RALLY! - page 5. | Bitcointalksearch.org

sunnankar

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Activity: 1031

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Quote from: ElectricMucus on August 20, 2012, 09:51:46 AM

The problem is there is no real use for bitcoin except speculating on it.

(And actually using it as a currency, but don't tell anybody :p)

Not really sure what you are talking about or why you would make such an assertion.

I already do quite a few legitimate business transactions every month using bitcoins.

Yesterday I talked with one of my suppliers, who experimented with mining a year ago, and will be converting all our trade to bitcoins (easily $500+/month). He has an independent contractor who does computer programming in Canada whose Paypal account was banned so it is hard to get payments up there to him. Guess what my supplier is going to start using to pay his contractor? Bitcoin.

With the new BitInstant credit/debit card that will make it so easy to phase in and out of bitcoins and fiat we can pretty easily begin demanding all our independent contractors to accept bitcoins. Of course, it will start off with a bonus, around 5 BTC, but after everyone has their BitInstant credit/debit cards working then it will switch.

Don't take bitcoin for the entire gig/salary? You're fired. In this economy, there are plenty of people out there looking for work.

P_Shep

legendary

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This is not OK.

I missed the low as I couldn't get my money in in time, but I'm buying

ElectricMucus

legendary

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Marketing manager - GO MP

Quote from: sippsnapp on August 20, 2012, 09:30:39 AM

Quote from: aq on August 20, 2012, 04:50:12 AM

Quote from: proudhon on August 19, 2012, 09:49:43 PM

Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

Guess its no different in any other freely traded financial instrument. How was the rate in forex on winning traders, i think something between 0.01-5%, any more questions? Those who actively trade almost certainty fail.
Also people stop thinking when under financial pressure, our lizzard brain tells us to flee ie selling to the safe dollars and euros.

Everybody who is actively trading may experienced this multiple times, quitting a position just to see its taking the rebound to new highs.

The problem is there is no real use for bitcoin except speculating on it.

(And actually using it as a currency, but don't tell anybody :p)

sippsnapp

sr. member

Activity: 322

Merit: 250

Quote from: aq on August 20, 2012, 04:50:12 AM

Quote from: proudhon on August 19, 2012, 09:49:43 PM

Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

Guess its no different in any other freely traded financial instrument. How was the rate in forex on winning traders, i think something between 0.01-5%, any more questions? Those who actively trade almost certainty fail.
Also people stop thinking when under financial pressure, our lizzard brain tells us to flee ie selling to the safe dollars and euros.

Everybody who is actively trading may experienced this multiple times, quitting a position just to see its taking the rebound to new highs.

Cluster2k

legendary

Activity: 1692

Merit: 1018

Quote from: Technomage on August 20, 2012, 07:18:57 AM

It's growing pains. Bitcoin is still taking its baby steps, this is little more than a gamblers' playing field right now. Nevertheless I still feel very optimistic for the long term. Also, whining about cheap coins is ridiculous - now we got a taste of cheap coins. This is quite possibly the last time Bitcoin will ever be at single digits so take advantage of it.

It's the last time we see cheap bitcoins, until the next time. Early adopter advantage isn't a problem for you and me, but it is for the impartial observer who just discovers bitcoin. "How do I get some Bitcoins?" "You buy them from people who created them" It's one of the key reasons why bitcoin is written off as a pyramid scheme by some.

Sitarow

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Activity: 1792

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Quote from: proudhon on August 19, 2012, 10:08:33 PM

Quote from: cypherdoc on August 19, 2012, 10:06:45 PM

Quote from: proudhon on August 19, 2012, 09:58:20 PM

Quote from: cypherdoc on August 19, 2012, 09:55:06 PM

Quote from: proudhon on August 19, 2012, 09:49:43 PM

Quote from: Sitarow on August 19, 2012, 09:36:38 PM

Quote from: bitcon on August 19, 2012, 09:29:40 PM

i was able to get ~440 BTC @ $8. wanted to get more at that price, but the market rose too fast....

