no place to run: Tuesday 8/9/11 speculation thread

[lemonginger]

stock markets are in total free fall.
gold is popping.
US debt still the safe bet.
what does it all mean for bitcoin?

(my guess, not much -- if bitcoin was stronger it could get a bit of "well fuck it, has to be safer than XXX" money, but not as it stands)

my guess rising up to the low nines and then start a bit of a slide again. next stop - $5 by end of weekend.

(full disclosure, re-bought a bunch of BTC at $6.20 and resold them all again at $8ish)

[Bitcoin Swami]

I see that its the end of free trades on mt. gox tomorrow.

Seems like people will get the big buys and /or sells in.

[tacotime]

I predict an early morning push to 8.50-8.75$ after a further decline in US markets.  Volume may decrease as a lot of the HFT bots will need to be retooled and diminished in trading frequency to keep fee cuts down.

[lemonginger]

well looks like some money is coming back - pushed back through 10 which is psychologically important - let's see if it can hold through most of the day

[Mousepotato]

Damn, everybody was way off on this one!

[kiwiasian]

I see a $9-10 short term correction then a rally to $11-12

[Serge]

Damn, everybody was way off on this one!

this rally knocked me out of my gains i made on sliding down, close to 10%. this is the cost for not taking recent Forbes and Gizmodo articles seriously

[Mousepotato]

Damn, everybody was way off on this one!

this rally knocked me out of my gains i made on sliding down, close to 10%. this is the cost for not taking recent Forbes and Gizmodo articles seriously

I didn't see the Forbes or Gizmodo articles.  Synopsis?  I missed this run-up because my funds are stuck in transit to MtGox.  Ugh.  Oh well, I sold at 12.6'ish, re-bought at 9.0, then re-sold at 10.70-10.80 IIRC.  Missing one rally isn't going to hurt I guess, but it still woulda been nice.

My prediction:  We're not going to see huge full-integer swings up or down for a while, barring any catastrophic event (like 100k BTC being unloaded on the markets).  I think we'll see a lot of action within fairly close low/high bounds though.  So whoever has the volume stands to gain the most.

[Serge]

Forbes and Gizmodo proclaimed death to bitcoin
https://bitcointalk.org/index.php?topic=35949.0

This is only thing I can associate this rally with right now

Edit: on a second thought, today is the last day of cheap trades on mtgox

[TraderTimm]

Gizmodo is the internet equivalent of a hyperactive kid, bouncing around and pulling your leg to get your attention. They didn't 'get' bitcoin when it first came out, didn't bother to really learn anything, so naturally the evolution from their "discovery" of the system leads to internet-taunting, then proclamations of it being 'dead'.

They regurgitate every tech story, gadget, application and video-of-the-moment in some kind of fitful montage that would make any rational adult question their sanity. They're the firehose stream-of-consciousness-aggregator that tries way too hard to be 'edgy', all the while plastering their horrible site design with tacky advertising promotions.

Come to think of it, Gizmodo is the internet whore on the corner, wearing ill-fitting and garish clothes that advertise the latest Apple product on its cottage-cheese ass.

[Mousepotato]

Gizmodo is the internet equivalent of a hyperactive kid, bouncing around and pulling your leg to get your attention. They didn't 'get' bitcoin when it first came out, didn't bother to really learn anything, so naturally the evolution from their "discovery" of the system leads to internet-taunting, then proclamations of it being 'dead'.

Gizmodo is just an RSS for Apple news updates.  No wonder they hate on Bitcoin since mining on a Mac sucks.

[The_JMiner]

It is funny  because they were just praising it a few weeks ago. I like gizmodo for their entertainment but that is it, it is entertainment not news.