I think the charts definately effect many users to sell or buy. I know it does for me. It wont for people that are in it for only the long term and just buy, hold and will sell later down the road, but miners or short term investors, especially with the crash that occured and the bubble to 30 bux a coin, when you see the coin worth sitting around 15 and then a couple days later it has dropped to 13.1 it can definitely make you want to sell sell sell, and cause the price to drop even further.
I do agree MTGOX is going to keep having these type of issues and do seem to be working on them and are still the best exchange to get bitcoins at.
Topic: Mt.Gox scares people into selling (Read 3490 times)
New account will be open at 11:30 tuesday morning, and we'll put the new IBAN on the page a few hours later (don't know exactly how long the meeting will last).
UTC or JST time zone?
Incdentally, the site shows:
"A new EUR bank account will be announced on Tuesday 19th 2011 at 13:00."
- https://mtgox.com/users/addFunds
What really makes people sell on Mt. Gox right now is probably that a large part of the Bitcoin community (read: Europeans) cannot buy them! ....
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
Some part of Mt. Gox fails every few days. They're always blaming someone else. Either they're having problems with Liberty Reserve, or Dwolla, or their European bank, or their web server, or their order queue, or their network provider, or their security.Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
If you really need Bitcoins for something right now (unlikely, unless you're buying drugs), there's Tradehill.
.. and they are always going to be. Who did you expect? E-Trade or T. Rowe Price? Mt. Gox is a "mom and pop" shop that's very growing rapidly.
Get used to the growing pains or invest in corn futures with one of the above.
Lol is any one of those not true?
If you really need Bitcoins for something right now (unlikely, unless you're buying drugs), there's Tradehill.
What really makes people sell on Mt. Gox right now is probably that a large part of the Bitcoin community (read: Europeans) cannot buy them! ....
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
Some part of Mt. Gox fails every few days. They're always blaming someone else. Either they're having problems with Liberty Reserve, or Dwolla, or their European bank, or their web server, or their order queue, or their network provider, or their security.Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
If you really need Bitcoins for something right now (unlikely, unless you're buying drugs), there's Tradehill.
If you really need Bitcoins for something right now (unlikely, unless you're buying drugs), there's Tradehill.
Thanks, I feel neither an immediate craving for Bitcoins nor for drugs - it just would have been nice to buy some (Bitcoins, that is 
)I'm a bit disappointed by Tradehill because despite their promising list of currencies on the website, they still haven't managed to get a European partner or at least a European bank account which means rather high fees when trying to deposit Euros.
Every other market is not very interesting due to the low volumes.
I regularly buy small amounts at bitmarket.eu, but it becomes a great hassle for larger sums because you usually only have single-digit BTC offers within an acceptable price range and you have to manually pay everyone separately.
Guess we'll have to wait until Tuesday and hope the funds clear before the weekend...
Have fun buying cheap, everyone in the US
tradehill is not a good website and their instant-buy/sell feature that was supposed to be down for a "couple days" has been down for over three weeks now
What really makes people sell on Mt. Gox right now is probably that a large part of the Bitcoin community (read: Europeans) cannot buy them! ....
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
Some part of Mt. Gox fails every few days. They're always blaming someone else. Either they're having problems with Liberty Reserve, or Dwolla, or their European bank, or their web server, or their order queue, or their network provider, or their security.Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
If you really need Bitcoins for something right now (unlikely, unless you're buying drugs), there's Tradehill.
everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10
Since you know prices are "NOT" going back up, can you please tell me the price next tuesday?
tuesday 7/19/11
high 13.35 low 12.98
everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10
Since you know prices are "NOT" going back up, can you please tell me the price next tuesday?
Without some major intervention by some angel investor doing the "bitcoin movement" a favor?
Around $10, probably.
That's if it doesn't crash before then.
everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10
Since you know prices are "NOT" going back up, can you please tell me the price next tuesday?
