Welcome to Bitcoin Black Friday

[edd]

You forgot that there is a bank holiday in Japan now - no fresh money for 4 days.

Read my lips - 4 more days!

Is this really true? Does MtGox close during bank holidays?
How come it's open 24/7 then?

Sorry if this is a stupid question, but I'm new to currency trading.

Banks are closed during bank holidays, including the one Mt. Gox uses to accept, transfer, and send your fiat. Mt. Gox is not a bank but they still have to use one to deal with fiat.

In other words, you can use Mt. Gox for trading 24/7, but if your cash is on its way in or out, you're subject to bankers' hours.

[vesper39]

I'm excited for tuesday.

I have a feeling if it DOESN'T shoot back up, tuesday may be a big drop day as well as people are all expecting it to go back up 

[forevernoob]

Banks are closed during bank holidays, including the one Mt. Gox uses to accept, transfer, and send your fiat. Mt. Gox is not a bank but they still have to use one to deal with fiat.

In other words, you can use Mt. Gox for trading 24/7, but if your cash is on its way in or out, you're subject to bankers' hours.

I can't see how that's a big problem. People trading on Gox are used to bank delays.
It takes 1 day+ for a bank transfer, right?

How will 2 extra days have such a huge impact?

[Monkey1]

Black Friday is awesome, especially when followed by bounce Monday/ Tuesday/ Wednesday etc!!!

You just have to ensure you buy in on Black Friday.

[Rawr1337]

I just see this as another opportunity to buy 

[ektwr]

Thanks God bitcointalk.org is alive again!
I will update my article in http://mining-bitcoins.co and http://www.mineasics.com

Hurray!!

[bornloser]

I just see this as another opportunity to buy 

why do you think you are smarter than the sellers? you dont buy something in freefall, you buy on the way up. but if you wish be my guest.

[Trading]

The problem is that usually it's necessary fresh money to make the price of an asset to go up. As the price goes up, it's necessary more and more money to buy the asset at these higher prices. But if the banks are closed, it's impossible to get in fresh money. However, probably there is already enough money in the bitcoin system to make the price go up, since the price has already been much higher than the current one. Of course, this math can be complicated by the fact that many hoarders might now sell because they are scared.

[ektwr]

Is it any official announcement about the bitcointalk.org crash today?

[Malawi]

Banks are closed during bank holidays, including the one Mt. Gox uses to accept, transfer, and send your fiat. Mt. Gox is not a bank but they still have to use one to deal with fiat.

In other words, you can use Mt. Gox for trading 24/7, but if your cash is on its way in or out, you're subject to bankers' hours.

I can't see how that's a big problem. People trading on Gox are used to bank delays.
It takes 1 day+ for a bank transfer, right?

How will 2 extra days have such a huge impact?

Because there are no new money coming inn, while you can still move in BTC. Every day 3600 BTC is mined, and some of that will find its way to MtFGox.
At the same time BTC prices are beeing pushed down, and a lot of people are eager to sell while prices are still up.

If the markets were more stable, it would be less of an issue, but apparently BTC tend to go up and then dip during the weekend.
I am pretty fresh at this, but AFAIK during the weekend regular folks have time to sit down with their computer and buy with the fiat they have deposited, and some of them want to sell out before next week starts as they cannot follow the market and feel safer in FIAT. Also there are miners that sell as soon as they have coin at whatever price they get in the market at the time, this happens all of the week. The result is that there is less FIAT in the system(downwards pressure) before monday when there is a backlog of FIAt that comes and gives more upward pressure.

These effects may not be that big at a regular weekend, but this is not a regular weekend.

[Malawi]

The problem is that usually it's necessary fresh money to make the price of an asset to go up. As the price goes up, it's necessary more and more money to buy the asset at these higher prices. But if the banks are closed, it's impossible to get in fresh money. However, probably there is already enough money in the bitcoin system to make the price go up, since the price has already been much higher than the current one. Of course, this math can be complicated by the fact that many hoarders might now sell because they are scared.

You might be correct in that there may be enough fiat in the system to drive prices up if there are the right signals. But I think that a lot of the "old money" might be at the fence.

[TinaWembley78]

Just a small downtrend. It will rise soon!

[Streets 2.0]

I think it will down to $15 US per btc by monday

There isnt much movements historically on Weekends... I wouldnt expect 15, but anything is possible on this rollercoaster

[kaldoverde]

This may actually turn out to be a good thing.

Clearly MT. Gox has too much impact on bitcoin prices, to a point where it can bring about its demise even. So hopefully BTC will survive this latest crash and consumer confidence in Mt. Gox will be affected enough for them to lose a bunch of customers to other exchanges.

I personally believe that in order for BTC to succeed as a decentralized currency, the 51% rule should apply to what percentage of bitcoin transactions can be processed by each exchange. With Mt. Gox reportedly handling 63% they play too much of a vital role in the price.

[Streets 2.0]

Mt Gox has been an issue for me since I came aboard

[Trading]

Any prediction without presenting reasoning is worthless. Always justify your predictions on technical or fundamental grounds.

[kaldoverde]

Any prediction without presenting reasoning is worthless. Always justify your predictions on technical or fundamental grounds.

Well, not much technicality to BTC, at least not for the big swings. None of them ever related to market requirements, instead all tied down to Mt Gox's DDOS, lawsuits and other fundamental factors.

[alyssa85]

I personally believe that in order for BTC to succeed as a decentralized currency, the 51% rule should apply to what percentage of bitcoin transactions can be processed by each exchange. With Mt. Gox reportedly handling 63% they play too much of a vital role in the price.

There's nothing stopping people just voting with their feet and using other exchanges like bitstamp. MtGox only has go much power because people have been herding towards them like sheep.

[MiningUnited]

Crypto currencies are still in their infancy. When the tech barrier for entry & use drops to the point where they become easy to use for the average consumer their value will explode.

In order for this to happen, there has to be some kind of regulation and rules. If the average Joe purchases an item with BitCoin and the item that arrives is broken, there is no way to file a claim in any way. The average Joe will want someone to go to in times like this. BitCoin being one way only, is a big problem for the average user, and scares them.

[ThatBitcoinGuy]

Black Friday is awesome, especially when followed by bounce Monday/ Tuesday/ Wednesday etc!!!

You just have to ensure you buy in on Black Friday.

I'd still watch out for the whiplash...