A common reaction. People often imagine that without centrally enforced rules, everything would instantly dissolve into a dog-eat-dog war zone with people killing other people at random, looting, raping and taking a shit in front of your door (someone once provided this as an argument in this very same discussion with me..). As if the only thing stopping people from acting this way right now is the looming threat of imprisonment and punishment by the legal system. Divide and conquer still seems to be working quite well.

Have you ever noticed that laws are there for OTHER people? As in the laws are here to prevent other people from killing me and stealing my stuff. Not to prevent me from doing the same. I'm a decent fellow. It's those other bastards...  

Well after that big panic, there aught to be a lot of itchy trigger fingers with a lot of fiat just trying to break-even.

Good advice. I'm holding for this. If it goes to 0, I have a hell of a good story. Otherwise, every early adopter everyone here will make massive returns on their investment.

When we see that banner on the mtgox domain , i'm sure the market cap will explode into a huge market CRAP.

IF this happens, there will be a market shock but once there is an exchange that fully complies with regulations, it will have monopoly; much like MTGox does right now. Bitcoin isn't just MTGox, fully decentralised... remember?

And it's closure had nothing to do with affiliation to the notorious Liberty reserve and ability to withdraw funds from the same? All the same, these are centralised enterprises. Bitcoin is run from private computers, the people, all over the world.

Well, sure but this is mostly FUD saturated, nervous speculators which affect the price so much. I still have all my Bitcoins, a good 10% of my net-worth and not planning to sell them during these growing pains of the currency. This new attention is likely the apparent threat to the USD that cryptocurrency represents.

Once all the negative news tails off, I fully expect a breakout in price and volume transition to whichever exchanges or 'trading station's that are left. Seriously though, if the US gov was going to shutdown MTGox, they would of done it already. Everyone just needs to chillout and enjoy the gravy train.

so is it going up or down?!

 

Up, it's been undervalued for weeks now.

Quoting the above as an example but everytime I see these comments, all I seem to read is 'I'm holding more fiat than Bitcoin at my exchange'. If you do not believe in Bitcoin as a whole, why are you here? Oh wait, speculation forum. It might as well be Trollbox...

220 bitcoin buy wall in place at 120$. It's not looking good, we need a whale to help us out!

220 bitcoin buy wall in place at 120$. It's not looking good, we need a whale to help us out!

Whatever happened to that rptard guy, did they let him out of the 'secure unit' yet ?

If you want to make a river, pour water on the mountain top.

Wow... just wow dude.... if that really is a problem why don't we just multiply all bitcoins in existence with 1000 ? Nobody loses and you get that vastly more bitcoins you're looking for

But in that case, mBTC and later uBTC or satoshi will basically do the same thing, in solving this "problem".

why not?

i guess using ltc is an option for doing alot of super micro tx

the reddit bot is another good thing people can use, the bot can make miro tx between reddit users for free....

Obviously. For microtransactions you have paypal. VISA. Or another crypt. Actually BTC cap is 7 transactions per second. VISA is +2000 per second.

BTC was never intended as a microtransactions system. And BTC could never have been Ripple, because is antagonic to debt-based, created-out-of-thin-air money.

BTC's point is a completely different one. It's more about freedom than about convenience.

I guess you need to read more and educate yourself, because you are not getting BTC's point if you think that not being ideal for fast micro-transactions is a flaw. Again: it was not designed with that in mind. The problems it solves are different, and deeper.

well .. the price seems pretty good right now

Mr Jaroslaw, do you actually have 1M Bitcoins? Got a wallet or something where we can see this?

So far, all I see is a lot of FUD or otherwise painting the tape. :S

Bitcoin, the hedge against the world economy?

Unless there is some action tomorrow, when you're asleep. You might have an opportunity to lower your avg price.

Ahhh, I see your point. I really don't think double digits are sustainable either - sustainable being the key word. We may have buyers come in and jack the price up but there are many many people who would like to sell in the $100 + range, so I don't see a prolonged rally unless those buyers start coming in force. For that we need something - news, another bank to go under, interest rates to really rise, etc.

I don't like being in Fiat but I get the feeling we will slowly settle below 100. I worked some numbers by studying the chart (and past charts) and came up with a bounce off the $90 range on our way down.  The other points on the way down (not saying we reach all of them) is 82, 68 and 60. Maybe low 50's but I think the buying won't let that happen, too many people want it. Depending on how long the downward movement goes on, I'd "guess" the $68 region is more likely, we'll have to see how people react.

