DavidZ (OP)
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December 21, 2013, 10:40:53 AM |
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I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.
How do you look at market depth that far down? I'm using btce and bitcoinwisdom. bitcoinity.org/markets trading.i286.org All I see at bitcoinity is that 400 can be sold until the price goes below 582. 400 btc out of 11 million.
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TERA
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December 21, 2013, 10:44:33 AM |
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On bitstamp (not including bitfinex orders): 10k btc to $500 20.26k btc to $400 34.24k btc to $300
On gox: 19.75k btc to $500 38.14k btc to $400 54.55k btc to $300
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DavidZ (OP)
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December 21, 2013, 11:23:40 AM |
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On bitstamp (not including bitfinex orders): 10k btc to $500 20.26k btc to $400 34.24k btc to $300
On gox: 19.75k btc to $500 38.14k btc to $400 54.55k btc to $300
That's only 0.8% of all bitcoins holding up the price above $300. Workings: ((34.4 + 54.55) * 1000*100)/11E6
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piramida
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Borsche
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December 21, 2013, 11:48:03 AM |
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Ok DavidZ imagine price moves up violently and breaks 900. Your move? Not saying it does or will, but it sure as hell can I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money.
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i am satoshi
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phoenix1
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December 21, 2013, 11:52:09 AM |
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That's only 0.8% of all bitcoins holding up the price above $300.
Workings:
((34.4 + 54.55) * 1000*100)/11E6
That's about half the free float Ok DavidZ imagine price moves up violently and breaks 900. Your move? Not saying it does or will, but it sure as hell can I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money. They also go blind staring at the screen constantly and get virtually no sleep (speaking from experience) And then pay for this Much cheaper to visit somewhere seedy if you need pain that bad. Oh yeah ... they don't take BTC yet - quick we need BTC S&M to save day traders from themselves
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"Before you embark on a journey of revenge, dig two graves" - Confucius (China 551BC-479 BC)
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DavidZ (OP)
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December 21, 2013, 11:57:44 PM |
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Ok DavidZ imagine price moves up violently and breaks 900. Your move? Not saying it does or will, but it sure as hell can I doubt that; but even if it does it will be followed by an similar correction.
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chesthing
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December 22, 2013, 12:34:33 AM |
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So one´s background in trading is now judged upon amount of time spent on Bitcointalk? You´d make lovable financial advisor.
not in the least, but those of us who have been around here for a while have been through this umpteen times, there are just more zeroes after the numbers now in percentage terms this "crash" is small potatoes compared to the rollercoaster we have ridden these last few years yawn, wake me up when we break 1K again edit/ and to the OP, far as I'm concerned, this IS the moon, next stop moons of Jupiter, who knows when There are a couple differences between past crashes and this one. First, this run up was fueled by Chinese investors. China is now out. This is (soon to be) the biggest economy in the world. Second, you have a crap load of new and not even delivered yet mining equip out there with miners about to lose their asses. Difficulty levels are already way out of line with the return, never mind at half current value. I'm not calling an all out collapse, but you can't equate a $32 to $3 fall when btc was still obscure and largely unknown to what is currently happening.
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co5hike
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December 22, 2013, 01:23:46 AM |
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On bitstamp (not including bitfinex orders): 10k btc to $500 20.26k btc to $400 34.24k btc to $300
On gox: 19.75k btc to $500 38.14k btc to $400 54.55k btc to $300
That's only 0.8% of all bitcoins holding up the price above $300. Workings: ((34.4 + 54.55) * 1000*100)/11E6 Not all placing buy orders, and if the price drop, more dollars will be transfered to exchanges to buy cheap Bitcoins
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chesthing
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December 22, 2013, 01:46:42 AM |
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Ok DavidZ imagine price moves up violently and breaks 900. Your move? Not saying it does or will, but it sure as hell can I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money. This only happened before because of Chinese speculation, and we've yet to see the full fallout. Please elaborate on where this new money will come from? David did the right thing, keep watching that value.
