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Author Topic: F**K the Exchanges! The real state of the nation.  (Read 1997 times)
YoYa
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June 21, 2011, 08:09:23 AM
 #1

So....lets get down to it!

http://eu1.bitcoincharts.com/map/

http://bitcoinwatch.com/
Transactions
last 24h
11,377

Transactions
avg. per hour
474.04

Bitcoins sent
last 24h
1,417,498.03 BTC
 Shocked Shocked  Shocked

That's pretty much one quarter of all bitcoins in existence being moved around!!! Can't say what it means....either we're ultra fluid and trading like motherfuckers.....which would be a good thing(take that ye harbingers of hording doom!).......or the collective market is shitting it's pants in the face of the huge security issues and people are scrambling to hide thar booty. Who knows, but interesting all the same.

Also.....according to this graph:
http://bitcoinreport.blogspot.com/2011/05/updated-transactions-per-day.html

The number of transactions per day is up from 300 a day in late may......I don't trust the graph somehow, unless that is how few trades there used to be, maybe one of you bright sparks can add some more interesting info to this thread.

So.........one exchange has a stream of day glow yellow shit running down it's leg, but the blockchain is showing a very healthy and growing crypto-currency!

Long may it continue!
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The Script
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June 21, 2011, 08:20:06 AM
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Thank you for the positive perspective. I still don't understand why one exchange going down causes so many people to panic and prophesy doom for the futures of bitcoins. Though I won't complain when I buy up all their bit coins for discounted prices.... Cheesy
killer2021
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June 21, 2011, 09:23:45 AM
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Thank you for the positive perspective. I still don't understand why one exchange going down causes so many people to panic and prophesy doom for the futures of bitcoins. Though I won't complain when I buy up all their bit coins for discounted prices.... Cheesy

It's quite simple really.

We use the beauty of Poes Law to scare people into selling out, so the price drops and we can buy it all up.

99% of us doomsayers don't really believe it Smiley

Yes, not many fall for it, but if 1% of 10,000 people do then we can make a profit from it.

It's even ok for me to state what it is, right here for all to read, because the people that fall for it are so fucking retarded that even when the truth is right here in front of them, they will still fall for that same stupid trick again.

On that note, using advanced market analysis techniques I can see that the price is going to plummet to $5 within the next 24 hours, I would advice selling every last bitcoin you have right fucking now.

On a side note: thats what the bankers did during the great depression. Panic the markets into selling then buy up the stock quickly.

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neptop
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June 21, 2011, 09:47:57 AM
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bitmarket: 18.0 USD Yay!

BitCoin address: 1E25UJEbifEejpYh117APmjYSXdLiJUCAZ
YoYa
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June 21, 2011, 10:52:20 AM
 #5

bitmarket: 18.0 USD Yay!

ER.....There are way more to BTC fundamentals then exchange pricing....think that is what I was trying to point out Smiley

Think of it this way......exchange prices are a reactive indicator.....by the time you've seen it it's already happened.....I want to see the pre-emptive and health indicators that will indicate how thing will go.
hugolp
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June 21, 2011, 10:56:54 AM
 #6

On a side note: thats what the bankers did during the great depression. Panic the markets into selling then buy up the stock quickly.

A lot of the banks went bankrupt during the 1929 crash and the following years. If they caused they are stupid.

The Great Depression happened because there was a bubble on the stock market, the bubble that created the roaring 20's. Bubbles always pop.
speeder
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June 21, 2011, 06:01:22 PM
 #7

Great Depression had other issues too.

For example, Brazil up until the depression was getting craploads of money from coffee. To do that, they made more and more coffee, then they started to plant coffee in unprofitable locations, but US and Europe fake economy absorbed it all, allowing more coffee to be made.

Then even before the bubble bursted, people in Brazil realized they had so much craptons of coffee than anyone would ever use, that the government here bailed the coffee farmers by buying all the coffee the government could afford and then burning it all.

That still was not sufficient though.. When the stock market crashed, coffee sales (among other products) crashed too, and Brazil crashed too. (and several other countries).

I think 1929 was the first worldwide crisis.

Jack of Diamonds
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June 21, 2011, 06:34:49 PM
 #8

using advanced market analysis techniques I can see that the price is going to plummet to $5 within the next 24 hours

lol.

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RevolutionMaster
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June 21, 2011, 09:09:47 PM
 #9

I think a large part of the fluidity is also just stuff being shuffled around. One of the exchanges moved their stuff into a new wallet, and a number of people are migrating to new exchanges, causing a large amount of transactions.
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June 21, 2011, 11:33:33 PM
 #10

I believe to transaction volume numbers count a 1btc transaction with 999 btc in change as 1000btc moving.

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TheBitMan
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June 21, 2011, 11:35:00 PM
 #11

This is a good thing it's about time the BTC started getting moved around!
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