To me, it looks like it is going down now.. Many of the bulls think speculatively that by selling now, it is easy to buy back later. While this thinking is wishful (not all of them can buy the coins back - sub-100 or even at all(!!)), it is enough to take the price down in a long slide to around $50.

Only the growing usage will save bitcoin now. It may take months before it catches up. We are 2 months to the bear market now, I would not be surprised for 2 more months. 4 more would be a surprise.

Don't sell your coins. In 2011 only the ones lost who sold. I bought about BTC5000 then from somebody who could have held onto his treasure but chose to throw it away for a pittance. Read my threads (links in the sig). Don't sell.

Maybe he did, but not in a lump sum so there isn't a rally? It makes sense for him to keep the downtrend going until he is almost out of fiat.

This sounds market bullish, be still my beating heart for things are back to normal  

Drop the price to 99 again and I'll purchase 20k USD of bitcoins.

We define evidence and hope differently, a few of the highlights:

The true bear indicator  is rpietila selling off some bitcoins.

Is there any evidence that meeting happened at all? And if it did did anyone else confirm any of those ridiculous stories of what happened there?

Maybe they decided to the some vacation. Standard vacation time in Europe *starts* at about double what is typical in the US.

Only 2.4 million mBTC? Oh boy, there I was thinking you were a high roller

Way to keep spirits high though man, try to ignore the gaslighting trolling.

The best part, I bought 120 BTC mostly on that lunatics advice 

Would you be so kind as to write here your points of resistance and extrapolated intersection times? Strictly to compare it to my model.

Mini-rally time?

Just banged on the 100 dollar wall with a giant *BONG*. My speakers shook an ornament off the shelf.

Which one of you called a rally to 110??

Besides, MTGox advertised Bitcoin in the G8 summit. I'm feeling bullish.

Trading with leverage! "Man, I like your balls!"

You might be right but at the same time wrong. Look at my comment above on how the order book looks good but those sells keep smacking it down (And they are not showing up there.)

Rpitiela Rpitiela Rpitiela! I summon you! Your breakout is here, now is the time to buy!  

I have a really hard time believing that wall at 108.50 is real. I fully expect it to be the tactic wherein the wall owner sells BTC to the buys in front of it, pulls it when momentum drops, and then dumps.

They didn't know it was going to go up to $108, and they want Bitcoins.  Hindsight is always 20/20..

No worries, the wall at 108 has been there since we went below 108 days ago.

who wants to buy 4k coins at 108 when the price is surely going down afterwards...

I did. I knew the price would have momentum after the 108.5 wall was toast. After buying in at 100, it's a healthy profit. Didn't sell all my coins either

You don't profit until you sell, son.

Wall at 106.02 which I hope gets eaten. My ideal entry point with good profit is 105.5 

Spoken like a true user with 17 posts!

An unusually high amount of sell pressure going on. Any theories?

Don't panic, you'll have another chance @105

It was nice knowing you 113 bubble of 6/18/13. We salute you but my hand remains strong, like paw of russian bear. We hold for now.

105,11 105,05, i told you

Blah blah blah told you so go up blah blah 

I see no handles, only a movement downwards approaching.

You need to factor that rpietila sold low and bought high earlier today, that has to mean something

Maybe so, I just wish I could of followed suit to short my bitcoins though and buy more coins cheaper. I have 91 BTC with a goal of 100, just need a nice predictable drop

Hmm.. Clark Moody is disconnecting quite often, btct.co shows CloudFlare information..

Nope, I paid a vocalist to sing it.

500 BTC buy wall eaten alive but no price drop afterwards... that's new.

The huge decline in asks.. were they sold or taken off the book?

What if spooked folks are transferring their coins to other exchanges and cashing out before the their imaginary shitstorm hits them?

Bitstamp is in bad shape

https://www.facebook.com/MtGox/posts/484532824964463

Dear Mt. Gox Customers and Bitcoiners,

The reaction since yesterday’s statement regarding the temporary suspension of U.S. dollar withdrawals has had mixed reactions, and raised more than a few questions about why we had to take this step right now. Rather than be subject to inaccurate speculation we’d like to clarify some points here. Due to pending matters we are unable to get into everything in great detail, though we’d certainly love to and are looking forward to the opportunity.

1) The problem with the U.S. withdrawals (and even other currencies for that matter) is that our bank can no longer handle the volume of withdrawals. They struggled in the last two months, and the increase due to the Dwolla separation has made it increasingly more difficult. The pressure we brought onto the bank’s resources finally gave in, and we are now working with them to find an alternative method (hence the suspension). We would have preferred to give notice if we were able to, but it was sudden for us as well.

