Yay MtGox and the panic buy

[mgio]

Price is shooting up so fast there is major goxlag.

Bitcoin never ceases to amaze me.

I guess Asia doesn't have the same MtGox money transfer problems that we have in the US .

[BitPirate]

In China, you can buy Bitcoins pretty much instantly with the two Chinese equivalents of PayPal.

Dwolla only caters to the USA -- I actually signed up with them; they looked international... but there's just no way to put in anything other than US details.

This news weakens the perceived value of traditional online payment processors -- they can be blocked at any time on a political whim.

Bitcoin, on the other hand -- can't.

Short term the price dropped, but it is actually pretty bullish news long-term. The US can continue to shoot themselves in the foot. They're getting quite good at it.

[keatonatron]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

[UltimateReaper]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

I managed to buy very near the bottom today but I wouldn't call them cheap by any means.

[bitcon]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

i'm in US and selling a few hundred now.  hope it will dip an d can buy back lower. US Bears vs. European Bulls!

getting ~ $130 / BTC's on Virwox

[mgio]

It's back up to $116 already. I'm impressed with bitcoin's resilence. I figured a much larger dip. Still made some coins on it at least. It pays to watch these forums very closely for news like this.

I bet it will dip tomorrow again, but probably not as much, and then bounce back again at night.

As a US bitcoin investor, Dwolla was GREAT! Only $0.25 per transfer and it could be done in one step right from MtGox's website from your bank account to MtGox (you never even had to go to dwolla's site). I'm not happy about using bank transfers now. I'm not sure you can even do them online.

[joesmoe2012]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

i'm in US and selling a few hundred now.  hope it will dip an d can buy back lower. US Bears vs. European Bulls!

getting ~ $130 / BTC's on Virwox

I thought there were problems @ virwox with SLL?

[notme]

It's back up to $116 already. I'm impressed with bitcoin's resilence. I figured a much larger dip. Still made some coins on it at least. It pays to watch these forums very closely for news like this.

I bet it will dip tomorrow again, but probably not as much, and then bounce back again at night.

As a US bitcoin investor, Dwolla was GREAT! Only $0.25 per transfer and it could be done in one step right from MtGox's website from your bank account to MtGox (you never even had to go to dwolla's site). I'm not happy about using bank transfers now. I'm not sure you can even do them online.

It's back down to $111 already. I'm depressed with bitcoin's fragility. I figured a much larger recovery. Still made some coins on it at least. It pays to watch these forums very closely for news like this.

I bet it will rise tomorrow again, but probably not as much, and then fall back again at night.

As a US bitcoin investor, Dwolla was GREAT! Only $0.25 per transfer and it could be done in one step right from MtGox's website from your bank account to MtGox (you never even had to go to dwolla's site). I'm not happy about using bank transfers now. I'm not sure you can even do them online.

[Zaih]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

Great way to look at it 

[keatonatron]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

I managed to buy very near the bottom today but I wouldn't call them cheap by any means.

When I started they were $4, so no, I wouldn't either. But for a newcomer who goes to sleep when they are $120 and wakes up when they are $104, it can feel cheap 

[sturle]

After everyone in the US went to sleep, people in Europe started waking up to cheap coins

People are so irrational it hurts!

It has become slightly more difficult for USAnians to transfer money to MtGox.  The only rational thing to do would be to get in all USD they have and buy BTC now!  It is the only logical move.  Moving USD from the USA to Bitcoin exchanges isn't going to become any easier, and it will be easy to find private buyers paying a good price for BTC within the US.

For the rest of the world, i.e. 60-70% of the customers, the change is irrelevant.  And those are the ones buying!  The price at MtGox is higher in most other currencies than USD at the moment.  Indicating that people trading in other currencies are buying while the USD users are selling.

This is completely irrational, but as expected.  Most people follow their feelings, not logic.  They don't think first, and if they do it is to justify what their feelings tell them to do.

[N12]

Sturle, why? International wires still work. Maybe this is what some are doing.

[sturle]

Sturle, why? International wires still work. Maybe this is what some are doing.

International wire is what most of their customers, at least by volume, have been doing always.  Dwolla is OK for small transfers.  I have been using international bank transfer instead of SEPA because the price in USD is usually below the price in EUR, and liquidity in USD is much better.  For international wires you don't have to wait for AML stuff either.  It is clearly the best option in most of the world.  Dwolla may make sense to USAnians who transfer less than 5000 USD at a time and don't mind waiting for a month to get started.  Small time miners who need a few dollars to pay their utility bills.

[mgio]

Sturle, why? International wires still work. Maybe this is what some are doing.

International wire is what most of their customers, at least by volume, have been doing always.  Dwolla is OK for small transfers.  I have been using international bank transfer instead of SEPA because the price in USD is usually below the price in EUR, and liquidity in USD is much better.  For international wires you don't have to wait for AML stuff either.  It is clearly the best option in most of the world.  Dwolla may make sense to USAnians who transfer less than 5000 USD at a time and don't mind waiting for a month to get started.  Small time miners who need a few dollars to pay their utility bills.

I've managed to accumulate almost 1000 coins using only Dwolla. I wasn't even aware there was a Dwolla limit. I transfered $5000 chunks to MtGox more than once with Dwolla.

[vokain]

You can transfer multiple 5000s chunks at once as well.

[Rygon]

Sturle, why? International wires still work. Maybe this is what some are doing.

International wire is what most of their customers, at least by volume, have been doing always.  Dwolla is OK for small transfers.  I have been using international bank transfer instead of SEPA because the price in USD is usually below the price in EUR, and liquidity in USD is much better.  For international wires you don't have to wait for AML stuff either.  It is clearly the best option in most of the world.  Dwolla may make sense to USAnians who transfer less than 5000 USD at a time and don't mind waiting for a month to get started.  Small time miners who need a few dollars to pay their utility bills.

I've managed to accumulate almost 1000 coins using only Dwolla. I wasn't even aware there was a Dwolla limit. I transfered $5000 chunks to MtGox more than once with Dwolla.

+1. And once everything was set up and verified, the timeline was a week on average, even for amounts over $1000

[byronbb]

Amazing how robust the price is to the down side. I highly doubt a 20k panic buy into the asks would 'only' move the market by 10%.