sohd
Newbie
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Activity: 42
Merit: 0
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May 25, 2013, 12:33:42 PM |
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Bitcycle
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May 25, 2013, 12:34:28 PM |
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Well, i don't think it was unexpected at all, in fact i was expecting some bear greed. A lot of people just sell to rebuy cheaper, all short term bears here are just long term bulls.
I wish someone push the price to 1000$ spending 20mil$ in one move after a severe dump, lefting all bears that sell back at 128$ with no coins to purchase at Gox.
It was completely expected, the only surprise was that it didn't happen sooner. I think someone overplayed their hand pushing down to 128.3 though. We'll see, but I think that the bottom for the weekend won't be much lower than that. |
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samson
Legendary
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Activity: 1764
Merit: 1018
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May 25, 2013, 12:35:19 PM |
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Well that was unexpected.  Irony ? It looks exactly like one of those 'cup and handle' things only inverted. An inverted cup and handle on the H1 chart. I'm not really one to study the charts in too much detail, does it mean anything ? |
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EuroTrash
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May 25, 2013, 12:35:56 PM |
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I think the Liberty Reserve news is a big deal.
LRUSD was the virtual currency of choice for a lot of shady or barely legal businesses.
I estimate a few TENs of millions LRUSD are now suddlenly useless.
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Frozenlock
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May 25, 2013, 12:37:52 PM |
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Small rebound before we head back down?
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Frozenlock
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May 25, 2013, 12:43:16 PM |
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Yeah, I will haunt your dreams.  |
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Miz4r
Legendary
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Activity: 1246
Merit: 1000
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May 25, 2013, 12:43:42 PM |
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Watch out, don't get caught into a bear trap.  |
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damnek
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May 25, 2013, 12:45:03 PM |
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I think the Liberty Reserve news is a big deal.
LRUSD was the virtual currency of choice for a lot of shady or barely legal businesses.
I estimate a few TENs of millions LRUSD are now suddlenly useless.
I find it amusing that the price is heading south for the short term. This is major bullish news IMO. |
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aepfel
Member
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Activity: 83
Merit: 10
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May 25, 2013, 12:51:17 PM |
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Well that was unexpected. Well, i don't think it was unexpected at all, in fact i was expecting some bear greed. A lot of people just sell to rebuy cheaper, all short term bears here are just long term bulls. I wish someone push the price to 1000$ spending 20mil$ in one move after a severe dump, lefting all bears that sell back at 128$ with no coins to purchase at Gox. right. imho that fiat-profit-bears are really hurting btc-economy. :-/ |
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fitty
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May 25, 2013, 01:05:13 PM |
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Miz4r
Legendary
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Activity: 1246
Merit: 1000
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May 25, 2013, 01:20:51 PM |
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Interesting how Bitstamp isn't too bothered right now. Pretty steady at $128 now, smallest gap with MtGox in weeks.
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Its About Sharing
Legendary
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Activity: 1414
Merit: 1000
Antifragile
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May 25, 2013, 01:21:11 PM |
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I think the Liberty Reserve news is a big deal.
LRUSD was the virtual currency of choice for a lot of shady or barely legal businesses.
I estimate a few TENs of millions LRUSD are now suddlenly useless.
In what way big news? My first thought is that it is good for BTC as money has fewer places to go now. Bad, perhaps one can make an argument that money laundering or drug money will come our way now, but that is true of any currency, really. The big difference between BTC and LR, at a minimum, is you can't just shut down BTC and it is already being somewhat regulated. |
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Its About Sharing
Legendary
Offline
Activity: 1414
Merit: 1000
Antifragile
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May 25, 2013, 01:23:03 PM |
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Interesting how Bitstamp isn't too bothered right now. Pretty steady at $128 now, smallest gap with MtGox in weeks.