2) We are now working with new banks and alternative methods for transmitting money to our customers. This does not mean we are stopping entirely within the next two weeks, but it will be slower than we would like. We are literally going to use our manpower to process withdrawals ourselves, manually. This will take more time, but we are dedicated to doing as many per day as possible. We announced a suspension in order to manage expectations while we deliver at a temporary reduced rate. Our goal is to have a new system set up in the next weeks with clarity for both the banks and for our customers.

3) Our previous release was rather vague, but for a reason. Mainly, we don't want to upset our bank! They do great work, but our kind of business is completely new to the banking industry. Processing international wires does not just involve pushing a button. It requires real manpower processing everything individually, even in this modern computer age. While Bitcoin's power lies in its ability to transfer fast and securely through software, the rest of the financial world does not operate like that (contrary to popular opinion). Money is surprisingly analog in many ways, and scarily digital in others.

4) Every customer’s funds are safe, sound, and accounted for. In fact, in our dealings with the Japanese financial regulators we have been assured that we are not under local pressure or suspicion and can operate as usual within normal legal frameworks.

5) Mt. Gox is certainly not a martyr, but it would be hard to argue that we aren’t "taking one for the team" as far as Bitcoin is concerned. We are a big target, and are absorbing the frustrations of Bitcoiners, regulators, banks, and a media that still doesn't quite understand what Bitcoin is. This is a job we are happy to fill, and not just because we are compensated for it. Our hope is that, once Bitcoin finds its place, we will be able to say that we made a difference in sorting it all out in the early days. New exchanges, business models, merchants, traders, and consumers are rising up to innovate and create a whole new way of doing business. A lot of lawyers are getting new cars in the meantime too.

6) As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning.

7) The new trading engine is finished, is smokin’ fast, and is currently undergoing bench tests. We’re looking forward to deploying it very soon.

While not the most in-depth update we'd like to give, we hope that it has at least clarified a few things. In the next few weeks we are planning to do another AMA on Reddit when we’ll hopefully be able to answer many more questions and also shed some light on what’s been going on at Mt. Gox these past months. Thank you for your patience and support.

my lord, what an analysis for something that acts completely random
what a waste of work

this could be the answer to our parys

1000

yes very low volumes, but I'm not surprised:

Why would buy now the one who waits cheap coin?
And why would sell to whoever could sell for 130-100?

I believe that when we see another direction, trading volume will be better.

Most likely true as Bitcoin will be a series of bubbles until and if mass adoption takes place. In the mean time, I would rather have the maximum amount of bitcoins.

Not enough activity in here so to get things rolling again...

pic

Any credence to our triangle we will solve in around 48 hours following the breakdown observed on Bitstamp? We are trading over 7% higher on Gox at this time, a price not followed on any other exchanges?

Is it possible the price is being kept artificially higher on the high volume exchange? Why?

Are you saying they wanna be THE GUY ?

down trend won't last forever and now that you noticed it, its almost over...   

That Winklevoss ETF might have saved our asses here. Look at the price sprint back to $100. Their valuation.

Below 100 is cheap coins 

Ahhh, I remember you. You are the guy who said "Also holding. I have my buy order in at 87. Every little helps bit helps with a down market."   eheheheheh (Evil laugh)...

Indeed, but no chance I will sell until we are above 92... at the very minimum. I judge the market on a RT basis. Got the week off work and nought to do

Oh 90 wall, you so tasty..... Up we go!!!

You missed a 750 BTC wall being chewed to death. Largest buy was something like 150 BTC.

You missed a 750 BTC wall being chewed to death. Largest buy was something like 150 BTC.

But 88 held once again. I expect to see this price for 2 days until MTGox opens their mouths again. Then we will see what happens

Give them a little faith. The market obviously does too, otherwise we would be much, much lower.

To Bitstamps $87? Oh lawdy... I better sell all my coins today!

Historical events, sure. But their last statement was very professional and bullish. Give them a little faith. The market obviously does too, otherwise we would be much, much lower.

Looks like the gap between MtGox and Bitstamp has pretty much been closed since today, only a $2 difference left now.

Battle of the walls in progress.

1k bid on $88.10
1k bid on $89.10

2k ask spread between $91.49 and $91.60

But who will win? 

http://www.youtube.com/watch?v=1FKoX7u_Jo8&list=FL1P_1oxI07oWp1u_UuRuQBA

Bitcoin going for a tumble... and I held a long position 

That I bought most of my coins over $100 dollars and haven't sold any yet? A couple of 'sure things' for a BTC or two but overall, long. I'm very contrarian to this bear forum.

