The mother of all traps?

[molecular]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

here's a refreshing hypothesis: it's actual new money coming in due to 6 week old news (incubation time of new a bitcoiner (from first contact to first buy) is roughly 6 weeks)

So I looked at 6 week old news and found: "liberty reserve busted".

that is a refreshing hypotheses. i hope you are right.

There's not been a lot of movement on the bid side of God's order book. It stayed at $11M for a while.

There's more money on mtGox than is seen on the book. Newbs who buy their first coins tend to use market orders.

[phoenix1]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

here's a refreshing hypothesis: it's actual new money coming in due to 6 week old news (incubation time of new a bitcoiner (from first contact to first buy) is roughly 6 weeks)

So I looked at 6 week old news and found: "liberty reserve busted".

that is a refreshing hypotheses. i hope you are right.

There's not been a lot of movement on the bid side of God's order book. It stayed at $11M for a while.

There's more money on mtGox than is seen on the book. Newbs who buy their first coins tend to use market orders.

Is that the reason for the 30k of market buys ? 

[molecular]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

here's a refreshing hypothesis: it's actual new money coming in due to 6 week old news (incubation time of new a bitcoiner (from first contact to first buy) is roughly 6 weeks)

So I looked at 6 week old news and found: "liberty reserve busted".

that is a refreshing hypotheses. i hope you are right.

There's not been a lot of movement on the bid side of God's order book. It stayed at $11M for a while.

There's more money on mtGox than is seen on the book. Newbs who buy their first coins tend to use market orders.

Is that the reason for the 30k of market buys ? 

It's just a hypothesis, something to think about. I brought it up to remind people that not all moves are speculative ones. All the assumptions about whales now having coins they will dump at the next opportunity might be just that: assumptions that may be wrong.

Do you know that feeling.. when the earth is vibrating a little and you hear distant rattling? Oh the anticipation... your mind drifts away painting rosy pictures of milk and honey and such. Then something tremendously powerful pulls you back to reality and the next thing you see after regaining your composure is the backside the fucking bitcoin train.

Might not be that time yet, though

[e521]

It is what most believe it is

[superduh]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

whats the reason it went down so fast. None

[ThatDGuy]

It's just a hypothesis, something to think about. I brought it up to remind people that not all moves are speculative ones. All the assumptions about whales now having coins they will dump at the next opportunity might be just that: assumptions that may be wrong.

Do you know that feeling.. when the earth is vibrating a little and you hear distant rattling? Oh the anticipation... your mind drifts away painting rosy pictures of milk and honey and such. Then something tremendously powerful pulls you back to reality and the next thing you see after regaining your composure is the backside the fucking bitcoin train.

Might not be that time yet, though

the fucking bitcoin train:

[phoenix1]

It's just a hypothesis, something to think about. I brought it up to remind people that not all moves are speculative ones. All the assumptions about whales now having coins they will dump at the next opportunity might be just that: assumptions that may be wrong.

Do you know that feeling.. when the earth is vibrating a little and you hear distant rattling? Oh the anticipation... your mind drifts away painting rosy pictures of milk and honey and such. Then something tremendously powerful pulls you back to reality and the next thing you see after regaining your composure is the backside the fucking bitcoin train.

Might not be that time yet, though

the fucking bitcoin train:

Epic bull trap confirmation 

[ThatDGuy]

It's just a hypothesis, something to think about. I brought it up to remind people that not all moves are speculative ones. All the assumptions about whales now having coins they will dump at the next opportunity might be just that: assumptions that may be wrong.

Do you know that feeling.. when the earth is vibrating a little and you hear distant rattling? Oh the anticipation... your mind drifts away painting rosy pictures of milk and honey and such. Then something tremendously powerful pulls you back to reality and the next thing you see after regaining your composure is the backside the fucking bitcoin train.

Might not be that time yet, though

the fucking bitcoin train:

Epic bull trap confirmation 

Train is on fire, not clear whether "fucking buy" or "fucking sell"

[Walsoraj]

It's just a hypothesis, something to think about. I brought it up to remind people that not all moves are speculative ones. All the assumptions about whales now having coins they will dump at the next opportunity might be just that: assumptions that may be wrong.

Do you know that feeling.. when the earth is vibrating a little and you hear distant rattling? Oh the anticipation... your mind drifts away painting rosy pictures of milk and honey and such. Then something tremendously powerful pulls you back to reality and the next thing you see after regaining your composure is the backside the fucking bitcoin train.

