Any idea on why the -20% of today ? - page 2.

ChrisJ

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Quote from: ashaw596 on June 09, 2013, 09:45:27 AM

Quote from: ChrisJ on June 09, 2013, 09:35:20 AM

Quote from: Tamis on June 09, 2013, 08:39:32 AM

It's a pity that I need to use sepa transfers that take quite some time to be executed or I would buy right now !
Price is going slowly going back up, I hope the manipulator will not hit again.

If you check http://bitcoin.clarkmoody.com and select H4 and zoom out (scroll down) on the chart all the way you can see the 6/7 dumping pattern quite clearly. If this were just someone selling off their BTC this would be the worst way to do it, you would sell off gradually over time to get the best price.

Ah, but thats not the point for them. Their goal isn't to get the most fiat out of the sell. What they do is drop the price by selling a large amount of bitcoins for fiat. However, they they buy them all back up at the lower price when everyone else freaks out. The market price slowly recovers and they can do it again.

Yes this is what I meant. It's not someone selling off their BTC for cash, just trying to play the market and shake weak hands out of their BTC. They clearly have a bullish position in the market which I take as a strong signal Wink

ZephramC

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Quote from: Tamis on June 09, 2013, 08:59:19 AM

You are right unless you need to make a payment. I can delay the payment thanks god

And your payment is in non-bitcoins?

ashaw596

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Quote from: ChrisJ on June 09, 2013, 09:35:20 AM

Quote from: Tamis on June 09, 2013, 08:39:32 AM

It's a pity that I need to use sepa transfers that take quite some time to be executed or I would buy right now !
Price is going slowly going back up, I hope the manipulator will not hit again.

If you check http://bitcoin.clarkmoody.com and select H4 and zoom out (scroll down) on the chart all the way you can see the 6/7 dumping pattern quite clearly. If this were just someone selling off their BTC this would be the worst way to do it, you would sell off gradually over time to get the best price.

Ah, but thats not the point for them. Their goal isn't to get the most fiat out of the sell. What they do is drop the price by selling a large amount of bitcoins for fiat. However, they they buy them all back up at the lower price when everyone else freaks out. The market price slowly recovers and they can do it again.

ashaw596

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Quote from: 503guy on June 09, 2013, 09:16:25 AM

Personally, I think bitcoins are worth less now that the difficulty has started to rise -- indicating that ASICs are starting to come on board more and more. ASICs are inherently cheaper to run than GPU farms. Since the whole backend of the bitcoin network has become cheaper to operate then the price should be adjusted accordingly.

I'm not sure about that. I think bitcoin prices are affected more by supply and demand than anything else and mining only affects supply a bit (and its a constant 25 bitcoins every ten minutes). (Specualation on the on the otherhand affect both Demand and Supply ALOT). However, I personally think ASIC companies are starting to cash out more to pay their bills.

ChrisJ

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Quote from: Tamis on June 09, 2013, 08:39:32 AM

It's a pity that I need to use sepa transfers that take quite some time to be executed or I would buy right now !
Price is going slowly going back up, I hope the manipulator will not hit again.

If you check http://bitcoin.clarkmoody.com and select H4 and zoom out (scroll down) on the chart all the way you can see the 6/7 dumping pattern quite clearly. If this were just someone selling off their BTC this would be the worst way to do it, you would sell off gradually over time to get the best price.

worldinacoin

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I wonder if boycotting the exchanges and forcing those with Bitcoin to spend their Bitcoins online and do more transactions be useful?

btceic

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♫ A wave came crashing like a fist to the jaw ♫

perhaps this is people cashing in their BTC for USD to purchase chips.

503guy

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Personally, I think bitcoins are worth less now that the difficulty has started to rise -- indicating that ASICs are starting to come on board more and more. ASICs are inherently cheaper to run than GPU farms. Since the whole backend of the bitcoin network has become cheaper to operate then the price should be adjusted accordingly.

Lohoris

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Bitgoblin

Quote from: Tamis on June 09, 2013, 08:39:32 AM

Price is going slowly going back up, I hope the manipulator will not hit again.

Hope will get you nowhere, and you'll end up losing money either way.

You shouldn't have invested more than you afforded to lose.

Tamis

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You are right unless you need to make a payment. I can delay the payment thanks god

nobbynobbynoob

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Annuit cœptis humanae libertas

In commodity markets, including stocks and bitcoin, you can't be afraid of little dumps like this. If you buy a gold sovereign at $1500 and the price drops to $1300, you still have a gold sovereign. It's not as though you bought that coin intending to sell, even at a small net fiat profit anyway. Same applies to bitcoin. A price drop can be a buying opportunity iff you have spare fiat.

Tamis

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It's a pity that I need to use sepa transfers that take quite some time to be executed or I would buy right now !
Price is going slowly going back up, I hope the manipulator will not hit again.

ixne

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Quote from: ChrisJ on June 09, 2013, 07:37:53 AM

The best way to defend against this kind of behaviour is to have more exchanges.

That's putting the cart before the horse. The reason the price swings so much is because the market is so thin. Market orders (and therefore market depth) aren't (isn't) created by making more exchanges, they're made by people. Making more exchanges just leads to a lot of ridiculous arbitrage during price swings like this.

DPoS

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Quote from: ChrisJ on June 09, 2013, 07:37:53 AM

Hey,

Sorry to hear about this. There is a guy on twitter @SirBitsALot who thinks that it is deliberate price manipulation, checkout his videos on the right https://twitter.com/SirBitsALot

The best way to defend against this kind of behaviour is to have more exchanges. All the worst things about Bitcoin come from the surrounding centralised components like Gox. The work that has to be done now is P2P and open source exchanges.

Anyone have an challenges or thoughts?

It already exists, localbitcoins

But what you want merchants to do? Most have to exchange out right away after selling you something. If we want the price to be more stable than there has to be a bigger ecology for BTC. Where there is less rush to exchange out

Tamis

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I can't find the video.
Would you be kind enough to give a link ?

edit : ok just found it : http://www.youtube.com/watch?v=MbrKKawist4

ChrisJ

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Hey,

Sorry to hear about this. There is a guy on twitter @SirBitsALot who thinks that it is deliberate price manipulation, checkout his videos on the right https://twitter.com/SirBitsALot

The best way to defend against this kind of behaviour is to have more exchanges. All the worst things about Bitcoin come from the surrounding centralised components like Gox. The work that has to be done now is P2P and open source exchanges.

Anyone have an challenges or thoughts?

Emm

newbie

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Bitcoins are still a volatile currency, this is not the largest swing in the price history of BTC.

Tamis

sr. member

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Well the thing is I had to make a payment today that I could not delay :/

EDIT : Well I can delay my payment but i'm affraid it could be worse in the coming days...

Chet

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You don't lose 'money' unless you sell. You still have all your BTC, its a good time to buy.

Tamis

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I'm loosing quite a bit of money and would like to understand.

Topic: Any idea on why the -20% of today ? - page 2. (Read 4067 times)