We are on our way to 3.5-3.7!

[Sitarow]

Just remember that Bitcoin becomes far more acceptable by retailers at about $2 each since there is a potential for further gains in exchanges of maybe a few %.

I would like to see it maintain a 2-3 range.

And along with that we would be motivated as miners to streamline our operation with other options rather then just GPU's

[grod]

I want $2.9! then stop.

The wall at 3.2 is gone.  If we smash the wall at 3.6 there's NOTHING until the twos.

[wobber]

Hell with this. Bitcoin won't die. SELL SELL and bring down that wall!

[Nagle]

Where are the arbitrage bots? There's a huge spread between Mt. Gox and Tradehill right now, which is exploitable. Maybe the 'bots ran out of cash buying on Mt. Gox and can't get money out of Tradehill fast enough. (That's a big problem with arbitrage between Bitcoin markets; getting cash out of the exchanges quickly and reliably is like pulling teeth.)

[nmat]

Hell with this. Bitcoin won't die. SELL SELL and bring down that wall!

The price is actually going up right now. I don't think we are going to see lower prices today. We already had the "usual" 20% decrease. I could be wrong, though.

[grod]

Got nothing left.  Sold on Tuesday and again at 4.2 from my tenebrix winnings.  I'm completely out until I mine another coin some time later today or early tomorrow.

[nmat]

Where are the arbitrage bots? There's a huge spread between Mt. Gox and Tradehill right now, which is exploitable. Maybe the 'bots ran out of cash buying on Mt. Gox and can't get money out of Tradehill fast enough. (That's a big problem with arbitrage between Bitcoin markets; getting cash out of the exchanges quickly and reliably is like pulling teeth.)

I am doing arbitrage and yes, I ran out of money on MtGox Bitcoin arbitrage works like this: during 1/2 weeks there are nearly 0 opportunities a day. Then in one day you get like 1000 opportunities. You gotta have a lot of money placed at exchanges in order to catch up with everything that happens in that one day.

[epetroel]

Where are the arbitrage bots? There's a huge spread between Mt. Gox and Tradehill right now, which is exploitable. Maybe the 'bots ran out of cash buying on Mt. Gox and can't get money out of Tradehill fast enough. (That's a big problem with arbitrage between Bitcoin markets; getting cash out of the exchanges quickly and reliably is like pulling teeth.)

Exactly.  My bot ran out of $$ at Gox and bitcoins at TH about an hour into the downswing.

[wobber]

4.20??? WTF?

[grod]

That's where a 600 coin 'wall' is.  Whomever bought out the thin as air supply between that and the asks didn't have THAT much money after all.

[wobber]

So what's next? further decline? Or he saved bitcoin?

[grod]

Since the price on TH didn't go below 4.2 I'm re-calling the 4.2 monthly stagnation target.  See you next month for a repeat of the bloodbath.

(barring a huge drop in hash power on deepbit as I said earlier, of course)

[wobber]

No. It has to be either up or down.

[Sitarow]

I still hold onto the notion that we will see further pressure downward by the end of the weekend.
Factors such as the bitcoin7 fiasco along with spec activity and finaly the normal weekend decline.

However where it should stop is unknown.

[bulanula]

I want parity NOW !!! Damn it, this cannot fall fast enough.

[Nagle]

Where are the arbitrage bots? There's a huge spread between Mt. Gox and Tradehill right now, which is exploitable. Maybe the 'bots ran out of cash buying on Mt. Gox and can't get money out of Tradehill fast enough. (That's a big problem with arbitrage between Bitcoin markets; getting cash out of the exchanges quickly and reliably is like pulling teeth.)

Since I posted that a few minutes ago, somebody did trades that brought Mt. Gox and Tradehill back in sync. Mt. Gox now at $4.18, Tradehill at $4.21. No more arbitrage opportunities for now.

[nmat]

I vote for stagnation slightly above $4. But maybe the weekend will bring us surprises...

[zby]

I don't quite believed in the long term trend - but many did and that line was for sure broken now so I expect further down pressure.

[wobber]

Give it 2 hours. Everybody is excited right now. It will go down again, no need to struggle.

[teek]

I don't quite believed in the long term trend - but many do and that line was for sure broken now.

long term trend isn't broken until $2.80 is broken..