dree12
Legendary
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Activity: 1246
Merit: 1078
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April 16, 2013, 03:15:39 AM |
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Is there some bad news I'm unaware of, that would make it rational to move down 30% in a day?
The price was moving up almost 30% in a day, even though there was no really "good news" to support it. This slip is the correction. Bitcoins remain overvalued IMHO. |
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seleme
Legendary
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Activity: 2772
Merit: 1028
Duelbits.com
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April 16, 2013, 03:15:51 AM |
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I'm an idiot.  I got the buy and sell button mixed up and sold at 66 instead of bought and brought at 70 instead of sold >.< it happens to me often... btc-e probably costed me 5-10% going down now, had all ready for good trade. |
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shad0wbitz
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April 16, 2013, 03:16:48 AM |
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Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload  The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling". It will probably spike back up and the process continues. =) The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier. Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it. $5 by the end of the weekend, as I said before . These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC. |
GOX SUX COX!The true faces of the Bitcoinica / Intersango SCAM! - Bitcoin was born in the shad0ws, for the shad0ws.
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ineededausername
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April 16, 2013, 03:20:05 AM |
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Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling". It will probably spike back up and the process continues. =) The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier. Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it. $5 by the end of the weekend, as I said before . These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC. Yup, get out, BTC is worth $0 now, I am dumping everything! It'll just keep going down to nothing. Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook. Bitcoin doesn't work anymore. |
(BFL)^2 < 0
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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April 16, 2013, 03:21:48 AM |
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btc-e, so reliable so far and dies in such moment  |
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Krabby
Sr. Member
Offline
Activity: 644
Merit: 250
https://primedao.eth.link/#/
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April 16, 2013, 03:21:54 AM |
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Not sure if you're all being serious.
Are you actually selling?
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fitty
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April 16, 2013, 03:22:46 AM |
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There's also quite a few people who aren't big investors, but also have that many coins. Someone on reddit hit over $1 million a couple weeks ago, with a fairly small initial investment. They planned on cashing out slowly.
Seeing a crash like this could easily lead someone to selling it all off at once.
Yeah but it's happening all day long. They're really going to cash out with a 4k sell market order? I find it hard to believe that large dumps like that are just people freaking out. |
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proudhon
Legendary
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Activity: 2198
Merit: 1311
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April 16, 2013, 03:23:14 AM |
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Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling". It will probably spike back up and the process continues. =) The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier. Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it. $5 by the end of the weekend, as I said before . These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC. Yup, get out, BTC is worth $0 now, I am dumping everything! It'll just keep going down to nothing. Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook. Bitcoin doesn't work anymore. Given that bitcoin's value depends on trustworthy and functional contacts with the traditional banking system, yeah, it kinda doesn't work. |
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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talnted
Full Member
Offline
Activity: 236
Merit: 100
www.bitcoingem.com
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April 16, 2013, 03:27:26 AM |
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Red bar after red bar after red bar... This isnt going to let up anytime soon. Sub 50s this week easily.
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Over 800+ BTC Paid Out! 1110+ Buyers of the Gem! |
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Krabby
Sr. Member
Offline
Activity: 644
Merit: 250
https://primedao.eth.link/#/
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April 16, 2013, 03:28:42 AM |
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How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)
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fitty
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April 16, 2013, 03:28:45 AM |
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$5 by the end of the weekend, as I said before . These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC. If you want to get out of the game, why would you do large dumps to induce panic selling thus costing yourself more money? Large coin dumps like this have been going on for years. It's the best way to create volatility. |
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ineededausername
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April 16, 2013, 03:28:50 AM |
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Red bar after red bar after red bar... This isnt going to let up anytime soon. Sub 50s this week easily.
Actually, so many red bars usually ends in capitulation and the start of a rally. Look at historical charts. |
(BFL)^2 < 0
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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April 16, 2013, 03:29:09 AM |
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Not sure if you're all being serious.
Are you actually selling?
selling and buying, selling and buying etc... that protected my property for whole night but might be worth nothing if btc-e stays down for next hour or two. |
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alexanderanon
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April 16, 2013, 03:31:36 AM |
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Yup, get out, BTC is worth $0 now, I am dumping everything! It'll just keep going down to nothing. Those large 50k+ BTC bidwalls in the teens will get pulled, as will the millions of dollars above them in the orderbook. Bitcoin doesn't work anymore.
Imagine the headlines... "Bitcoin goes to zero, no one really sure why" "Entire Bitcoin economy evaporates in less than 2 weeks" "Satoshi bails, declares Bitcoin 'all just a joke, I swear'" |
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adamstgBit (OP)
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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April 16, 2013, 03:36:15 AM |
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How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)
it wont be "rebounding"... look around, this is clearly the death of bitcoin.  |
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nimda
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April 16, 2013, 03:37:43 AM |
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How long until you think it will rebound?
(As in can I get 10k from my bank in time tomorrow?)
it wont be "rebounding"... look around, this is clearly the death of bitcoin. Ah... the buy signal. |
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01BTC10
VIP
Hero Member
Offline
Activity: 756
Merit: 503
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April 16, 2013, 03:38:15 AM |
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Make it single digit.
Kthx!
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myself
Legendary
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Activity: 938
Merit: 1000
chaos is fun...…damental :)
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April 16, 2013, 03:41:08 AM |
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65,99
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Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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April 16, 2013, 03:41:50 AM |
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ok, someone stop this now, I don't want it to drop more |
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fitty
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April 16, 2013, 03:42:57 AM |
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ok, someone stop this now, I don't want it to drop more If only you would have said please. |
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