PANIC BUYING
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33939. (Read 26503640 times)
April 24, 2013, 04:33:57 AM
Yeah so, guess I'm back in then. A mighty effort to take down that $150 wall.
PANIC BUYING
PANIC BUYING
April 24, 2013, 04:33:50 AM
Wheeeeeeee!!!
April 24, 2013, 04:33:06 AM
Nomnomnom $150 wall...
151. Die wall die! April 24, 2013, 04:31:29 AM
Nomnomnom $150 wall...
April 24, 2013, 04:28:27 AM
Wow... 1200btc left at 150. Took 8 minutes, hahah.
April 24, 2013, 04:27:48 AM
Also, the google chart really has searches falling back to end of March, early April levels which really isn't all the bad. It is vastly higher than it has been any other time than June 2011. 
That is today. If the downtrend in interest continues, in 2 weeks we will be at December 2012 interest levels.
Your reliance on the google trend for useful information will not serve you well.
Well, until aprox. April 16th its correlation with BTC/USD has been perfect. This is a fact. Since April 16th, we see declining google trend but growing BTC/USD. Let's see how it plays in the mid term.
April 24, 2013, 04:25:55 AM
This is quite scary. Let's analyze the facts:
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
- the interest in bitcoin is fading out after the crash, just check the google trend: https://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q
- there's still a lot of money at Gox, a lot of fresh money was delayed because of their epic queue, but you can bet that from now on the flow of fresh money will be slower (just check the google trend)
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
I see what you did there - sold 700 coins at 147, and getting itchy about the buyback point not coming yet.
To bail out or not to bail out; that is the question.
Hint: do not bail out, it will crash to the prev. resistance, now support at $130-$135, I am 75% we get there in 24 hours. Relax and let the swing play out.
Let's hope you are correct. Nevertheless, I wouldn't mind a correction to $60ish. My gut feeling is that is a good point for a reasonable and sustainable long term growth, while waiting for: improvements in BTC economy and infrastructures -> positive media attention -> another parabolic growth to ATH
I just don't like this rally after the pop, it feels to me like a trap, and this is confirmed by some indicators while contradicted by others. IMHO in the long term BTC will go up, as there is many people doing great things for BTC and preparing great products and services, but in the very short term I'm puzzled by this rally.
I've read that some the TA folks are calling this a "suckers rally". Hope is not, but I'm much more confident in BTC for the long term than for the short term
April 24, 2013, 04:24:58 AM
April 24, 2013, 04:24:53 AM
looks like Mr $150 moved his sell order lol..at least some of it.
April 24, 2013, 04:22:21 AM
Only 7800btc to get through 150. A lot of that wall disappeared in the last 5 hours.
Some of them actually got sold into the bid side I believe.
EDIT: Only 5400btc left to 150 now, haha.
EDIT 2: 4800btc left to 150. Dropping fast!
April 24, 2013, 04:21:23 AM
Only 7800btc to get through 150. A lot of that wall disappeared in the last 5 hours.
Some of them actually got sold into the bid side I believe.
April 24, 2013, 04:20:39 AM
Only 7800btc to get through 150. A lot of that wall disappeared in the last 5 hours.
April 24, 2013, 04:17:55 AM
That's true. The system is fucked up also because it is so difficult to "cash out" a significant amount of money. Have you ever tried to cash out something above $500k from Gox? You can bet it is a fucking pain in the ass. Big commissions, painfully slow verification process (notarization, apostille, huge queue, etc.) and HUGE DELAY in processing withdrawals. When you made $500k from your $20k investment you are not used to move that amount of money, thus you get nervous when you see your money is stuck for 20/25 days at a Japanese company run by a guy in his 20s, constantly hit by DDoS and apparently unable to manage their own growth.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
It's not just the problem of Gox, every bank wants to restrict you when it comes to withdrawal of money, they usually only keep the minimum amount of reserve required so it will always be a PITA.
Well, that's true if you want CASH from your bank - but when you are moving "electronic" money from one account/bank to another you don't need more than 2/3 business days, many times with 1 day is enough, and its very unlikely your money will never go through. With Gox you may have to wait for almost a month with your withdrawal on "processing", and the fear the money will never come out because of hack, shut down by law enforcement, scam, whatever, is high.
For small account holders like me, definitely that's the case. But I am not sure if they would still be so generous if I were to process tens of millions of dollars worth of withdrawals per month. But yes, it's quite obvious Gox can't keep up with it as well.
