Topic: 8/2/11 Downturn / Speculation Thread (Read 2031 times)
Someone explain how a botnet can depress the value beyond increasing the difficulty?
if a bot is driving down the price then we should be taking advantage of its work. This is a perfect time to get into or increase your share of the market.
The issue simply is not speculation there appears to be a botnet purposely devaluing bitcoin,I wouldn't be so quick to disperse the fact this or around sometime soon it is probably a great time to start either buying or thinking about it.
It is so bloody weird,when I asked for it at around $8 and that is what the price is at now.Might be a good time to have proper antivirus in place such as F-secure or any that can detect the bot.
It is so bloody weird,when I asked for it at around $8 and that is what the price is at now.Might be a good time to have proper antivirus in place such as F-secure or any that can detect the bot.
I'm trying to get in before it goes back up, but dwolla takes forever to do a bank transfer...
GOD, tell me about it. It is the longest effin process in history. Trying to find a way around that, but it's not workin out so well.
Looks like bitcoin is on the way out. Don;t let the door hit your ass on The Way Out lol.
$7.7 at present
back down we go
According to bitcoin charts, price dipped below 10, and is now back above on heavy volume. That was more or less what I was expecting, but wasn't necessarily expecting it to happen today. Let's hope this is the bottom near term at least. I'm not trading BTC, just mining and holding, but for traders, buying here, perhaps with a stop below today's low, strikes me a good buy.
I'm trying to get in before it goes back up, but dwolla takes forever to do a bank transfer...
GOD, tell me about it. It is the longest effin process in history. Trying to find a way around that, but it's not workin out so well.
I'm trying to get in before it goes back up, but dwolla takes forever to do a bank transfer...
to all the panic sellers... you're gonna be cryin' when it jumps back up just as fast.
^^^^ THIS
WTF do they think all the buyers are going to do with their bitcoins. This isn't a zero sum game.
There is a sucker born every minute. This market is flushing out the leverage or people that don't have the funds to cushion a downturn.
Glad I'm neither of these.
lol... like I said... back up we go :p.
someone with a lot of coins is shakin' the tree... and a lot of branches are fallin :p
someone with a lot of coins is shakin' the tree... and a lot of branches are fallin :p
to all the panic sellers... you're gonna be cryin' when it jumps back up just as fast.
Thoughts on where price is headed? I think we may test 10, and maybe even a little lower, before we see a rebound.
Volume buyer side is massively high right now on Mtgox, expect the price to be pushed back up to 11-12 if the current trader volume keeps up. Cavirtex is finally even (and even behind a little), expect CAD prices 9-10 by the end of the day. The best bargain for buyers right now is at Britcoin which is highly devalued and has a huge buyer volume. Britcoin will probably surge back into the 7's by the end of the day.
If you're careful about forex trading over the next few days you could probably pull 20-25% as the huge selloff seems to now be over from the trade volume.
It was my understanding that someone sold a massive amount of BTC, like 17k. Perhaps the MyBitcoin Wallet guy just sold it all back to us.
Thoughts on where price is headed? I think we may test 10, and maybe even a little lower, before we see a rebound.
Another difficulty drop or two with the downturn and namecoin will be more profitable again.
Quote
Psychology takes over other players.
Yup. Everyone's following the screaming advice of poor bipolar Mr. Market.
Seems I hit the end of the day price pretty dead on, but the Mtgox volumes are still looking kind of poor. People have meanwhile been flocking to the Canadian Virtex exchange like nuts to try to profit on the almost 15% lower price of bitcoins there. Britcoin volumes looking particularly unhealthy now; maybe the next major site of forex attack.
I'm just saying it created a downward pressure. Psychology takes over other players. I also think Mtgox has been getting manipulated by bots for the past 3 weeks. It wouldn't be that hard for a wanna be Hunt Brother to attempt to corner the market.
Why is no one considering that it's the beginning of the month and people have bills to pay. It isn't a stretch of logic that the people with the most bitcoins most likely also have the most overhead in mining them. A small $2 price difference to someone with 10K BTC is thousands of dollars.
This might be part of the story. We also saw a dip in early July. Several elements lining up today for a sell off.
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