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jojo69
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diamond-handed zealot
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December 22, 2013, 02:04:30 AM |
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Please elaborate on where this new money will come from?
wall street I'm not saying anyone should or should not try playing the market, but cautioning that bitcoin has proved violently unpredictable in the past. The next run up could come at any moment, and blow your reentry point forever. It has happened to me, and I was pretty certain that I was just playing a swing at the time.
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable. Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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romerun
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Bitcoin is new, makes sense to hodl.
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December 22, 2013, 06:24:08 AM |
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weak hands have to be purged
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BitchicksHusband
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December 22, 2013, 06:24:37 AM |
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I cashed out most of my fiat since this downturn.
I still have about 10% fiat that I need to cash out so I can walk away and come back later.
Why cash out specifically? Are you so bearish you think the exchange system is going to fall apart or start stealing too? I prefer to have all of my money safe, so I feel a lot safer when I cash out all of my money into cold storage. Safe money, is there such thing really Matthew 6 19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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BitchicksHusband
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December 22, 2013, 06:29:15 AM |
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BTW, OP, good luck catching your $10 bitcoins. I don't think it will ever happen, but I didn't think China was dumb enough to shoot their feet off either.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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Syke
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December 22, 2013, 06:30:23 AM |
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That's only 0.8% of all bitcoins holding up the price above $300.
That's what you don't understand. All those coins you don't see on the exchange? They aren't available because the price is still too low. *That* is what's propping the price up. Not the .8% you do see. It's the 99% you don't see.
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Buy & Hold
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jojo69
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diamond-handed zealot
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December 22, 2013, 08:51:38 AM |
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so.... ... ...
how those short positions working out for you guys?
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable. Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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piramida
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Activity: 1176
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Borsche
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December 22, 2013, 08:54:12 AM |
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Ok DavidZ imagine price moves up violently and breaks 900. Your move? Not saying it does or will, but it sure as hell can I doubt that; but even if it does it will be followed by an similar correction. Care to look at the history charts? There has been a point in time when the price has left certain level to never again return. Happened at $1, $10, $100, will happen one day at $1000 too, and if you are certain this is not the time, well, you just might be left out in the cold
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i am satoshi
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JimboToronto
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You're never too old to think young.
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December 22, 2013, 08:55:27 AM |
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so.... ... ...
how those short positions working out for you guys?
Don't pick on the bears. They can't help it.
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piramida
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Borsche
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December 22, 2013, 08:56:35 AM |
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This only happened before because of Chinese speculation, and we've yet to see the full fallout. Please elaborate on where this new money will come from?
From anywhere! 100 million dollars would move the price to an ATH easily. It is small change for many investors still.
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i am satoshi
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Bitcoin BEAR
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December 22, 2013, 11:13:07 AM |
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First, this run up was fueled by Chinese investors. China is now out. This is (soon to be) the biggest economy in the world.
Don't count on that to call the bottom! Second, you have a crap load of new and not even delivered yet mining equip out there with miners about to lose their asses. Difficulty levels are already way out of line with the return, never mind at half current value.
This... Completely irrelevant! That is like saying printing more Dollars makes their exchange rate higher. The exchange rate doesn't care if miners are profitable. ASIC costs nothing per day to operate, so this price is still very much profitable anyway. A miner should not expect to have hardware paid off in a week or two. No profitable business can expect equipment to be paid off in such time, why should Bitcoin miners be any different. Besides, the price does not need to support every miner, only the most efficient ones. Those mining at a loss only do so because they choose to (ie. Speculation). Difficulty will adjust for the idiots, and that's why it is like it is now. ~BEAR~
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DavidZ (OP)
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December 26, 2013, 07:36:05 PM |
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There's a strong apparent upswing occurring on all charts; if think we've seen this bottom. I'm back in!
By taking this step unfortunately I have lost some bitcoin.
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