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wumpus
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August 07, 2011, 12:05:06 AM |
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This is the usual weekend rollercoaster, now with extra panic sauce  Sell, sell, the world's financial system is going to ruin. All your digital assets will be worth nothing after the internet shuts down and we go back to farming goats!  (then I must consequently be a magician)
Don't pride yourself too much, even a broken clock is right two times a day... In a rollercoaster like this all predictions will eventually come true. |
Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through File → Backup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts. |
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"With e-currency based on cryptographic proof, without the need to
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effortless." -- Satoshi
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adamstgBit
Legendary
 Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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August 07, 2011, 12:07:19 AM |
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28K bitcoin sell down to 6.51. This is getting exciting
this is a good day for bitcoin BUY BUY BUY SELL SELL SELL you can smell the fear and hope |
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markm
Legendary
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Activity: 2940
Merit: 1090
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August 07, 2011, 12:07:40 AM |
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28K bitcoin sell down to 6.51. This is getting exciting!! What do you think, bounce by Monday?
Wow someone got themself a bargain, though not as nice a one as whoever picked up 10,000 coins at only $6.00 each earlier. -MarkM- |
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BitcoinStars.com
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August 07, 2011, 12:11:37 AM |
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28K bitcoin sell down to 6.51. This is getting exciting
this is a good day for bitcoin BUY BUY BUY SELL SELL SELL you can smell the fear and hope Today is a great day. All scared money is getting out today. Bitcoin sale is on. Go Bitcoin!!! |
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Bazil
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August 07, 2011, 12:19:00 AM |
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One secret is to keep you money in a different exchange. They react slower then MtGox does. I sold all my BTC for 2 dollars more than the asking on MtGox. Also you can see where it's going to bottom out so you can put yourself in a good buy position.
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17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
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BitcoinStars.com
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August 07, 2011, 12:21:21 AM |
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One secret is to keep you money in a different exchange. They react slower then MtGox does. I sold all my BTC for 2 dollars more than the asking on MtGox. Also you can see where it's going to bottom out so you can put yourself in a good buy position.
Great job Bazil  |
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JoelKatz
Legendary
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Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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August 07, 2011, 12:28:46 AM |
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It does seem that if a smaller exchange is above the Mt. Gox rate, and the Mt. Gox rate itself is dropping, it's very likely that exchange's rate will move down as well. Similarly, if a smaller exchange is below the Mt. Gox rate, and the Mt. Gox rate is increasing, it's very likely that exchange's rate will move up.
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I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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Bazil
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August 07, 2011, 12:47:31 AM |
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It does seem that if a smaller exchange is above the Mt. Gox rate, and the Mt. Gox rate itself is dropping, it's very likely that exchange's rate will move down as well. Similarly, if a smaller exchange is below the Mt. Gox rate, and the Mt. Gox rate is increasing, it's very likely that exchange's rate will move up.
I have found this to be the case in practice as well. The smaller exchanges usually follow the larger ones. The problem is usually the market dept is shallower so you may not be able to fill your whole order at the price you want. It also depends highly on which way the price is going though because it's really easy and fast to move BTC between exchanges, but cash moves slow. Even though I sold my BTC for a higher value I can't move my cash to MtGox to take advantage of the lower price. Also if the large exchange bottoms out quickly and the rises the small exchange will bottom out at a higher value. |
17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
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molecular
Donator
Legendary
Offline
Activity: 2772
Merit: 1019
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August 07, 2011, 12:57:19 AM |
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It does seem that if a smaller exchange is above the Mt. Gox rate, and the Mt. Gox rate itself is dropping, it's very likely that exchange's rate will move down as well. Similarly, if a smaller exchange is below the Mt. Gox rate, and the Mt. Gox rate is increasing, it's very likely that exchange's rate will move up.
Especially with arbitrage bots starting to show up. It'll be very fast. Actually when you think about it, this is a mechanism that might actually synchronize rates on all the exchanges (at least the ones that have good enough apis) and finally give smaller exchanges a chance to enter the market more easily. Just a thought... |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Nesetalis
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August 07, 2011, 01:07:53 AM |
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i'm hoping virwox hits 1500L some time tonight! :p i've got a bunch of linden i want to cash out!
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ZOMG Moo!  |
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StewartJ
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August 07, 2011, 01:34:03 AM |
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I never fully committed my 100 BTC Buy-in; I sat out most of the time and observed.
The most I lost was $50 on a recent 20 BTC buy/sell, so I guess I count myself fortunate(?)
It looks like my 100 BTC Buy-in is getting cheaper by the hour. Should I hope for $1 BTC?
I still believe in the fundamentals of this crypto-currency, maybe a rally will be in the making soon?
Peace out to all the BTC Peeps,
SJ
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Smalleyster
Member
Offline
Activity: 84
Merit: 10
I yam what I yam. - Popeye
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August 07, 2011, 01:36:54 AM |
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Yeah, it's been fun this afternoon and evening. I've got an early morning tomorrow. Wonder if there will be any bitcoin left? 8^)
Ny-tall!
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JoelKatz
Legendary
Offline
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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August 07, 2011, 02:25:04 AM |
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The problem is usually the market dept is shallower so you may not be able to fill your whole order at the price you want.
Absolutely. I've bought 30 bitcoins on TradeHill and had my transaction push the price by 35 cents. I didn't place it high enough at first and had to repeat it two more times to fill it! That's obviously an extreme example, but that is the trade-off with a smaller exchange. |
I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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TiagoTiago
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August 07, 2011, 02:44:50 AM |
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I will buy at -3 USD ^^
it doesn't work like that, at most it would be somthing like 1E-3 |
(I dont always get new reply notifications, pls send a pm when you think it has happened) Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar! |
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KMBTC11
Newbie
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Activity: 57
Merit: 0
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August 07, 2011, 03:15:26 AM |
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One secret is to keep you money in a different exchange. They react slower then MtGox does. I sold all my BTC for 2 dollars more than the asking on MtGox. Also you can see where it's going to bottom out so you can put yourself in a good buy position.
As long as the liquidity is there. Most people flock to MtGox because of the depth. Even though some of the other exchanges have better prices it could take a little longer to find a trade. Nice sell though. Glad it worked out for you. |
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KMBTC11
Newbie
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Activity: 57
Merit: 0
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August 07, 2011, 03:18:13 AM |
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I have found this to be the case in practice as well. The smaller exchanges usually follow the larger ones. The problem is usually the market dept is shallower so you may not be able to fill your whole order at the price you want. It also depends highly on which way the price is going though because it's really easy and fast to move BTC between exchanges, but cash moves slow. Even though I sold my BTC for a higher value I can't move my cash to MtGox to take advantage of the lower price. Also if the large exchange bottoms out quickly and the rises the small exchange will bottom out at a higher value.
Forget my previous post. It sounds like you're aware of the pitfalls and are navigating them well. Again, well done. |
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