Great New Crashcorrection (fulfilled)

[Tzupy]

A week? Haha, where are those 'single digits by Friday' statements?
With appropriate volume Gox could crash within 6 hours.
AFAIK Gox had coin traffic overload issues, both from people wanting to cash out on other exchanges,
and from others who sent coins to Gox in order to dump while price is still high (and then buy low).

[freethink2013]

posted elsewhere but I expect some sort of correction but down to the previous all time high.

I'd be shocked if we went below 200 and say "Anything below 300 is a bargain"

[harlenadler]

It is quite interesting there is little to no volume beneath it like April. Nice chart.

It's based on Mt Gox though.

Ahh, that's better. Is there a combined volume chart somewhere, or who's the leader now? Bitstamp? China?

here is a look at bitcoinity's data for combined volume vs price:
http://data.bitcoinity.org/#ccacdfdiaa

[bitboyben]

So many markets now you'd have to dump hard on all of them at once.
Mtgox weaknesses were part of the April $266 correction.
The markets are more robust, I think crashing is a thing of the past.

I think there is some smart profit taking going on here and there for those that are conservative.
Others that are more bullish are happy to find bargains at anything under $1000.
A "crash" now is just a bitcoin Flash Sale.
My humble sentiments.

[Walsoraj]

It is quite interesting there is little to no volume beneath it like April. Nice chart.

It's based on Mt Gox though.

Ahh, that's better. Is there a combined volume chart somewhere, or who's the leader now? Bitstamp? China?

here is a look at bitcoinity's data for combined volume vs price:
http://data.bitcoinity.org/#ccacdfdiaa

Supports my theory that the criminals have fled FINCEN registered exchanges and are now manipulating the price elsewhere. Specifically, BtcChina, where there are no trade fees and trading with oneself is encouraged through awarding shares. LOLOLOL.

Fools.

[Loki8]

I was thinking of the possibility of a new crash to come this weekend. Seems to me that the recent growth is too big to be sustained, it's really exponential!

History teachs us... the crash will be very very hard and quick.

[wobber]

Exciting times. What if we'll reach a point from which will go down like with the same velocity of going down?

[proudhon]

The price has only doubled once...all other crashes came after at least 4 doubling.

Twice?

Capitulation after the last crash was ~$70.  Doubled would be $140.  Doubled again would be $280.  Doubled again would be $560.  Doubled again would be $1,060.
If we hit $500 in a straight shot without a breather I would sell off some (always some, never all) and not lose sleep. If it hit $1,000 I would dump a lot more and be confident that I get another chance.

As much as I would like to play around with the market again (and I really, really want to), I'm so distrustful of any 3rd party with any significant sum of bitcoin that I'm just content to hold it, spend it, or sell person to person for cash.  I don't know how people can tolerate the risk of having so much on any of the exchanges.

[proudhon]

I was thinking of the possibility of a new crash to come this weekend. Seems to me that the recent growth is too big to be sustained, it's really exponential!

History teachs us... the crash will be very very hard and quick.

We hardly need to look that far back to understand that.  Many of us here have lived through bitcoin "crashes" that were harsh(er) and quick(er).

[wobber]

I wouldn't be scared if it went like the other times, harsh and hard down. I'd be scared if we get to 120s back in the same time it got up

[bitcon]

i dont know why ppl compare btc to tulips. tulips cant appreciate, and cant be used for jack shit.

[wobber]

i dont know why ppl compare btc to tulips. tulips cant appreciate, and cant be used for jack shit.

But can be speculated on.

[antimattercrusader]

Well, while I won't be surprised at all if bitcoin crashes soon - I don't feel we can compare that tulip bubble to the current bitcoin bubble, should it prove to be one.

Bitcoin has the innovation to change the world. It has many uses, speculation, store of value, medium of exchange, etc. Tulips were pure speculative hype and can't even be stored over time. Sure, this may be speculative hype but at least in theory it's backed by something with real promise. I hope to see a world where bitcoin overtakes paypal and others etc - which is 100% possible. What did the people buying those tulips think? Hopefully the speculative pressure will push up the price so they cna cahs out before the inevitable crash? Or just didn't think about it and wanted on the crazy gains train? That's my bet.

If anything, I'd say we might be looking at a dot com type bubble, and in 10 years whatever happens will look like a tiny blip. Actually, I think that was the last crash earlier this year. It crashed, but long term (ha a few months for bitcoin) has shown the stages of a bubble burst and recovery to new heights, like the tech industry stocks today. If you look at them long term, we're higher now than during that bubble.

The market is healthier now and while this may be a bubble, this is uncharted territory. Don't assume anything. But do understand bitcoins utility.

[Cochese]

There is no rule that says it can't increase exponentially. Bitcoin has proven us all wrong before.

https://i.imgur.com/4NKXJMY.jpg

Bitcoin™

I lol'd. For a few minutes actually. Just, the absurdity of it--when I was expecting another "SERIOUS BTC CHART WITH LINES AND DATA" I got--that.

Well done.

To "contribute" to the thread: I don't know if we're going to crash, but I'm glad I bought in.

[notthematrix]

I was thinking of the possibility of a new crash to come this weekend. Seems to me that the recent growth is too big to be sustained, it's really exponential!

History teachs us... the crash will be very very hard and quick.

We hardly need to look that far back to understand that.  Many of us here have lived through bitcoin "crashes" that were harsh(er) and quick(er).

Why economists fail on understanding bitcoin.
history was always with a inflationary currency.
This one is a deflationary one that's why all stats will fail here ,, dollar is inflationary since the beginning  it was baked by a Limited supply of gold but at that time nobody knew how much this was precisely! and even now we don't know the amount of ounces gold in
planet earth! 
But,,, with bitcoin it will be 21.000.000 so , its a known constant! we are currently at 11925350 btc so that's also known... and that's why it does what it does.
its the first time in history that we know the total of supply available on forehand to a currency system.
 

[wobber]

Oh noes, I sold more (voluntarily this time) and guess what. Price will boom now! Up to the skies!

[Elwar]

i dont know why ppl compare btc to tulips. tulips cant appreciate, and cant be used for jack shit.

And the Chinese did not start to become major buyers of Holland's tulips.

[favelle75]

As much as I would like to play around with the market again (and I really, really want to), I'm so distrustful of any 3rd party with any significant sum of bitcoin that I'm just content to hold it, spend it, or sell person to person for cash.  I don't know how people can tolerate the risk of having so much on any of the exchanges.

Why does it have to be on the "exchanges"?  Why can't it sit in your wallet?

[RenegadeMind]

What are you people talking about?



 

[beetcoin]

the people who are saying that a huge crash isn't likely to occur (on the scale of last april, at least).. seem to have a plausible explanation. but then again, how can anything sustain this amount of growth without "growing pains"? coins have nearly quadrupled in a 2-3 week span.. that is nuts!