities of coins it is obviously relevant to the price. Also, there is no need to speculate about the motives of trusts and exchanges: their goal is to maximize the net revenue of their owners, obviously. We can only speculate about the means that they may choose to use in order to pursue that goal. Dealing fairly with their clients is only one of their options -- and we know that it is not always the one they choose.
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ShroomsKit
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June 15, 2014, 08:19:18 PM |
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how can that amount fo coins make such a difference on the price? -_^
Just dumb blind panic. Which is normal for Bitcoin traders.
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pjviitas
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June 15, 2014, 08:35:02 PM |
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possibly impossible
100% right 50% of the time
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deadley
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June 15, 2014, 08:42:49 PM |
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Nice, Market again crossed 570. Lets just move more upside.
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Bitcoin_is_here_to_stay
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June 15, 2014, 08:51:34 PM |
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Nice, Market again crossed 570. Lets just move more upside.
And difference between Stamp and Huobi is also almost back to normal - just a couple of dollars. Feels nice. Any idea what was with this series of dumps that were occurring on Bitstamp only?
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dnaleor
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Want privacy? Use Monero!
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June 15, 2014, 08:53:46 PM |
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It's looking better. I think the support at 550 will hold
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Davyd05
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June 15, 2014, 09:00:01 PM |
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@Jorge If it was in reaction to the news piece linked...you went above and beyond to imagine a scenario where SM bought all the coins at 15% under market.. and somehow included an idea that SM didn't have coins that they would owe to SM shareholders. From what I've seen its more or less likely that they will partner up with other people looking to buy large sums of bitcoins, in the article they mention https://twitter.com/BitcoinTrust,
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ChartBuddy
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June 15, 2014, 09:00:57 PM |
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Gimmelfarb
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June 15, 2014, 09:12:13 PM |
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the higher low we put in on stamp + the lower low on bitfinex w/ bullish rsi divergence = the bottom is in for me. i went all in in the $550s when we woke up this morning. just saw the first breakout of resistance, now consolidating for another leg up, IMO....
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