They/he/she/it is doing it again

[w1R903]

OK, so it looks like whoever pumped up the currency the first time is going at it again.  This is not a normal recovery.  And I fear Bitcoin's hopes of being a currency may not survive a third major crash.  So here's the thing: we can stop this thing.  In the meantime, buy/trade/sell, I don't care.  But when the ddos'ing starts again soon, and this big entity dumps a whole sack of coins and brings down the price by $40, please, please don't panic sell.  If we don't panic, it will recover and then keep going up.  

The fundamentals are there, merchants right and left are picking up Bitcoin -- it's all over the fuckin' evening news and The Colbert Report, for God's sake.  A $1000 coin is in sight.  But we'll never get there if we let this entity keep dropping our holdings like flies each time he ddos'es the exchanges and dumps a couple of thousand coins.

Just stay calm when the time comes.  You'll know it when you see it this time.  Until then, day trade till your heart's content!

PS: You don't have to run go sell your Bitcoins now, you'll know when it happens next.  All the exchanges will be offline or hard to reach.  My guess is that they'll probably get it up to at least $200 before they try again.  bitashley's approach (see below) is probably the smartest strategy against this.

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[Le Happy Merchant]

OK, so it looks like whoever pumped up the currency the first time is going at it again. 
If we don't panic, it will recover and then keep going up. 
A $1000 coin is in sight. 

You want the same thing as the supposed manipulator, and Gox has supposedly been working on the solution to the DDoS, if they implement what they said they would they should be much harder to DDoS. 

[smurf2094]

Colbert talked about bitcoin?

[The-Real-Link]

Apparently it's in tonight's episode.  Already aired it seems after a quick glance to the cable guide.  Should re-air at 11pm EST though.  Or just wait.  I'm sure someone will DVR it and put the Bitcoin clip up within a day or two, tops.

[BitcoinAshley]

Um, "Don't sell if price skyrockets" is stupid advice simply because after seeing 2 major crashes (June 2011 and recently) most people ARE going to sell.

I have a better idea: Sell to strength. For people who are worried about seeing their portfolio become HUGE and then collapsing, just sell to strength. Make a rule you are comfortable with - perhaps every time price doubles, sell 5-10% of your coins (an amount you determine, depending on the size of your portfolio.) You increase your standard of living, and you contribute to a more stable price rise. And, if it does crash, you have already cashed out many, many times more than your initial investment, so no worries.

For people who sell OTC via bitcoin-otc, LocalBitcoins, or other services - it is even easier because you simply have to replenish less of your supply to achieve the same result.

[fitty]

OK, so it looks like whoever pumped up the currency the first time is going at it again.  This is not a normal recovery.  And I fear Bitcoin's hopes of being a currency may not survive a third major crash.  So here's the thing: we can stop this thing.  In the meantime, buy/trade/sell, I don't care.  But when the ddos'ing starts again soon, and this big entity dumps a whole sack of coins and brings down the price by $40, please, please don't panic sell.  If we don't panic, it will recover and then keep going up.  

The fundamentals are there, merchants right and left are picking up Bitcoin -- it's all over the fuckin' evening news and The Colbert Report, for God's sake.  A $1000 coin is in sight.  But we'll never get there if we let this entity keep dropping our holdings like flies each time he ddos'es the exchanges and dumps a couple of thousand coins.

Just stay calm when the time comes.  You'll know it when you see it this time.  Until then, day trade till your heart's content!

If someone is dumping to crash the price and there's a DDOS, it's because they're buying back in. Otherwise you'd just dump it all and leave. Why the DDOS? Why care how low it goes? If you're forcing it as low as possible, that's so you can buy back in.

Accept the fact people are going to run the price up and they'll run it back down. Then run it back up. That's how they make money. They won't kill the golden goose, they're making too much money. You can't fight the swings. If someone wants to push the price down and they have the coins/money, they will. There's no stopping it. If someone has the cash and wants to jack the price up, they will. This market is mostly supply and demand. If you have the means, you can push BTC whereever you want. Price starts dropping, people sell. Price starts rising, people buy. That isn't going to change.

You can feel good that people are making millions off it, and they're going to make sure it stays around if it's within their power (MtGox is at the top of that list, and they have crazy amounts of influence on the price/market).

[w1R903]

I have a better idea: Sell to strength. For people who are worried about seeing their portfolio become HUGE and then collapsing, just sell to strength. Make a rule you are comfortable with - perhaps every time price doubles, sell 5-10% of your coins (an amount you determine, depending on the size of your portfolio.) You increase your standard of living, and you contribute to a more stable price rise. And, if it does crash, you have already cashed out many, many times more than your initial investment, so no worries.

This I absolutely agree with.  No arguments here.  This is probably the best approach to take.

[blueberry]

I don't think the price is being pumped up again. It's just currently returning back to where it should be in the $90-$110 range. $50 was an overshoot to the downside induced by widespread fear and panic. I think we will start to begin to stabilize around $100 starting next week.

[w1R903]

You want the same thing as the supposed manipulator, and Gox has supposedly been working on the solution to the DDoS, if they implement what they said they would they should be much harder to DDoS. 

I want the same thing as the manipulator?  You mean I want the price to go up?  Well, here's the thing: that's not what the manipulator wants.  He/she only wants the price to go up X amount.  Then it's kill the coin, buy up, sell slowly toward the top, rinse, repeat.

