Bitcoin going ballistic.

[anaconda]

BTC price = $120 on Mt.Gox. 12:52 P.M. 4-10-13

Up $48 in the last 6 hours to $168.77 at 6:45 P.M. 4-10-13.

Any ideas why the price is so volatile????????

 

[muh_roads]

 

[anaconda]

Buy?

 

[Petar]

BTC price = $120 on Mt.Gox. 12:52 P.M. 4-10-13

Up $48 in the last 6 hours to $168.77 at 6:45 P.M. 4-10-13.

Any ideas why the price is so volatile????????

It's anyone's guess really.

I think that it's a mix of a couple things mostly:

1) A new technology that is taking off

2) DDS attacks on major exchanges

3) Coordinated takedowns by the money cartels

My personal guess is that it will continue to be a very bumpy ride, but that it will probably go to the moon in the next 5-10 years.

 

[anaconda]

So, if we do decide to sell BTC, how do we do it if we've been dealing with Bitinstant? I don't see any way to sell BTC on Bitinstant.

 

[Gaddafi Duck]

It's anyone's guess really.

I think that it's a mix of a couple things mostly:

1) A new technology that is taking off

2) DDS attacks on major exchanges

3) Coordinated takedowns by the money cartels

My personal guess is that it will continue to be a very bumpy ride, but that it will probably go to the moon in the next 5-10 years.

lmao.. yeah, sure.

mtgox USD: $170/bitcoin
mtgox EUR: 98 euros/bitcoin

current exchange rate: $1.30/euro

you cant even arbitrage this market, because it's not a market. i mean, look at that divergence. you'll never, ever see that in any modern marketplace. considering how this is all digital, there's no reason to justify that big of a disconnect in pricing. i'd expect it if you were exchanging bitcoins in 1792 where you were buying bitcoins in new york vs. columbia, south carolina.

it's a broken market. sure, it could go to the moon in 5-10 years. question: will i be frozen out? i could make millions of dollars in a matter of minutes arbitraging this market, but i'm terrified that my money wouldnt get transferred...that the exchange wont settle my transaction. it's as if sending my dollars into cyberspace on a blind mission hoping they'll return at some point, and in some form.

 

[newbitech]

It's anyone's guess really.

I think that it's a mix of a couple things mostly:

1) A new technology that is taking off

2) DDS attacks on major exchanges

3) Coordinated takedowns by the money cartels

My personal guess is that it will continue to be a very bumpy ride, but that it will probably go to the moon in the next 5-10 years.

lol at 2 and 3. Pretty obvious that there wasn't enough throughput in the system to handle major trading actions. The 60 dollar spread at one point was completely amateur. Perhaps Mt. Gox ought to try and buy some extra band width and servers with the bitcoins they have hoarded?

It pisses me off that I timed the market perfectly, but was unable to place my orders due to the exchange being not functional. That started on the way down when the price was breaking below 180 and for hours after. The last move I made was to take my order at 147 off the table because I saw the volume trend breaking below to support below those levels.

I could not place my order at new levels simply because the throughput at the exchange was hosed by the massive influx of people looking to take profit or at least not take loss when buyers dried up at the 265 level.

Your calls to go to the moon are ridiculous. The only reason it got as high as it did as fast as it did was pure greed and stupidity. That was predictable. I am not surprised it bounced to 170 now, but look at the paltry volume that has moved up from the 120-140 levels.

It's got to get a foot hold first, but right now, its hanging by a finger nail.

 

[schiffheadbaby]

lmao.. yeah, sure.

mtgox USD: $170/bitcoin
mtgox EUR: 98 euros/bitcoin

current exchange rate: $1.30/euro

you cant even arbitrage this market, because it's not a market. i mean, look at that divergence. you'll never, ever see that in any modern marketplace. considering how this is all digital, there's no reason to justify that big of a disconnect in pricing. i'd expect it if you were exchanging bitcoins in 1792 where you were buying bitcoins in new york vs. columbia, south carolina.

it's a broken market. sure, it could go to the moon in 5-10 years. question: will i be frozen out? i could make millions of dollars in a matter of minutes arbitraging this market, but i'm terrified that my money wouldnt get transferred...that the exchange wont settle my transaction. it's as if sending my dollars into cyberspace on a blind mission hoping they'll return at some point, and in some form.

I agree Duck, the arbitrage is ridiculous. I asked this earlier and the bitcoin bulls think this is healthy. Nobody even knows the real price because they are scattered everywhere. Worse, it doesn't seem like it is very liquid.

I have a bad feeling people will wake up one morning and bitcoin will be 2 dollars or worse

 

[newbitech]

Nope. But what has helped me the most, is recognizing that Gox has been lagged for two weeks. Anyone that goes off Gox as their indicator of market value(until they actually can handle the volumes) is either a novice BTC'er or stubbornly stupid.

i find this comment interesting. You say you made a ton in the middle of a market crash, but you didn't short. That just means you traded in a bunch of USD for some relatively cheap btc. No need to short it and cash out in USD if making a ton means accumulating BTC>

 

[newbitech]

so what we have here is a symmetrical triangle forming on the hourly and more pronounced on the 15 minutes with low volume confirmation. This is a continuation pattern of the previous trend. Once it breaks out of the pattern, you'll want to be on the side of the breakout.

Chances are, its breaking lower since that is the hourly and 15 minutes trend.

IOW, sell now, and get ready to buy the dip, or be ready to get in on the move up when the triangle breaks up.

Odds are its breaking down. So get ready to buy this dip.

