Topic: Market Rate Essentially Flat Past 8 hrs (Read 2857 times)

nailed it

Since when flat is bad ? People like the price, want to sell for it, want to buy for it, wait for china morning and be happy

The hype news is likely about a phone app, that should be worth about a $100 bounce over two days, to me that is from the previous high ($596), which means were are already there.  Since I won't allow myself to believe that anticipated knowledge is better than actual knowledge I'm hoping the market reacts to the news over and above where it is now.

So I'm buying anything under $700. but saving the majority of funds for a dip that will inevitable occur (just hope I see it) around $650.  [all $ references are  USD]




  

Looks like I messed up when I didn't buy last night for $620 CDN. With a few of the reports I read last night, I figured I could get in for below $600 when I woke up, now its hitting $715. Hopefully it will drop down to $700 or maybe I should just bite the bullet  and jump in at $715.

in light of new development, I think your $630 is not a bargain basement price for tue and wed

Apparently this is the cause of the market surge, inside info based on the following:



http://newsbtc.com/2014/03/03/blockchain-info-ceo-nic-cary-big-news-dropping-tomorrow/


Blockchain.info CEO Nic Cary: “Big News Dropping Tomorrow”
Eric Calouro | March 3, 2014    | 1 Comment
Nic Cary Exciting News Tweet

That price spike we saw earlier today? There’s probably a good reason for it. Blockchain.info CEO Nic Cary sent out an interesting tweet Monday afternoon with some informaiton to get the bitcoin community’s hearts pumping a little harder:

“This is going to be an exciting week,” he proclaimed. “Some big news dropping tomorrow”.

Are your palms sweating yet?

Of course, no indication on just what that good news is, but it’s most certainly a change of pace from these last few weeks. From bitcoin price drops to the horrifying news that Mt. Gox had lost millions in user funds (and subsequently filed for bankruptcy protection).

We’re not going to speculate, but we’d imagine of Cary considers it “big news”, then it most likely is. Also of interest: Cary @-mentioned both the Bloomberg and Market Makers (a TV program on Bloomberg) Twitter accounts.

What do you suspect is on the horizon?

yeah, that old norm was when we were all in the wonderland that the btc protocol could prove all, but now that we realized the protocol might not be reconcilable, or that we might not find the missing 800K btc all of a sudden we are faced with a new reality, a new norm, and a new market price too.

Now that we know Gox' numbers were fudged for a long while, now that we know all of the big exchanges fudge their numbers, and now that we know any of them can do the same as gox did, life is no longer the same

If $630 becomes the new bottom it will represent an artificially high, and structurally weak, position.  

I'd really like to know all of the logical, and or actual reasons, why the market spiked today.  I monitor the btc market like a hawk, yet to see any justification for the spike.  The market is too small not to hear a pin drop in it, so please tell me what happened?

My guess is that it stays around $630. From experience the BTC usually goes up weirdly fast then a deep drop and stable for a few days.

what is your prognostication with actual numbers, where do you think will be today's high and low?

It will be interesting to see if this rally will continue or if prices will dip back down to where they started

wishes do come true, the market broke out of the rut

it is likely a surge but I'll take it, it was tough working in that confined space

well the rate went as low as $535 it's now on it's way back up to $595, my hope it that it reaches about $600 before 9am Monday, that's a tall order considering the the tight swings but let's see. 

It's a pretty damn good time to buy. Tons of bad stuff priced in - it's not going to get too much crazier than what we've just seen with Gox.

When you say all those other fee's, what are you refering to?  I don't want to be overlooking something.

The verification wasn't all that bad.  I just scanned my id and sent them a copy of a cable bill for verification.  Didn't have to give them anything more at this point for the amount I have on there.

There is an atm in Vancouver, about 2 hours from where I am.  I'm sure that would have been an easier option to get $ into BTC, but I like to make life difficult for myself sometimes, LOL!

I don't see $400 anytime soon, you will need some pretty bad news to justify further negative movement below the current floor of $550.   

the 1.5% is very high but it scales  down dramatically so it's cool for the avg investor and good for the heavy traffic guy.  All of those other fees are kinda crazy.  I was really shocked at all of what you must give them in terms of financial and personal info to have a verified account. 

I saw a btc ATM located in toronto which took your palm print to get btc have you had the opportunity to use a btc atm?

