Jesus, Doomsday already??? Watch Mt Gox

[elements]

Wow, what is going on. I thought considering there are have so many new businesses and services shown up (or are about to soon) we could gain a little traction again after BTC conference....but now..? If today is doomsday then this won't happen.

What do you think?

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[GeniuSxBoY]

If everyone pulled their sell orders, it would definitely go up.


But alas, that isn't going to happen.

[error]

Lots of panic selling going on today. Get your bargain basement bitcoins while you can!

[tsvekric]

Lots of panic selling going on today. Get your bargain basement bitcoins while you can!

definitely, I wish I had some money sitting in Dwolla right now, I'd buy it up in a second. 

[evolve]

[DrKennethNoisewater]

Yeah, I would buy as well if Dwolla wasn't giving me the run-a-round with this gay photo crap.

I also like how bitcoincharts are down for "maintenance" at the most crucial time.

[Crazy]

I, too, find it ironic that BitcoinCharts is down. But you'll be thanking Dwolla tomorrow. Sit back and watch how this plays out.

[evolve]

try these charts: http://bitcoinity.org/markets?exchange=mtgox

[Crazy]

try these charts: http://bitcoinity.org/markets?exchange=mtgox

Thanks

[tvbcof]

I, too, find it ironic that BitcoinCharts is down. But you'll be thanking Dwolla tomorrow. Sit back and watch how this plays out.

Prolly doesn't matter much.  MtGox server(s?) seem to be to swamped to support feeds anyway.  Tradehill also from time to time, but less so.  Either that, or bitcoinity is not always getting them for some other reason.

  http://bitcoinity.org/markets?exchange=all

I went to MtGox.com recently out of frustration.  Took a loooong time, but I did get a plot in the end (and it was delightfully ugly (to my presently accumulating soul.))

[ManOfKnight]

I am wondering how much of this has to do with people's overall debt and their feeling that if the price dips too much that they won't get anything from it?

[Cluster2k]

I am wondering how much of this has to do with people's overall debt and their feeling that if the price dips too much that they won't get anything from it?

There is that feeling that ever perma-bulls can't deny.  The feeling of "If this thing is going down to zero, why not sell at $9.... $8.... $7...."  Grab some money before there is none left.

7200 bitcoins are created per day.  That's US$75k to buy them from miners if the miners choose to sell to cover their costs.  That's a lot of new money that must be found every single day.  If the coins are not sold today they are still a liability as they compete for a limited pool of cash.  Investors know to look at the total number of bitcoins out there, and not just what is traded day to day.  Those unsold bitcoins could be dumped onto the market if panic strikes.

[cloon]

but most of them dont realize, that if the price goes over 20 bux, it'll attract many more investors, more positive media! and gives the bitcoin copmmunity an enormous push...
they cant sell everything, because BTC would get worthless and most of them won't get in the cost for their rigs! they have to think longterm and hold these Bitcoins until it's used by many more people!

MINERS! YOU CAN MAKE MUCH MORE MONEY BY HOLDING

[Piper67]

but most of them dont realize, that if the price goes over 20 bux, it'll attract many more investors, more positive media! and gives the bitcoin copmmunity an enormous push...
they cant sell everything, because BTC would get worthless and most of them won't get in the cost for their rigs! they have to think longterm and hold these Bitcoins until it's used by many more people!

MINERS! YOU CAN MAKE MUCH MORE MONEY BY HOLDING

Also, once the price goes above 20-30 USD, any attempt at manipulating the market becomes a much more expensive proposition.

[DrKennethNoisewater]

try these charts: http://bitcoinity.org/markets?exchange=mtgox

Thanks.

These are much cooler than BTC Watch...................

DKN

[elements]

try these charts: http://bitcoinity.org/markets?exchange=mtgox

Thanks

Thank you for the charts - much nicer than Bitcoin Charts. (and hopefully not down anytime disaster strikes).

[DrKennethNoisewater]

but most of them dont realize, that if the price goes over 20 bux, it'll attract many more investors, more positive media! and gives the bitcoin copmmunity an enormous push...
they cant sell everything, because BTC would get worthless and most of them won't get in the cost for their rigs! they have to think longterm and hold these Bitcoins until it's used by many more people!

MINERS! YOU CAN MAKE MUCH MORE MONEY BY HOLDING

Also, once the price goes above 20-30 USD, any attempt at manipulating the market becomes a much more expensive proposition.

Agreed. It's easy to panic; But I can honestly say I sold 0 coins recently, just collecting and waiting for the time to liquidate a few north of $15.

[Nagle]

As I keep saying, this is the long, slow slide after a bubble popped.


$/BTC, Mt. Gox, last 6 months.

That is an absolutely classic speculative bubble. And when bubbles pop, they pop all the way.  Because there is no intrinsic value to Bitcoins (unlike, say, houses), "all the way" means down to zero.

Bitcoin was an interesting idea as a medium of exchange for micropayments. But it turned into a pyramid scheme. Once it did, it was doomed to repeat the pattern of all pyramid schemes.

Read the FTC's history of pyramid schemes in the last 30 years..

Oh, and for those people who keep yelling "Troll":

"Beware of any plan that delays meeting its commitments while asking members to "keep the faith." Many pyramid schemes advertise that they are in the "pre-launch" stage, yet they never can and never do launch. By definition pyramid schemes can never fulfill their obligations to a majority of their participants. To survive, pyramids need to keep and attract as many members as possible. Thus, promoters try to appeal to a sense of community or solidarity, while chastising outsiders or skeptics. Often the government is the target of the pyramid's collective wrath, particularly when the scheme is about to be dismantled. Commission attorneys now know to expect picketers and a packed courtroom when they file suit to halt a pyramid scheme. Half of the pyramid's recruits may see themselves as victims of a scam that we took too long to stop; the other half may view themselves as victims of government meddling that ruined their chance to make millions." - FTC general counsel, 1998.

[Oldminer]

Wow that pic even looks like a pyramid!!

Btw, I found this today on my trip back to the future:



Do you think its related?

 

[indio007]

Because there is no intrinsic value to Bitcoins (unlike, say, houses)

Wrong.

INTRINSIC VALUE.
"The 'intrinsic value* of a thing is its true, inherent, and essential value, not depending on accident, place, or person, but the same everywhere and to every one." Bank of North Carolina v. Ford. 27 N. C. 092, 698. The terms "market value" and "intrinsic value" are not synonymous. Douglas v. Merceles, 25 N. J. Eq. (10 C. E. Green) 144, 146.


Bitcoins let you access a service you can not access otherwise. That service is continuous multiparty authentication and verification of a data transfer.

That is a valuable consideration by any standard. If it wasn't notary publics, registrars of deeds, clerk of courts and many other record keepers would be performing absolutely no service at all.