What kinds of people are selling bitcoins right now on Mt Gox?

evolve

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Quote from: old_engineer on December 11, 2012, 07:28:55 PM

Someone that made a trading strategy, and is sticking to it. There were a few large purchases around $11-$12 that appeared to be put back up on the sell side around $15. Perhaps coincidence, perhaps not. If they do sell, they'll have earned a 20%-35% return on investment, and likely in under a year. High risk, high reward, and a reasonable strategy with the current negative US treasury returns.

This.

Crypt_Current

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Shame on everything; regret nothing.

Fringe enthusiasts who don't have any other hope for gainful employment / source of fiat income at the moment, and stumbled upon Bitcoin and mining is presently his only source of income. And his rent is due in fiat.

tvbcof

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Quote from: chriswilmer on December 06, 2012, 10:41:59 AM

I understand there are people who want to sell and buy back cheaper... but do they make up the majority of sellers? There are about 25,000 to 30,000 bitcoins for sale for under $15 on Mt. Gox... who are these people and why do they want to sell their bitcoins?

No matter how optimistic I am about the future of Bitcoin I intend to sell down to a certain amount if/when we hit a point where I can re-coup the fiat funds I put in while still retaining a sizable percentage of BTC I've obtained. For me that price target is a ways off but a lot of folks who got in sooner and have bigger piles loot might hit that point a lot sooner and liquidate what to a lot of people may seem like some decent coin. Namely people who were not around when a pizza went for 10,000 BTC.

In reality I'm sure there are a mix of people in different catagories who actively and imediately part with Bitcoin with prices through all ranges. I actually think it a bit remarkable that more BTC are not actively on Mt. Goxes' auction block as we speak though as many people point out, there are a variety of reasons why the painted pixels can and often do give a mis-leading view of reality. OTOH, I find that a quick glance at the general lopsidedness is *my* most reliable indicator of trend-ing moves. That's probably because I don't pay for other people's newsletters, and never tried to figure out various kinds of TA, ~~Idiot~~ Elliot Wave analysis, etc, etc.

freshzive

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Quote from: chriswilmer on December 06, 2012, 10:41:59 AM

I understand there are people who want to sell and buy back cheaper... but do they make up the majority of sellers? There are about 25,000 to 30,000 bitcoins for sale for under $15 on Mt. Gox... who are these people and why do they want to sell their bitcoins?

sellers on SR. they can only buy product with USD (or other fiat). i think we all underestimate the amount of BTC flowing through SR.

notme

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Quote from: chriswilmer on December 11, 2012, 07:39:12 PM

Quote from: old_engineer on December 11, 2012, 07:28:55 PM

Someone that made a trading strategy, and is sticking to it. There were a few large purchases around $11-$12 that appeared to be put back up on the sell side around $15. Perhaps coincidence, perhaps not. If they do sell, they'll have earned a 20%-35% return on investment, and likely in under a year. High risk, high reward, and a reasonable strategy with the current negative US treasury returns.

It's the "sticking with it" part that seems irrational to me. All of the recent developments in bitcoin seem to indicate that it would be wise to hold on to them... if only a bit longer (assuming you plan to get rid of them in the short term).

Solidifying 20-30% profit is a very rational thing to do, regardless of potential future profits.

chriswilmer

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Quote from: old_engineer on December 11, 2012, 07:28:55 PM

Someone that made a trading strategy, and is sticking to it. There were a few large purchases around $11-$12 that appeared to be put back up on the sell side around $15. Perhaps coincidence, perhaps not. If they do sell, they'll have earned a 20%-35% return on investment, and likely in under a year. High risk, high reward, and a reasonable strategy with the current negative US treasury returns.

It's the "sticking with it" part that seems irrational to me. All of the recent developments in bitcoin seem to indicate that it would be wise to hold on to them... if only a bit longer (assuming you plan to get rid of them in the short term).

old_engineer

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Someone that made a trading strategy, and is sticking to it. There were a few large purchases around $11-$12 that appeared to be put back up on the sell side around $15. Perhaps coincidence, perhaps not. If they do sell, they'll have earned a 20%-35% return on investment, and likely in under a year. High risk, high reward, and a reasonable strategy with the current negative US treasury returns.

kentrolla

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uninformed people

chriswilmer

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Quote from: klaus on December 10, 2012, 07:50:27 AM

I think theyre just waiting for 'big/fast shots'. If the price goes slow to their ask they pull them away.

