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Author Topic: Largest weekend discount so far :)  (Read 3120 times)
piramida
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August 07, 2011, 05:58:03 AM
 #1

So this has been the largest weekend dump in the history of bitcoins Smiley I'm sending more moneys in tomorrow, using little math skills you can figure that there's enough fiat now in MtGox to drive the price right back past 15...

Disclaimer - currently in BTCs bought in at ~8.

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BillX
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August 07, 2011, 06:00:09 AM
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So this has been the largest weekend dump in the history of bitcoins Smiley I'm sending more moneys in tomorrow, using little math skills you can figure that there's enough fiat now in MtGox to drive the price right back past 15...

Disclaimer - currently in BTCs bought in at ~8.

15 eh? uh huh... How many time have I heard something like this before.
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August 07, 2011, 06:00:49 AM
 #3

So this has been the largest weekend dump in the history of bitcoins Smiley I'm sending more moneys in tomorrow, using little math skills you can figure that there's enough fiat now in MtGox to drive the price right back past 15...

Disclaimer - currently in BTCs bought in at ~8.

15 eh? uh huh... How many time have I heard something like this before.
He's right, and it CAN happen.

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BillX
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August 07, 2011, 06:09:20 AM
 #4

So this has been the largest weekend dump in the history of bitcoins Smiley I'm sending more moneys in tomorrow, using little math skills you can figure that there's enough fiat now in MtGox to drive the price right back past 15...

Disclaimer - currently in BTCs bought in at ~8.

15 eh? uh huh... How many time have I heard something like this before.
He's right, and it CAN happen.
Theoretically it can yes... but very doubtful.
piramida
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August 07, 2011, 06:12:27 AM
 #5

Bill, it is possible, only one thing should happen to make the price 15 - everybody holding the USD now should start buying. Right now is the time when BTCs are changing hands from panicky kids to steelballed pros Smiley Of course, the price can go lower. Not much lower than now, though.

My estimate total BTCs sold on the way down was ~100,000, so that makes it 1 million in fiat money at average price $10 which are now in MtG. There are a little over 6,000 coins left for sale now on MtG, with a *total* price of 50k USD. If money start buying, demand would overwhelm supply.

i am satoshi
BillX
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August 07, 2011, 06:16:29 AM
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Bill, it is possible, only one thing should happen to make the price 15 - everybody holding the USD now should start buying. Right now is the time when BTCs are changing hands from panicky kids to steelballed pros Smiley Of course, the price can go lower. Not much lower than now, though.

My estimate total BTCs sold on the way down was ~100,000, so that makes it 1 million in fiat money at average price $10 which are now in MtG. There are a little over 6,000 coins left for sale now on MtG, with a *total* price of 50k USD. If money start buying, demand would overwhelm supply.
I have a big feeling that money is leaving MtGox to peoples own bank accounts. I think people are fed up and done. Might follow its usual path of a spike followed by a bigger drop like a rubber ball going down wooden stairs.
piramida
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August 07, 2011, 06:25:08 AM
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Bill, have you looked at the BTC price history graph at all? Since the beginning of 2010. I urge you do so Smiley Right now is the 3rd "all is lost" region so far. You must understand that BTCs traded at MtGox are a tiny percentage of the whole project. Like 2-3%. Most people investing in BTCs are signing it off as lost money / keeping it away, and 2% are traded on MtG determining the price of the rest. People who withdraw are miners who need to pay for living. I personally never mined, and alot of people here as well - just invested some money in the high risk project to diversify.

i am satoshi
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August 07, 2011, 06:25:22 AM
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Bill, it is possible, only one thing should happen to make the price 15 - everybody holding the USD now should start buying. Right now is the time when BTCs are changing hands from panicky kids to steelballed pros Smiley Of course, the price can go lower. Not much lower than now, though.

My estimate total BTCs sold on the way down was ~100,000, so that makes it 1 million in fiat money at average price $10 which are now in MtG. There are a little over 6,000 coins left for sale now on MtG, with a *total* price of 50k USD. If money start buying, demand would overwhelm supply.
I have a big feeling that money is leaving MtGox to peoples own bank accounts. I think people are fed up and done. Might follow its usual path of a spike followed by a bigger drop like a rubber ball going down wooden stairs.
Proof to backup your claim that people are withdrawing money?