April 24, 2013, 04:16:29 AM
Also, the google chart really has searches falling back to end of March, early April levels which really isn't all the bad. It is vastly higher than it has been any other time than June 2011.
That is today. If the downtrend in interest continues, in 2 weeks we will be at December 2012 interest levels.
April 24, 2013, 04:15:34 AM
That's true. The system is fucked up also because it is so difficult to "cash out" a significant amount of money. Have you ever tried to cash out something above $500k from Gox? You can bet it is a fucking pain in the ass. Big commissions, painfully slow verification process (notarization, apostille, huge queue, etc.) and HUGE DELAY in processing withdrawals. When you made $500k from your $20k investment you are not used to move that amount of money, thus you get nervous when you see your money is stuck for 20/25 days at a Japanese company run by a guy in his 20s, constantly hit by DDoS and apparently unable to manage their own growth.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
It's not just the problem of Gox, every bank wants to restrict you when it comes to withdrawal of money, they usually only keep the minimum amount of reserve required so it will always be a PITA.
Well, that's true if you want CASH from your bank - but when you are moving "electronic" money from one account/bank to another you don't need more than 2/3 business days, many times with 1 day is enough, and its very unlikely your money will never go through. With Gox you may have to wait for almost a month with your withdrawal on "processing", and the fear the money will never come out because of hack, shut down by law enforcement, scam, whatever, is high.
April 24, 2013, 04:11:46 AM
This is quite scary. Let's analyze the facts:
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
The google thing isn't all that surprising. People saw the price drop and lost their excitement. It'll come back eventually and many will have missed the train.- the interest in bitcoin is fading out after the crash, just check the google trend: https://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q
- there's still a lot of money at Gox, a lot of fresh money was delayed because of their epic queue, but you can bet that from now on the flow of fresh money will be slower (just check the google trend)
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
Well, people loosing their excitement is a fact; people coming back massively after a "cool down" and a growth in fundamentals (more bitcoin businesses, etc.) is also very probable.
But this does not invalidate the fact that this short term rally seems unsustainable and a trap. Investors who were delayed by the queue at Gox and got their money in after the crash (we are speaking about MILLIONS of $ and many thousands of individuals) are not going to be in the mood for "buy and hold" like at the beginning of the bubble.
Again, the market is so illiquid that a big dump can take us all the way back to $50ish in the blink of an eye. And I don't see the enthusiasm to prevent that from happening.
In the blink of an eye and then get really scared when you find out you just sold at $50 and the bids don't nudge.
200 million dollars were spent on buying at $50-$100, that's about enough confidence I will need, and bears don't have a magic infinitely deep pocket, there are only so many bitcoins for sale.
That's true. What scares me is what will happen when those who bought at $80ish to $100ish are going to cash out at $160 to $200. As I said earlier, the feeling is not any more "buy and hold" (which lead to parabolic growth), people is much more cautious now.
If you are cautious, then I suspect you will not panic so easily and sell on a slight change of the wind direction, right? While smart investors usually initiate a crash, it has to be the panic sellers who execute them, no crash can happen without panic sellers, and they hardly buy back cheaper, else everybody will be a winner, so when they sold out they are out. I think even if the price moves down this time, it will be considerably less violent. The next panic sell will have to wait until after another crazy buying spree when irrational buyers put in what they can't afford to lose.
Another thing is: the crash was only so crazy thanks to the characteristics of Bitcoin itself:the whole global stock can be moved to the exchanges for sale in a matter of hours, which is unprecedented, so bears won the first move, but after they get their fiats they will have to deal with the reality of the banking system:you can only move so much in a day, so what will happen when they wait impatiently while watching the price slowly rebounds? Hmmm....
That's true. The system is fucked up also because it is so difficult to "cash out" a significant amount of money. Have you ever tried to cash out something above $500k from Gox? You can bet it is a fucking pain in the ass. Big commissions, painfully slow verification process (notarization, apostille, huge queue, etc.) and HUGE DELAY in processing withdrawals. When you made $500k from your $20k investment you are not used to move that amount of money, thus you get nervous when you see your money is stuck for 20/25 days at a Japanese company run by a guy in his 20s, constantly hit by DDoS and apparently unable to manage their own growth.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
It's not just the problem of Gox, every bank wants to restrict you when it comes to withdrawal of large amount of money, they usually only keep the minimum amount of reserve required so it will always be a PITA.
