What i find amusing about all of this is that just a month ago people would literally kill to buy at "this" price.
Now that we are at "this" price people do not want to buy. No one has any clue where the bottom will be and everyone is afraid to make the first move.
This will end poorly until the we hit the price of what the whales want to buy at. They probably have firm targets in mind. And after seeing how low it can
go on mtgox they will allow it to hit 300 area before buying.

in euro it already did! ;-)

i think the signal for an uptrend will be whales but I do see your points. thanks for responding.

how about bitstamp then? It is just a week behind is all in following gox to the basement ;-)

how about stamp's two day price chart.. just took a downward direction..

looks like mtgox will hold at 109ish... bottom is in. I dont see 5000 more btc being panic sold and people are sending gox fiat.

that has a lot of room to fall and it will. sad to say.

sweet

Today on #bitcoin

gmaxwell: wumpus: yea, I understand they had timed automatic reissues... Sad this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue."
alpha125: gmaxwell: where did you find out abotu the automatic reissues?
gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed.
gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory.
gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too)
gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks'
gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory.
gmaxwell: of course their stalled txn had nothing to do with fees.

Edit: Just to clarify, only quoted relevant parts (maybe I should have inserted "[...]" where applicable). Full text here: http://pastebin.com/DaSph9uT

779?

it just just fud from an article where mark says "that is private information" when asked by a reporter.

Watching this train wreck is becoming pretty funny. I thought most bitcoin holders were past this type of rampant selling on rumors. Guess not! It will be even funnier 6 months down the road when people lament not buying cheap coins.

I doubt it. Seems like big buys are moving the market up. not very organic growth. the buyers probably want to see if they can get the lemmings to join in then hammer it down come friday/sat. rinse repeat.

I would like to see a steady erosion of asks over a longer period of time that brings the price up. Not 4K in sudden buys elevating the price for a few days only for a steady erosion of sells that push it back down to where it started. By this Sat i am going to guess that the price will back below 630ish and we will be in the same spot we were in 12 hours ago. People, at this time, have no reason to think a new all time high is close at hand and only a steady progressive change of sentiment will push us higher. I dont see major whale buyers getting in enmasse until sentiment is ripe. The big buys we saw today are going to end up being short term trades. Not long term holds.

Why would someone buy 2K+ of bitcoin in one bite at this time unless they wanted to influence this tiny market? Surely they could spend 2-3 minutes a day buying 100-200 btc increments and save a nice percentage because their average cost could possibly be under 625-630?

I kept 30% ltc as I am unclear if ltc will pop past it's last high.
I feel it will go up but I think the chinese learned their lesson a bit with bitcoin. Meaning they are more careful now. I will be shocked to see litecoin at 40+ and if I do I will sell wherever I can at that point.

right on man. there is a crap ton of LTC out there waiting to be sold since people missed the bus last time and did the math.
what goes up must come down.

Maybe we are. Feels like it and i am sure a chartist can show that if they wish. But when i can sell 10 btc for more then 5000 dollars that is amazing. Well to those who were around for a few years at least. I stop selling when the price is below 640. That is hilarious to me cause i used to sell 100 btc at 10 bucks each.

I took enough cash out of the system over the last few months so i am content to hold, wait, and accumulate. So a bear market? I guess it depends on your situation. Bitcoin could go to zero and i would be content. Or to 1000 and i am ok with that.

Nice catch. I thought that saying bear in this thread was taboo and that was the joke.

Plus with recent events it is hard to argue this is a bull market.

Er.. What alts? Only like 100 to choose from now days...

Wont happen until they get their next paycheck plus deposit time...
Or their parents give them their allowance.

lower lows and lower highs...

and people are rushing to buy? what is the rush to speculate on a falling virtual commodity? Has patience been totally tossed out of the window due to people using this forum or ones like it every 15 minutes?

Come on guys! 400 per bitcoin is amazing!

Hm. Well. As a seller making a profit that is. Fresh buyers not so much.

Down we go. People will get excited at double digits to low 100 range. Not 400.

Lower highs and lower lows. Downtrend confirmed repeatedly. No reason to think it will change. < 400 incoming.
I am holding what I have left though. Sold enough to be content for this year. When things change for the upside it will be dramatic.

combined with that happening on a friday.. historically that means breaking downwards.

I went into hibernate mode with my bitcoins. I don't even bother look at the price that much. Once every few weeks I reckon. I will consider getting excited once the price is over 1000 again or it goes to 0 and I can finally remove the client from my PC.

See you in a month or two. I am just mining litecoins right now. Not bother selling/trading them either.

must be getting close to a bottom of some sort if chart buddy can have 3 posts in a row....

interest is waning!!!

Now it just needs to double in price from here so I can sell some for a hefty profit. Go bitcoin!

A little bit of reality is finally coming back to bitcoin.

Sold all my litecoins and bitcoins months ago. There was no point in treating them like an investment when the whole premise of them increasing in value was the greater fool theory in action. Just because business adopted bitcoin as a form of payment did not mean they would increase in value. The opposite could just as easily be true.

I am completely out. No mining, no holding, no nothing. And I see no reason to buy back in right now. The money is more useful in other ventures.

But I have to admit. Bitcoin puts on a hell of a show!

I am a buyer at $3 USD a bitcoin. I feel comfortable with that. I would buy a 100.

I sold my last coins to buy a chanel purse and wallet for my girl friend. That has been paying serious dividends in bed, let me tell you.

I don't think so. As soon as traders get a nice chance to prof it they will dump and cause a swing down. This really reminds me of the past. We all wanted to make a fast buck on these rallies and the price just kept going down.