Topic: MtGox just re-hit $1000... (Read 2528 times)

if only it weren't impossible to get USD out of gox...

Looking at volume, is demand unprecedented? Compare, say, 11/2-11/28 and 12/21-1/4.

Or silently gloat.

And then they can say "look, exactly what I thought happened" 

I believe you may not be giving enough credit to simple chaos.

I know the feeling you mention but what worries me is that I might start believing in some kind of conspiracy where the top 50 Bitcoiners - those rich ones - are all in league with eachother, rubbing their hands with glee as they fleece everybody.

An unlikely scenario, I think you'll agree?

No, things are more chaotic than that. That's not to say that there aren't large whales about, but as I've said before and as has been backed up here by at least one big whale, I do not believe that generally they are in cohorts with eachother to get as much out of the market as possible.

But yes they may try to move the markets individually. But then I bet they lose out often enough when the market swings back and slaps them across the face. Just look at this weekend for example. Magic!

It's also important to note that certain large whales probably want to keep most of their coins for the long term, as by doing so they will own significant "shares" (for want of a better word) in a great global payments system. And that will count for a lot.

It might sound like a joke, but I believe that in the markets the day of the plankton is coming now. Arise plankton, with your micro-payments and your Bitcoin burgers!

Right now I do think that Bitcoin price is 90% manipulated BS. However, it is also combined with unprecedented demand.

What happens when you have an unregulated trading market combined with rampant speculators buying in at any price, I think you get $10k bitcoin in a hurry.

I wouldn't be surprised if we surge into the thousands before we correct back to where we are. Just way to many forces in play right now though, this train has left the station.

Think of how much USA QE money is sitting in the hands of the greedy wall street speculators who just finished fleecing the stock market in 2013. I am certain there are many many millions floating around that are willing to throw a little cash into the Bitcoin speculative pool and drive the price rapidly.

My biggest fear right now is that if all the miners, pool operators, and coders become 100+ millionaires in the first quarter that they will flee to Fiat and maybe even disappear for 10 years on an island far away. I don't think most current holders of BTC could resist.

Then we will left with a commitment and leadership void among the new wave of investors with less than 100 BTC.... could get ugly.

Right now the price is driven by speculators wanting more fiat not by investors fleeing Fiat. I would prefer the later and this surge makes me very nervous. What the hell are we witnessing?!??!

Alright, I call the bearish was over.

http://en.wikipedia.org/wiki/Market_manipulation

Here's some of that attention you are seeking.  Feels nice, doesn't it.

Anyway, my point is be careful who you label a "professional" on this forum.  There are very few high quality posters and most of them don't make strong predictions (such as we will not break $1000) because they know this is a market, not a data series generated by deterministic processes.

I have a hard-on for silly posts not backed by facts or humor. Here is a piece of trivia for you: after any price range is cleared, there are no major orders in that range anymore, so any small buy or sell at market price can clear the whole range instantly! That is the behavior you observe and which you mistakenly consider "attempts to drive price down". $1000 was broken at gox, it was not an attempt but a 10,000-coin buy to $1020, followed by a 100-coin sell back to 980.

Good day to you, too.

ok, got it, from now on I will keep mouth shut, like a true professional!

The pros keep their mouths shut for the most part.  Only those seeking attention or validation run around acting like they can predict the future.

calm down, just the usual weekend dip.

bitcoin style.

Looks like piramida got the hard-on for me this morning...

Let me re-phrase myself to be a bit more precise:

Every time there's an attempt at breaking through the $1000 barrier, there are multiple attempts at driving down the price below the $1000 bar.

Whew...

Thank you, piramida! Have a wonderful day, good sir!

I think you didnt actually Noticed This
http://btckan.com/price/index/btc
can you check there at 796Market or directly in 796.com which is trading in Higher Volume and in Higher Price then Gox.

what? where? in your dreams?

Gox ratio: 3,728.25 USD bids/BTC asks

highest since I don't remember when.

many sellers getting in, driving the price down. Now $985 at mtgox.

Imma hit the ceiling when it starts hitting 1k on other exchanges.There's still a ~$150 gap between Gox and most of the others.

yeah that mighty wall at $1000, whole 0.3 bitcoins now! unbreakable!

Where the pro´s here were speculating that we wont reach $1000 today, we reached it minutes after they said that  

You have to love Bitcoin.