Great New Crashcorrection (fulfilled)

[Tzupy]

Well, so far volume has been low, not sure what to infer from this.
On the 24th October the volume was very high, maybe today the most volume is still to come?

[TERA]

Well, so far volume has been low, not sure what to infer from this.
On the 24th October the volume was very high, maybe today the most volume is still to come?

Yes I guess Oct 24 is a good example. Since there are multiple major exchanges now the volume required is less than 150K on each.  Silk road day is another good example.  We are due for another one now.

[notthematrix]

Well, so far volume has been low, not sure what to infer from this.
On the 24th October the volume was very high, maybe today the most volume is still to come?

19:04 Sat (CST) - Time in China
People are going out , eating enjoying.
The volume was early in day.
http://bitcoincharts.com/charts/btcnCNY#rg1ztgSzm1g10zm2g25zv

[Tzupy]

I was talking about the volume on Gox being low so far, I see that volume in China was high.
Because the climb on Gox (to 378$) was underwhelming, the rebound ended up higher (385$) than the theoretical peak.
If Gox would have had better volume, the peak should have been closer to 400$.

[notthematrix]

I was talking about the volume on Gox being low so far, I see that volume in China was high.
Because the climb on Gox (to 378$) was underwhelming, the rebound ended up higher (385$) than the theoretical peak.
If Gox would have had better volume, the peak should have been closer to 400$.

What I do is thake the chinise then take exchange rate of CNY and translate that to $ or euro

[proudhon]

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?

Because then it's not on an exchange and can't be liquidated quickly and be as responsive to market moves.

[nobbynobbynoob]

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?

Because then it's not on an exchange and can't be liquidated quickly and be as responsive to market moves.

The old wait-for-three/six-confirmations problem.

Proudhon's right, if you're going to gamble on shortening your position rather than just hold (i.e. sell to bet on downward price action hoping to buy in lower), you probably need to plan in advance of that action, especially given that the major exchanges are, despite using computer technology, pretty much 17th-century-standard trading platforms. (Bitcoin is still young, folks! )

[wobber]

Oh noes... I sold some more here at 394. (also bought back at 370 those I sold at 350, cause I needed to buy a nice restaurant dinner).

I see two possible scenarios:

1. going up more, in which case people are happy cause they got my coins, I am happy cause I was poor on paper
2. crash, in which case people will be sad and I will be sad cause I'm gonna loose again fiat.

[barbs]

Oh noes... I sold some more here at 394. (also bought back at 370 those I sold at 350, cause I needed to buy a nice restaurant dinner).

I see two possible scenarios:

1. going up more, in which case people are happy cause they got my coins, I am happy cause I was poor on paper
2. crash, in which case people will be sad and I will be sad cause I'm gonna loose again fiat.

That's how I'm doing it too, I managed to get some more fiat in at the 260$ mark which i've been slowly pulling back out. I managed to correct a stupid trading mistake from last week that cost me 0.6 btc by stuffing more fiat in there and riding this rise.. so soon i'll have pulled all the fiat i just put in and will have the original amount of BTC i had before my poor trading also with some fiat on the side .. just in case we hit an asteroid on the way to the moon

[wobber]

I really hope we can go to 500 but... who knows...

[Tzupy]

In China, a local drop in money flow should reach a bottom in about an hour, could be the start of a correction.

[wobber]

In China, a local drop in money flow should reach a bottom in about an hour, could be the start of a correction.

what do you mean?

[Tzupy]

In China, a local drop in money flow should reach a bottom in about an hour, could be the start of a correction.

what do you mean?

I mean that when a correction is expected, and the money flow index is at a local low, it's a good time for a correction to start.
If the correction is about to end, then a local low in money flow is a good time to buy back, because is going to go up again.

[sgbett]

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!

Queue angry, self assured, post rationalizing Bitcoin zealot in 3....2.....1......

 

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

This "low volume" you speak of...?

http://bitcoincharts.com/charts/btcnCNY#rg360zigDailyztgSzm1g10zm2g25zvzcv

[ElectricMucus]

overall bitcoin volume is much lower than in april.

[sgbett]

You also have other USD exchanges taking a bigger slice of the pie relative to the 266 high...

BTC-E another ~$10m http://bitcoincharts.com/charts/btceUSD#rg360ztgSzm1g10zm2g25zv
Bitstamp another ~$10-15m http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zvzcv

[sgbett]

overall bitcoin volume is much lower than in april.

How much lower?

[ElectricMucus]

You also have other USD exchanges taking a bigger slice of the pie relative to the 266 high...

BTC-E another ~$10m http://bitcoincharts.com/charts/btceUSD#rg360ztgSzm1g10zm2g25zv
Bitstamp another ~$10-15m http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zvzcv

Again, still the amount of Bitcoins traded is much lower than in April.

look it stands out like a sore thumb...
http://data.bitcoinity.org/#caaaaafjaa

[sgbett]

Sorry, cross posted before your reply - the question remains - how much lower BTC volume?

[Miz4r]

overall bitcoin volume is much lower than in april.

I'm not so sure about that if you compare the volume just before the April crash with current volumes, the volume is just shared over more exchanges. The price of bitcoin is also much higher, and obviously you would expect that the volume during a crash like we saw in April would be very high. Once the coins return to the exchanges we will definitely see record volumes, even in bitcoin at these prices.