Bitcoin Prices Crashing Now! - page 3.

BitChick

legendary

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Quote from: BobMarley on July 04, 2013, 05:49:51 PM

cause people see the future of crytocurrency that will destroy bitcoin http://forum.emunie.com/

I have never heard of emunie. Of course that does not mean it is NOT better then BTC.

But BTC has a few things going for it- It is the first to get widespread usage, it has millions of dollars being thrown into it by VCs, it has had some press (good and bad) and many people have heard of it now, it is starting to be used as an actually currency by places, and I just saw this post:

https://bitcointalksearch.org/topic/2013-07-01-bitcoin-wallet-in-africa-wwwkipochicom-250027

If BTC starts taking off in places like Africa, it will be really hard for emunie to catch up. But who knows, there might be room for more players in this?

BobMarley

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cause people see the future of crytocurrency that will destroy bitcoin http://forum.emunie.com/

BitChick

legendary

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Merit: 1001

Quote from: cdog on July 04, 2013, 05:45:37 PM

Im buying, great opportunity. How many investments can you expect such a huge return on?

I dont trade, I just buy when its cheap, and Ive made a killing doing this.

Smart. Very smart!

Wish I had not gotten so emotional and bought as it went up. It is a little hard to know how low it will go at times though.

cdog

hero member

Activity: 1036

Merit: 500

Im buying, great opportunity. How many investments can you expect such a huge return on?

I dont trade, I just buy when its cheap, and Ive made a killing doing this.

Loredo

full member

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Merit: 100

Quote from: Kazu on July 04, 2013, 01:19:58 PM

Just wondering, on what ground could this possibly not be approved?

"Blue Sky," a traditional term meaning one cannot issue securities that are backed simply by the blue sky, and nothing concrete.

Traditional Blue Sky laws in effect put regulators in the business of deciding on the merits of investments, and are mostly gone at Fed. and State levels in the USA.

However, this could force the SEC to make a de facto determination as to the legal existence of bitcoins, which might not be something that it would want to do.

I am fairly certain that if the CFTC (Commodity Futures Trading Commission) were approached on futures contracts on bitcoins, it would be laughed out of Washington. It's going to be interesting to see how the SEC handles this.

Kazu

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Just wondering, on what ground could this possibly not be approved?

mechs

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The concentration of mining power to fewer players will be a negative since all the gpu miners will stop mining bitcoin and either sell their gpus (will be great prices on ebay for 7950s!) or mine an alt coin

jbutter

newbie

Activity: 24

Merit: 0

Quote

Could be just some group with thousands of coins throwing them into the market to move the price to $50, just to buy them all back at lower prices?

Exactly, loaded traders milking the numbers, "sell high, buy low" winklevii?
What will happen to the market when ASIC's hit hard in September?

mechs

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I think they should also make a rule that if any investor has 50,000 shares of the ETC (a basket), they can convert it to the actual Bitcoins for a small fee (0.25% or something). In this way, it would make trading the ETC really more the equivalent of holding the underlying bitcoins - otherwise I think the ETC is likely to deviate significantly from the NAV in what will likely be a fairly thinly traded vehicle for bitcoin investment.

mechs

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True it is not really an ETF, more what they call an ETC - sort of like the GLD or SLV. Shares backed by basket of the commodity held in trust. The trust charges a small fee for holding the bitcoins (basically security costs of the vault) and administration, then the market sets the price of the ETC. Each shares will be equivalent to 1BTC (each share is 1/50,000th of a basket and each basket contains 50000BTC. I am guessing each basked is a single paper wallet containing 50000BTC, kept in a vault with a high level of security.
The problem is this is merely the filing of the paperwork for the ETC, it still needs to get approval from regulators. They are being very optimistic (or reckless) trying to get this listed in the US, I think a european listing would be more likely to succeed, but I guess they want the liquidity of direct access to the US markets. Anyway, I think politics will enter this and approval of the ETC is very unlikely. If it were approved though, this would bring in a whole new class of speculators and hot money and add even more volatility.

Loredo

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Quote from: NeonRonin on July 04, 2013, 12:50:14 AM

Love'em or hate'em the Winklevoss twins wouldn't be starting an ETF without careful analysis of the market, and trading like that has strict rules and regulations.

