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webchris
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April 21, 2013, 04:21:23 PM |
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The price going down on other exchanges can simply be explained by speculators trying to take advantage. Here's how it works:
1. Speculators see MtGox down and assume the price will drop (due to panic, or whatever, especially if the downtime is for very long).
2. Said speculators stop their normal buying (speculators are always buying and selling to make profit from arbitrage or buy/sell order spread). This dries up "demand" on the exchanges.
3. Some speculators will sell, thinking they can buy back their coins later for cheaper due to the coming sell-off. This adds more supply and causes the price to start going down.
4. Whenever MtGox comes back up, or demand starts to look more natural, speculators rush to buy back their coins causing the price to stabilize.
No real panic or cause for alarm.
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ElectricMucus
Legendary
 Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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April 21, 2013, 04:23:28 PM |
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The price going down on other exchanges can simply be explained by speculators trying to take advantage. Here's how it works:
1. Speculators see MtGox down and assume the price will drop (due to panic, or whatever, especially if the downtime is for very long).
2. Said speculators stop their normal buying (speculators are always buying and selling to make profit from arbitrage or buy/sell order spread). This dries up "demand" on the exchanges.
3. Some speculators will sell, thinking they can buy back their coins later for cheaper due to the coming sell-off. This adds more supply and causes the price to start going down.
4. Whenever MtGox comes back up, or demand starts to look more natural, speculators rush to buy back their coins causing the price to stabilize.
No real panic or cause for alarm.
Except point 4. The last time gox went out during a fall it followed the other exchanges not verse visa. |
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Kazu
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April 21, 2013, 04:25:18 PM |
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The price going down on other exchanges can simply be explained by speculators trying to take advantage. Here's how it works:
1. Speculators see MtGox down and assume the price will drop (due to panic, or whatever, especially if the downtime is for very long).
2. Said speculators stop their normal buying (speculators are always buying and selling to make profit from arbitrage or buy/sell order spread). This dries up "demand" on the exchanges.
3. Some speculators will sell, thinking they can buy back their coins later for cheaper due to the coming sell-off. This adds more supply and causes the price to start going down.
4. Whenever MtGox comes back up, or demand starts to look more natural, speculators rush to buy back their coins causing the price to stabilize.
No real panic or cause for alarm.
Except point 4. The last time gox went out during a fall it followed the other exchanges not verse visa. No, the last time gox went out there wasn't a change at all. -.- |
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Xiaoma
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April 21, 2013, 04:25:50 PM |
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LOL it would only take 2000 BTC to get double digits on Bitfloor  |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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April 21, 2013, 04:27:14 PM |
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The price going down on other exchanges can simply be explained by speculators trying to take advantage. Here's how it works:
1. Speculators see MtGox down and assume the price will drop (due to panic, or whatever, especially if the downtime is for very long).
2. Said speculators stop their normal buying (speculators are always buying and selling to make profit from arbitrage or buy/sell order spread). This dries up "demand" on the exchanges.
3. Some speculators will sell, thinking they can buy back their coins later for cheaper due to the coming sell-off. This adds more supply and causes the price to start going down.
4. Whenever MtGox comes back up, or demand starts to look more natural, speculators rush to buy back their coins causing the price to stabilize.
No real panic or cause for alarm.
