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Author Topic: BTC price collapse!  (Read 3602 times)
tomcollins
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August 04, 2011, 01:58:24 AM
 #21

Panic selling from irrational people. Buy them while they're cheap Smiley

This only works if you can find someone to sell them to at a higher price, or buy something useful with them.

The irrational people are the ones who expected this to hit $1000.  They didn't realize that it was just a few rational people riding it up, and were rational enough to get out once the new money stopped coming in.

I can always buy something useful with bitcoins. There are plenty of merchants out there. Smiley

As for $1000, I don't expect to see that anytime before 2020. Though I could be wrong.

Can you buy something useful cheaper (or more useful) by using Bitcoins (if the value is dropping)?  If no, then you are doing it wrong.
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August 04, 2011, 03:02:18 AM
 #22

Can you buy something useful cheaper (or more useful) by using Bitcoins (if the value is dropping)?  If no, then you are doing it wrong.

Indeed.  I bet merchants are lining up to adopt bitcoins after they've just seen the USD$ exchange rate drop by 20% in a day.  I saw a recent post on these forums that suggested merchants should charge a 25% premium for their products denominated in bitcoins.  Well, 25% doesn't seem to be enough any more, and further more, why would anyone pay 25% more for a product when they can use a credit card or PayPal and pay maybe 2% in fees?

As a merchant, the only advantage for me to using bitcoins would be no chargebacks.  As a customer, that is a huge disadvantage.  Also I would have to pay a lot more.  Apart from Silk Road, I don't really see a point to using bitcoins.  Judging by the falling value of bitcoins, it seems a lot of other people agree with me. 

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doldgigger
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August 04, 2011, 08:31:30 AM
 #23

Guys...

 Honestly, I don't give a shit about Bitcoin pricing in dollar or whatever... I have only interest in Bitcoins itself. I already forgot about the old dollar!  Roll Eyes

 I know that this (forget USD, EUR, BRL...) is impossible in a global scale today but... The really sad thing around all of this is that the mining difficulty does not drop alongside with Bitcoin dollar price...   Undecided
I don't understand your point here. You talk about forgetting the dollar, but at the same time you expect bitcoin's algorithms to be based on dollar exchange rates?
In fact, the difficulty is still increasing!

 I think that we need to do is:

1- Help Bitcoins being widely accepted around the globe;
2- Stabilize goods and services prices in Bitcoins only;
I'm really glad to see more people realizing that we need merchants using bitcoin and having stable bitcoin-based prices instead of dollar prices translated into bitcoin.
3- Close your bank account.
Now despite of the excellent point you made above, this recommendation unfortunately makes your post look like a joke. As long as there is no real opportunity to get food and residential property using bitcoins only, you cannot expect people to abandon these essentials. Furthermore, this would bar many ways of receiving income.

I actually think the most important thing is to have a critical mass of merchants using bitcoins to sell various goods and services. This will stabilize the currency and make it more interesting for even more merchants and consumers.
And there is more, that isn't only the Bitcoins that drops today, here in Brazil, the BOVESPA reaches -2.26%!

 http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/02/bloomberg1376-LPCPGP0YHQ0X01-05FJPK510HBEEKBRRB2VQ3HRUG.DTL

 So, who cares about this sick market?! I don't.

 Americans (Obama and many) think that raising the debt and print more money will save the planet from caos!!! Who believe in things like this?! This would be a joke if not a sad reality.

Cheers!
Thiago

We should not forget that BTC-USD rates are no absolute measure of bitcoin value. Volatile exchange rates may indicate BTC volatility, but they may also be related to USD volatility...

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August 05, 2011, 08:17:03 PM
 #24

I will have to revise my statement in light of new information. It was more likely panic selling by Bitcoin thieves.

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doldgigger
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August 06, 2011, 02:25:30 PM
 #25

This might be a good time to promote bitcoin businesses to people new to bitcoin. Bitcoins are incredibly cheap to buy now, especially for USD, so we can export our services to people using other currencies very well.

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August 06, 2011, 06:47:29 PM
 #26

This might be a good time to promote bitcoin businesses to people new to bitcoin. Bitcoins are incredibly cheap to buy now, especially for USD, so we can export our services to people using other currencies very well.

That's what people should have been doing all along, rather than trying to run with the day traders.

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pent
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August 06, 2011, 11:23:29 PM
 #27

Great walls at lower prices. Its a speculation tricks from wall street guys.

 http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html
Vandroiy
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August 06, 2011, 11:47:54 PM
 #28

Great walls at lower prices. Its a speculation tricks from wall street guys.

 http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html

Wall street professional on a market with less than 1M USD volume on most days? I dunno. Trainees, maybe. Or people who know the methods. The real masters won't waste their time on something this size just yet.

Good, since I would probably chicken out against these guys -- I have other things I do in life and would fear losing to them. Right now, I still place day-trading orders every now and then. Not something I'd like doing against pros.
tasarz
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August 07, 2011, 01:12:56 AM
 #29

Great walls at lower prices. Its a speculation tricks from wall street guys.

 http://nyconvergence.com/2011/08/bitcoin-trading-attracts-wall-street-professionals.html

Have you noticed that the walls seem to vanish as soon as the price gets near them?  At least on MTGox, there were similar walls at $6, $6.50...all the way up to $8, but they didn't seem to do anything.  Maybe people are pulling out when the price gets close in hopes of getting an even better deal?
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August 07, 2011, 01:21:05 AM
 #30

AHhhhhh!!!  I can't sell my video cards fast enough!!!!  Oh noes!!!  The floor is falling, Anusgleus just lost his shirt in the market by buying 500 bitcoins at $14.50

I'm the guy that bought them at 33 ... remind me never to time the market.



Okay, I wont trust flexcoin for bitcoin advice.

PS: You aren't the first bitcoin bank.

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indio007
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August 07, 2011, 01:23:00 AM
 #31

That's been happening for 3 weeks. MTGOX never should have implement a realtime api in the first place.  More mature exchanges can't deal with the HFT bots. There is noway a small bitcoin market can. The exchanges are being gamed. In case no one has noticed tere has been a persistant ask and bid wall that has been sliding down in parallel for quite some time. Some jerk is going to end up wit alot of coins and sit on them till it goes back to $30.
BillX
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August 07, 2011, 01:25:15 AM
 #32

Some jerk is going to end up wit alot of coins and sit on them till it goes back to $30.

Ummm......
GeniuSxBoY
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August 07, 2011, 01:31:11 AM
 #33

That's been happening for 3 weeks. MTGOX never should have implement a realtime api in the first place.  More mature exchanges can't deal with the HFT bots. There is noway a small bitcoin market can. The exchanges are being gamed. In case no one has noticed tere has been a persistant ask and bid wall that has been sliding down in parallel for quite some time. Some jerk is going to end up wit alot of coins and sit on them till it goes back to $30.





It's about time some realized this. I made a thread about it in the main room titled: Attn: Mt Gox.



But I think Mt Gox is the one running the bot.

If not, he is making some mad money off the small trades.

But he would have made more money in the long run because you can't make money if the exchange is dead.

Good game.
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