Somebody bought at $14 and was hoping to make a quick buck
Yup. There's the idiot, immortalized for all to see.
Somebody bought at $14 and was hoping to make a quick buck
Reminds me of when the price of Gold dropped from $900 down to $600 and people were like SELL SELL SELL before it's to late. Lol now it's worth almost $1600. Fools. Go ahead and SELL SELL SELL your Bitcoins. When non-miners buy them up to use as a Digital Currency and you're left mining 1 coin every couple of weeks wondering why you sold your whole stash in a panic the rest of us will giigle to ourselves.
When prices change, it looks like a big change (like 13.52470 to 13.34410).
Any sane person would know that a price drop from 13.5 to 13.2 is a bigger change than 13.52470 to 13.34410
Perhaps you don't.
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
Would have been nice if we could have been informed more than 7 days in advance too.
The old bank closed the account friday morning as promised, and the new bank was decided by the authorities at the same time, however the new bank denied to give us a rendezvous to open the new bank account before tuesday.
New account will be open at 11:30 tuesday morning, and we'll put the new IBAN on the page a few hours later (don't know exactly how long the meeting will last). Once done we'll rush the dev of import API to make deposits available as soon as funds are in.
Yes, please, rush the dev.
Your team seems to be very adept at managing difficult, detailed oriented projects and pushing out quality code...
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
Would have been nice if we could have been informed more than 7 days in advance too.
The old bank closed the account friday morning as promised, and the new bank was decided by the authorities at the same time, however the new bank denied to give us a rendezvous to open the new bank account before tuesday.
New account will be open at 11:30 tuesday morning, and we'll put the new IBAN on the page a few hours later (don't know exactly how long the meeting will last). Once done we'll rush the dev of import API to make deposits available as soon as funds are in.
everyone who's set their sell prices at something like 20, 25, or 30 needs to log back in and sell--the prices are NOT going back up. would you people rather be poor or poor and ashamed? don't do this to yourself, especially the guys holding 1000+ coins, sell at $10
The only thing scaring people ... is the fear
True that!Quote
It has nothing to do with how a chart looks and everything to do with someone/many people making personal realizations about their own stake in bitcoins.
It would be foolish from anybody wanting to buy or sell to ignore the charts as an additional source of information. That's the reason why most people do look at the charts before they trade and hence it is not at all irrelevant how the charts look like. Especially with something like Bitcoin which is entirely driven by supply and demand!Anyway, my point was, that with BTC influx steady but USD influx partly blocked, an unusual selling pressure on the BTC side builds up at Mt. Gox. I think the current downward trend is reflecting that.
The only thing scaring people into selling bitcoins is the fear of losing even more money. It has nothing to do with how a chart looks and everything to do with someone/many people making personal realizations about their own stake in bitcoins.
That, and miners extracting their profits.
That, and miners extracting their profits.
What really makes people sell on Mt. Gox right now is probably that a large part of the Bitcoin community (read: Europeans) cannot buy them!
I just read at the Mt. Gox page that SEPA-transactions won't be available until Tuesday (it said Monday before). I really hope this holds now, because if not, it might start becoming a problem.
USD capital in Mt. Gox is now probably much lower than usual and with the supply partly blocked for another week and people starting to panic sell, there just isn't enough USD in the exchange to stop it or get the price up significantly again. We're probably going to see another bad week for Bitcoin
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
I just read at the Mt. Gox page that SEPA-transactions won't be available until Tuesday (it said Monday before). I really hope this holds now, because if not, it might start becoming a problem.
USD capital in Mt. Gox is now probably much lower than usual and with the supply partly blocked for another week and people starting to panic sell, there just isn't enough USD in the exchange to stop it or get the price up significantly again. We're probably going to see another bad week for Bitcoin
Its a shame because that wouldn't have been necessary. If it would at least have been prominently announced beforehand, we could have prepared and probably mitigated the impact.
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