 

[Mike4Freedom]

I am sorry, but this is aweful advice. Even is some people bought higher then the current price they need to sell and wait for the full correction.
I would call this advice to hold almost malicious at this point, look at the data.

 

[newbitech]

First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success!

Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!

To give you an idea of how impressive things were here are some numbers that we would love to share with you guys:
- The number of trades executed triple in the last 24hrs.
- The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day.

Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance.

Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system.

Thank you for your understanding and continuous support!

no, no ddos. and as i said, the trading engine shut down. So this cost me my great entry. funny, the thing collapse in sell off mode, but not buy in mode...

 

[Petar]

lol at 2 and 3. Pretty obvious that there wasn't enough throughput in the system to handle major trading actions. The 60 dollar spread at one point was completely amateur. Perhaps Mt. Gox ought to try and buy some extra band width and servers with the bitcoins they have hoarded?

It pisses me off that I timed the market perfectly, but was unable to place my orders due to the exchange being not functional. That started on the way down when the price was breaking below 180 and for hours after. The last move I made was to take my order at 147 off the table because I saw the volume trend breaking below to support below those levels.

I could not place my order at new levels simply because the throughput at the exchange was hosed by the massive influx of people looking to take profit or at least not take loss when buyers dried up at the 265 level.

Your calls to go to the moon are ridiculous. The only reason it got as high as it did as fast as it did was pure greed and stupidity. That was predictable. I am not surprised it bounced to 170 now, but look at the paltry volume that has moved up from the 120-140 levels.

It's got to get a foot hold first, but right now, its hanging by a finger nail.

Why ridiculous?

Who is to say what the price could be if/when bitcoin use becomes as common as PayPal.

Especially considering how the Western fiat banking system is currently collapsing in slo-mo...

My personal guess is that things will pick back up in the next few weeks, so we will see.

 

[anaconda]

Can anyone point me in the right direction on getting my bitcoins from my blockchain wallet into my Mt.Gox account? I don't know where to begin. None of the "pay from" pull down Bitinstant menu options look appropriate, even though it's got a Mt.Gox pay to option on the "pay to" pull down menu.

Thanks.

 

[muh_roads]

I am sorry, but this is aweful advice. Even is some people bought higher then the current price they need to sell and wait for the full correction.
I would call this advice to hold almost malicious at this point, look at the data.

Since only time machines can predict what a "full correction" is that is also terrible advice...lol

It was just a funny image. dowhatchulike.

In 2-4 years I don't think people are going to be giving a crap about days like today. It was under $200 just 48 hours ago...chillax...

 

[muh_roads]

so what we have here is a symmetrical triangle forming on the hourly and more pronounced on the 15 minutes with low volume confirmation. This is a continuation pattern of the previous trend. Once it breaks out of the pattern, you'll want to be on the side of the breakout.

Chances are, its breaking lower since that is the hourly and 15 minutes trend.

IOW, sell now, and get ready to buy the dip, or be ready to get in on the move up when the triangle breaks up.

Odds are its breaking down. So get ready to buy this dip.

Markets are emotional...put away your pen...lol

Many people are sleeping right now.

 

[amonasro]

Anaconda, I know you can fund your mt.gox account directly with bitcoins from your wallet. I put a few in so I'd be ready to buy the next dip. I realize that gives you USD instead of coins though.

Im pretty new at this too so maybe there's a better way.

 

[kcchiefs6465]

Markets are emotional...put away your pen...lol

Many people are sleeping right now.

Meh. I'd like for him to keep up the good work. I'd be looking into his advice more than the claims that this could hit $10,000 per BTC or to hold indefinitely. It will come to end. Who gets stuck with the bag, hard to tell. I'd give the advice that someone should have given Madoff's clientele, take it for what it's worth; Thing too good to be true, are.

And I'm not necessarily saying that this is on par or structured the same as Madoff's ponzi scheme. I'm giving the advice to good people who may see dollar signs and think it's forever going up to be cautious. I don't trust it long run. Short run might make you a few bucks. Those who bought cheap ought to consider switching to something more stable next time it hits a high. How many percents profit is enough? (to those who bought at 3 bucks or 20 bucks) If your gut tells you to stay in, by all means ride out these waves.

 

[anaconda]

Anaconda, I know you can fund your mt.gox account directly with bitcoins from your wallet. I put a few in so I'd be ready to buy the next dip. I realize that gives you USD instead of coins though.

Im pretty new at this too so maybe there's a better way.

I just tried it. I thought I was putting Bitcoins in my Mt.Gox account. In case i want to sell some. Are you saying Mt.Gox is somehow converting them to USD?

 

[muh_roads]

Meh. I'd like for him to keep up the good work. I'd be looking into his advice more than the claims that this could hit $10,000 per BTC or to hold indefinitely. It will come to end. Who gets stuck with the bag, hard to tell. I'd give the advice that someone should have given Madoff's clientele, take it for what it's worth; Thing too good to be true, are.

And I'm not necessarily saying that this is on par or structured the same as Madoff's ponzi scheme. I'm giving the advice to good people who may see dollar signs and think it's forever going up to be cautious. I don't trust it long run. Short run might make you a few bucks. Those who bought cheap ought to consider switching to something more stable next time it hits a high. How many percents profit is enough? (to those who bought at 3 bucks or 20 bucks) If your gut tells you to stay in, by all means ride out these waves.

More roller-coaster rides are bound to happen. It could be tomorrow, it could be next month. I just worry people are stressing themselves out which then turns things into a self-fulfilling prophecy. Becomes a huge mob mentality...