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Author Topic: RALLY!  (Read 36939 times)
Cluster2k
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August 09, 2011, 12:38:10 PM
 #21

Bitcoin's not very useful if you need to do anything in less than a few hours.

and wiring money OS is?

If I purchase something on my credit card the other end gets confirmation within seconds no matter where they are.

Bitcoin displays the same slow speed whether you're transferring money to your next door neighbour or the other side of the planet.  At least it doesn't discriminate, I guess.

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RandyMarsh
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August 09, 2011, 12:38:27 PM
 #22

Mt Gox is loading.... loading... loading

Stan?! STAN?!?!
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August 09, 2011, 12:40:33 PM
 #23

How can Bitcoin be used as a currency if price keeps changing dramatically every time?
There are ways for merchants to instantly change BTC to USD when a transaction happens so it's not really a problem. Plus, the whole Bitcoin phenomenon is still small, one or two speculators can easily move the market like we're seeing now. This will get more difficult as the Bitcoin market becomes bigger.

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piramida
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August 09, 2011, 12:41:56 PM
 #24


If I purchase something on my credit card the other end gets confirmation within seconds no matter where they are.

Bitcoin displays the same slow speed whether you're transferring money to your next door neighbour or the other side of the planet.  At least it doesn't discriminate, I guess.

That is wrong, your money would actually get charged in several days up to couple of weeks. The intermediary system (Visa) lends some money to the store you are paying at, basically taking the risk that you don't have this money. A similar system for bitcoins is trivial to implement.

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Cluster2k
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August 09, 2011, 12:44:42 PM
 #25


If I purchase something on my credit card the other end gets confirmation within seconds no matter where they are.

Bitcoin displays the same slow speed whether you're transferring money to your next door neighbour or the other side of the planet.  At least it doesn't discriminate, I guess.

That is wrong, your money would actually get charged in several days up to couple of weeks. The intermediary system (Visa) lends some money to the store you are paying at, basically taking the risk that you don't have this money. A similar system for bitcoins is trivial to implement.

I welcome it if it's trivial to implement.  Anyone done it yet?

I transfer money to friends on a semi regular basis within the country.  Instant transfers, no waiting.

Anyway, the rally seems to have died.  Up to $12 and back down to $10.  WTF.  I hope it's someone's buggy bot going nuts and emptying their USD into bitcoins :-)

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Keninishna
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August 09, 2011, 12:45:47 PM
 #26

I was thinking of doing something like that with the IBB bank, of course they only loan up to 5 btc but hey its a start.
payb.tc
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August 09, 2011, 12:45:55 PM
 #27


If I purchase something on my credit card the other end gets confirmation within seconds no matter where they are.

Bitcoin displays the same slow speed whether you're transferring money to your next door neighbour or the other side of the planet.  At least it doesn't discriminate, I guess.

That is wrong, your money would actually get charged in several days up to couple of weeks. The intermediary system (Visa) lends some money to the store you are paying at, basically taking the risk that you don't have this money. A similar system for bitcoins is trivial to implement.

...and absolute confirmation for the receiver doesn't really come for 6 months or more in some cases.
piramida
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August 09, 2011, 12:52:55 PM
 #28

I welcome it if it's trivial to implement.  Anyone done it yet?


Yes, mybitcoin Smiley As soon as a trusted reliable service like that comes up, it would be very easy to just hold several BTC in there and do instant payments.

i am satoshi
payb.tc
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August 09, 2011, 12:57:25 PM
 #29

tried to buy back my 12 btc at $10 but missed it by one or two cents... should have tried for $10.02 Cheesy
Cluster2k
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August 09, 2011, 01:01:03 PM
 #30

Sold at $11.25, put orders in at $7.50.  Hey, I can dream.

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YoYa
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August 09, 2011, 01:01:30 PM
 #31

Last day of low price trades......the Bot's have been charged up for the last run!


Gonna be an interesting day.....
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August 09, 2011, 01:06:53 PM
 #32

will this hold though, investors caught off guard and frightened by crash may see the pile of bids around 9 as a way out, or not, so interesting times  Grin I have no idea what the price will be tomorrow  Huh
skyhigh
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August 09, 2011, 01:28:09 PM
 #33

Somebody with coins and cash is obviously testing this market. A bit funny that so many of you scream illegal activity when market was selling off and now when it popped on no news or anything, none of you is questioning where all this cash is from.

Whole btc/usd market is in the hands of a few, either its early adopters or some group/individual with cash. Everyone else is playing with lunch money. For this rally to get wings it needs to take out $16.50. Personally I don't think running this market up is their idea right now. Feels like testing to me.
payb.tc
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August 09, 2011, 01:33:37 PM
 #34

Somebody with coins and cash is obviously testing this market. A bit funny that so many of you scream illegal activity when market was selling off and now when it popped on no news or anything, none of you is questioning where all this cash is from.

Whole btc/usd market is in the hands of a few, either its early adopters or some group/individual with cash. Everyone else is playing with lunch money. For this rally to get wings it needs to take out $16.50. Personally I don't think running this market up is their idea right now. Feels like testing to me.

could just be competition between two cashed up buyers... as vladimir says a 'bidding war'... never know when the other guy is about to buy so you have to try to get in before him.
piramida
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August 09, 2011, 02:10:01 PM
 #35

Everyone else is playing with lunch money. For this rally to get wings it needs to take out $16.50. Personally I don't think running this market up is their idea right now. Feels like testing to me.

I think you are wrong, all big orders during today were 1000-BTC strong. This is lunch money for many, and when 10 of such traders get their sentiment in one direction, we see a spike like today. Some real money would've just washed out all of the MtGox ASKs and the price would be in the thousands now.

i am satoshi
coined
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August 09, 2011, 02:15:37 PM
 #36

been thinking about this, I think the rally was too soon, not sure sell off was over,

I doubt this is going as the buyer wanted, I also think this mystery investor(or investors) will have a stop loss, he will be watching the market with more interest and fear than any of us at this moment, if it looks like the sellers are going back to single figures he isn't going to wait for the potential freefall from 10 to 5 hoping it holds he is going to undo that 150k(or whatever) buy, using those bid walls in the 7-10 range, if he can catch them.

seem fair?

Vladimir
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August 09, 2011, 02:15:51 PM
 #37

At one point today those multiply 3 and 4 digit bids have indeed taken out all asks, so that only 500 bitcoins left on ask side. Buyers simply did not go insane and made a pause to let sellers to recuperate a bit. Though it does not seem like their buying appetite is satisfied just yet.

Let's wait and see.


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piramida
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August 09, 2011, 02:20:04 PM
 #38

well now there is a 12000 strong sell wall from people who bought in while the spike progressed Smiley I think the buyer(s) can have quite a feast there, but it would make sense for them to drive the price down a little to dissolve that wall.

i am satoshi
BusmasterDMA
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August 09, 2011, 02:20:24 PM
 #39

Slow it down everybody!  My Dwolla transfer still has a day or two.   Save some sub-$10 coins for me!

Bears.  Beets.  Battlestar Galactica.  Bitcoin.
Vladimir
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August 09, 2011, 02:21:40 PM
 #40

LOL, and now they create a zillion 0.01 bids with 0.001 step. Are they trying to hide/distort order book or something. Weird indeed, never saw something like this on mtgox yet.

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