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Author Topic: CRASH!  (Read 23173 times)
dinzy
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July 04, 2011, 04:40:13 PM
 #101

how low will it go?

It bottomed @ 14.2. It's rebounding now, however.

A little rally at least.  There is just too many coins on the market between 15 and 16 for it to gain any real traction.

These are not rally's just oscillating attempted corrections after the crash.  Another thing is that only 10k or so coins have been traded in the last couple of hours.  Nobody is unloading a shitload of anything.  
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July 04, 2011, 04:57:41 PM
 #102

how low will it go?

It bottomed @ 14.2. It's rebounding now, however.

A little rally at least.  There is just too many coins on the market between 15 and 16 for it to gain any real traction.

These are not rally's just oscillating attempted corrections after the crash.  Another thing is that only 10k or so coins have been traded in the last couple of hours.  Nobody is unloading a shitload of anything.  

10k in a couple hours * 12 = 120k per day, which is $1.8 million.
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July 04, 2011, 04:59:32 PM
 #103

I am looking at the next level of support, $13.60, to see if it will be broken today. The next one after that is $10.30.

If volume indicators deem it so, these are my buy-in points.
dinzy
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July 04, 2011, 05:23:38 PM
 #104

how low will it go?

It bottomed @ 14.2. It's rebounding now, however.

A little rally at least.  There is just too many coins on the market between 15 and 16 for it to gain any real traction.

These are not rally's just oscillating attempted corrections after the crash.  Another thing is that only 10k or so coins have been traded in the last couple of hours.  Nobody is unloading a shitload of anything.  

10k in a couple hours * 12 = 120k per day, which is $1.8 million.

No.  It means volume spiked a little due to the recent 'crash', the volume over the last 40 minutes is under 500.  Also it means 10k swapped accounts, not that a huge influx of cash came into the market.  Some buy, sell, buyback, etc.  

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July 04, 2011, 06:16:40 PM
 #105

Yesterday we are sideways all day at $15.50; are we looking at a $14.50 sideways day today?

SJ
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July 04, 2011, 06:19:18 PM
 #106

...and the rebound has begun.

Any moment now... ?
dinzy
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July 05, 2011, 02:39:20 PM
 #107

Looks like another decent volume dip, right after the 13.0 bids were retracted.

watching this shit is like crack.
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July 05, 2011, 02:44:39 PM
 #108

I think the bubble already burst and we have been riding the shock waves of bitcoin for a while. It won't die completely but bitcoin was seriously over-valued.

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July 05, 2011, 02:46:41 PM
 #109

Holy! The floats are insane!

3 refreshs 30 seconds interval: 12.6, 13.65, 13.07  Shocked
Justsomeforumuser
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July 05, 2011, 02:48:11 PM
 #110

Ach, sweet caress of many lulz.

Ho-Hum.
dinzy
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July 05, 2011, 02:51:04 PM
 #111

It looks like trades were actually made at 13.75.  Looks like there is some excitement to buy from some eager beaver.   Roll Eyes
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July 05, 2011, 03:40:16 PM
 #112

I think the bubble already burst and we have been riding the shock waves of bitcoin for a while. It won't die completely but bitcoin was seriously over-valued.

I had the same thought, that this was an inevitable decline. Over-hyped like a crazy dot.com ipo.

Still there is something there in this unique crypto-currency, a base-line value that will find its real worth in the trading exchange.

And so the question remains..., when to buy in !!!!     Smiley

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July 05, 2011, 04:47:17 PM
 #113

mtgox is reporting a lot of hacking attempts. do you think they were successful? I don't see anyone complaining about missing money or btc
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July 05, 2011, 04:54:36 PM
 #114

mtgox is reporting a lot of hacking attempts.
Have you noticed that Mt. Gox tends to report problems when the price is going down (and they have to pay out real money), but not when the price is going up?
proudhon
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July 05, 2011, 04:58:04 PM
 #115

mtgox is reporting a lot of hacking attempts.
Have you noticed that Mt. Gox tends to report problems when the price is going down (and they have to pay out real money), but not when the price is going up?

No.  How long have you been watching the market?  I've been closely watching since early April and I recall several times over the past months that MtGox reported problems (e.g. DDoS, switching servers, etc) that occurred while the price was climbing as fast as it's falling right now.
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July 05, 2011, 05:01:17 PM
 #116

It's scary to watch the market fall, I have many reasons to believe it will rebound.. but not until fees are reinstated.

People are buying and selling on two markets without any penalty. Even if they profit a penny.
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July 05, 2011, 05:06:20 PM
 #117

People are buying and selling on two markets without any penalty. Even if they profit a penny.

 This is one of the biggest problems, a very bad move - imo
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July 05, 2011, 05:11:00 PM
 #118

It's scary to watch the market fall, I have many reasons to believe it will rebound.. but not until fees are reinstated.

People are buying and selling on two markets without any penalty. Even if they profit a penny.
That's arbitrage. In theory, it makes markets more efficient, by reducing the spreads between markets.

Arbitrage in Bitcoin markets is limited by the exchanges' "slow pay" policies. You can't keep moving the same money back and forth between markets, because it takes days to get the cash out of an exchange.
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July 05, 2011, 05:18:50 PM
 #119

It's scary to watch the market fall, I have many reasons to believe it will rebound.. but not until fees are reinstated.

People are buying and selling on two markets without any penalty. Even if they profit a penny.
It's not exactly the first time it falls, and the recent fall isn't particularly large. In fact I'd say the rate has been unusually stable and the float unusually low after the fee reduction. I think lower fees is just what Bitcoin needs to become more merchant friendly. The fact that people buy on one exchange and sell on another does not push the price either way, it just makes the price difference between them smaller.
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July 05, 2011, 05:47:34 PM
 #120

I believe bitcoins will ladder all the way down to about $4 or roughly the amount electricity used to create 1BTC.
I think this will take only a few days now no more 5
which imo is not a bad thing.
Typical monterey price correction. bitcoin charts tells you all you need to know.
Not many miners will let there coins go for less than it cost them to create.
If they do then why bother at all ?
The price was driven on pure speculation.
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