Data, well, as much data as you can have on such a stock, we are well below the moving averages. We should be trading nearer to $100 and I would have to be left behind on a rally. Looking at the USD as a infinitely reproducible currency, mathematically speaking i'm better off with a useful, finite asset. However, I have only so many USD to pump into this thing before I gotta give.

But yes, the majority of my trading basis is on 'belief', an emotional state which will no doubt lead me to failure.

Something doesn't seem right. Market depth is so heavily in favour of buy with 1k moving us down 1 dollar or up 5 dollars.

I'm holding, as usual  

Cool story bro.

In the mean time, I know most of you are in fiat right now so it is in your interest for me to sell my hoard.

I think people are betting on MTGox being competent tomorrow. What if they announce that they still haven't got their bank up to scratch and it will be another 2 weeks until you can withdraw?

No no, no chance of a bounce at all.

Thanks but once again, I'm looking for a good point to short with the lowest possible risk. Just dumping everything on the market right now might cause me to miss the bottom. Yes, I believe we are that close to it.

Shit... that is a picture of me on Galveston beach. What exactly are you trying to say here chief?? 

I bought late last night, and now i wake up to cheaper coins!  

yup going to buy some more!

I love down trends

Shit... that is a picture of me on Galveston beach. What exactly are you trying to say here chief?? 

http://www.google.com/trends/explore?hl=en-US#q=bitcoin%20crash&cmpt=q



LOL

OH GOD the irony. I'm still all in man. Just reporting the news!

You would be proud! I made 0.2 BTC trading between 84 and 82. *sniffle* Maybe I'll finally become a real trader!

I have just about 100 BTC, nothing compared to the whales here. Thanks though.

I still think 82 is the bottom for short term. Bulls will buy the hell out of 80-82 as it is the long term support since March 

Had a couple bids fill on Bitstamp. Where is the bounce?! I don't like holding BTC these days.  

i have a dream of 250$ next week

All those people that have you on ignore are missing the occasional LOL Gem! eheehhe

 

They didnt listen me when i told them we will be on 70`s tommorow, thay said: "Nah, we can bounce back to 90`s, we wont sell." Poor they

Morale is so low that anyone who buys is slandered. My my, bitcoin has changed dramatically in just one month.

Even a bitcoin crash is not a straight downward movement. We had a retrace from 82 to 89 just a day ago (bitstamp). Didn't keep the price to crashing down again afterwards, but if you see a chance to catch that upward movement, why not take it?  

Good enough to be emotionally prepared alone.

Dumbass.

Slightly less than half of ASICMINER is owned by other people.

In normal human terms, 2 weeks is 12-17 days. Give it a rest.

I know they will not release LTC or fix the trading engine anytime soon but this crazy trading is giving them more money. High volatility is in their interest

Jesus, it's like 2011 and 2012 never happened.

Once our most popular exchange lets people take their money out again, people will be happy to deposit it there. Chill out man, not the end of the world. People holding USD and only USD will have a very unhappy year compared to us.

Time for another short, or is it going to bounce higher?

I haven't been able to do this in a while so.......

I told you so  

Was that a big wet bite out of the 3000 wall?

There is unusually high market confidence here

yeah.. like i always do    sell low.. buy higher
goddamit.. sold at 72  .. drove to work..    its 78 - 79 !

every fucking time!!! i'm on the way to or from work ..   Think 'm going to quit my job..

On the off chance he is the real thing, I wouldn't bring up his brother Lech, who passed away.

Wail on Jaroslaw all you like but I believe in respecting the dead.  

Maybe short at 81 then... it's slowing down.

Why not? I'm welcome to both sides of the story.

It will be interesting to see how the US will react to the good news from MtGox. Up or Down? We will find out in about an hour from now.

It will be interesting to see how the US will react to the good news from MtGox. Up or Down? We will find out in about an hour from now.

I might help you guys reach 72$ again

ITT: Everyone started believing the bears and shorted. Price rallying on low volume and people are worried for their shorts. 

Who wants to see me take us over $100! 

BUCKLE UP!

Personally, what I find pathetic and ridiculous is not being able to acknowledge the realities of bursting and deflating bubbles and ignoring the evidence staring at your face. Suit yourself.

lol i officially have 0.01$   Ahhhh it feels good to be fiat free 

The new "$180"?

I'll just leave this here:

Screw the sharing part though, …