One of the main reasons I want the price to go up is so Bitcoin can't be manipulated by every 2-bit millionaire.

[w1R903]

I don't think the price is being pumped up again. It's just currently returning back to where it should be in the $90-$110 range. $50 was an overshoot to the downside induced by widespread fear and panic. I think we will start to begin to stabilize around $100 starting next week.

I hope you're right and I'm wrong.

[Elwar]

And I fear Bitcoin's hopes of being a currency may not survive a third major crash.  

Will the crash affect my ability to purchase things online with my bitcoins?

[Wuji]

And I fear Bitcoin's hopes of being a currency may not survive a third major crash.  

Will the crash affect my ability to purchase things online with my bitcoins?

Even as someone still slightly bearish without further news, I have no worries about a third crash.  If $266-$55 didn't scare everyone off, the a 3rd crash sure as hell isn't going to.  There are things that could cause it not to survive but, they are mostly lower risks and knowns by anyone with big money.

[BitPirate]

This looks nothing like it is being manipulated. Volumes are huge. There is absolutely no evidence of the price being manipulated upwards.

[lucif]

There is no "we" here. You are fucking alone with your coins, fiat, fear and greed. Here is nobody else.

[Wuji]

You want the same thing as the supposed manipulator, and Gox has supposedly been working on the solution to the DDoS, if they implement what they said they would they should be much harder to DDoS.  

I want the same thing as the manipulator?  You mean I want the price to go up?  Well, here's the thing: that's not what the manipulator wants.  He/she only wants the price to go up X amount.  Then it's kill the coin, buy up, sell slowly toward the top, rinse, repeat.

One of the main reasons I want the price to go up is so Bitcoin can't be manipulated by every 2-bit millionaire.

It can't.  It would take a team with $100s of millions.  If even such a group existed their interest is to milk to cow for as long as possible.  I think the process of cashing out makes this much less likely for a group to be able to do this.  Even with verification MtGox only allows $50k per month in withdrawls.  If such a group existed they would be getting paid in Bitcoin and thus inclined to keep the price propped up until it succeeds (on it's own two feet).

I know there are larger exchanges with $10k minimums but, most trades are still happening at MtGox.

[w1R903]

Will the crash affect my ability to purchase things online with my bitcoins?

It will if your favorite Bitcoin-using merchants aren't using some instant exchange and gets caught holding a bag of Bitcoins worth half of what they were when people bought their merchandise with them for the second time in a month.  If those merchants are good businessmen and not a Bitcoin fanatics, it could definitely effect your ability to purchase things online (i.e., they'll just drop it).  We've got a lot of new merchants accepting Bitcoin now.

[hlynur]

+1
although I'm bored after seeing more than 100 of these threads (kind of feels like that after some time).
it's always good to steadily inform more newcomers about the danger of panic-selling.
imo Everybody that buys their first bitcoin should get a little info about the advantages of holding as the best strategy as long as you're not used to the fast changing markets and all the speculation going on.
sell to strength is also really a good advice how to counter panic-selling!

perhaps some kind of info email with the registration or a locked thread would be good.
surely it's everybody's decision when to sell and buy but at least some recommendations for speculating and how to react to some market events would be really helpful.
I registered one week ago and before I have read quite a lot of threads for 2 months to get the hang of it how everything works in the bitcoin ecosystem.

It would be really cool to push such a dogma-like thread (it could evolve to a little info brochure pdf) for everyone to first read before freaking out on the forums about the values changing every hours.
Most people get the system of bitcoin at the start but nearly nobody but for longtime bitcoiners and guys with financial market knowledge has a clue what's up with all the trading and speculating on the markets.

That is just my impression after some time, i could be wrong but it sounds like a good idea to me.
Perhaps it's naive to give infos how to behave to a completely liberated market, but at least it would prevent some people from panic-selling.

any feedback?

[Meman]

There is no "we" here. You are fucking alone with your coins, fiat, fear and greed. Here is nobody else.

true

[BitPirate]

I think more innovative tools provided by the exchanges would help against panic selling.

For example, how about an option to have buy orders that are re-placed automatically 10-20% below the current price every 20 minutes? Same for sell orders -- 20% above the current price, and re-placed every 20 mins.

Bitstamp's "instant order" is a similar process, but they just reposition your bid to the current price every 10 mins.

It would need some tweaking, but they might be popular options, and would help to smooth very fast fluctuations.

.... Actually, I'm going to build this now.

[Wuji]

I think more innovative tools provided by the exchanges would help against panic selling.

For example, how about an option to have buy orders that are re-placed automatically 10-20% below the current price every 20 minutes? Same for sell orders -- 20% above the current price, and re-placed every 20 mins.

Bitstamp's "instant order" is a similar process, but they just reposition your bid to the current price every 10 mins.

It would need some tweaking, but they might be popular options, and would help to smooth very fast fluctuations.

.... Actually, I'm going to build this now.

I think any sort of regulation is as the saying I hate goes, "A slippery slope".  The free market needs to be free.  To control selling more than is already done via cashing out is to accept Bitcoin is just a speculation vehicle.  A currency should be able to stand without such vices.  I think we all love Bitcoin but, it needs to keep passing the litmus test.  If it is an experiment meant to work it will in time.  I think too many people are impatient and worried about the price instead of the validity.