thoughtfan
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March 30, 2013, 07:19:06 AM |
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hurry up and get past 100 guys. i want to sell my next batch at 111.
on a more serious note.. does anyone else look at the order books and figure a more accurate price of btc is -40K back of the highest bid?
It is hard to take a price of 92-93 serious when 40K in sold bitcoin drops the price down to approx 78.
it drops it... for a few hours... well sure.. but anyone with serious btc has to chuckle at the current high bid.. knowing it is meaningless to them if they truly wish to sell a chunk. they must sit there and calculate what they would really get when selling and it aint 93 for example. so i always look -40K back of the high bid for a more accurate value if some whales decide to sell. fcmatt you appear to me to be conflating three things here: the risks associated with others selling, those of us (me) selling and an evaluation/estimate of BTC right now. I'll cover them separately: i) In the case of the risk of others (a whale) selling I agree with Holliday A 40k buy takes us to approx $150. Is that more realistic?
Given past performance which is more likely: a selling whale or a buying whale? Of course if you believe we are at a peak and due for a significant reversal then basing your evaluation on the instance of the seller whale will better reflect your belief. However, without presenting your reasoning behind dismissing the opposite it seems odd to me to only consider one side. ii) When it comes to the evaluation of my own BTC holding of course doing the multiplication based on last price is ludicrous especially if a bot a lot of the time is giving us a figure with zero depth. So yes, without doing the math into the bid depth for an actual calculation based on slippage it is probably not a bad means of estimating, depending on how much you'd be selling, to make a subtraction based on depth. Personally I wouldn't use MtGox for a major sell because don't trust that a significant chunk would make it out of Japan in a timely manner without additional costs and questions. Instead being fortunate enough to be in a district within many LocalBitcoin buyers (London) I do a screen scrape of them all to do a calculation based on advertised available amounts and prices to get an 'including slippage' evaluation. Of course unlike with an exchange I have to assume sellers have the amounts they say they do and that they would honour my order. However, given that, I don't think clicking 'Sell' for the max for each of the top sellers till I've sold all my coin then spending a day or two driving round London to do the transactions is the worst way of putting a price on my holding. In actuality I have no intention of buying pounds in any great numbers with my Bitcoin for a very long time if ever - and if I did I would explore the options to try and get the best price preferably from one seller - but if I want to put a provisional figure on it I don't think my method is that unreasonable. iii) I don't think basing your current evaluation of Bitcoin (irrespective of your own holding) entirely on the assumption of a potential selling whale's actions is likely to give you anything realistic. There are so many factors to take into consideration, most of which would in my book have a bigger part in my estimation evaluation than your scenario, so I would venture to suggest you may be doing yourself a disservice if you're using your described scenario alone to justify not taking the current price seriously.
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molecular
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March 30, 2013, 07:53:14 AM |
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Poor bears... poor irrational bears:
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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rpietila
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March 30, 2013, 08:13:01 AM |
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Poor bears... poor irrational bears: What is that index? How calculated?
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HIM TVA Dragon, AOK-GM, Emperor of the Earth, Creator of the World, King of Crypto Kingdom, Lord of Malla, AOD-GEN, SA-GEN5, Ministry of Plenty (Join NOW!), Professor of Economics and Theology, Ph.D, AM, Chairman, Treasurer, Founder, CEO, 3*MG-2, 82*OHK, NKP, WTF, FFF, etc(x3)
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molecular
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March 30, 2013, 11:37:49 AM |
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Poor bears... poor irrational bears: What is that index? How calculated? I don't know. Best ask in bitfinex thread: https://bitcointalk.org/index.php?topic=119745
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Jaques
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March 30, 2013, 11:51:22 AM |
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how about some coins @81,xx? I wouldnt mind ...
edit: but maybe 85,xx will be the best I can get today?
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phatsphere
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March 30, 2013, 12:01:48 PM |
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volume way down, symmetric walls, saturday & easter weekend. drama building?
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Draino
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March 30, 2013, 12:14:49 PM |
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volume way down, symmetric walls, saturday & easter weekend. drama building? am i crazy, or does that wall pic bear a striking resemblance to troll face? good thing i don't really buy into TA or i'd be scared
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thoughtfan
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March 30, 2013, 12:22:18 PM |
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volume way down, symmetric walls, saturday & easter weekend. drama building? When you say 'volume way down', just to give it a bit of context it is already on $2,684,177.60 so even with almost half the the day to go it is the 23rd highest volume day to date and 3rd highest weekend day by volume?! Just sayin... But with Bid sum on Gox still over $10,000 and Ask sum still below 70,000BTC there's potential for things to happen
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stereotype
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March 30, 2013, 12:46:03 PM |
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If he was an economist, i would say buy buy buy, but i believe he was a spokesman for FxPro....which raises a question of motive, maybe?
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Wekkel
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yes
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March 30, 2013, 12:46:56 PM |
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Perhaps he knows a good South European bank to invest in
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Slix
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March 30, 2013, 01:25:16 PM |
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Wow... that is one of the worst bitcoin article I've seen. They portrait bitcoin as being invented by [evil] "hackers" and currently being developed in some sort of filthy ghetto by some hipster, no doubt to show what horrible "lower class" people are behind it to buy drugs and illegal stuff with your money, then finish with a quote from some uneducated bear to spread fear.
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Jaques
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March 30, 2013, 02:20:47 PM |
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tpantlik
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March 30, 2013, 02:30:21 PM |
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This could be the only way of safeguarding your cash from thieving banks and governments. Who would have thought the day would come when a hacker is trusted more than banks. Well, long before bitcoin existed I trusted hackers more than banks, governments, politics, media and journalists. And I hope everybody here see it the same way.
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Gods sent us a powerful tool - cryptography - to fight with those who are trying to exploit us. USE IT!!
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Luno
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March 30, 2013, 02:40:57 PM |
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What everybody is waiting for is the European exchanges opening after easter so we can gauge the sentiment of the Euro after Cyprus.
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Jaques
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March 30, 2013, 02:49:06 PM |
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many hours to pass untill tuesday morning ...
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Jaques
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March 30, 2013, 02:50:51 PM |
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come on bears! wanna see my 85,xx asap (still wouldnt mind 81,xx)
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tpantlik
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March 30, 2013, 03:10:28 PM |
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many hours to pass untill tuesday morning ...
Yes, this double weekend dip will be long and it is the end of month. Plus 100$ psychological barrier is unacceptable for bears.
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Gods sent us a powerful tool - cryptography - to fight with those who are trying to exploit us. USE IT!!
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ineededausername
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March 30, 2013, 03:12:31 PM |
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More bids than ever above $80.... 33k BTC worth.
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(BFL)^2 < 0
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Beta-coiner1
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March 30, 2013, 03:29:51 PM |
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I don't see how the price can't continue to rise in the short term with associated interest from Europe next week and Coinlabs.
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