Topic: How low before you buy in? (Read 3949 times)

OK, sellers I have started to set orders - from the difference I made on the way down. Only a couple 1000 $$$, for now, but I'll make bigger and bigger orders on the way down if you insist giving me your coins cheaper and cheaper.

And just for your motivation: These orders are from the profit I made on the way down so far.

Unrelated? Sure they are complexly related, but not unrelated. There are many different types of scams and/or poorly designed business operations, and it's hard to tell the difference. I simply don't trust anyone with *my* Bitcoin except an exchange for a short time.

You've listed three unrelated and probably untrue things as if its meant to make sense... did you mean to do that?

These swings are caused by a few people with large caches dumping their accounts. We are paying for the stupidity of people trusting unsecured wallets. When folks stop giving away their money to scammers, Bitcoin price will go up and stabilize.

especially if all it takes is for one guy to influence the whole market......

You guys don't get it, do you? How are these ridiculous price swings helping? It's good to put people off because that helps build a solid foundation? This is the silliest thing I have ever heard. So if Bitcoin would swing even more wildly, it would be even better? If liquidity is even less than now, this is great?

Order at 8.51 just got hit.

glad i have $4k USD sitting by in the exchange and ready to go.

Thisw is another case of spending other people's money. All the stolen Bitcoin lately has been waiting for a time to dump. I think we are near bottom.

+-10% in price within seconds. No liquidity. At the moment, Bitcoin has the highest TX cost of all payment systems. WU is a bargain in comparison.

 

Dannnng! I just canceled my $8.50 order when it blasted to $8.50  




I wish he'd just sell his entire stock and get it over with 

+1  - I feel the same way.  I am currently working on projects to help build more plumbing for BTC.   I am watching the charts and will be making some purchases once I see what I am looking for.   That goodness for reading all those technical analysis books.

D

Regarding Pirate selling as someone mentioned earlier in the thread. Here is my opinion:

Pirate started selling Friday afternoon, selling enough BTC to start a sharp drop. Knowing that people would panic sell, he started this panic sell so he can purchase enough bitcoins at a lower price in order to be able to disburse all the bitcoins he needs to send out. The panic sellers just played into his hand is all. He started it on a Friday, knowing that most people don't have funds immediately available on the weekend to make BTC purchases. I would bet that he had quite a large amount of funds positioned to do his buying over the weekend when he knew he could drive the price down and it would stay down for a few days due to the weekend limitations on people getting funds in and ready.

So, he announces he is closing out (right before the weekend), starting some nervousness. He dumps enough BTC at the higher price to start some panic selling (shortly before the weekend). He uses the funds he gained from selling at the higher price, plus any funds he had in there already to buy throughout the weekend at the lower price. Once Monday rolls around and price starts gaining again, he sits back and disburses the coins as mentioned in his closing announcement. Any BTC left over from his weekend buying spree are pure profit.

The worst part about it is that anyone could have realized what was going on when it started. They could have not panic sold (and screwed him). They could have joined in on his plan (making it pricier for him). But they played sheep and played right into his hands.

Note this is all just my opinion and reality may vary. I thought of this scenario as soon as I read about him closing and then saw a major drop starting on a Friday afternoon.

Thralen

Indeed. I think we pruned quite a few merchants this weekend who considered accepting Bitcoin. Great job.

Is is?

To me the best strategy seems to be to act as if I want to keep the prices stable: Buy low, sell high. But my newly gained coins of this weekend must come from someone who lost them.

But I lost, too. If more would try to keep the prices stable, we'd see a slow gain of maybe 200% each year. But for some, 200% a year is maybe not enough. Like those losers I won my Bitcoin from.

No particular price, just watching the charts trend and making my bets on market senttiment...that said, I cant see jumping back in until I am confidant that the crash is over.

+1

Welcome to humanity.  We have two options: greed and fear.

Indeed. We all did ourselves a great disservice. This is not going to make the general public trust Bitcoin. And trust of the general public is what can drive the price into the 5-digit range. So for some puny "profits", which are bound to be the losses of someone else, we blow it.

Why don't you guys keep some money at Mt. Gox in the event of price drops like these? I always keep a couple of hundred dollars there, just in case the market goes bananas and bottoms out. I just picked some coins up at $9.53. That's more than a third cheaper than it was, like, four days ago.

Crazy times. I'm enjoying every moment of it.