April 24, 2013, 04:09:35 AM
This is quite scary. Let's analyze the facts:
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
The google thing isn't all that surprising. People saw the price drop and lost their excitement. It'll come back eventually and many will have missed the train.- the interest in bitcoin is fading out after the crash, just check the google trend: https://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q
- there's still a lot of money at Gox, a lot of fresh money was delayed because of their epic queue, but you can bet that from now on the flow of fresh money will be slower (just check the google trend)
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
Well, people loosing their excitement is a fact; people coming back massively after a "cool down" and a growth in fundamentals (more bitcoin businesses, etc.) is also very probable.
But this does not invalidate the fact that this short term rally seems unsustainable and a trap. Investors who were delayed by the queue at Gox and got their money in after the crash (we are speaking about MILLIONS of $ and many thousands of individuals) are not going to be in the mood for "buy and hold" like at the beginning of the bubble.
Again, the market is so illiquid that a big dump can take us all the way back to $50ish in the blink of an eye. And I don't see the enthusiasm to prevent that from happening.
In the blink of an eye and then get really scared when you find out you just sold at $50 and the bids don't nudge.
200 million dollars were spent on buying at $50-$100, that's about enough confidence I will need, and bears don't have a magic infinitely deep pocket, there are only so many bitcoins for sale.
That's true. What scares me is what will happen when those who bought at $80ish to $100ish are going to cash out at $160 to $200. As I said earlier, the feeling is not any more "buy and hold" (which lead to parabolic growth), people is much more cautious now.
If you are cautious, then I suspect you will not panic so easily and sell on a slight change of the wind direction, right? While smart investors usually initiate a crash, it has to be the panic sellers who execute them, no crash can happen without panic sellers, and they hardly buy back cheaper, else everybody will be a winner, so when they sold out they are out. I think even if the price moves down this time, it will be considerably less violent. The next panic sell will have to wait until after another crazy buying spree when irrational buyers put in what they can't afford to lose.
Another thing is: the crash was only so crazy thanks to the characteristics of Bitcoin itself:the whole global stock can be moved to the exchanges for sale in a matter of hours, which is unprecedented, so bears won the first move, but after they get their fiats they will have to deal with the reality of the banking system:you can only move so much in a day, so what will happen when they wait impatiently while watching the price slowly rebounds? Hmmm....
That's true. The system is fucked up also because it is so difficult to "cash out" a significant amount of money. Have you ever tried to cash out something above $500k from Gox? You can bet it is a fucking pain in the ass. Big commissions, painfully slow verification process (notarization, apostille, huge queue, etc.) and HUGE DELAY in processing withdrawals. When you made $500k from your $20k investment you are not used to move that amount of money, thus you get nervous when you see your money is stuck for 20/25 days at a Japanese company run by a guy in his 20s, constantly hit by DDoS and apparently unable to manage their own growth.
For serious money (i mean serious money) to enter BTC we need much more reliable infrastructure.
April 24, 2013, 04:08:46 AM
That's true. What scares me is what will happen when those who bought at $80ish to $100ish are going to cash out at $160 to $200. As I said earlier, the feeling is not any more "buy and hold" (which lead to parabolic growth), people is much more cautious now.
The fact that people are more cautious now actually prevents a big crash from happening. Overconfidence leads to big crashes.
April 24, 2013, 04:06:31 AM
This is quite scary. Let's analyze the facts:
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
- the interest in bitcoin is fading out after the crash, just check the google trend: https://www.google.com/trends/explore#q=bitcoin&date=today%203-m&cmpt=q
- there's still a lot of money at Gox, a lot of fresh money was delayed because of their epic queue, but you can bet that from now on the flow of fresh money will be slower (just check the google trend)
I think this rally needs to be supported by REAL news that improve the fundamentals, otherwise it will be just a trap before a slow decline.
IMHO, the best news would be a new company offering unlimited amounts of BTC for cash immediately - buying your first BTC is still slow and painful, and the first one changing that fact will really boost BTC.
I see what you did there - sold 700 coins at 147, and getting itchy about the buyback point not coming yet.
To bail out or not to bail out; that is the question.
Hint: do not bail out, it will crash to the prev. resistance, now support at $130-$135, I am 75% we get there in 24 hours. Relax and let the swing play out.
April 24, 2013, 04:04:54 AM
Also, the google chart really has searches falling back to end of March, early April levels which really isn't all the bad. It is vastly higher than it has been any other time than June 2011.
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