In Germany on Bitcoin.de the price is holding steady at 97 Euro, as it was yesterday. It is nice to see the other exchanges not being affected, much harder to manipulate a "distributed" system. Can't wait for the real thing... |
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kickinyou
Member
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Activity: 93
Merit: 10
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May 25, 2013, 01:24:19 PM |
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Clark moody is lagging for me  |
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TheKoziTwo
Legendary
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Activity: 1549
Merit: 1021
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May 25, 2013, 01:48:39 PM
Last edit: May 25, 2013, 02:00:43 PM by TheKoziTwo |
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The obvious question now: what are LR users going to transact with instead? And how many people had money sitting on LR. Seems like a fairly big deal. Without Dwolla, I'd imagine LR was a fairly big chunk of Gox deposits. Surprised no one is talking about this, they were down all day Friday. Maybe not that many people used LR. Wow this is HUGE big shitz, LR is a gigantic washing machine with millions transiting, many exchange business that deals with LR also do bitcoin, like Aurumxchange. Expect big Losses due to this shutdown for whole digital currency community. Well BTC is Monopoly now , heck i'm turning ubber bull, i'm holding btc for long, to hell with short term trading. Very sad news, USA just can't stay out of anything can they? But at the same time, this is probably quite bullish for bitcoin. LR was the new e-gold, every HYIP, autosurf and similar business was using LR...It was quite massive, tons of people where using it. Now those people can go to perfect money, hdmoney etc, but the same thing could happen there... Perhaps people will start looking for real alternatives that can't be shutdown, otherwise this trend will continue. Money laundering = transfering money outside of the banking system. Such BS charges. edit: just checked a few of those forums, there is desperation... half of all topics on first page was about liberty reserve. |
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fitty
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May 25, 2013, 02:00:16 PM |
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Very sad news, USA just can't stay out of anything can they? But at the same time, this is probably quite bullish for bitcoin. LR was the new e-gold, every HYIP, autosurf and similar business was using LR...It was quite massive, tons of people where using it. Now those people can go to perfect money, hdmoney etc, but the same thing could happen there... Perhaps people will start looking for real alternatives that can't be shutdown, otherwise this trend will continue. Money laundering = transfering money outside of the banking system. Such BS charges.
The one short term risk is people being forced to liquidate BTC. If 150M of fiat just got nuked, people are going to have to sell something to make up for that. Will be interesting to see if there's a number of large coin dumps today. MtGox has now lost Dwolla and LR. I'm not sure how much LR was used but it might slow down some fiat coming into the exchange at least for the very short term. Med/Long term this is great news. |
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TheKoziTwo
Legendary
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Activity: 1549
Merit: 1021
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May 25, 2013, 02:07:53 PM |
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The question now is, how much money did mtgox lose? bitinstant? aurumexchange? btc-e? There must be some significant losses here, who are the bag holders and what are they gonna do? Personally I transfered most of my LR into BTC-E only some weeks back, so I doubt I lost much.
I'm not sure I agree that people will start dumping BTC for fiat after LR was just closed, mark could be arrested for money laundering too. If anything, it seems more reasonable that people will buy BTC to secure themselves against such attacks.
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Its About Sharing
Legendary
Offline
Activity: 1414
Merit: 1000
Antifragile
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May 25, 2013, 02:34:02 PM |
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The question now is, how much money did mtgox lose? bitinstant? aurumexchange? btc-e? There must be some significant losses here, who are the bag holders and what are they gonna do? Personally I transfered most of my LR into BTC-E only some weeks back, so I doubt I lost much.
I'm not sure I agree that people will start dumping BTC for fiat after LR was just closed, mark could be arrested for money laundering too. If anything, it seems more reasonable that people will buy BTC to secure themselves against such attacks.
Closing down Dwolla and LR as a funding source only inspires and sparks innovation. Remember what happened after Napster was taken down? Enter Torrent. Well, our torrent, for starters, will be a true decentralized exchange. We have battles ahead of us, such is life. |
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