Can someone please get things moving again

[SgtSpike]

Sale just went through for my $6M mansion as well... will be dumping every penny of it into BTC.

[1715157005]

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[istar]

Mtgox has no bank for european banktransfers this week. They do have bank transfers from GBP. But still a lot of transfers are in Euro.
This will make the prices go down this and into late next week.

So now is the time to buy before those money starts rolling in again.

[carbonc]

I hope so.
Its hard holding on to these coins this long.
Us poor miners have bills to pay.

[Bit_Happy]

Knock down one of these towers that we're stuck between.

IMO, 13.50 will get cancelled before most of it is filled, and we are going much lower.
At the moment medium-sized sellers are getting impatient and are fighting to sell at ~13.88.

[13.883,83.89],[13.8831,31.7698],[13.8833,46.74945738


Edit:
Update ticking lower:
[13.87933,72.48650708],[13.87943,41.36652974],[13.88051,15.0440476]

You can now buy over 279 BTC for under 13.885:
[13.87933,61.90427885],[13.87943,41.36652974],[13.88051,15.0440476],[13.882,4.42],[13.883,83.89],[13.8831,31.7698],[13.8833,46.74945738],

[GeniuSxBoY]

So the lesson kids is this: while everyone talks about wanting widespread adoption of Bitcoin (for which long-term stability is a condition precedent), what they really want to do is gamble.

Haha, exactly.

Personally, I'm fine with a stable price.  It's predictable, and lets me plan better for the future with respect to mining, etc.

I'm fine with stability. I'm not fine with artificial stability. Why? Because I know that by the press of a button, one man can change the future of the market.

[jed]

Big Time Coin: You can just email mtgox and raise your limit.

[The_JMiner]

That is already possible. It is known that someone (or more than one) persons out there are sitting with over 10,000 coins that they can drop at any moment. The demand side is the unknown, is anyone sitting with $100,000 or more waiting for a specific price to buy?

[Bit_Happy]

That is already possible. It is known that someone (or more than one) persons out there are sitting with over 10,000 coins that they can drop at any moment. The demand side is the unknown, is anyone sitting with $100,000 or more waiting for a specific price to buy?

With $100,000 I'd spend only $50 now and the rest below 10.5, saving over half for under 7.5/BTC

[GeniuSxBoY]

Rest in peace dear thread.

[Shinobi]

This cracked me up, especially because the age of the kid is probably quite close to a majority of the bitcoin "millionaires".

we can see the bots in action now

[Bit_Happy]

Rest in peace dear thread.

You wanted the market to move, it is now going lower, how low do you want to go GeniuSxBoY?

[grod]

You can thank me later.  It was my last 2 bitcoins in the world, sold at 13.88 that kicked it all off.  I kissed them goodbye, told them "see you shortly!" and sent them off with a bot.

[piramida]

Mtgox has no bank for european banktransfers this week. They do have bank transfers from GBP. But still a lot of transfers are in Euro.
This will make the prices go down this and into late next week.

So now is the time to buy before those money starts rolling in again.

And what makes it so hard to send euro transfer to bitcoin7, buy (a cheaper) BTC, move BTC to MtGox? Profit in the process... At least that's how I send money from a european bank.

[billyjoeallen]

If you losers are mining as your only source or even primary source of income, you are screwing yourself and me too.  If the price stays low long enough, you will be forced to sell anyway, driving prices even lower.

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.   If you gamble with the rent money, you deserve to go broke.

Long run, I can wait it out and even add to my stash on the cheap. YOU, OTOH, are going to lose your ass.

[BitcoinPorn]

If you losers are mining as your only source or even primary source of income, you are screwing yourself and me too.  If the price stays low long enough, you will be forced to sell anyway, driving prices even lower.

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.   If you gamble with the rent money, you deserve to go broke.

Long run, I can wait it out and even add to my stash on the cheap. YOU, OTOH, are going to lose your ass

Couth before cunt, a mantra we can all learn from if we want results for things we are going for.  Either way, I hope people catch the meaning behind what you are saying and not the words you chose, as I agree (I mean, logic would dictate about mining and profits, holding and selling)

[GeniuSxBoY]

Every time someone puts money in, it is sifted out of the system like grains of gold sifted out of mud.

There's no money to be made here if you do not have these two advantages: 1) lots of money/btc and 2) knowledge of scripting.

[Nagle]

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.  

That's the definition of the suckers in a pyramid scheme.

If you've been in the game for half an hour and you don't know who the patsy is, you're the patsy.

[grod]

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.  

That's the definition of the suckers in a pyramid scheme.

Indeed, this is prisoner's dilemma meets free market.  As long as everyone hoards and nobody sells artificial scarcity means everyone looks wealthy on paper.

Problem is, right NOW this pyramid is starting to wobble.  2/3 of the mining capacity is less than 30 days old.  We newbies aren't the faithful, we've got power bills to pay and hardware to re-invest into if we want to catch up to you old fogies.  With [H]ocp possibly even more "easy money" miners are coming in.  This means that while in the past the vast majority of mined coins were hoarded that's definitely not true now.  We really could have most of the mined coins being sold within a week of being produced.  In which case, without fresh injection of funds, you'd see action much like what you see in the market -- someone stabilizing the buy side with fake buy walls (and notice how other 'buyers' are too timid to step far away from that wall) while they themselves slowly cash out.  I saw a 400+ coin buy taken out quickly, while the tiny orders were left alone.

Short term bear, long term bull is my take on it.  Trees don't grow to the sky.

[Shinobi]

Grod, I like your posts so I'd thought I'd ask you. Why do you see a bull market in the long-term? You perfectly describe the current market, but see a different long-term result. I'm curious as to why...

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.  

That's the definition of the suckers in a pyramid scheme.

Indeed, this is prisoner's dilemma meets free market.  As long as everyone hoards and nobody sells artificial scarcity means everyone looks wealthy on paper.

Problem is, right NOW this pyramid is starting to wobble.  2/3 of the mining capacity is less than 30 days old.  We newbies aren't the faithful, we've got power bills to pay and hardware to re-invest into if we want to catch up to you old fogies.  With [H]ocp possibly even more "easy money" miners are coming in.  This means that while in the past the vast majority of mined coins were hoarded that's definitely not true now.  We really could have most of the mined coins being sold within a week of being produced.  In which case, without fresh injection of funds, you'd see action much like what you see in the market -- someone stabilizing the buy side with fake buy walls (and notice how other 'buyers' are too timid to step far away from that wall) while they themselves slowly cash out.  I saw a 400+ coin buy taken out quickly, while the tiny orders were left alone.

Short term bear, long term bull is my take on it.  Trees don't grow to the sky.

[billyjoeallen]

If everybody would just mine and hold or buy and hold until they can't get out at a profit, the price would always go up.  

That's the definition of the suckers in a pyramid scheme.

If you've been in the game for half an hour and you don't know who the patsy is, you're the patsy.

DRINK!

Bitcoin don't need an ever-expanding pool of suckers. We need the software that makes them more useful. It's coming, but I don't know when.