Great New Crashcorrection (fulfilled)

[BitchicksHusband]

Would be safe to say that the crash is over and we can continue the rally? Anyway, I am more and more convinced that if we can break 400, 500 will be easy.

Agreed on the latter. But a crash? Come on, this wasn't a crash... a crash is something devastating when afterwards many people lose their entire confidence in the market and walk away. This was a mere correction, albeit a violent one, as it is quite typical in bitcoin world right now.

I think you're right, "crash" was not the best word to use at it might imply very long periods of low prices. When I say crash I mean an important correction from which we recover after a week or so.

This is hilarious.  I could see calling April a crash since bitcoin lost 75% of its value and took about 4 months to recover.  That's a crash.  Haven't see one of those lately and with the decreased volatility every day and buy and hold becoming so prevalent, I doubt we are going to see any more of those.

[DeathAndTaxes]

This is hilarious.  I could see calling April a crash since bitcoin lost 75% of its value and took about 4 months to recover.  That's a crash.  Haven't see one of those lately and with the decreased volatility every day and buy and hold becoming so prevalent, I doubt we are going to see any more of those.

It will happen eventually.  All markets crash when price runs away from reality.   

[BitchicksHusband]

This is hilarious.  I could see calling April a crash since bitcoin lost 75% of its value and took about 4 months to recover.  That's a crash.  Haven't see one of those lately and with the decreased volatility every day and buy and hold becoming so prevalent, I doubt we are going to see any more of those.

It will happen eventually.  All markets crash when price runs away from reality.   

Sorry.  Missed an "m".  Meant to say, "many" more of those.

You can't DDOS Mt. Gox anymore to affect 80% of the market.  It happened this week and everyone yawned and the price continued to rise slowly.

That's my point.

[zuckerant]

Because the trading engine was kaput?

Or was the ddos before that?

[Tzupy]

Crash is when several whales compete to dump their 50,000btc each. Back in april there was 100,000btc dumped in the 60s in a matter of minutes.

You are exaggerating. I wasn't into bitcoin in April, but I studied the charts and looked again just now.
There were multiple dumps of a few thousands of coins each, not even close to 50k, and over several hours, not minutes.
So a massive crash like April does not require several 50k whales to dump, just a bunch of smaller whales and many panic sellers.

[LOADING.READY.RUN]

You are exaggerating. I wasn't into bitcoin in April, but I studied the charts and looked again just now.
There were multiple dumps of a few thousands of coins each, not even close to 50k, and over several hours, not minutes.
So a massive crash like April does not require several 50k whales to dump, just a bunch of smaller whales and many panic sellers.

That means you didn't see the Gox lag of several hours then. I suppose the initial dumps were done very quickly, afterwards the Gox interface pretty much didn't load at all. You might want to watch the timelapse video of the crash ( http://www.youtube.com/watch?v=nanesJ0bLrQ might not be the best one, but the first one I've found). And close to the lows there were indeed several 100k BTC dumped... Who knows whether by whales or by smaller fish...

[Tzupy]

Here is the chart, IMO proving that the big crash was started by relatively small whales and lasted about 24 hours before the ddos.

[wobber]

Why would you dump lots in seconds when you can keep the price higher by dumping small portions? Of course 24hrs seems a lot reasonable if you want to cash out.

[BitcoinAshley]

Crash is not the best word to use, so change the thread title to "correction."

Great New Correction I can live with.

Or, remove the word great and keep "Crash."

You could stretch and call what just happend a "Crash" (crash to a new ATH, lol) but by absolutely no definition of the word was it GREAT!!!

Think of some things we call "Great." The Great Depression. The Great Wall of China. Alexander the Great. This was not great! It was just a big correction. 

 

[Wilhelm]

Why would you dump lots in seconds when you can keep the price higher by dumping small portions? Of course 24hrs seems a lot reasonable if you want to cash out.

Only unless you don't want to cash out.
Dump 10000 BTC and put in buy orders directly after to get your money back.
People in panic will start dumping their coins cheap.

[wobber]

When this crashes, it will crash hardcore. It's insane!

[Tzupy]

It will crash locally, but it will rebound a bit. This is just a consequence of more money on Gox than at the theoretical peak,
which drives price up, and still plenty of bullishness. Those buying so high will get burned IMO.

[EvilPanda]

When this crashes, it will crash hardcore. It's insane!

That's why I sold my whole "temporal stash" today. Everyone went crazy with the prices while China still is below the point of last correction.

[wobber]

When this crashes, it will crash hardcore. It's insane!

That's why I sold my whole "temporal stash" today. Everyone went crazy with the prices today while China still is below the point of last correction.

China still is below the point of last correction?

[EvilPanda]

When this crashes, it will crash hardcore. It's insane!

That's why I sold my whole "temporal stash" today. Everyone went crazy with the prices today while China still is below the point of last correction.

China still is below the point of last correction?

On the 9th bid prices were above 2600 CNY, today it just passed 2500. Gox had $350 tops and its $390, it's a fake hype IMO.

[Wekkel]

When this crashes, it will crash hardcore. It's insane!

That's why I sold my whole "temporal stash" today. Everyone went crazy with the prices today while China still is below the point of last correction.

China still is below the point of last correction?

On the 9th bid prices were above 2600 CNY, today it just passed 2500. Gox had $350 tops and its $390, it's a fake hype IMO.

The more excuberance, the better the crash.

[wobber]

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!

[ajax3592]

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!

So, based on this chart and the current pace where do you guesstimate it would land up? Below 250 ?

[wobber]

I don't know where it could crash to, but I think it will top at about 500-520.

[Mirsad]

Just use Logcharts... there was no big crash in the last 2 years.