Same

Good Price

I'm being totally serious. If this isn't making you worried, then you haven't payed enough attention to the way this market behaves.

Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

what if a big holder of BTC's, i know some, decide they want even more BTC. they put up huge ask walls they never intend to sell just to scare the living bejeezus out of guys like you then scoop them up at prices like $7-10? that's what i'd call accumulation.

The odds of that happening seem quite a bit lower to me than the odds of the price going down much, much further since, unlike your hypothetical case, the number of bitcoins being thrown up for sale on MtGox has in fact gone up by almost 4x in the past few days and the odds are pretty good that hundreds of thousands more will make their way into the market throughout the week. Maybe there are a few deep pockets out there who want to own a lot of bitcoins, but you'd need some pretty deep pockets to buy right now in the face of what's likely headed this way.

well, all i can say is RALLY TIME! price back over $10 and heading higher! Cheesy

It's going to bounce around as people who sold buy back thinking they're doing it at the bottom. I'm saying, I don't think most of people playing in the market realize that there's a storm headed this way and it's even bigger than the one that already passed through.

Indeed there is a possibility of a storm brewing. If you are playing the market, then you have to read the market trends and see sentiment and resistance.

However the supply / demand may flip in an instant because of market conditions as you had said.

Spekulatius

legendary

Activity: 1022

Merit: 1000

ZZZZZzzZZZzzZZZzzz bad dream: Nobody's gonna post my funny little boy in a rollercoaster pic ZZZZZzZZZzZZZZZZZZzzzzz
Awakes dripping with sweat
Checks forum

"OH MY GOD ITS ALL TRUE!!! HOW CAN THEY NOT POST IT!?"

Thinks this must be still a bad dream and goes back to bed

ZZZZzzzZZzzzzZZZZzz

Technomage

legendary

Activity: 2184

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Affordable Physical Bitcoins - Denarium.com

It's growing pains. Bitcoin is still taking its baby steps, this is little more than a gamblers' playing field right now. Nevertheless I still feel very optimistic for the long term. Also, whining about cheap coins is ridiculous - now we got a taste of cheap coins. This is quite possibly the last time Bitcoin will ever be at single digits so take advantage of it.

Cluster2k

legendary

Activity: 1692

Merit: 1018

Quote from: ?? on ??

Today is very important as there is a lot of press coverage on the bitinstant debit card. He's made bitcoin look very bad with that kink in the graph but if he can hold the price steady while half a million coins are put into circulation then I think folks will get another message - don't try fucking with this market.

Two problems with this weekend's action: it makes bitcoin look extremely volatile. Who relishes the prospect of using bitcoin to transfer money between countries, and in the space of a few hours before it can be cashed out into the currency of their choice they lose 20%? Sure, they could wait for the price to recover, but then it's not transferring money. It's speculating. I was contemplating using bitcoin to transfer a relatively significant amount of money back home but now I don't think I'd bother. I'd rather declare it officially and go through banks.

The other bad point is a salient point bitcoin's detractor's have: many of the cheap and easy bitcoins are locked up with early adopters. Concentrating wealth in the hands of a few is never healthy, and here we've demonstrated how someone can obtain quite a large proportion of bitcoins and use them in ways not beneficial to the overall marketplace.

Swinging from $9.50 to $7.50 and then $10.50 within the space of a few hours only makes speculators happy.

420

hero member

Activity: 756

Merit: 500

Quote from: ruski on August 20, 2012, 05:20:34 AM

Quote from: aq on August 20, 2012, 04:50:12 AM

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!" because I think I'm getting $28 for this tomorrow!
buyer "ok, want to sell me at $8?"
seller "sure, take all I have" because I'll be buying back at $2 tomorrow, sucker

clear it up for you?

hopes and dreams...hopes and dreams

like the silver bugs. most wanting instant gratification. "I bought silver yesterday and it didn't shoot to the moon today, what's going on?"

ruski

full member

Activity: 350

Merit: 100

Quote from: aq on August 20, 2012, 04:50:12 AM

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!" because I think I'm getting $28 for this tomorrow!
buyer "ok, want to sell me at $8?"
seller "sure, take all I have" because I'll be buying back at $2 tomorrow, sucker

clear it up for you?

