Topic: mtgox live is better than TV! (Read 1668 times)

+1, that's why I'm here.

I do feel sorry for those of you who've never dealt with highly speculative investments before and who got lured in by promises that the sky's the limit (sometimes from other noobs, sometimes from scumball pumpers), but pyramids are everywhere...  People get pulled in all the time.  Someone has to be the example we can point to.

That said, I'm laughing the whole way down because the people who're losing big are the silly speculators who ran it up in the first place, and they're the ones who're making BC so volatile that I can't use it as a transactional currency.  I want to buy things, not invest in hopes and dreams, and I can't have my thing until yours is thoroughly crushed.

It's why I'm pushing the idea of a speculation-resistant altchain.  Things shouldn't be allowed to get here in the first place.


... which is why I think BC is economically broken.  I figure it'll start lower than a buck, but same idea.  I'm afraid we'll have a series of mini-bubbles which will prevent stability from happening for at least a couple more years, during which I'm wasting time and money on international wire transfers to get business done, and feeding PayPal a cut for the small stuff.

Unfortunately the only way around it is a different economic model, and altchains aren't going to be taken seriously any time soon.

i calculated about 30.000+ BTC sold today, that caused this chrash... (only mtGOX $, btw)

I also think it'll stabilize in $1-$2 range.  I'm only trading to on volatility on the way down, and will start holding long again when it gets to the $1-$1.50 range, which  I think is defensible.

7200 coins * $3.50 * 30 days = $756,000 in new bitcoin value created per month.  Even if only 1/3 of bitcoins are sold immediately (my best guess), that's still $250k, and there's simply not that much interest in bitcoins at the moment, so down the price goes.

At parity with USD, only $2400/day is needed to maintain the network (based again on 1/3 being immediately sold), which is a lot more reasonable.  After dwelling in the Trough of Disillusionment until the 25 coin/block change happens next year, then we'll finally see higher prices.

I'm still expecting at least a 300% rally.  But not from $3 to $9, expecting that would be insane.  But $1 to $3 is within the realm of possible.

My opinion: the chaos is caused by the wrong people doing speculation. This is the first test if they want to become solid speculators. The sanity among players will have increased by the end of the year.

In addition, if things mature, you'll see users that aren't in for speculation profit, but rather for moving funds. Quite frankly, if those can work in BTC, it will be unimportant what the rest of the world thinks. BTC can come from the back-ends, from the nerds and the outcasts of the financial system. This is good because the average person cannot handle the necessary security measures to directly use BTC.

But let the market finish crashing first. The current mess will be sorted out in speculation, then we can go on. I think it's a good stress test on the whole thing -- if we can't survive this, the project is too weak anyways.

there's nothing wrong with manipulation. Same thing the goverment did during the 2008 stock crash. They formed PPT (Plunge Protection Team), which is similar to the forum

The question is did you withdraw all of USD from mtgox already?  If not - then I can bet you'll try the game again one day.

I would love for bitcoin to succeed but its reputation has been sufficiently harmed that I don't think it has a reasonable chance at this point.  I'm sorry to admit that I made some poor decisions on misplaced hope.  Thankfully, however, in the end I didn't lose any money.  I did lose an awful lot of time.  Oh the time.  And yet, as I said, I just can't look away at this point.  I'm captivated.

I don't think it will stabilize until it hits the $1-$2 mark. There are more bubbles to pop before this decline is over.

Same here, as you probably remember, I've been enjoying the price falling from the $30 dollar mark. I like it because I got flammed to death when I used to say anything negative about bitcoin back then. I also did not like the fact that the forum stopped newbie posts under 50 when the price started to fall hard from the $30 dollar mark. I felt this was a form of manipulation on there part to stop panic selling.

It is enjoyable because people were treating bitcoin like it was a cult thing. They lost all sense of reason and good judgement.

I want to be done with bitcoin, but I can't divert my gaze from the train wreck at this point.  It's so interesting to read the forums and watch the price.

is everybody back in?

volatility!

thx 4 cheap BTC