It's not exactly an ETF, but anyway, remember that they found themselves holding around 1% of the outstanding BTC, and it was time to find a way to unload them.

Can't do that in an absurdly high commission/low liquidity environment like the "exchanges."

Loredo

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Seems like a lot of guys want to have it both ways. They want BTC to be a genuine medium of exchange, and thus have its own exchange rate v. other currencies, but also, then, they want BTC to behave like a good bubble (or Central Bank manipulated) market, and always be in secular uptrend, so they can BTFD (Buy The Fecking Dips) mindlessly.

In USD terms, if its at all "real," BTC should represent "stuff." And, in USD terms, a lot of "stuff" is falling right now. Put your cursor over any of the commodities on this grid http://www.finviz.com/futures.ashx and look at the charts.

There's also, of course, two immutable truths about thin markets (and BTC is a thin market):

o The market price is set by the most optimistic, not by a valuation conscensus;

o When there are, even if by pure Poisson arrival processes, more offered than bid, the price goes down.

So, I'd say, just relax, and if you're a speculator, just short it. Oh, wait ....

BitChick

legendary

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Quote from: glendall on July 04, 2013, 02:21:22 AM

GOX regox'ing it up , withdrawals resumed:

https://mtgox.com/press_release_20130704.html

That is good news. Hopefully that props the price up a bit? I suppose it can take a little while for things like this to recover.

Perhaps there are other factors beside Mt. Gox at play too, but this news should help a little.

TheBanker

member

Activity: 125

Merit: 10

Quote from: donjonson on July 04, 2013, 08:19:27 AM

Quote from: Kazu on July 03, 2013, 08:02:45 PM

I still think that the bottom will be at $57. So we still have like $25 more to fall before its finally over.

Why exactly $57?

Could be just some group with thousands of coins throwing them into the market to move the price to $50, just to buy them all back at lower prices?

I agree with 57. Highly likely due to it being a Fibonacci retracement level for support

donjonson

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Quote from: Kazu on July 03, 2013, 08:02:45 PM

I still think that the bottom will be at $57. So we still have like $25 more to fall before its finally over.

Why exactly $57?

Could be just some group with thousands of coins throwing them into the market to move the price to $50, just to buy them all back at lower prices?

glendall

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Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

GOX regox'ing it up , withdrawals resumed:

https://mtgox.com/press_release_20130704.html

Asrael999

hero member

Activity: 703

Merit: 502

margaritas ante porcos -> pearls before swine. (Latin - not that tough)

Looks like the big sell on gox coincides with the Egyptian military staging their coup. Probably just coincidence but.....

favdesu

legendary

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BTC is literally like Gold. Falling...

NeonRonin

newbie

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Merit: 0

Quote from: mechs on July 03, 2013, 08:09:58 PM

Interestingly, just in the last 24 hours the arbitage opportunities between the 4 major USD exchanges by volume (Mt. Gox, bitstamp, btc-e and CampBX) have all but vanished during this vicious sell-off.
http://bitcoincharts.com/markets/currency/USD.html
Looks like there is a bit of a bounce and plateau now - the question is will it hold the weekend - hell, will it hold the next couple hours?

I am speculating that a lot of people are cashing out for fiat right now for summer holidays. You can't spend btc at Disney or the beach yet. A lot of btc holders aren't big investors but early adopters that are now enjoying the summer. This will make for some good buying opportunities now. The news hit in April and a lot of people are figuring out what to do with bitcoin now. Love'em or hate'em the Winklevoss twins wouldn't be starting an ETF without careful analysis of the market, and trading like that has strict rules and regulations.

I believe we will see a jump in value in the coming weeks as people come back from holiday and as new tech materializes.

Tonko

full member

Activity: 126

Merit: 100

I'll repeat my response to the other thread:

Quote

Well, you bought DVD burner, maybe some Reddit crap with it and now what you gonna do with it?
So why buy it?
You may as well use fiat on Amazon.
The whole thing is bullshit for kids anyway. Not ideally or technically, just when it comes to the real life.

after which some moron started singing, so very predictable, phrase about how Henry Ford did ... blah, blah.

The overall idiocy and the lack of education (predominantly from Merkens) has reached such a stage that anything can be associated with anything, and can be held as a valid argument.

Margaritas ante porcos (guess no Merkentard can figure this one out)

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