Might not be that time yet, though

the fucking bitcoin train:

Epic bull trap confirmation 

Train is on fire, not clear whether "fucking buy" or "fucking sell"

Guaranteed explosion in every direction

[alyssa85]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

whats the reason it went down so fast. None

Bitcoin drooped on June 17th because Ben Bernanke signalled he was going to reduce the Fed's monthly QE if the unemployment rate hit 7% (his statement was followed by a good jobs report and the market panicked). Gold and silver tanked too. The dollar rose.

Then yesterday he made it clear that the lifting of QE was a long way off in his opinion (and that was followed by a poor jobs report). Gold and silver rose and so did bitcoin. Dollar fell.

I think we have to conclude that some hedge funds are now dabbling in bitcoin to diversify their assets. And because they are used to liquid markets, they think nothing of dropping $2 million at a time - of course because the bitcoin market isn't that liquid, you get larger movements than you would with gold or silver.

[molecular]

even as a bitcoin bull myself this looks like a trap to me. too much too fast and for what reason? is there some breaking news i missed?

whats the reason it went down so fast. None

Bitcoin drooped on June 17th because Ben Bernanke signalled he was going to reduce the Fed's monthly QE if the unemployment rate hit 7% (his statement was followed by a good jobs report and the market panicked). Gold and silver tanked too. The dollar rose.

Then yesterday he made it clear that the lifting of QE was a long way off in his opinion (and that was followed by a poor jobs report). Gold and silver rose and so did bitcoin. Dollar fell.

I think we have to conclude that some hedge funds are now dabbling in bitcoin to diversify their assets. And because they are used to liquid markets, they think nothing of dropping $2 million at a time - of course because the bitcoin market isn't that liquid, you get larger movements than you would with gold or silver.

this, my friend, makes sense.

[ElectricMucus]

Pump & Dump Inc.

[notme]

Pump & Dump Inc.

You mean the Fed and the SIFIs?

[ElectricMucus]

I have no idea who is doing it. However, I suspect the Bitcoin Hivemind is engaged in cognitive dissonance.

[notme]

I have no idea who is doing it.

I thought you were referencing the comment above about Bernanke's farts steering the entire global economy.

[ElectricMucus]

I have no idea who is doing it.

I thought you were referencing the comment above about Bernanke's farts steering the entire global economy.

Just the financial economy.

[notme]

I have no idea who is doing it.

I thought you were referencing the comment above about Bernanke's farts steering the entire global economy.

Just the financial economy.

Unfortunately, for most goods, we are stuck with the prices they set.

[Impaler]

And back down to $90, that was quick. 

[Adrian-x]

I have no idea who is doing it. However, I suspect the Bitcoin Hivemind is engaged in cognitive dissonance.

Just discovered this thread and LOL'd quite a bit.

This pushed me over the edge thanks EM.

I think everything will be fine just remember don't invest more than you can afford to lose. I like molecular's idea, failing to acknowledge that in December 2012 cost me early retirement.

I'll stick with bull trap for now and hold.

[molecular]

I have no idea who is doing it. However, I suspect the Bitcoin Hivemind is engaged in cognitive dissonance.

Just discovered this thread and LOL'd quite a bit.

This pushed me over the edge thanks EM.

I think everything will be fine just remember don't invest more than you can afford to lose. I like molecular's idea, failing to acknowledge that in December 2012 cost me early retirement.

I'll stick with bull trap for now and hold.

You should've listened to my intution from early November '12 ;-)

my intuition says: we're sitting on a rocket about to be ignited

my rational mind tries to find explanations for the intuition:

• ECB Paper, ZeroHedge coverage / ... taps whole new reservoir of potential supporters and enemies, this might initiate wider public/academic discussion
• I see an above-average amount of newbs trickling in that seem to be quite educated and understanding already (not your typical gamer kid)
• Market turmoil ahead with the reward halving
• Long consolidation period has been going on
• Ongoing and increasing distrust of fiat money and banking system amongst the general population
• Bitcoin fundamentally rocksolid and more and more people "get it"
• All this taken together might push bitcoin beyond the next "critical mass" checkpoint of adoption / public awareness within the next 1-3 months.
  
• ...
• rocket ignition

don't jump off

Don't draw the wrong conclusions now, though. My intuition currently says it's going to be comparably boring for a couple of months. Probably best to step back a bit and enjoy summer.