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Author Topic: Bubble burst?  (Read 3828 times)
kokjo
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May 14, 2011, 10:15:33 PM
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is the bubble bursting? i have sold my btc. have you?

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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May 14, 2011, 10:20:29 PM
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6$, srsly? eh
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have you?
nope

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kokjo
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May 14, 2011, 10:22:39 PM
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6$, srsly? eh
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have you?
nope
no sold at 8.5

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
ribuck
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May 14, 2011, 10:23:13 PM
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Nope. Holding, and will buy more if I get some more funds.
tomcollins
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May 14, 2011, 10:23:19 PM
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is the bubble bursting? i have sold my btc. have you?

Bubble is bursting.  It's going to be tricky getting support if people don't have cash at mtgox.  It takes a few days to get there, but if anyone wants to panic sell, it's super easy to get bitcoins there quickly.

If this drop continues any more, it will be interesting seeing the fortitude of the big holders to see if they unload or if they hold through a potentially ugly crash.
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May 14, 2011, 10:28:10 PM
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My thoughts arn't 'Oh god, sell, sell!' but more 'Hey, maybe I should give the GPU a break on mining and play Civ5.'
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May 14, 2011, 10:29:26 PM
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My thoughts arn't 'Oh god, sell, sell!' but more 'Hey, maybe I should give the GPU a break on mining and play Civ5.'

Then clearly you either really like Civ5, or don't understand basic math.
bcpokey
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May 14, 2011, 10:30:27 PM
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It dropped below 5.85, then jumped back up above 7. I would say the $9 bubble burst (temporarily) but it's not like bitcoin suddenly got totally annihilated, calm down. I get a funny image of OP in the 1920s causing a run on the market. But this should at least serve as a reminder to people that unprecedented growth does not continue forever, at least not in the short term.

I expect there to be some voltaility as people like OP panic, but if it will totally crash, this I doubt.
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May 14, 2011, 10:31:36 PM
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is the bubble bursting? i have sold my btc. have you?
No, I'd say it's the market correcting. I tend to be contrarian; while folk were suggesting that now (now being a few days ago) was an excellent time to invest in mining, I was suggesting caution (the last time people were saying that was when bitcoin was approaching 1.1 USD - it then stagnated for six weeks, declining to just above 0.5 USD). I see a similar thing happening now - the market corrects after a big peak, and a some point it'll pick up again. Sucks to be a miner right now, particularly if you've just invested heavily in hardware, but things will almost certainly improve.

Sold my BTC? Well, I did sell some today (before prices started falling) but it was down to sheer dumb luck and had nothing to do with believing the market was peaking. In the long term I believe bitcoin will go much higher - and I'm in it for the long haul.

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May 14, 2011, 10:32:23 PM
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sold at $8.40. bought again at $6. like a boss
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May 14, 2011, 10:34:11 PM
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Then clearly you either really like Civ5, or don't understand basic math.

Well, I did fail 9th grade due to Civilization 1, but it's more that I only discovered BitCoin last Friday, had an HDD die on me while mining (Taking my private key with it! Cheesy) and that my wallet holds a meer 6.73 BTC. Tongue
kiba
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May 14, 2011, 10:35:05 PM
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Short term burst of the bubble and extreme rise in bitcoin price is like a big hurricane hitting the beach. Merely a short term weather phenoma.

bcpokey
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May 14, 2011, 10:35:48 PM
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sold at $8.40. bought again at $6. like a boss

If I were a smart day trader I definitely would have done that. Sadly I'm just a lowly miner, *cough cough* sorry, coal dust in my lungs.

EDIT: The real winner right now though would be Mt. Gox, imagine all the madass trading going on right now between panic'd coin holders and shark speculators. Ha.
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May 14, 2011, 10:38:37 PM
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Keep in mind everyone also thought the bubble was bursting when it hit a high of $4.15 and then dropped to around $2.50. What happened was it went back to the 3s and stayed there a few days before the current rally.
kiba
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May 14, 2011, 10:41:09 PM
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EDIT: The real winner right now though would be Mt. Gox, imagine all the madass trading going on right now between panic'd coin holders and shark speculators. Ha.

Mt. Gox. is the equivalent of a company that sell mining equipment in my opinion.

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May 14, 2011, 10:41:58 PM
 #16

Value of BTC was increasing faster than difficulty. This was extected sooner or later.

If it was speculation, then wait. Sooner or later speculators will do they moves again.
If it was just a bubble, then its good after all it burst, cuz some ppl wont lose they money investing in hardware and demanding astonnishing payouts.

To be honest I'm miner for like 5 days and this situation isnt anything bad to me or to the community. Now we will know more or less true value of BTC and we will know that its possible to get some profits too when next peak will come.


OR
What came to my mind:
These are next speculations to drive down price and buy everything cheaper. We all know it will get lower than it should be due to panic, so buying in good moment can give nice income.

Tycho is the one, that I respect for sure.

Found 2 blocks since beginning of mining.(10.05.11)
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May 14, 2011, 10:43:37 PM
 #17

Well, I did fail 9th grade due to Civilization 1, but it's more that I only discovered BitCoin last Friday, had an HDD die on me while mining (Taking my private key with it! Cheesy) and that my wallet holds a meer 6.73 BTC. Tongue



Apparently, you failed English as well.
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May 14, 2011, 10:46:02 PM
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Well, I did fail 9th grade due to Civilization 1, but it's more that I only discovered BitCoin last Friday, had an HDD die on me while mining (Taking my private key with it! Cheesy) and that my wallet holds a meer 6.73 BTC. Tongue



Apparently, you failed English as well.

+1 for humour

Tycho is the one, that I respect for sure.

Found 2 blocks since beginning of mining.(10.05.11)
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May 14, 2011, 11:31:07 PM
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weekends will be like this for awhile
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May 14, 2011, 11:55:25 PM
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