Bitcoin going ballistic.

Gox is either gonna have to adapt or die. Their trading system isn't nearly as robust as it needs to be.
 
amonasro said:
Gox is either gonna have to adapt or die. Their trading system isn't nearly as robust as it needs to be.
Click to expand...

There are rumors that Gox is going to trade Litecoins soon...but yeah, they need to upgrade their system heavily before even attempting that.
 
Paladin69 said:
chillax people...jesus...lol

Think long term. Day trading is a fools game. But if people want out, they'll get out. If people want in, they'll get in.

ZOMG WE'RE FALLIN' TO ZERO, creates a bunch of gay panic.

Hopefully things plateau for a while. Tired of all the stupid articles that compare this type of thing to paper stock bubbles.
Click to expand...

lol, so we have a price reversal, and you are telling ME to chillax LOL.

I've set it several times. One of the beautiful things about free market trading is it actually obeys technical indicators. Day/swing trading is a fools game in government controlled markets.

But, you should be happy the pricing action is sticking to indicators.

BTW, we just broke thru the hourly major support at 230, and did so with authority sell side volume is increasing. Next stop 217. And I believe a solid retest of 200 is in order.

I am in at 197 IF, we get some conviction buyers. I don't see that happening tho. Buying interest drying up rapidly at these levels. We could see a pull back all the way to major daily support from a week ago, 135 ish.

Watching.
 
http://www.cryptocoincharts.info/ just added (I think.. didn't see it before) ltc/btc and ltc/usd rows to its homepage for mtgox. Any one know how soon until mtgox adds ltc exchange?


Mt.Gox the worlds largest Bitcoin Exchange has changed its IRC topic to

“LTC support coming this month”!
Click to expand...

https://www.bit-trader.net/litecoin-passes-8-5-million-usd-in-24hr-trading/



look at the comments here:

https://support.mtgox.com/entries/21496269-Add-Litecoin-



and the twitter feed here:

https://twitter.com/MtGox/status/319785584468062208
 
amonasro said:
Bitcoin forums went down right as it dipped below 230. Coordinated attack?
Click to expand...

no coordinated sell off since the price got pushed way to high on crap volume and speculative interest. What you seeing is all the people who piled in at market price with $10 $20 spreads realizing they should have been more aware of what the market was really doing.

AND people wanting to know if some news came out that reversed the insane parabolic trend that they expected to cash in on forever.

The news is, you bought into an unsustainable price rise.

This is a self inflicted wound. Most people didn't wait for a good technical entry point, and instead bought into the idea that the price was going to the moon.

Now it's all freak out that the unsustainable parabola is GASP! Unsustainable. I'll get in when the technicals make sense to get in. And I'll cash out at the peak, let it fall and get back in again. rinse and repeat until my little ol'e .1 BTC turns into 1 BTC. Then I'll split that bad boy and play the ups and downs.

edit: BTW, I pulled my 197 order. This thing needs to come on down to 110 ish to be worth the in at this point, IMO.

That was the price about 8 days ago after the break thru of 100 on excellent conviction buying volume.
 
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This is the worst lag I've seen from them to date. It's happened 4 or 5 times where the price drops sharply then recovers once the lag clears up.

One of the times was a confirmed ddos attack where the hackers scooped up a bunch of cheap coins. Might be what's happening now.
 
amonasro said:
This is the worst lag I've seen from them to date. It's happened 4 or 5 times where the price drops sharply then recovers once the lag clears up.

One of the times was a confirmed ddos attack where the hackers scooped up a bunch of cheap coins. Might be what's happening now.
Click to expand...

sure, pay no attention to the volume spikes and the shittiness of Magic the Gathering Online eXchange (mt gox) servers.

edit, support right here at 217 ish. Could be a good fight if we have some convicted buyers at this level with reserve cash.

Otherwise next stop 200.
 
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newbitech said:
sure, pay no attention to the volume spikes and the shittiness of Magic the Gathering Online eXchange (mt gox) servers.
Click to expand...

Surely a 1500 second trading delay would also be a factor.

And ddos action. Which has been happening all week.

the shiftiness of gox is the main reason, agreed there.

Edit: shittiness of gox. Damn auto correct.
 
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Agreed.

Cowlesy said:
I really hope a few of you true believers who were talking about mining these in 2010 mined a few thousand of them, cashed in a few and are rolling around on a mattress covered in Benjamins. Because that would be awesome.
Click to expand...
 
I relish the chance to buy more at a much cheaper level tbh, I'm long as are many so it's good to have a nice flush at this point. It's also good to give the 'get rich quick' folks a shock to the core.
 
amonasro said:
Surely a 1500 second trading delay would also be a factor.

And ddos action. Which has been happening all week.

the shiftiness of gox is the main reason, agreed there.

Edit: shittiness of gox. Damn auto correct.
Click to expand...

so no trading delay issues on the upside tho. Don't buy the DDOS attack nonsense. People still trading. The server is throttled on the down side.

and it's a 20 minutes delay now.
 
probably a decent entry point if you are hedging the upside potential. But sellers are still piling in and buyers are still pulling back, charts are still reversing to down side at all intervals. But, i do see lots of buying interest piling up at slightly lower levels. I expect a reboung off 200.
 
It’s widely assumed that the recent increase in the value of a bitcoin, from $13.50 at the start of the year to more than $250 today, must be the result of speculative excess. But I have yet to see anyone actually make the argument for this point of view. Lots of people have made arguments that Bitcoin is nothing but a fad, and that it’s value will be $0 in the long run. I think that view is incorrect but it’s not a crazy view—it’s one I held a couple of years ago. But I don’t know of anyone who has made a convincing argument that Bitcoins are worth something, but that the current price is too high.
[]
If you think the fundamentals of the Bitcoin economy will support a price of $500 by 2018,

it’s rational to buy bitcoins at $250 today

even if today’s fundamentals only support a price of $50. So the recent rise in Bitcoin’s price is a bet on the future size of the Bitcoin economy.
Click to expand...

http://www.forbes.com/sites/timothylee/2013/04/10/nobody-knows-if-bitcoin-is-a-bubble/
 
newbitech said:
so no concern about LTC diluting the crypto market? hmmmm> ??
Click to expand...

If trading ever begins on Gox, I wouldn't be surprise to see a hefty spike. At that point, I convert my LTC to BTC. But I really don't see any other crypto currencies as a threat to Bitcoin.
 
ronpaulfollower999 said:
If trading ever begins on Gox, I wouldn't be surprise to see a hefty spike. At that point, I convert my LTC to BTC. But I really don't see any other crypto currencies as a threat to Bitcoin.
Click to expand...

I think bitcoin has made it's name by being an alt, and is widely supported by libertarians who would like to see competition in currency. I would hope that another crypto or two would rise up to compete. I think that would validate the overall viability as crypto as an alt.

If the only competitors are main stream and underground, we get polarization, which really doesn't offer choices or alternative. So, while BTC might be trail blazing, it'd be nice to see another follow the same path.
 
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