420

hero member

Activity: 756

Merit: 500

Quote from: aq on August 20, 2012, 04:50:12 AM

Quote from: proudhon on August 19, 2012, 09:49:43 PM

Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

fuckin' precisely. they forget the price was $14 a damn day ago. this market being so volatile could go back up in another day

aq

full member

Activity: 238

Merit: 100

Quote from: proudhon on August 19, 2012, 09:49:43 PM

Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2.

Bitcoin buyers are easy to understand. They want to buy as cheap as possible, or need the coins ASAP.

In sharp contrast Bitcoin sellers are really hard to understand. The same people that didn't want to sell at almost twice the price one day ago, want to sell everything at half the price as fast as possible.

So in other word it works like this:
buyer "hey, want to sell me at $14?"
seller "no way!"
buyer "ok, want to sell me at $8?"
seller "sure, take all I have"

Sellers always flood the market with cheap coins as soon as the price goes down. Because they now get less per coin? Are sellers actually stupid, or what does cause this?

anu

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Merit: 1001

RepuX - Enterprise Blockchain Protocol

Quote from: morkai421 on August 20, 2012, 12:37:12 AM

I regret the 5$/btc stability. Mtgox looked like a money exchange. Now it's just a casino..

Right, and as in a casino, only the bank wins. In this case MtGox because they get the fees and if they are so inclined, they can use their own data to play. I think there is no regulation that prevents them from doing so and I sincerely hope that they do and rip the gamblers bloody.

Cluster2k

legendary

Activity: 1692

Merit: 1018

The buy 'wall' at $9.75 is very cute. A little like a 2m sea wall to stop a 10m tsunami.

morkai421

newbie

Activity: 18

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I regret the 5$/btc stability. Mtgox looked like a money exchange. Now it's just a casino..

420

hero member

Activity: 756

Merit: 500

Quote from: Cluster2k on August 19, 2012, 11:57:00 PM

MtGox is having a few problems handling the action. Some sporadic database errors, and now I can't log into my account. Using the web browser's saved details (which I have always used) just gets me sent back to the front page. No error messages about wrong username/password either. Hang in there Gox, more trading is coming if you just let users do it.

maybe they have an interest in slowing down the crash. Don't want to go back to trading Magic cards

Cluster2k

legendary

Activity: 1692

Merit: 1018

MtGox is having a few problems handling the action. Some sporadic database errors, and now I can't log into my account. Using the web browser's saved details (which I have always used) just gets me sent back to the front page. No error messages about wrong username/password either. Hang in there Gox, more trading is coming if you just let users do it.

Spekulatius

legendary

Activity: 1022

Merit: 1000

P.P.S.: I wont be around unfortunately to see this rally reverse, because Im going to bed now ;(
So I just leave this here for anyone to post once it becomes appropriate Grin

Spekulatius

legendary

Activity: 1022

Merit: 1000

Oh boy, I love how all those newbies jump at the first best rally they see Grin

Keep it cool kids, there is always a counter movement and the one coming will bring it all together:

- Sudden supply increase (Lenders payback)
- Pirate's huge ASK wall (I certainly expect it)
- Less demand expectance for short term because of closure of BS&T
- People that got suprised by the weekend plunge and held to their funds till now, seeing this rally as a perfect chance to minimize losses
- A "justified" correction back to solid price levels after a bubble
- Thin orderbook on the BID side (makes backlash easy like oat hay!)
- (No offence) Lots of easy to manipulate, because inexperienced new traders in the arena

P.S.: Congratulations to those that rode that little rally! No is the time to sack profits.

Ill also leave this here Wink

http://bitcoinx.com/charts/

Disclosure: I am out of Bitcoins right now

Topic: RALLY! - page 5. (Read 39284 times)