The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now.
Whatchoo talkin' bout Willis? I see those same coins (same guy) just placed in different spots on the depth chart right now.
Topic: Someone just took a gigantic dump. - page 4. (Read 14797 times)
How soon will it be before those who are stuck with a load of coins from last night begin to cut their losses?
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night.
Demand is completely listless - it doesn't take a genius to figure out what is going to happen next.
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night.
Demand is completely listless - it doesn't take a genius to figure out what is going to happen next.
I agree with you, people are smarter to think that we will just bouce right back up to $3.00 at this point. It is way too easy money. I mean I could buy like 1000 bitcoins at 2.18 right now for 2180, and if it will just bouce right back up to 3.10 in a day I would make profit of $920. That is a whopping 42% profit. Do you think that the smart money will allow this to happen so easily.
The big manipulator who has been setting the 50K bid walls has pulled out. He was the only thing holding the price back. He wants the price to fall even lower than it is right now.
How soon will it be before those who are stuck with a load of coins from last night begin to cut their losses?
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night.
Demand is completely listless - it doesn't take a genius to figure out what is going to happen next.
Some are trying to push the price back up as we speak but I don't think any of us are going to fall for the rinse/repeat cycle again. Not after the madness of last night.
Demand is completely listless - it doesn't take a genius to figure out what is going to happen next.
I liquidated my shorts too early. I always do that. But it still was enough to finance a rather large round of buying.
SOOOOO glad I did another short position.
I urge everyone to pay attention to my sig if you haven't already.
I urge everyone to pay attention to my sig if you haven't already.
New lows of $2.13 just set.
This is going to keep going well under $2.
This is going to keep going well under $2.
$2 is the key point right now. $2.04 is still the low after the peak and if we want to see more massive selloffs that low must be broken decisively. If it isn't broken we will have a major rebound this week.
I just converted all of my Mt Gox BTC into Bitcoinica and bought up about 4 times as many. Call me crazy, but I'd say this is the closest thing to free money that I have seen in a while. If you are panicking, just take a look at the 4 month price history and take a deep breath.
Say bye-bye to the bid side of the order book! I don't think it will be with us for much longer.
This multiple step down in price is so predictable over the last 20 hours I have made some great percentage gains. Nobody should be complaining right now, they should be learning how to trade in a market like this. This is a unique situation where you can make a lot of money while this one guy with ~50,000 BTC / ~$125,000 plays around.
are we gonna see 1.00 ?
this is 50% down in 24 hours OMG the sky is falling
this is 50% down in 24 hours OMG the sky is falling
All the bids down to 2.20 or so have just been wiped out. And new lows have been set at 2.22.
This is going to be a bloodbath.
This is going to be a bloodbath.
Someone is artificially holding the price up around 2.4. Every time it dips below, someone buys just enough to push the price back over. How long can this be kept up when there is virtually no demand on the bid side? It feels like the sword of damocles is about to fall.
Because nobody wants to put in a fixed buy order when the price is so volatile. As soon as there is some confidence that things are stable or on a slower trajectory, everyone will pile back onto the wagon. It's happened last month, and the month before, and the month before that. EXACT same situation. I guess people just forget quickly.
One thing we can say, is that almost any time that the price butts up against a ginormous buy or sell wall, it will always be profitable in the short term to push against that wall. As soon as it drops, there is a big swing in price.
Someone is artificially holding the price up around 2.4. Every time it dips below, someone buys just enough to push the price back over. How long can this be kept up when there is virtually no demand on the bid side, not even fake bidwalls? It feels like the sword of damocles is about to fall.
Before this gigantic dump I had pondered my bitcoin positions and if I should change any of them. I came to the conclusion that Bitcoin technology is so revolutionary that no one knows when a multi-millionare or billonare decides to drop some pocket change on us.
See, there's the rub. If someone were to pump money into BTC ("drop some pocket change on us"), that's exactly what would happen as in, everyone holding BTC positions would either liquidate or take advantage of the price hike due to the influx of capital. Meaning the person who made the investment would be left holding the bag until the next schmuck comes along and pumps capital into the system.
I would say, anecdotally, that a majority of the people involved in BTC are in it to make a buck.
Before this gigantic dump I had pondered my bitcoin positions and if I should change any of them. I came to the conclusion that Bitcoin technology is so revolutionary that no one knows when a multi-millionare or billonare decides to drop some pocket change on us. At the same time, the "early adopters" still show such a huge profit that any one of them could decide to cash out crashing the market.
Long or Short, either position is a gamble. Only time and more adoption will make Bitcoin less vunerable. We are definantly in "early adopter" phase 2. It may take a few years before even us are considered "early adopters". Who's sticking around? I plan too. Next paycheck, I will be picking up some cheap coins knowing full well there may be panic sells or even early adopter sells, but the day will come when they will be rinsed from the system.
Long or Short, either position is a gamble. Only time and more adoption will make Bitcoin less vunerable. We are definantly in "early adopter" phase 2. It may take a few years before even us are considered "early adopters". Who's sticking around? I plan too. Next paycheck, I will be picking up some cheap coins knowing full well there may be panic sells or even early adopter sells, but the day will come when they will be rinsed from the system.
Is it just me, or does the 'stepping' on the ask side on mtgoxlive look particularly suspicious?
It almost seems as if someone were gearing up for a mass buy.
It almost seems as if someone were gearing up for a mass buy.
It looks to me like it's just the buys of the last drop selling now! They weren't ready for it, and now they're stuck with the coins.
Is it just me, or does the 'stepping' on the ask side on mtgoxlive look particularly suspicious?
It almost seems as if someone were gearing up for a mass buy.
It almost seems as if someone were gearing up for a mass buy.
Apropos risk, I'm riding this one through, don't wanna get hit by one of these if I happen to be long.
Some others are too it seems by the indicators....
Some others are too it seems by the indicators....
Told you so.
It's okay proudhon, we all knew something like this was likely. You don't seem to get that you can be a bull in high-risk speculation without believing it will work out with even 50% chance.
Besides, this isn't done yet by far. Someone just hammered more than 4% of all BTC there exist over the exchanges, of course the price drops. But such volumes are not sustainable, the interesting part will only be visible over average of the coming month at least.
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