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Author Topic: Someone just took a gigantic dump.  (Read 13818 times)
Jonathan Ryan Owens
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November 14, 2011, 04:16:42 AM
 #101

$2.30 and dropping..

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November 14, 2011, 04:22:01 AM
 #102

Hold fast mateys! Batten down the hatches. Don't let them drag us under tonight.
The battle might have been lost, but the war is still for the winning.

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November 14, 2011, 04:24:12 AM
 #103

It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network.

Sell sell sell... Wink

Hey, did you guys buy your options back when DOW 10,800?  You could've made more than the bitcoin bubble... if you had listened to the Dow bulls Wink
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November 14, 2011, 04:28:12 AM
 #104

MtGoxLive has finally calmed down.
Everyone relax. The major volatility is over for the time being.

The room holds it's breath ...

Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money.

I'm all in USD at the moment, up $108 from riding the rinse / repeat cycle on $900 USD. I have a feeling that a lot of people similarly have full stomachs.
Bragging doesn't suit you.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Jonathan Ryan Owens
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November 14, 2011, 04:35:39 AM
 #105

MtGoxLive has finally calmed down.
Everyone relax. The major volatility is over for the time being.

The room holds it's breath ...

Except, after all that buying >2.50, he goes and puts his wall at 2.40. So now, (mostly) everyone is losing money.

I'm all in USD at the moment, up $108 from riding the rinse / repeat cycle on $900 USD. I have a feeling that a lot of people similarly have full stomachs.
Bragging doesn't suit you.

It's not bragging, sir. I'm pointing out that volatility is an opportunity for anyone who is agnostic. Go with the market, that's all I'm saying. It's been rather predictable for the past 4 hours, don't you think?

Anyhow. I'm rather happy to see the decline to more realistic price levels. Mining is an oversubscribed sport, and even $2 isn't exactly justified. Another difficulty drop in 16 blocks, and hopefully another 10-30% drop in another 2016 blocks. Watch the network go down to 5 Thash/s within 2 weeks, and bitcoin price to ~$1.50, and hopefully watch the price stabilize around a more realistic exchange value. This is needed.

Sorry you think I'm bragging. Truth is that 70% of that is managed for a friend, and I only made ~30 USD personally Smiley

Good luck everyone.

-Jon

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November 14, 2011, 04:44:17 AM
 #106

It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network.
Nice conspiracy theory!  Even though it's stupid.
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November 14, 2011, 05:16:10 AM
 #107

Sorry you think I'm bragging. Truth is that 70% of that is managed for a friend, and I only made ~30 USD personally Smiley

Good luck everyone.

-Jon
thanks, to you too.

Did alright too Smiley

The storm seems to have settled although the massive bidwalls remain, people seem to be still scared to place an order, lets hope that settles too.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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November 14, 2011, 05:21:50 AM
 #108

Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume.
I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back?

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November 14, 2011, 05:35:55 AM
 #109

Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume.
I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back?
nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy..  Roll Eyes

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November 14, 2011, 10:09:22 AM
 #110

Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume.
I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back?
nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy..  Roll Eyes

Is this all over now ? Price going to $1 soon ?
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November 14, 2011, 10:17:29 AM
 #111

Did anyone sell into and wipe out the 50,000 bid wall? Last I looked it was 47,000 at 2.5 at 136,000 volume.
I see price dropped down to 2.3 since then and volume is now 270,000. Did someone wipe out his 47K bidawll, and he placed it back?
nope it was moved there, and some people panic sold into the rest of the orders, doesn't make sense but people are jumpy..  Roll Eyes

Is this all over now ? Price going to $1 soon ?

Probably back to $3 by week's end, but each major dump dents confidence in bitcoin and bitcoin's value.  As a transactional commodity, the price doesn't matter.  As a place to park your money for more than a few days (unless you're speculating on value) it's terrible.

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November 14, 2011, 01:53:54 PM
 #112

Of course, it could just be someone connecting the dots...


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November 14, 2011, 02:00:41 PM
 #113

Of course, it could just be someone connecting the dots...



I am beginning to suspect you are trolling.

You know about the criticisms about Elliott? What I have read on TOW the predictive power of them waves doesn't exceed random chance. Artificial neural nets on the other hand are said to produce statistically significant results.

Ok I'll give it a chance, how did you arrive at the location of Nr. II? Why December and not March? Why 1 and not 0.4?
Or why not take off right now? (I know other technical analysis strongly speaks against that but just pretend)

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November 14, 2011, 02:22:31 PM
 #114

I'd be happy to (though you can read a discussion in real time). Wave I is a picture perfect five waves (red i-v) after which we can expect a large correction. The corrective wave II is typically three waves (though more complex corrective patterns are possible such as the count below created weeks later, but the targets remain the same). The correction often ends within the price range of red iv ("A correction usually finds its [end] point in the area of the fourth wave of the preceding impulse wave of the same degree.").



EDIT/ADD: Have you added more questions since I replied? There's nothing special about the dates, only that they extend from a publicly visible aesthetic pattern. I like the idea of a reversal on Christmas day. $1 is only suggestive as are $0.6 to $1.1 from March. The price could take off or crash to zero today, but I think the chart above presents a greater likely outcome.

Wave iv, March 2011.

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November 14, 2011, 02:31:02 PM
 #115

It's blatantly obvious that MagicalTux himself is generating the bidwall, it's up even with volatility that would kill the fastest HFT network.
Nice conspiracy theory!  Even though it's stupid.

I don't think this is stupid at all.  If I ran Gox, I'd do it.  It's smart business.  It's the same as if I was the commissioner of MLB or the NBA; I'd want my games rigged.  Besides...who would really know?

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November 14, 2011, 02:56:06 PM
 #116

Well I managed to double my Bitcoinica balance by selling at $3 and then buying at $2.50. I really see how trading on margin can be fun.

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November 14, 2011, 03:58:18 PM
 #117

And it happened again!

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November 14, 2011, 04:01:18 PM
 #118

Told you so.
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November 14, 2011, 04:12:15 PM
 #119

If I had any more money available, I would keep buying against the 2.37 wall.

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November 14, 2011, 04:18:37 PM
 #120

Its the end of the world
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