I already feel like I am a personage of a cyberpank novel and this is just a prologue...
... sure it is not just the mauve sunglasses that's clouding your vision? ...
.... got some interesting times ahead of us, for sure
Topic: All this rage and BTC valuation is almost back where it was before the event. (Read 3264 times)
June 23, 2011, 05:35:33 AM
I already feel like I am a personage of a cyberpank novel and this is just a prologue...
... sure it is not just the mauve sunglasses that's clouding your vision? ...
.... got some interesting times ahead of us, for sure
June 23, 2011, 04:58:01 AM
It appears that, unlike "mainstream press" shills, the market still thinks that mtgox episode is irrelevant. All 3 other exchanges with any noticeable volume, namely bitomat, trade hill and britcoin steadily trading at pre "mtgox crash" levels all 3 with good balance of bids and asks.
Kudos to Poles for being immune to BS and continuing trading without any breaks as if nothing has happened.
Once/if mtgox goes online there probably will be a pop in bitcoin valuation due to all the small traders converting fiat to bitcoin and getting it out ASAP.
I already feel like I am a personage of a cyberpank novel and this is just a prologue...
Kudos to Poles for being immune to BS and continuing trading without any breaks as if nothing has happened.
Once/if mtgox goes online there probably will be a pop in bitcoin valuation due to all the small traders converting fiat to bitcoin and getting it out ASAP.
I already feel like I am a personage of a cyberpank novel and this is just a prologue...
June 20, 2011, 05:49:54 PM
will you be buying or panic-selling?
I plan to be panic-buying, panic-selling, and panic-dancing-around-naked. It will be a fun day.Enjoy.
June 20, 2011, 05:42:00 PM
Just buy and hold. If the price drops more then buy more and hold. Good luck men.
June 20, 2011, 05:26:46 PM
Does anyone still remember how MtGox handled the last situation where there was a large amount at stake for MtGox?
http://forum.bitcoin.org/index.php?topic=3712.0
That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.
MtGox promised to inform the community! No news yet, and it´s been 6 months!
It's a controversial incident and I don't claim to have all the facts, but for the sake of cutting through the FUD... it's actually only been three months since Mt. Gox commented on this:http://forum.bitcoin.org/index.php?topic=3712.0
That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.
MtGox promised to inform the community! No news yet, and it´s been 6 months!
http://forum.bitcoin.org/index.php?topic=3712.msg57901#msg57901
http://forum.bitcoin.org/index.php?topic=3712.msg62282#msg62282
The last comment was that they couldn't say anything more because it might go to trial. This will be satisfactory for some people and not for others, but there is no clear evidence that they ever behaved unprofessionally.
June 20, 2011, 05:13:56 PM
Does anyone still remember how MtGox handled the last situation where there was a large amount at stake for MtGox?
http://forum.bitcoin.org/index.php?topic=3712.0
That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.
MtGox promised to inform the community! No news yet, and it´s been 6 months!
Edit: Sorry wrong thread, posted here by mistake.
http://forum.bitcoin.org/index.php?topic=3712.0
That guy explained himself, was hounded by the community, MtGox barely bothered to respond, made some outlandish claims, froze funds and rapidly moved the whole operation to a different jurisdiction (Japan) after the guy finaly decided to get lawyers involved.
MtGox promised to inform the community! No news yet, and it´s been 6 months!
Edit: Sorry wrong thread, posted here by mistake.
June 20, 2011, 05:12:07 PM
I think this attack on Mt.Gox was a reality check. People's valuation of BTC will be lower as a result. Single digits is not unreasonable.
This is entirely true. I think what Vladimir's point out is the incredible reality that, in spite of the fact that single digits would be totally reasonable, it hasn't happened that way. The reality check has come and gone, and yet the loss of value has been minimal. There are no forces remaining to shock the price lower than it has already gone, except for the flood of liquidity once Mt. Gox reopens, which doesn't really have anything to do with the "reality check".Unless it's the case that all of the traders who have been transformed into bears by this incident have been unable to trade because they were Mt. Gox users. In that case, the reopening may bring not only a flood of liquidity, but also a flood of bearishness.
However things happen, this is going to be fun to watch for those of us without much to lose.
June 20, 2011, 05:10:59 PM
Where will BTC be in the coming week.
