Topic: Bitcoin Weekends Jinxed! (Read 1197 times)

It is funny, if you save money in USD it is called saving, but when you do it with BTC it is called "hoarding". Is there a more negative word we could have chose to replace "save"?
To save BTC is smart as it is a deflationary currency. I think where people get lost is in the assumption that we should only spend it, but that is consumerism. I think a smart thing
to do is to save as much as you can (just like in general, don't be a consumer) and when you have the chance to buy something with BTC, you do it! Moving money out of fiat and into
something trustworthy (not necessarily BTC of course) is smart as the printing of money and the way the banks are run is theft.

Because BTC is so divisible (8 million bits per BTC), even if the float was decreased MASSIVELY it wouldn't matter, there are still plenty of "bits" to go around. I think I heard something like we have
enough Bitcoin Satoshi's to have one for every penny in the money supply, something like quadrillions.

4h confirms? Limit of <10 transaction per second? designed to facilitate *trade*? Are you taking a piss?

Yeah, it's completely and utterly obvious that those MASSIVE weekend dumps were NOT somebody trying to cash out, but somebody trying to manipulate price to make $$$.

Selling $10m worth of coins at market price is the least profitable way to "cash out for good." The amount you would lose in slippage is just not worth it. Investers don't cash out to lose money. There are numerous other methods to do it (off exchange, dark pool, limit order over time, etc.) Remember, we're talking about a low-liquidity market that is experiencing very thin volume at the moment.

After a few weekends this manipulation is going to be priced in. Everyone's going to go short before Sunday morning so that when the dump happens it will either get swallowed by buy orders or it will bounce right back up.


I agree with the rest of your post. But then you had to say this. Who the heck are you to say what bitcoin is "made" for? Read Fekete and what he has to say about the role of hoarding in any healthy currency. There is NO SUCH THING as a currency that does not have hoarders. Even the USD (which is losing value) is hoarded in ridiculous quantity. Socialist weenies made KeynesCoin (Freicoin and PPCoin) but if people hoard USD than people will hoard those. Bitcoin is a quasi-commodity and can be used to buy shit and to store value. In concept it's great for both. Enough of this demonization of responsible saving as if it is a built-in feature of the currency.

I don't think so, the timing of the sells point to either China and/of someone wanting to drop the price. I mean you don't sell large amounts of BTC on a weekend day in the morning unless you want to drop the price.

I saw a good suggestion the other day: if you intend to cash out your BTC, check if there are any goods or services you can buy with that BTC first.

Sell before its too late.

The thing is investors put fiat in and that's what they want out.

Cold, hard, "physical", cash.

Bitcoin wasn't made to be hoarded anyway. It was designed to facilitate *trade*, and that's exactly what's happening.

So what if the price trends down for a while.

This can only be good for Bitcoin.

Solo miners using ASICs who are selling off their newly minted coins each weekend?

The mtgox charts look like bitcoin will go up. There's a good demand and not to many sells but this has changed in seconds before.
 

I am not sure if I am superstitious, Bitcoin prices tend to go down a lot during weekends as far as the last two weekends were concerned.  Hopefully Bitcoin will be triple digits this weekend and will go up instead of down.  Keep my fingers and toes crossed.  Anyone has any opinions as to why?