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GeniuSxBoY
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August 07, 2011, 06:28:05 AM
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I withdrew.
BillX
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August 07, 2011, 06:28:49 AM
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Bill, it is possible, only one thing should happen to make the price 15 - everybody holding the USD now should start buying. Right now is the time when BTCs are changing hands from panicky kids to steelballed pros Smiley Of course, the price can go lower. Not much lower than now, though.

My estimate total BTCs sold on the way down was ~100,000, so that makes it 1 million in fiat money at average price $10 which are now in MtG. There are a little over 6,000 coins left for sale now on MtG, with a *total* price of 50k USD. If money start buying, demand would overwhelm supply.
I have a big feeling that money is leaving MtGox to peoples own bank accounts. I think people are fed up and done. Might follow its usual path of a spike followed by a bigger drop like a rubber ball going down wooden stairs.
Proof to backup your claim that people are withdrawing money?
No one can offer proof on that without violating trust in the exchanges. Its speculation, same as the person who thinks bitcoin is going to $15
piramida
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August 07, 2011, 06:30:54 AM
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Right right, speculation based on firm observations though. And nobody has stopped the "buy low sell high" axiom so far. Now is low, in case you didn't notice Smiley Newbies like Genius, who invested at 15 and moved out at 7, will never make any money on BTCs (or any other market in fact, rules are the same everywhere).

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BillX
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August 07, 2011, 06:31:28 AM
 #12

Bill, have you looked at the BTC price history graph at all? Since the beginning of 2010. I urge you do so Smiley Right now is the 3rd "all is lost" region so far. You must understand that BTCs traded at MtGox are a tiny percentage of the whole project. Like 2-3%. Most people investing in BTCs are signing it off as lost money / keeping it away, and 2% are traded on MtG determining the price of the rest. People who withdraw are miners who need to pay for living. I personally never mined, and alot of people here as well - just invested some money in the high risk project to diversify.
I understand but bitcoin isn't big enough to follow standardized market trends. But the price of the exchanges is the hard value of the currency right now and its plummeting like a stone.
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August 07, 2011, 06:32:05 AM
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Right right, speculation based on firm observations though. And nobody has stopped the "buy low sell high" axiom so far. Now is low, in case you didn't notice Smiley Newbies like Genius, who invested at 15 and moved out at 7, will never make any money or BTCs.
The party is over. All that is left are dead cat bounces and thats it.
GeniuSxBoY
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August 07, 2011, 06:35:11 AM
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Pretty much everything that has to do with bitcoin has failed. The only thing successful is SHA-256 coding, not bitcoins.
piramida
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August 07, 2011, 06:55:00 AM
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Right right so when blind Joe's tobacco shop is robbed, you blame USD for this? People are funny Smiley

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BillX
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August 07, 2011, 06:57:02 AM
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Right right so when blind Joe's tobacco shop is robbed, you blame USD for this? People are funny Smiley
What in the world are you talking about?
piramida
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August 07, 2011, 07:02:49 AM
 #17

What in the world are you talking about?

It's a response for people who establish a link between some amateurish websites that got hacked lately and Bitcoin at large. There is a connection, but its one way - derivatives are not influencing the currency.

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BillX
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August 07, 2011, 07:06:00 AM
 #18

What in the world are you talking about?

It's a response for people who establish a link between some amateurish websites that got hacked lately and Bitcoin at large. There is a connection, but its one way - derivatives are not influencing the currency.

Ok, you've lost me. If you want to talk about that you need to provide some back information.
piramida
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August 07, 2011, 07:09:08 AM
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Ok, you've lost me. If you want to talk about that you need to provide some back information.

"Genius" here implies that several bitcoin-related projects have been hacked recently (MtG, Mybitcoin, bitomat.pl and some more lesser incidents). In his mind, those single-person-ran websites equal to Bitcoin project in general. I can't blame him, it's the interface between people and coins. Thing is, interfaces come and go, coins stay.

i am satoshi
BillX
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August 07, 2011, 07:15:09 AM
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Ok, you've lost me. If you want to talk about that you need to provide some back information.

"Genius" here implies that several bitcoin-related projects have been hacked recently (MtG, Mybitcoin, bitomat.pl and some more lesser incidents). In his mind, those single-person-ran websites equal to Bitcoin project in general. I can't blame him, it's the interface between people and coins. Thing is, interfaces come and go, coins stay.
Ok, now I see what you're talking about. The problem isn't the money. Its the theft itself and the bitcoin online "banks" have proven to be less than reliable. Combine that with the no chargeback feature of the coin and confidence dwindles from multiple robberies that cant be recovered.
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