Except point 4. The last time gox went out during a fall it followed the other exchanges not verse visa. No, the last time gox went out there wasn't a change at all. -.- Not while they were out dummy. Why do you think it fell to 50@gox hmm? |
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webchris
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April 21, 2013, 04:29:32 PM |
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LOL it would only take 2000 BTC to get double digits on Bitfloor That's a good point too. The low volume on other exchanges make it more likely for larger swings if Gox is offline. Gox's high volume acts as a great counterweight to other exchanges, but without it, price moves more quickly as buyers and sellers have no other reference point. |
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coinator
Newbie
Offline
Activity: 23
Merit: 0
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April 21, 2013, 04:30:49 PM |
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Not sure if it will go down that fast within an hour. If it is down for half a day or something, it would have cause more panic selling and the price may go below $100. Looks like some attackers are taking advantage of this, attack site, cause panic,  , buy low, sell high, profit. |
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Xiaoma
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April 21, 2013, 04:31:56 PM |
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LOL it would only take 2000 BTC to get double digits on Bitfloor That's a good point too. The low volume on other exchanges make it more likely for larger swings if Gox is offline. Gox's high volume acts as a great counterweight to other exchanges, but without it, price moves more quickly as buyers and sellers have no other reference point. And that is good for day traders... there is no space to play with a 5 USD change in a week. |
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KeyserSoze
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April 21, 2013, 04:34:00 PM |
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I just got my first 502 Bad Gateway on Campbx.com as well. Tsk, tsk, CampBX... you should be watching and learning. Your volume is much lower. Imagine if it gets more popular. You need better DDOS protection now, while you're smaller.
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I used to day trade Bitcoin successfully. Then I took an arrow to the knee.
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just1nmc
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April 21, 2013, 04:35:30 PM |
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Lol, $115 on bitstamp, $123 on campbx, and $107 on btc-e. No one knows what they're doing I do find it funny that btc-e, the exchange consistently $10 below all other markets, is being used as the standard in this thread though  |
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Xiaoma
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April 21, 2013, 04:37:01 PM |
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Lol, $115 on bitstamp, $123 on campbx, and $107 on btc-e. No one knows what they're doing I do find it funny that btc-e, the exchange consistently $10 below all other markets, is being used as the standard in this thread though It is called "wishful thinking". As I said, I'm not gonna buy back coins until is under $100. Even if takes weeks of waiting. |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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April 21, 2013, 04:37:17 PM |
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btc-china already at 586 yuan (94 usd)
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Xiaoma
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April 21, 2013, 04:42:11 PM |
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LOL it would only take 2000 BTC to get double digits on Bitfloor Now just 742 BTC to double digits on btce and 1427 on bitstamp  |
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anu
Legendary
Offline
Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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April 21, 2013, 04:55:16 PM |
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LOL it would only take 2000 BTC to get double digits on Bitfloor Now just 742 BTC to double digits on btce and 1427 on bitstamp Good - everyone panics because on MtGox, mysqld crashed. This will be a nice spike down and I'll buy on the bottom - just to sell at double price an hour later. Yummy. |
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1m1nd
Newbie
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Activity: 42
Merit: 0
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April 21, 2013, 04:59:58 PM |
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sold for a small loss earlier, went to make some food, come back 20 minutes later and bitstamp price is at $103........  |
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anu
Legendary
Offline
Activity: 1218
Merit: 1001
RepuX - Enterprise Blockchain Protocol
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April 21, 2013, 05:03:03 PM |
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sold for a small loss earlier, went to make some food, come back 20 minutes later and bitstamp price is at $103........ So you also have fiat? Good - let's buy at 5x and let the morons bleed. |
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yefi
Legendary
Offline
Activity: 2842
Merit: 1510
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April 21, 2013, 05:07:15 PM |
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sold for a small loss earlier, went to make some food, come back 20 minutes later and bitstamp price is at $103........ Some pretty crazy price moves there. I just set a buy order up around 101, and after reading a page of this thread the price was 118? |
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meangreen
Member
Offline
Activity: 70
Merit: 10
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April 21, 2013, 05:09:20 PM |
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sold for a small loss earlier, went to make some food, come back 20 minutes later and bitstamp price is at $103........ Some pretty crazy price moves there. I just set a buy order up around 101, and after reading a page of this thread the price was 118? its not $118 |
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01BTC10
VIP
Hero Member
Offline
Activity: 756
Merit: 503
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April 21, 2013, 05:09:39 PM |
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UPDATE: This again appears to be another strong DDos attack. We are working hard to overcome it and will update when possible. It's currently 2am in Japan so please forgive us if our Facebook/Twitter updates are not as quick, though the team is certainly not taking any breaks. We're very much looking forward to implementing a much stronger solution very soon and will make an announcement to that effect once it's in place. https://www.facebook.com/MtGox/posts/459849287432817 |
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