Relevant poll
Relevant poll
June 20, 2011, 05:05:18 PM
I think this attack on Mt.Gox was a reality check. People's valuation of BTC will be lower as a result. Single digits is not unreasonable.
June 20, 2011, 04:40:39 PM
My prediction:
There will be no fallback.
Prices will stay above $14 for the entire day.
If I'm right, I'm going to quote myself and laugh at all the retards who think it will go to single digits.
There will be no fallback.
Prices will stay above $14 for the entire day.
If I'm right, I'm going to quote myself and laugh at all the retards who think it will go to single digits.
I actually think you're totally correct.
But it's not going to be organic price stability.
It's going to be other big players keeping their little pump and dump looking inviting for a little while longer.
June 20, 2011, 04:39:02 PM
My prediction:
There will be no fallback, or at most a few dollars. So essentially none.
Prices will stay above $14 for the entire day.
If I'm right, I'm going to quote myself and laugh at all the retards who think it will go to single digits.
There will be no fallback, or at most a few dollars. So essentially none.
Prices will stay above $14 for the entire day.
If I'm right, I'm going to quote myself and laugh at all the retards who think it will go to single digits.
June 20, 2011, 04:38:25 PM
+1 Vladimir
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
Right now selling a little more than 1.000 coins worth it roughly $1.000 on TradeHill would half the price to $6.5 per bitcoin.
I think TradeHill has too small volume to draw conclusions on it. When all Mt Gox users get their money back and their coins back we'll see how they react.
June 20, 2011, 04:37:59 PM
A temporary fall back to ~10.25 (or even a 'new low' of ~6.75 to 7.5, which matches an old trading range) is easy to predict, will you be buying or panic-selling?
The drama continues, stay tuned...
The drama continues, stay tuned...
It might even work out in a completely different way. Whilst quite a few people now probably have doubts about the exchanges, especially MtGox, I have seen very few comments doubting the security of Bitcoins themselves.
So (ironically?) this scare may actually lead to a rise in Bitcoins. Why? The fastest way to get money out of MtGox is via Bitcoins!
My strategy will be to buy BTC as soon as MtGox reopens, cash them out to my wallet and then wait and see how things work out.
June 20, 2011, 04:34:04 PM
will you be buying or panic-selling?
I plan to be panic-buying, panic-selling, and panic-dancing-around-naked. It will be a fun day. June 20, 2011, 04:33:27 PM
+1 Vladimir
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
Right now selling a little more than 1.000 coins worth it roughly $1.000 on TradeHill would half the price to $6.5 per bitcoin.
I think TradeHill has too small volume to draw conclusions on it. When all Mt Gox users get their money back and their coins back we'll see how they react.
June 20, 2011, 04:24:20 PM
will you be buying or panic-selling?
We will be watching...
June 20, 2011, 04:20:36 PM
A temporary fall back to ~10.25 (or even a 'new low' of ~6.75 to 7.5, which matches an old trading range) is easy to predict, will you be buying or panic-selling?
The drama continues, stay tuned...
The drama continues, stay tuned...
June 20, 2011, 04:19:35 PM
+1 Vladimir
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
I predict there will be some chaos when Mt. Gox reopens, because a large fraction of all actively circulated bitcoins are caught up in their servers. However, the price is the price - the consensus of the markets that, at this point in time, 1 BTC is worth roughly $14 or $15, is in fact a consensus of users that this is the correct valuation. There's no reason why this evaluation would change depending on whether or not Mt. Gox is open - the only issue with the reopening is that the flood of liquidity could spook some traders for a day or two. But the fact that the price has held more or less steady through this crisis tells me that Bitcoin is more stable than even the optimists could have predicted.
June 20, 2011, 04:15:10 PM
Bitmarket USD. is $16.25
June 20, 2011, 04:13:08 PM
the rage of the trolls is paid for.
the rage of those who were unaffected is meaningless.
the rage of those who were affected is... well... hmmm. they don't seem to be enraged. i suppose because there doesn't appear to be that large an impact.
as you imply, vladimir - no such thing as bad publicity.
and it's all good for bringing in some beefed-up security.
the rage of those who were unaffected is meaningless.
the rage of those who were affected is... well... hmmm. they don't seem to be enraged. i suppose because there doesn't appear to be that large an impact.
as you imply, vladimir - no such thing as bad publicity.
and it's all good for bringing in some beefed-up security.
Amen.
I for one am PUMPED, gonna make a huge profit from all these small scared fish.
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