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Author Topic: Today's Downturn?  (Read 1196 times)
plogank
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August 27, 2011, 03:03:40 AM
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Being new to trading, to what can we attribute the recent downturn?  The Bitcoin got down as low as $7.64 US today and now is up to $8.49.  All of this on MtGox Live.

Call me perplexed.  LOL

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Besides, It'll drive me crazy trying to figure where it came from.
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gw4tt
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August 27, 2011, 03:42:02 AM
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it's kind of normal for bitcoin. It moves around a lot.
1905
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August 27, 2011, 04:10:24 AM
 #3

any idea when its gonna hit 15$ again? waiting for payout....

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August 27, 2011, 04:23:35 AM
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any idea when its gonna hit 15$ again? waiting for payout....
high doubtfully but you can always come back in 6months

make it rain haha
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plogank
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August 27, 2011, 04:25:26 AM
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it's kind of normal for bitcoin. It moves around a lot.

I heard it said that Bitcoins move around because there's not a lot being traded so just a few trades moves the market quite a bit.  Is this your thought too?

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August 27, 2011, 04:38:32 AM
 #6

6 mo wtf it was jus at 15 3 weeks ago.

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August 27, 2011, 04:45:26 AM
 #7

lol fine. ill wait 6 mo. im not sellin my 5 btc that took me forever to get for 8 bucks a pop. id rather keep them on my usb in my drawer and look at it once a month.... Smiley

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August 27, 2011, 04:58:23 AM
 #8

The market moved down because someone sold like 21,000 @ 6:45 PM

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August 27, 2011, 05:06:42 AM
 #9

if i had 21000 btc id be in vegas til christmas

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August 27, 2011, 05:18:43 AM
 #10

In one man's humble estimation it is due to the fact there is such LOW volume and that why the spreads widen, but the volitility creates a real opportunity.  

For me BTC is a movement about giving power to people for the ends of more humanity. Lets rock and roll and make BTC transactions happen.
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August 27, 2011, 05:35:20 AM
 #11

@plogank

welcome to the free market total. trading 24/7 - every day, not like wall street from 9 to 5. no break of trading because of high volativity (- 50% crash or/and + 50% rally per day)

once again, free market total !

its that easy as AndrewBitcoiner says:

-> More sellers then buyers moves the price down. More buyers then sellers moves the price up.

the really stupidness / schizophrenia is that more volativity the more hurts the bitcoin itself as a stable currency/token/good. how can a merchant/store owner accept 100 bitcoins when he doesn't know what they a worth tomorrow?

if someone buys/invensts a lot of thousand us$ because of greed at mtgox in bitcoin in an agressive style (buy on whatever price) it moves very strong up, so with his investment he hurts the thing he invest in very much. looool - thats crazy. but we can not change. somebody says, 'we created a monster we can not control' - i like this sentence every day more....

i love bitcoins really really really - but - the more speculation on mtgox (up or down), the less legitimacy for bitcoin as what a bitcoin originally wants to be.


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August 27, 2011, 05:46:34 AM
 #12

once we finally hit 21million and miners arent cashing out it should be more stable yes?

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August 27, 2011, 06:36:15 AM
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The volatility is part of the fun Tongue  And it'd be hard not to sell thousands of bitcoins if I had them...
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August 27, 2011, 02:18:38 PM
 #14

Anyone considered https://bitcointalk.org/index.php?topic=39654.0 to be the reason?
Or https://bitcointalk.org/index.php?topic=39679.0 for newbies.

The volatility is part of the fun Tongue  And it'd be hard not to sell thousands of bitcoins if I had them...

Totally ... prices move at your fingertips. If you want the prices to go down, flood the market. Then buy back at low prices.
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August 27, 2011, 03:14:16 PM
 #15

once we finally hit 21million and miners arent cashing out it should be more stable yes?
Do you realize that if miners stop cashing out that means they gain 0 and thus they stop mining? Even at 21 million, miners will profit from fees. Remember, no miners=no safety
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August 27, 2011, 05:37:57 PM
 #16

Some claim stabilization bots have prevented gains until fatigue brings drops. I'm only looking at past performance:



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August 27, 2011, 05:48:07 PM
 #17

Downturns are good:
1) If the entire market crashes, then crashing sooner is better than later. I think it's highly unlikely to ever completely crash, because there are enough stubborn miners who will refuse to sell off at low prices and because the currency is super effective for making low cost irreversible transactions (that's intrinsic value there, by the way)
2) If the market doesn't crash, then it just sheds the weaker hands -- those miners who weren't mining efficiently to begin with or who can't afford the risk. Again, this is a good thing. Miners on the edge of financial breakdown should get out. If they aren't profitable now, they won't become more profitable without changing what they do. It's really doing them a favor.
3) More efficient miners protect the network more per GH because the dollar exchange value per GH is lower, even though the cost of attaining the required hashrate has not changed (well, it changes over time, in a predictable rate tied to Moore's law, but at any given moment in time, when the BTC rate drops, the cost of hashrate does not drop with it)
4) My favorite: When enough people stop mining, difficulty drops!

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August 27, 2011, 11:33:03 PM
 #18

I only see this as an opportunity to BUY MORE BITCOINS!  Smiley

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August 28, 2011, 01:52:50 AM
 #19

"Successful speculation begins with objective observation".

The trend of bitcoin is downward.  If you are new to trading and want trading advice, put a 21 period simple moving average on a bitcoin chart and when price is above the average, say that bitcoin is going up and when price is below average, say that bitcoin is going down.

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August 28, 2011, 01:59:34 AM
 #20

"Successful speculation begins with objective observation".

The trend of bitcoin is downward.  If you are new to trading and want trading advice, put a 21 period simple moving average on a bitcoin chart and when price is above the average, say that bitcoin is going up and when price is below average, say that bitcoin is going down.

Sound advice  Cool
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