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Author Topic: Mt.Gox scares people into selling  (Read 3236 times)
Kais
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July 17, 2011, 07:12:14 AM
 #1

The way that Mt. Gox is set up makes people buy and sell faster. If you keep a constant eye on it, wanting to see when you should sell or buy, you will.

They have made it so that they get much more traffic than needed. They have digits down to the fifth decimal point. When prices change, it looks like a big change (like 13.52470 to 13.34410). I'm not talking about the big transactions, but most of the ones I see are less than a dozen. And when you are trading a small amount of coins, it's hardly any difference in price. But the numbers look bigger because of so many decimal places and people panic or get really excited and buy or sell right away.

Is this true? I know that's what happens in my mind as I watch Mt.Gox Live
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Leon
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July 17, 2011, 07:13:43 AM
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The way that Mt. Gox is set up makes people buy and sell faster. If you keep a constant eye on it, wanting to see when you should sell or buy, you will.

They have made it so that they get much more traffic than needed. They have digits down to the fifth decimal point. When prices change, it looks like a big change (like 13.52470 to 13.34410). I'm not talking about the big transactions, but most of the ones I see are less than a dozen. And when you are trading a small amount of coins, it's hardly any difference in price. But the numbers look bigger because of so many decimal places and people panic or get really excited and buy or sell right away.

Is this true? I know that's what happens in my mind as I watch Mt.Gox Live

You honestly think this scares people? It isn't even mtgox's fault in the first place that they have 8 decimals, what are they gonna do, cut them out? That is senseless.


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July 17, 2011, 07:18:37 AM
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The way that Mt. Gox is set up makes people buy and sell faster. If you keep a constant eye on it, wanting to see when you should sell or buy, you will.

They have made it so that they get much more traffic than needed. They have digits down to the fifth decimal point. When prices change, it looks like a big change (like 13.52470 to 13.34410). I'm not talking about the big transactions, but most of the ones I see are less than a dozen. And when you are trading a small amount of coins, it's hardly any difference in price. But the numbers look bigger because of so many decimal places and people panic or get really excited and buy or sell right away.

Is this true? I know that's what happens in my mind as I watch Mt.Gox Live
I set my bitcoins to sell at the price I choose, set and forget.
I don't think it scares people, because anyone like me who doesn't want the stress of slaving over market charts 24/7 will just set the price they want and walk away.

Kais
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July 17, 2011, 07:19:56 AM
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It's not their fault and there's nothing wrong with it, but I just think that has an affect on things. It looks like a big change when really, it's very small.

And yes, it's good to set a price and forget it, but I read posts from many people on this forum about how they are always watching prices and panicing
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July 17, 2011, 07:20:30 AM
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The way that Mt. Gox is set up makes people buy and sell faster. If you keep a constant eye on it, wanting to see when you should sell or buy, you will.

They have made it so that they get much more traffic than needed. They have digits down to the fifth decimal point. When prices change, it looks like a big change (like 13.52470 to 13.34410). I'm not talking about the big transactions, but most of the ones I see are less than a dozen. And when you are trading a small amount of coins, it's hardly any difference in price. But the numbers look bigger because of so many decimal places and people panic or get really excited and buy or sell right away.

Is this true? I know that's what happens in my mind as I watch Mt.Gox Live

Dude, you need to take a chill pill.

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July 17, 2011, 07:22:01 AM
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Read the sig
GeniuSxBoY
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July 17, 2011, 07:24:16 AM
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Sounds like a case of Arithmophobia
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July 17, 2011, 08:05:22 AM
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you're looking too much into it and missing decimal point
wareen
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July 17, 2011, 12:41:59 PM
 #9

What really makes people sell on Mt. Gox right now is probably that a large part of the Bitcoin community (read: Europeans) cannot buy them!

I just read at the Mt. Gox page that SEPA-transactions won't be available until Tuesday (it said Monday before). I really hope this holds now, because if not, it might start becoming a problem.