Makes sense to me. I would do this if I had the patience!

lucif

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Quote from: chriswilmer on December 06, 2012, 10:41:59 AM

I understand there are people who want to sell and buy back cheaper... but do they make up the majority of sellers? There are about 25,000 to 30,000 bitcoins for sale for under $15 on Mt. Gox... who are these people and why do they want to sell their bitcoins?

See my sig

klaus

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I think theyre just waiting for 'big/fast shots'. If the price goes slow to their ask they pull them away.

Endgame

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I imagine most of the people selling at any time would be speculators and day traders. Other than that there is a smaller group of miners and merchants who would also be selling.

GeoRW

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Trust No One

On the contrary, I don't understand why people are still buying at these prices Grin

There's no real economy in BTC, it is very risky (may crash to zero and competition from other digital currencies may arise any time, not counting competition from various other payment systems), almost everyone is just hoarding and speculating. This may end up badly. I personally stopped buying around the time when the BTC price hit 8 USD and since then I'm slowly selling. I already profited from bitcoin, but not many people will be that lucky. A lot of people lost their coins due to various scams and still more people will be scammed in the future. That's the dark side of the bitcoin. Not everyone can be rich Cool

ArticMine

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Quote from: mccorvic on December 06, 2012, 11:04:45 AM

...
I would be interested in seeing some sort of stats showing how many businesses do instantly cashout all BTC, what % they hold in BTC, ect. Those would be some neat figures.

Any business that sells products or services for BTC is very likely selling BTC on a regular basis to pay for expenses. This is specially true for a business that sell very high value low margin products for BTC such as for example gold bullion coins. By the way the sale of very high value low margin products is particularly well suited to Bitcoin.

edd

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Miners have electric bills that require payment in USD.

wdBTCtrader

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Quote from: mccorvic on December 06, 2012, 11:04:45 AM

Now, don't try to debate me on this. It's just one little guy's opinion and I read this forum more than I post and haven't been convinced otherwise yet.

I don't disagree with you, but I think the same could be said for most of forex trading.

mccorvic

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Quote from: wdBTCtrader on December 06, 2012, 10:55:59 AM

Contrary to what my handle may suggest I am a novice in markets and trading, but I would think the "day traders" would actually give credence as well as stimulate bitcoin economy.

Oh, I'm sure it does both of those things. I'm just of the personal opinion that all the charts, graphs, models, in all the world are nothing but BS and day trading is 99.9999% luck. I also don't see enough movement on Mt. Gox to convince me that a lot of people are actually "day trading" out side of cashing out at very obvious peaks and buying back in when a crash stops.

Thus, everyone who is trying to sell below $13.50 is hoping that there will be a crash and when it doesn't happen they just buy back in rinse repeat.

Now, don't try to debate me on this. It's just one little guy's opinion and I read this forum more than I post and haven't been convinced otherwise yet.

Quote from: rebuilder on December 06, 2012, 11:01:22 AM

anyone doing business in BTC with expenses not payable in BTC.

I would be interested in seeing some sort of stats showing how many businesses do instantly cashout all BTC, what % they hold in BTC, ect. Those would be some neat figures.

rebuilder

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anyone doing business in BTC with expenses not payable in BTC.

wdBTCtrader

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Quote from: mccorvic on December 06, 2012, 10:46:04 AM

I wish I knew. Personally, I think they're crazy. I can't understand anyone who has a passing interest in bitcoin and simultaneously be bearish.

My guess is they're people who either think they are way smarter than they actually are and can "day trade" or are just really, really desperate for USD. Like, they're electricity is going to be cutoff at any moment desperate.

Contrary to what my handle may suggest I am a novice in markets and trading, but I would think the "day traders" would actually give credence as well as stimulate bitcoin economy.

mccorvic

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I wish I knew. Personally, I think they're crazy. I can't understand anyone who has a passing interest in bitcoin and simultaneously be bearish.

My guess is they're people who either think they are way smarter than they actually are and can "day trade" or are just really, really desperate for USD. Like, they're electricity is going to be cutoff at any moment desperate.

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