Monday morning rally for real? | Bitcointalksearch.org

RomertL

sr. member

Activity: 470

Merit: 250

Quote from: imperi on June 12, 2011, 11:06:35 AM

leading to a crash that experienced traders were instigating to take money from suckers.

...That would be me;) No, seriously, I haven't lost faith. Defenatly not in the concept, I really think it's a ingenious idea. About the exchange-rate -who knows? It might crash a couple of times, but it will survive. The enthusiasts will never let it get to 0. About tomorrow: I sense there will a lot of movement, let's hope it's in the right direction...

TraderTimm

legendary

Activity: 2408

Merit: 1121

Quote from: gaoxing on June 12, 2011, 01:59:28 PM

Looks like this thread may have started a pre-market frontrun of psychological resistance @ $10

pretty thin market, interesting how the rumor mill can cause a $12 move....

I farted when the market was going higher, so I'm going to get a few bean burritos and make myself rich!

Oh, that's right, correlation doesn't imply causality.

gaoxing

newbie

Activity: 11

Merit: 0

Looks like this thread may have started a pre-market frontrun of psychological resistance @ $10

pretty thin market, interesting how the rumor mill can cause a $12 move....

imperi

full member

Activity: 196

Merit: 101

Quote from: JellyfishRancher on June 12, 2011, 12:04:02 PM

People who became interested in bitcoins after all the SR press will not have their funds ready to trade until Monday -- I know because I am in this exact situation, eagerly waiting for my Dwolla bank transfer to go through tomorrow.

I started transferring money to dwolla the moment after the very first SR article was published (on wired.com), and was able to purchase on June 7th. So you are late to the show.

JellyfishRancher

newbie

Activity: 28

Merit: 0

People who became interested in bitcoins after all the SR press will not have their funds ready to trade until Monday -- I know because I am in this exact situation, eagerly waiting for my Dwolla bank transfer to go through tomorrow.

imperi

full member

Activity: 196

Merit: 101

If you look historically at the volume of $ being traded each day, compared to the price per Bitcoin, I don't think $31 was such a bad deal for over $2 million being traded daily. Even after the price crash, so much money is being traded. Bitcoins are in high demand. I think people just weren't ready for the price to go higher, and got scared, leading to a crash that experienced traders were instigating to take money from suckers. Also Mtgox isn't exactly stable so it isn't good for very high volume trading (yet).

RomertL

sr. member

Activity: 470

Merit: 250

Quote from: imperi on June 12, 2011, 10:49:25 AM

Quote from: RomertL on June 12, 2011, 10:46:26 AM

Have some cash on the way to Mt Gox that I will use to buy if sub 15, if not I will probably wait and observe, it's just too crazy now

You'll be lucky if it ever goes back down there.

hehe lucky maybe not since I already have some coins bought at the very peak (31$) Wink

imperi

full member

Activity: 196

Merit: 101

Quote from: RomertL on June 12, 2011, 10:46:26 AM

Have some cash on the way to Mt Gox that I will use to buy if sub 15, if not I will probably wait and observe, it's just too crazy now

You'll be lucky if it ever goes back down there.

RomertL

sr. member

Activity: 470

Merit: 250

Have some cash on the way to Mt Gox that I will use to buy if sub 15, if not I will probably wait and observe, it's just too crazy now

Drifter

sr. member

Activity: 364

Merit: 252

It'll be more likely we see Monday evening action rather than Monday morning action. Well, US evening, Japan morning

Ian Maxwell

full member

Activity: 140

Merit: 101

The problem with using "Well, are you buying?" as a metric is that a lot of people here first bought in at like $0.50 or so. If someone invested $1000 at that price, they're already well over $30,000 in at this point. $30,000 is more than my annual stipend as a grad student. If I had that much invested in one instrument, then no, I don't think I'd be looking to put more money into it.

Amechan

member

Activity: 105

Merit: 10

Spreading Bitcoin love

Quote from: jhansen858 on June 12, 2011, 12:42:02 AM

The coins are still over valued.. At 30 they are insanely overvalued.

Fundamentals do actually matter and right now you cant buy anything with bitcoins...

Not true! You can buy anything in my store! www.cheaplightning.com

tysat

legendary

Activity: 966

Merit: 1004

Keep it real

Quote from: piuk on June 12, 2011, 05:47:30 AM

Depending on the closing price today I think we might see a small rally on Monday. People will have the perception that if it was worth $30 a few days ago then it's got to be worth more than it is now. The ability to hold that price will be based on the amount of new investors and what the large holders decide to do.

Closing price? I think you may want to use a different term than that, as the market is always fluctuating.

piuk

hero member

Activity: 910

Merit: 1005

Depending on the closing price today I think we might see a small rally on Monday. People will have the perception that if it was worth $30 a few days ago then it's got to be worth more than it is now. The ability to hold that price will be based on the amount of new investors and what the large holders decide to do.

istar

hero member

Activity: 523

Merit: 500

I think on wednesday we will see the rally. People havent yet got their funds in.

But if I had funds I would by some now.

There will be a couple of turbolent months. But I can only see bitcoin going up in the long term.
Even if there are some major bugs right now. The fact that they were found means they will get fixed.

I can imagine people looking back in a couple of months thinking they sold em to cheap now.

andes

jr. member

Activity: 42

Merit: 2

Quote from: casascius on June 11, 2011, 11:16:03 PM

two percent of them moved. (as determined by Saturday volume divided by total circulation)

Where did you get the saturday volume movement? Thanks.

bitcoinBull

legendary

Activity: 826

Merit: 1001

rippleFanatic

Quote from: jhansen858 on June 12, 2011, 12:42:02 AM

The coins are still over valued.. At 30 they are insanely overvalued.

Fundamentals do actually matter and right now you cant buy anything with bitcoins...

You can buy dollars with BTC (repeat this to yourself 10 times). Sometimes you can buy more dollars than you paid for them (which is the whole point of buying BTC). Sometimes less (cut your losses or wait it out).

This ability means BTC is not your average virtual currency (Liberty Reserve, PayPal USD, facebook credits, amazon gift cards, WoW gold, iTunes points, smurph berries, farmville pigs, zynga poker chips, etc. etc.)

And FYI, this is the fundamental backing bitcoin: http://bitcoin.sipa.be
(not the number of bitcoin merchants)

imperi

full member

Activity: 196

Merit: 101

Quote from: jhansen858 on June 12, 2011, 12:42:02 AM

The coins are still over valued.. At 30 they are insanely overvalued.

Fundamentals do actually matter and right now you cant buy anything with bitcoins...

Except drugzzz. Don't forget.

jhansen858

sr. member

Activity: 364

Merit: 250

The coins are still over valued.. At 30 they are insanely overvalued.

Fundamentals do actually matter and right now you cant buy anything with bitcoins...

dingus

full member

Activity: 126

Merit: 100

Quote from: imperi on June 11, 2011, 11:17:56 PM

The best time to buy is after the price goes up a lot, not down, so I share your doubts.

Buy high, sell low.

Can't...tell...if...serious...

Topic: Monday morning rally for real? (Read 3731 times)