Price Drop 6/7/13

[BitCoinNewGuy]

Any reason / news story for the drop this morning from $118 to $113?

[Mahn]

Somebody sold their stash, I guess, much like what happened on June 2th. This thread belongs to the speculation subforum btw.

[BitCoinNewGuy]

Ah woops, sorry for the wrong thread area.

Seems like now is a good idea to sell before the Feds get too involved.

I'm liquidating today, all I can sell.

[tutkarz]

Ah woops, sorry for the wrong thread area.

Seems like now is a good idea to sell before the Feds get too involved.

I'm liquidating today, all I can sell.

huh? are you spreading FUD? looks like i was right, someone is looking to buy cheap large amounts.

[bitcoinchecker]

I'm liquidating today, all I can sell.

Why?

Because the price has dropped?

[BitCoinNewGuy]

Why not?

Seems like a good idea to cash out now before the exchanges get shutdown, Feds get too involved, and price (possibly) crashes.

In reality I bet almost everyone has bitcoin not because they want to use it for purchasing goods, but as a way to make a quick buck - Don't lie.

[bitcoinchecker]

Why not?

Seems like a good idea to cash out now before the exchanges get shutdown, Feds get too involved, and price (possibly) crashes.

In reality I bet almost everyone has bitcoin not because they want to use it for purchasing goods, but as a way to make a quick buck - Don't lie.

I think they call that  "flushing out the weak hands"

The massive price rise a few months ago was the time to make a quick buck. It was good while it lasted but unless you're an experienced trader, volatility is not good news and harms Bitcoin's progress towards mass acceptance.

Earning, spending and generally using Bitcoin just as you would cash is the ultimate goal.

[BitCoinNewGuy]

Ah well the 2 times I tried to buy stuff with bitcoin I got scammed. There are too many scammers out there to make bitcoin really "safe" for trade. I bought bitcoin at $22, so I think I'm good.

[bitcoinchecker]

Ah well the 2 times I tried to buy stuff with bitcoin I got scammed. There are too many scammers out there to make bitcoin really "safe" for trade. I bought bitcoin at $22, so I think I'm good.

I bought 2 Bitcoins for £22/$40  back in february and have recently spent them on various stuff worth about £160

But price stability is better in the long run.

If you have Bitcoin burning a hole in your wallet and want to spend some on a nice T-shirt and not get scammed have a look at my website... 

http://thevillageidiotme.ipage.com/shop.html

I am a genuine retailer and the official supplier to the unSYSTEM Bitcoin conference in Vienna in November... 

https://unsystem.net/info/

[miernik]

Somebody sold their stash, I guess, much like what happened on June 2th. This thread belongs to the speculation subforum btw.

Nobody reasonable who just wants to "sell their stash" dumps it on the market like that, as they could sell it slowly and get more money for it.

It someone dumps a big stash like that, its either 1) they want to deliberately crash the market to buy back at a lower price, or 2) needs fiat really soon desperately, but then they are not gonna do it in MtGox anyway as delays in fiat withdrawals are huge, so it leaves us reason 1). Or they are clueless how bid/ask markets work or careless about their money, but anyway anyone who is highly reasonable and money-wise will not sell a large stash like that (unless trying to deliberately crash to buy back) as they can easily get significantly more by spreading their sales evenly over a day or two.

[acceptance2]

This is the type of trading you observe daily in the junior markets.

" Flushing out the weak hands " is a common strategy used by brokers (usually 4 +) running a box.

My intuition tells me that as Bitcoin holdings keep shifting from the tech crowd to the VC firms you'll see Bitcoin being " cleaned up ".

Nothing worse than running into small holders dumping when you're running the beast to a new high - much easier to shake them out early using a little fear - like a $5 - $6 dollar drop - then running the beast with little or no resistance.

Patience....

[wopwop]

Somebody sold their stash, I guess, much like what happened on June 2th. This thread belongs to the speculation subforum btw.

Nobody reasonable who just wants to "sell their stash" dumps it on the market like that, as they could sell it slowly and get more money for it.

It someone dumps a big stash like that, its either 1) they want to deliberately crash the market to buy back at a lower price, or 2) needs fiat really soon desperately, but then they are not gonna do it in MtGox anyway as delays in fiat withdrawals are huge, so it leaves us reason 1). Or they are clueless how bid/ask markets work or careless about their money, but anyway anyone who is highly reasonable and money-wise will not sell a large stash like that (unless trying to deliberately crash to buy back) as they can easily get significantly more by spreading their sales evenly over a day or two.

Or the guy just saw the price dropping 20% in the last weeks and feels like he must sell all before someone else does, which is more logic than what you are saying

It's probably miners selling their coins for profits and not speculators, most speculators are going to get shaved

[Mahn]

Somebody sold their stash, I guess, much like what happened on June 2th. This thread belongs to the speculation subforum btw.

Nobody reasonable who just wants to "sell their stash" dumps it on the market like that, as they could sell it slowly and get more money for it.

Unless, you know, they didn't know this. Just because someone had hundreds or even thousands of BTC it doesn't mean they were aware how markets work.

[ironcross360]

BTC Is going back up Thank god...    And XRP Is going up too

[smoothie]

The famous question...

"BUT WHY DID IT FALL?"

lol

[mgio]

BTC Is going back up Thank god...    And XRP Is going up too

No, it's down below $108 now and shows no sign of stopping.

Anyone have any idea what is going on?

[notme]

Any reason / news story for the drop this morning from $118 to $113?

People were getting ready for the drop from $113 to $107.5.

[mgio]

It seems like we see a lot of sudden crashes like this recently, and then periods of slow growth, only to lose it in 12 hours or so. We don't seem to see the opposite any more, by which I mean buying that causes the price to soar, like we used to. What is going on?

[notme]

It seems like we see a lot of sudden crashes like this recently, and then periods of slow growth, only to lose it in 12 hours or so. We don't seem to see the opposite any more, by which I mean buying that causes the price to soar, like we used to. What is going on?

We aren't in the midst of a hype cycle.

[mgio]

It seems like we see a lot of sudden crashes like this recently, and then periods of slow growth, only to lose it in 12 hours or so. We don't seem to see the opposite any more, by which I mean buying that causes the price to soar, like we used to. What is going on?

We aren't in the midst of a hype cycle.

make it go back up, please.