Topic: This is what happens when someone dumps a lot of BTC quickly (Read 2523 times)
Volatility in a market that is gaining volume isn't surprising. We're not at the volumes that would preclude 2-5 dollar swings in valuation. I'm happy to pick up btc at a discount, though
Wow, what a roller-coaster! Down to $20, straight back up to $25. Down to $22 now. I'm sure it'll get even more interesting. Where's it gonna land? Any bets?
Dunno, but watching the charts is making me dizzy
Guys, this is what happens when kids who had thousands of BTC get the munchies! Personally, I want the price to drop a lot more, as I'd love to get my hands on a couple thousand BTC myself, but can't till they reach 10 or so USD.
The market had to transition from geeks who play video games to guys in suits who own Porsches at some point in time... This is the point in time.
The market had to transition from geeks who play video games to guys in suits who own Porsches at some point in time... This is the point in time.
Thats okay, the more spread out these huge lumps of bitcoins are, the more stable the economy becomes.
+1
I guess it's a good thing if from time to time larger amounts of BTC are sold by the more wealthy owners - it might reduce the incentive for speculation a bit if the price drops severely and it spreads the coins to a lot of smaller buyers.
Perhaps it's time to eliminate the dark pools.
I saw several 1000s packages for selling in the order list just before the drop happened.
Wow, what a roller-coaster! Down to $20, straight back up to $25. Down to $22 now. I'm sure it'll get even more interesting. Where's it gonna land? Any bets?
Huh? If it *is* one individual who sold the majority of those BTCs then I wouldn't think he's ready to plung back in. We'll see what it looks tomorrow, but 14k is a lot to replace back into the market. I'm starting to think that the publicity that SR brought onto BTC may also bring in some of these sophisticated traders trying to make a quick buy, which can also cause this erratic behavior. I think brokers need to put policies in place to keep this from happening, such as forcing large sales of BTCs to be sold over a period of time instead of all at once. Then again the catch is this is how you get a government in place.
The price has already bounced back to nearly $26 from $20 in the last 10 minutes.
Thats okay, the more spread out these huge lumps of bitcoins are, the more stable the economy becomes.
Luckily the additional sales from bitcoins being cheaper should easily counter out all the sellers right?
Perhaps it's time to eliminate the dark pools.
The volume is huge over the past 15 minutes is 14k, which is 1/6th of the total for the day. Someone is unloading a ton of BTC.
Which also means someone out there has a lot of spare cash ready to plunge back into the market forcing the price back up.
Huh? If it *is* one individual who sold the majority of those BTCs then I wouldn't think he's ready to plung back in. We'll see what it looks tomorrow, but 14k is a lot to replace back into the market. I'm starting to think that the publicity that SR brought onto BTC may also bring in some of these sophisticated traders trying to make a quick buy, which can also cause this erratic behavior. I think brokers need to put policies in place to keep this from happening, such as forcing large sales of BTCs to be sold over a period of time instead of all at once. Then again the catch is this is how you get a government in place.
There were a lot of 'bids' sitting there waiting @ $22
damn i wish i could buy more right now =\
Even the true believers want to get paid.
I saw it hit 18k volume with a weighted price of 21/btc. That's $378k in 15 minutes.
http://bitcoincharts.com/charts/mtgoxUSD#rg1zvzcvztgSzm1g10zm2g25
~$260k - you could buy a house for that.
and to think not too long ago 12000BTC would just get you some pizza and perhaps a drink if you were lucky.
Tycho's taking his recent cut lol
The volume is huge over the past 15 minutes is 14k, which is 1/6th of the total for the day. Someone is unloading a ton of BTC.
Which also means someone out there has a lot of spare cash ready to plunge back into the market forcing the price back up.
The volume is huge over the past 15 minutes. It's at 15k and rising, which is 1/5th of the total for the day. Someone is unloading a ton of BTC really quickly.
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