USD capital in Mt. Gox is now probably much lower than usual and with the supply partly blocked for another week and people starting to panic sell, there just isn't enough USD in the exchange to stop it or get the price up significantly again. We're probably going to see another bad week for Bitcoin Sad

Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
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July 17, 2011, 12:51:24 PM
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The only thing scaring people into selling bitcoins is the fear of losing even more money. It has nothing to do with how a chart looks and everything to do with someone/many people making personal realizations about their own stake in bitcoins.

That, and miners extracting their profits.
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July 17, 2011, 01:21:16 PM
 #11

The only thing scaring people ... is the fear
True that!

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It has nothing to do with how a chart looks and everything to do with someone/many people making personal realizations about their own stake in bitcoins.
It would be foolish from anybody wanting to buy or sell to ignore the charts as an additional source of information. That's the reason why most people do look at the charts before they trade and hence it is not at all irrelevant how the charts look like. Especially with something like Bitcoin which is entirely driven by supply and demand!

Anyway, my point was, that with BTC influx steady but USD influx partly blocked, an unusual selling pressure on the BTC side builds up at Mt. Gox. I think the current downward trend is reflecting that.
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July 17, 2011, 02:20:54 PM
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everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10

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MagicalTux
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July 17, 2011, 02:22:44 PM
 #13

Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.

Would have been nice if we could have been informed more than 7 days in advance too.

The old bank closed the account friday morning as promised, and the new bank was decided by the authorities at the same time, however the new bank denied to give us a rendezvous to open the new bank account before tuesday.

New account will be open at 11:30 tuesday morning, and we'll put the new IBAN on the page a few hours later (don't know exactly how long the meeting will last). Once done we'll rush the dev of import API to make deposits available as soon as funds are in.

Synaptic
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July 17, 2011, 02:25:10 PM
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Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.

Would have been nice if we could have been informed more than 7 days in advance too.

The old bank closed the account friday morning as promised, and the new bank was decided by the authorities at the same time, however the new bank denied to give us a rendezvous to open the new bank account before tuesday.

New account will be open at 11:30 tuesday morning, and we'll put the new IBAN on the page a few hours later (don't know exactly how long the meeting will last). Once done we'll rush the dev of import API to make deposits available as soon as funds are in.

Yes, please, rush the dev.

Your team seems to be very adept at managing difficult, detailed oriented projects and pushing out quality code...
DonnyCMU
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July 17, 2011, 02:26:43 PM
 #15

When prices change, it looks like a big change (like 13.52470 to 13.34410).

Any sane person would know that a price drop from 13.5 to 13.2 is a bigger change than 13.52470 to 13.34410
Perhaps you don't.
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July 17, 2011, 03:25:19 PM
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Reminds me of when the price of Gold dropped from $900 down to $600 and people were like SELL SELL SELL before it's to late.  Lol now it's worth almost $1600.  Fools.  Go ahead and SELL SELL SELL your Bitcoins.  When non-miners buy them up to use as a Digital Currency and you're left mining 1 coin every couple of weeks wondering why you sold your whole stash in a panic the rest of us will giigle to ourselves.
AtlasONo
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July 17, 2011, 03:53:00 PM
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Somebody bought at $14 and was hoping to make a quick buck
Synaptic
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July 17, 2011, 03:57:43 PM
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Somebody bought at $14 and was hoping to make a quick buck



Yup. There's the idiot, immortalized for all to see.
markabark
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July 17, 2011, 03:59:27 PM
 #19

everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10

Since you know prices are "NOT" going back up, can you please tell me the price next tuesday?
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July 17, 2011, 04:01:40 PM
 #20

everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10

Since you know prices are "NOT" going back up, can you please tell me the price next tuesday?

Without some major intervention by some angel investor doing the "bitcoin movement" a favor?

Around $10, probably.

That's if it doesn't crash before then.
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