This crazy day shows that Bitcoin is not a bubble?

Richy_T

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1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k

Quote from: evolve on April 10, 2013, 08:40:18 PM

Quote from: bitbit on April 10, 2013, 08:32:57 PM

These corrections will get relatively smaller with time, as more and more people start using bitcoins. That is my prediction.

They have been getting bigger, though.

A couple weeks ago these corrections were 20% drops, and a couple weeks before that they were <15%.

We were definitely way, way too high at 265. But this time, Gox lag was up to 75 minutes at one point.

Richy_T

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Quote from: Crazy on April 10, 2013, 08:38:09 PM

Some argue that the lag actually prevents full blown capitulation. I guess we'll find out when they fix it.

Nonsense. It turns a thoughtful slide into a full-blown rout. No-one who's trading wants their capital stuck on an unresponsive server as the price plummets towards zero. At that point, it's all-out for anyone who's not iron-clad in the gonad department.

sunblaster

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Quote from: Nemesis on April 10, 2013, 10:18:29 PM

Quote from: sunblaster on April 10, 2013, 10:00:16 PM

14k sell and it drops from 266 to 105 lol, what happens when someone serious sells?

wow you're a retard.

Please terminate your forum account, cancel your online service and never, I said never, comeback to internet.

Sitarow

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Quote from: sunblaster on April 10, 2013, 10:00:16 PM

14k sell and it drops from 266 to 105 lol, what happens when someone serious sells?

Orders were pulled and not sold into.

Nemesis

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Quote from: sunblaster on April 10, 2013, 10:00:16 PM

14k sell and it drops from 266 to 105 lol, what happens when someone serious sells?

wow you're a retard.

sunblaster

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14k sell and it drops from 266 to 105 lol, what happens when someone serious sells?

bitcon

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Quote from: proudhon on April 10, 2013, 08:43:52 PM

Yesterday - chart is parabolic = "Bitcoin isn't a bubble, it's a snowball!"

Today - price gets cut in half = "See, it's not a bubble"

today is not over yet. (at least where i'm from).

CalicoChris

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My only regret this day ... I was not positioned to buy quickly ...

I've learned Grin

phlogistonq

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1. The crowd of more experienced bitcoin traders have come to expect these dips after a steep rise. So, many were ready this time, waiting for it, and happily joined the 'panic'-selling knowing they would profit handsomely. This feeds it.

2. Then there are manipulators. They know many think the steep rise was too fast, and we are waiting for the 'correction'. They exploit this by putting up a big sell wall and selling a bunch of coins at an appropiate moment (this time, we just crossed $250 and Eur 200,- after an unprecedented rise). The conditions were right to trigger a panic sell.

3. Then there is gox lag and failure of all popular live tickers (bitcoinity, clarkmoody, IRC #bitcoin-market, etc). Large numbers of people are selling into the dark. This aggrevates the dip.

All good fun, really.

It does not change anything fundamental about bitcoin.

Profit from the good price while it lasts.

ChanceCoats123

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Quote from: proudhon on April 10, 2013, 08:43:52 PM

Yesterday - chart is parabolic = "Bitcoin isn't a bubble, it's a snowball!"

Today - price gets cut in half = "See, it's not a bubble"

It works in the same ways that the bears will say "If the price goes up, crash. If the price goes down, crash."

No one has substantial evidence to back up any claims, and no one has enough fiat currency to influence the market in the ways we are talking about. It's all a bunch of speculative hoo-ha if you ask me. It will be a long time before we truly see how the Bitcoin network will respond to increased user activity and potentially increased price.

chiropteran

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Quote from: evolve on April 10, 2013, 08:40:18 PM

Quote from: bitbit on April 10, 2013, 08:32:57 PM

These corrections will get relatively smaller with time, as more and more people start using bitcoins. That is my prediction.

They have been getting bigger, though.

A couple weeks ago these corrections were 20% drops, and a couple weeks before that they were <15%.

Don't measure as a percentage, measure in time.

The correction today reverted to the bitcoin value of a week ago. A couple weeks before the corrections were the bitcoin value reverting to the value of the previous week. Basically unchanged.

proudhon

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Yesterday - chart is parabolic = "Bitcoin isn't a bubble, it's a snowball!"

Today - price gets cut in half = "See, it's not a bubble"

evolve

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daytrader/superhero

Quote from: bitbit on April 10, 2013, 08:32:57 PM

These corrections will get relatively smaller with time, as more and more people start using bitcoins. That is my prediction.

They have been getting bigger, though.

A couple weeks ago these corrections were 20% drops, and a couple weeks before that they were <15%.

Crazy

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Some argue that the lag actually prevents full blown capitulation. I guess we'll find out when they fix it.

Photon939

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Most of this panic and BS is also due to the fact that Mtgox majorly clogs up any time there is significant activity. These mini flash crashes have happened before, this one was just larger, probably sparked by a fairly large sell order

Other exchanges were also being piles of fail from what I gather.

Manticore

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Quote from: bitbit on April 10, 2013, 07:52:37 PM

It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?

The 190 buys were tiny and mingled with sells for 140-150. I wouldn't say it popped back up. We always have small bot buys that are strangely higher than the majority of the much larger volume block sells (e.g., a stream of large block sells @ 150 and then a single teenth coin buy @ 190). It's strange....

bitbit

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Quote from: evolve on April 10, 2013, 08:28:38 PM

Quote from: bitbit on April 10, 2013, 07:52:37 PM

It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?

No. A 50%+ crash in a couple of hours does not bode well for bitcoin, even if there is a full or partial price recovery.

Not a crash, just a correction. Since there are so many speculators on the boat. These corrections will get relatively smaller with time, as more and more people start using bitcoins. That is my prediction.

Zendata

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Quote from: evolve on April 10, 2013, 08:28:38 PM

Quote from: bitbit on April 10, 2013, 07:52:37 PM

It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?

No. A 50%+ crash in a couple of hours does not bode well for bitcoin, even if there is a full or partial price recovery.

Honestly this only shows how small bitcoin is compared to the rest of the world. I'd say give it a solid year or 2 if the given trends continue fully or steadily and bitcoin will suddenly not look so small.

evolve

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daytrader/superhero

Quote from: bitbit on April 10, 2013, 07:52:37 PM

It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?

No. A 50%+ crash in a couple of hours does not bode well for bitcoin, even if there is a full or partial price recovery.

As a side note, I was saying the same thing about the 20%+ swings a couple weeks ago....the volatility is getting worse.

Crazy

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Quote from: bitbit on April 10, 2013, 07:52:37 PM

It only fell to 105, and shot back to 190 within minutes. People started buying the cheap coins like crazy. Does not this promise well for the future of BTC?

April 03, 2013

Topic: This crazy day shows that Bitcoin is not a bubble? (Read 1785 times)