Thanks for the offer, but I have my money in VirtEx and i think that I'll keep it on there. Moving it around just sounds expensive with fee's. Right now the sells are running from $620 to $630 or so. There fee's are 1.5%, I guess thats high?

I'm completely new to this portion of Bitcoin.  I'm just trying to figure out what the right move is.

Pretty sure I'm just over thinking this. I just have the drop to $400ish still in the back of my head.  Wondering if it could drop to that again or worse? Would rather buy in as low as possible.

funny you should mention that

here's an indicator that should show your 560usd to be a safe bet

Coinbase is a very conservative exchanges, usually their rates are generally below the market for selling and above the market for buying, in addition to that their fee is 1%  (100 - 150% higher than the rest of the market).   Right now their buy and sell rates are both higher than the market, $575.

To me that is a great indication that rates are very much expected to rise, I just don't know why.


If you had a Coinbase account (I'll send you an invite if you like they give us both $5 if you do a trade of $100 or more) you could buy at wherever you now shop $560 btc then immediately sell it on Coinbase for 574 right now (assuming you can still it it at the rate you mentioned).

Wondering if i should buy in at $620 Canadian (560 USD) or if should wait to see if it goes back down?

Do you have a specific country in mind?

Unlike all other financial markets, cryptocurrency markets are EXTREMELY volatile primarily because it is a nascent market but also because it is hype driven.

If you do a thorough analysis of the btc charts you will rarely find long flat periods such as what we are now experiencing. For the year 2014  I only see one other time.

While adoption traction cannot have been helped by the MtGox situation, hopefully some institutional investors will pull the trigger at these prices and support the market

Get used to a $450-$700 range for the next few months at least

Well, there is likely about to be some crazy volatility considering the news about Mt. Gox that just came out. I suppose its still possible that everyone is going to be cautious these next few days and trade volume will be lower than usual.

Have you ever traded in any market before? This is standard.

so how much do you think btc's value is attributed to hype? if you were to strip away all of the hype would the rate be higher or lower?

Another Cyprus event is more likely.

Like on April 2013, we're in a post-goxing period... it will stay flat till the next "event" that will make it go up or down. Question is which event will be? Another China/Cyprus or another government ban?

MtGox has killed it (new blood) for now. When you search for Bitcoin you are met with corruption and scandal. It's a sad few weeks for Bitcoin.

It's like back in '13 when the price was in the $100-130 range.

Well, it has to be greater than the quantity being "cashed out", or being "actively traded"...

But same same...

The point was that the price is not what people want to pay. Obviously. But one they are willing to settle-for to cash-out. Thus the decline, and then the flat-line.

Hump is almost over, it will drop over the next few days, then rise again, once it hits $400

Trust in any exchange is slim right now. Since none of them actually have proof that they even have our funds (currency and BTC/LTC) in holding. (They are working on that proof now... all of them, I believe.)

For those where they do not, they will/should also be showing why they are short or "fractioned". (Eg, locked funds, lost funds, pending, internal expenses self-loan of our funds.)

Though, I am sure none of them will be able to do that, or justify the missing funds completely. They will/would use trick wording to hide the fact that they just spent the money you deposited, and/or BTC/LTC on other exchanges for funds, for themselves. (Just like banks do, without actually saying, "we spent/loaned your money".) Ironic part is... if they didn't, the banks they hold their funds in, have done it for them. That is what banks do. (Just hope they are using reliable banks to hold your funds, unlike cypress.)

Sure everything will be back to the illusion of normal in no time.

BTC to $100, here we come! Get ready to buy!

Not entirely true. New money HAS to come in each and every day just to keep the price the same. Im not going to get into the math but you should get it.

Price stays still when no money comes in, and all money that was in, has been absorbed by trades.

Gotta have new money in, or someone with money sitting in there, has to be presented a price they are willing to pay.

Thus, price will drop if no-one convinces those people to pay more than the listed price.

Would you? Obviously not, if you are asking this question.

You want the price to move up... get off your ass and talk to people about how great of a deal these discount BTC are.

If you sit on your ass and just want to reap rewards... you will only end-up with a flat ass...

This is not a spectator sport. Stop watching it, and play.

The rate has been goxed in the past.

wow, I can't believe it, I'm ready to buy or sell if the market would just make a substantial move in either direction, but it keeps making tiny moves in alternate directions, I have not seen this all year (well for two months, ok)

any thoughts on what's keeping things flat?