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DublinBrian
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July 17, 2012, 11:21:52 AM |
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It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is. Why is that "silly"? "A few USD 100k" is a lot of money in the bitcoin community, because unlike fiat, large quantities of bitcoin credit cannot be magicly created out of thin air. Thats what gives bitcoin value, and why your corrupt fiat money is worthless toilet paper. |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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LoweryCBS
Sr. Member
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Activity: 364
Merit: 250
firstbits 1LoCBS
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July 17, 2012, 11:54:27 AM |
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Thoughts:
What have we learned from this, and what does it mean for the price in months to come?
First of all, we don't need instability for many reasons. (one of my own reasons is that I am still in acquire mode)
Some large player comes in with massive walls to manipulate the price up for a better selling price, and he probably got it. Could he get away with that again? How soon?
Watching the price jump around last night, I felt like if nothing else some new resistance has been established at 9.x as there will be a lot of last night's buyers looking to get back out without a loss on the books. Maybe that's not a bad thing: 9 is the new 6?
Lastly, if there was a way to short BTC, it wouldn't be as easy to manipulate the market like this.
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adamstgBit (OP)
Legendary
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Merit: 1037
Trusted Bitcoiner
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July 17, 2012, 06:31:43 PM |
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It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is. Why is that "silly"? "A few USD 100k" is a lot of money in the bitcoin community, because unlike fiat, large quantities of bitcoin credit cannot be magicly created out of thin air. Thats what gives bitcoin value, and why your corrupt fiat money is worthless toilet paper. +1 now think for a minute how much would 10millions coins (all the bitcoin) go for on this market 100million, or 1 billion?  |
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Technomage
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Affordable Physical Bitcoins - Denarium.com
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July 17, 2012, 07:15:14 PM |
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now think for a minute how much would 10millions coins (all the bitcoin) go for on this market 100million, or 1 billion? There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well. |
Denarium closing sale discounts now up to 43%! Check out our products from here! |
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adamstgBit (OP)
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July 17, 2012, 07:29:58 PM |
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now think for a minute how much would 10millions coins (all the bitcoin) go for on this market 100million, or 1 billion? There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well. ya that's what i was fishing for |
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proudhon
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July 17, 2012, 09:46:17 PM |
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now think for a minute how much would 10millions coins (all the bitcoin) go for on this market 100million, or 1 billion? There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well. As bearish as I am and remain, I've still got a nice stash of bitcoins in offline storage that intend to keep forever, even though recent price movements have been tempting me to sell. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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smoothie
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LEALANA Bitcoin Grim Reaper
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July 17, 2012, 09:47:10 PM |
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now think for a minute how much would 10millions coins (all the bitcoin) go for on this market 100million, or 1 billion? There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well. So your bear in your avatar is really a bull wearing a bear suit? LAWL!  |
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CoinDiver
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July 17, 2012, 10:31:51 PM |
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There is no such thing as buying the whole market. Nobody has that much money because the price will just go up infinitely. I certainly wouldn't be selling all my coins no matter what the price is and I think that there would be others who would keep some as well.
Someone could induce market instability so that no one could actually use bitcoin for anything other than speculation. |
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ElectricMucus
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Marketing manager - GO MP
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July 17, 2012, 10:36:41 PM |
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Proudhon is a longterm bull and a midterm bear. the best kind  |
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adamstgBit (OP)
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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July 18, 2012, 12:49:20 AM |
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DING DING DING
9$
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ineededausername
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July 18, 2012, 12:57:33 AM |
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DING DING DING
9$
and there we go, we got $9 without huge 50k bid walls or huge 40k BTC buys. This is the natural price. |
(BFL)^2 < 0
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adamstgBit (OP)
Legendary
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Merit: 1037
Trusted Bitcoiner
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July 18, 2012, 01:02:06 AM |
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mccorvic
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July 18, 2012, 01:04:36 AM |
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GUYS! It's already down to $8.95. This is obviously a sign of impending crash! /sarcasm
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sadpandatech
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July 18, 2012, 01:26:06 AM |
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GUYS! It's already down to $8.95. This is obviously a sign of impending crash! /sarcasm
oh shit, $8.91. come on friggin orderbook execute my sell!! *trollface* |
If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system.
- GA
It is being worked on by smart people. -DamienBlack
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ineededausername
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July 18, 2012, 01:54:04 AM |
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aaah, another drop  why the hell didn't we go to $10?!  |
(BFL)^2 < 0
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Bjork
Sr. Member
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Activity: 457
Merit: 250
Look for the bear necessities!!
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July 18, 2012, 01:55:06 AM |
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There sure is a lot of resistance at $9.
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adamstgBit (OP)
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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July 18, 2012, 01:56:24 AM |
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aaah, another drop why the hell didn't we go to $10?! We are sticking to the game plan |
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drlatino999
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July 18, 2012, 02:35:51 AM |
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44K staggered wall makes an appearance
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Sappers clear the way
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mccorvic
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July 18, 2012, 02:48:29 AM |
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There sure is a lot of resistance at $9.
Gotta be resistance somewhere. |
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Spekulatius
Legendary
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Activity: 1022
Merit: 1000
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July 18, 2012, 02:49:42 AM |
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Hard to say how long this wall stay with us (the 40k one at 8.9$) but I think its supporting us to 10$, before someone wants to crash the market again, arrrrrr
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