Topic: I sold everything at $158/159 this morning - page 13. (Read 20754 times)

How do you explain todays chrash?

1. Panic selling
2. Manipulation by a wt. street fund manager
3. ASIC manufacturer insider selling

I put my head on third.

That might be a good thing, we don't need a central bank in bitcoin, makes bitcoin an easy target...

I don't even know, man.  It crashed today, but it'll go back up.  I expect these crashes and booms will continue, too, as the exchanges undergo life and death.  Really, I'd say it's all on them -- if people feel like they can't back out of their BTC investment, then Bitcoin is doomed.  They know that, so I think in the coming months we're (hopefully) going to see some improvement on timings and infrastructure throughout the Bitcoin Network.

problem is how do you trade this on mtgox

its ridiculous having market orders execute 10 to 30 minutes later. In that time price could easily move 25% or more.

its 2013 and the coders at mtgox cannot make a simple price matching platform. Quite silly really.

Could see a large dump when Gox comes back online. I do expect a rally to kick in shortly after.

Bitstamp has continued to trade, albeit it's small volumes so illiquid.

Price is around $55 there currently.

We will se what happens when MtGox reopens tonight. Maybe we crash totally or we see a rocket launch to the moon. OR so many ppl are scared now, that we stay where we are.
Hmm.

Yes it was, this being a huge speculative bubble that NEEDED to burst was clear as the sun. It needs to correct HARD. No drama, cheaper coins for everybody, and a lot of work to do to build a strong economy based on solid ground and not only speculation.

Because Bitcoin IS and it WILL ALWAYS BE very sensitive to speculation due its own nature. But the bigger is the REAL economy behind it, the most difficult it will be for speculation to pump and pump the market.

i can't understand all the talk about a bubble.
bitcoin will then be a bubble if too many people are burnt and completely avoid using it in any way and there's just a little unimportant group holding the front and using it for regional markets in their inner circle.
It's just the system bitcoin functions as itself what will push it forward.

Especially when you look at the developements after cyprus imo bitcoin will become a very attractive possibility for tax refugees and many other big players
who can shift huge sums around without any big fees and that completely anonymous.
everybody knows how much money lays in that tax haven sector.

the whole thing just needs time.
You can't predict a longterm developement from these technical problems right now.
The profit gain in these last weeks was just ridiculous, now everythings back to normal.
And I'm still waiting for these 75k accounts at mt. gox to be activated.
(conspiracy wise the only try that finance regulators can do to get a hold of bitcoin and smash it is to buy a significant amount (more than 51 %), control the market and pumping and dumping so hard that everybody has enough after some time.

we will see what's going on in 1 month and how the rollercoaster ride in europe is getting forward.
it feels like big anthill going crazy right now because one stick fell of the tree

Thats why the old saying in proper trading markets is 'leave something on the table for the next man' ie sell while others still think there's more in it and be happy with your exit price. Statistically only a few players happen to catch the top.

I sold at $215, not as good as the peak, but far better than the current bids......

yeah it makes for good reading, when things are bubbling.



I still think if bitcoin gets accepted by any major vendor (ebay, amazon, western union, etc) that it will reach $1000 minimum in the future. A lot of ifs and buts in the future though.

I love reading these posts.  Look half-way through any bubble, and it looks like things have gone insane.  You just never know where it will pop.   A year from now, the hundreds can look the way $30 looks now... or it can look like the top of a radical bubble that burst.  It is all a matter of hindsight.

At the end of the day, invest in bitcoin when you can, if you feel comfortable, and IF you can afford it.  Like anything else in the world.  In my opinion you are neither crazy if you are selling now, or if you are buying now.  In both cases, you are making a bet you cannot possibly know the outcome of.

I didn't sell at $260 because it is impossible to call a top. Anyone who sold at around $260 is purely lucky, not skillful.

Well, I take that back, if you are the market maker or a big fish, you can MAKE a top by dumping huge volume. But that is not me.

Trading is about probabilities, not certainties.

In my opinion the probability of a large correction was very high.

Anyways now you can all see why you need shorts to stabilize any market, there is now a vacuum on the way down (just like there was a vacuum on the way up).

I'll take that bet (trading at $95 on campbx and bitcoin-24)

Well I agree with you but not sure why you didn't sell at over $200 as there was plenty of time to do that before the obvious crash.  You let the price drop from $260 to $158 to sell...not sure what was going through your head then or maybe you weren't at the computer watching it drop steadily for hours.

Anyway I agree the price will drop below $50 before it ever sees $250 again.  

And yes some people on here are crazy saying that it doesn't matter when you buy because it will be $1000 someday.  Yeah, why not have half as many BTC at that point because you bought near the high because "it didn't matter".

All Bets are off now that mtgox has halted trading.  It will be interesting what happens when they open up again.  Maybe you were right about lows of $35!  Could be the buying opportunity of a life time... Wish I had money to invest.

Oh well OP was right. And I think it can go somewhat lower.

Would those ASICS caused this? I mean certain people made a big investment in GPU's, created a lot of coins and now started to cash.

I saw someone just before the move something like 60.000 bitcoins. I think that is the winner of this all.

selling out at 158$/159$  is going to end up looking like a real bad decision.  you could have sold out this evening at $190. So it is with Bitcoin.. always hold onto some!

Im sure it will go up as fast as ever.

And here we're going up again. Tomorrow are we back to normal