RALLY!

[kentrolla]

It's going to bounce around as people who sold buy back thinking they're doing it at the bottom.  I'm saying, I don't think most of people playing in the market realize that there's a storm headed this way and it's even bigger than the one that already passed through.

Stop terrorizing us plz

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[finkleshnorts]

It's going to bounce around as people who sold buy back thinking they're doing it at the bottom.  I'm saying, I don't think most of people playing in the market realize that there's a storm headed this way and it's even bigger than the one that already passed through.

I agree. I think.

[humanitee]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

[proudhon]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox).  Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox.  I hope everyone is well stocked on popcorn and beer, because this week is going to be epic.  What we've already seen is the tip of the iceberg, so to speak.  This is going to be bad.

[notme]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox).  Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox.  I hope everyone is well stocked on popcorn and beer, because this week is going to be epic.  What we've already seen is the tip of the iceberg, so to speak.  This is going to be bad.

I won't be selling any of my pirate booty, but I'm tempted to get some usd ready in case others do.

[kentrolla]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox).  Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox.  I hope everyone is well stocked on popcorn and beer, because this week is going to be epic.  What we've already seen is the tip of the iceberg, so to speak.  This is going to be bad.

terrorism at its finest

[Cluster2k]

Trying to get btc to MtGox to sell into the juicy rally before the price falls again.

MtGox says: "Database access error, please retry later"

Fail.

[trogdorjw73]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox).  Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox.  I hope everyone is well stocked on popcorn and beer, because this week is going to be epic.  What we've already seen is the tip of the iceberg, so to speak.  This is going to be bad.

terrorism at its finest

I love how people think somehow the price is just going to jump back up. Here's the thing: if I wanted to accumulate more BTC right now and I was in possession of thousands of them (or, say, 400K like Pirate supposedly), easiest way to do it is to wait for a minor rally like today, and when people start thinking the price is trending up and there's a large enough wall at, say, $10 buy, sell into that wall and take it out, leaving a gigantic 60K sell wall in it's place. Then wait for the panic to drop the price down to $7 and buy some more. But if you can play it right, why buy at $7 if you can force it even lower, like down to $5 or less? Then you have the potential to double whatever you sold initially. This is how the market gets manipulated, and while others have certainly come out ahead with the volatility of the past couple days, the bigger fish are coming out even further ahead. Just my take, obviously.

[420]

I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.

And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox).  Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox.  I hope everyone is well stocked on popcorn and beer, because this week is going to be epic.  What we've already seen is the tip of the iceberg, so to speak.  This is going to be bad.

terrorism at its finest

I love how people think somehow the price is just going to jump back up. Here's the thing: if I wanted to accumulate more BTC right now and I was in possession of thousands of them (or, say, 400K like Pirate supposedly), easiest way to do it is to wait for a minor rally like today, and when people start thinking the price is trending up and there's a large enough wall at, say, $10 buy, sell into that wall and take it out, leaving a gigantic 60K sell wall in it's place. Then wait for the panic to drop the price down to $7 and buy some more. But if you can play it right, why buy at $7 if you can force it even lower, like down to $5 or less? Then you have the potential to double whatever you sold initially. This is how the market gets manipulated, and while others have certainly come out ahead with the volatility of the past couple days, the bigger fish are coming out even further ahead. Just my take, obviously.

the market gets manipulated only to the capacity that the traders are ignorant

[Spekulatius]

Oh boy, I love how all those newbies jump at the first best rally they see

Keep it cool kids, there is always a counter movement and the one coming will bring it all together:

- Sudden supply increase (Lenders payback)
- Pirate's huge ASK wall (I certainly expect it)
- Less demand expectance for short term because of closure of BS&T
- People that got suprised by the weekend plunge and held to their funds till now, seeing this rally as a perfect chance to minimize losses
- A "justified" correction back to solid price levels after a bubble
- Thin orderbook on the BID side (makes backlash easy like oat hay!)
- (No offence) Lots of easy to manipulate, because inexperienced new traders in the arena

P.S.: Congratulations to those that rode that little rally! No is the time to sack profits.

Ill also leave this here



http://bitcoinx.com/charts/

Disclosure: I am out of Bitcoins right now

[Spekulatius]

P.P.S.: I wont be around unfortunately to see this rally reverse, because Im going to bed now ;(
 So I just leave this here for anyone to post once it becomes appropriate

[Cluster2k]

MtGox is having a few problems handling the action.  Some sporadic database errors, and now I can't log into my account.  Using the web browser's saved details (which I have always used) just gets me sent back to the front page.  No error messages about wrong username/password either.  Hang in there Gox, more trading is coming if you just let users do it.

[420]

MtGox is having a few problems handling the action.  Some sporadic database errors, and now I can't log into my account.  Using the web browser's saved details (which I have always used) just gets me sent back to the front page.  No error messages about wrong username/password either.  Hang in there Gox, more trading is coming if you just let users do it.

maybe they have an interest in slowing down the crash. Don't want to go back to trading Magic cards

[morkai421]

I regret the 5$/btc stability. Mtgox looked like a money exchange. Now it's just a casino..

[Cluster2k]

The buy 'wall' at $9.75 is very cute.  A little like a 2m sea wall to stop a 10m tsunami.

[anu]

I regret the 5$/btc stability. Mtgox looked like a money exchange. Now it's just a casino..

Right, and as in a casino, only the bank wins. In this case MtGox because they get the fees and if they are so inclined, they can use their own data to play. I think there is no regulation that prevents them from doing so and I sincerely hope that they do and rip the gamblers bloody.

[aq]

Just days ago there was a little over 60,000 BTCs on the sell side.  Total.  Now there are ~200,000 BTCs to $15.  It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy.  AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits.  In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins.  To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

[420]

Just days ago there was a little over 60,000 BTCs on the sell side.  Total.  Now there are ~200,000 BTCs to $15.  It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy.  AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits.  In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins.  To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

fuckin' precisely. they forget the price was $14 a damn day ago. this market being so volatile could go back up in another day

[ruski]

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!" because I think I'm getting $28 for this tomorrow!
buyer "ok, want to sell me at $8?"
seller "sure, take all I have" because I'll be buying back at $2 tomorrow, sucker

clear it up for you?

[420]

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!" because I think I'm getting $28 for this tomorrow!
buyer "ok, want to sell me at $8?"
seller "sure, take all I have" because I'll be buying back at $2 tomorrow, sucker

clear it up for you?

hopes and dreams...hopes and dreams

like the silver bugs. most wanting instant gratification. "I bought silver yesterday and it didn't shoot to the moon today, what's going on?"