Bitcoin prediction when MtGox opens again tonight

[Dirty F]

Plaaaace your bets!

I say $180 within a few hours of opening...

You?

[AllAboutCams]

I bet they open with litecoin trading

[Webmaster Advertising]

Originally Posted by AllAboutCams

I bet they open with litecoin trading

That's what weve been talking about here all morning.

After the rumors of them taking LTC, would be a great way for them to bounce back after this maintenance period.

[Wizzo]

Drop to $80 then back up, still not the big fall that will happen though.

[dyna mo]

so a 50% increase....hmmmm..........$750million uptick in a few hours...........

i have no fucking idea!!1

why not.

[Dirty F]

Or......will there be a huge panic sell and a price drop to 50 dollars.

From one side i'm thinking there must be tons of people who can't wait to buy all those cheap coins...on the other side there must be tons of people who are scared as shit they will lose whatever there is left and will sell first thing when MtGox is back.

[Dirty F]

Jesus, https://btc-e.com/ just went offline...

Edit: back already.

Odd.

[Harmon]

It's over.

[AllAboutCams]

Originally Posted by Dirty F

Jesus, https://btc-e.com/ just went offline...

Edit: back already.

Odd.

happened a few times

[MikeRoth]

Who knows, Could tank more, could rocket back up. Could tank then rocket, could rocket then tank. I'll hold off till I see a clear direction before scalping another trade. I'm holding all of my LTC though, if mtgox does start trading it there could be a nice rocket on that.

If you're a gambling man I would buy right before mtgox opens and be quick on the trigger to take your profit or minimize the loss.

[Biggy]

Prediction: Continues to fall, potentially dramatically.

Logic: It was already in the process of falling when they halted trading. I'd expect a continuation of that. Because they had to shut down, thus grinding the entire currency to a halt. I think people will be scared, and continue to dump.

Once again, all this does is chip at the confidence of the currency. The only thing that holds up currency... is confidence.

We shall see, and it will be interesting / fun to watch

[CurrentlySober]

Originally Posted by Biggy

continue to dump...

i like continuing to dump...

[sandman!]

1 billion dollars

[Supz]

Originally Posted by Dirty F

Jesus, https://btc-e.com/ just went offline...

Edit: back already.

Odd.

So bitcoins are at 62 bucks?

[dyna mo]

mtgox says trading is halted until 2 am upc in my account page

then it says on the support page

Trading will resume at 11.00 am JST.



anybody here know the details on this? hoping to know exactly when exchanging resumes pacific time.

[dyna mo]

A reminder that MTGOX originally stood for "Magic The Gathering Online eXchange".

a site designed for trading cards online turned into the world's biggest Bitcoin exchange.

[DWB]

Last Price: 69.003 USD

Wow, that took a serious hit. I wasn't paying attention.

Whatever happens, everyone involved is setting at a casino table, not much more really. Place your bets, maybe you'll beat the house. Maybe you'll lose it all. Best of luck.

[MikeRoth]

Originally Posted by dyna mo

A reminder that MTGOX originally stood for "Magic The Gathering Online eXchange".

a site designed for trading cards online turned into the world's biggest Bitcoin exchange.

LMAO at magic the gathering. I did not know that's where the mtgox name came from,

[Paul&John]

ltc is pretty low... 1.45/usd.. maybe thats a better buy atm

[KaliC]

I like the idea, the fed defiantly needs some competition. The issue is how can we trust the founders of this. If was say anonymous or say Julian Assange then I would trust it a lot more. For now, I wouldn't invest a penny.

[Socks]

I have no skin in this game, but I think the number of people willing to risk it on a virtual currency would have dropped by a lot because of these events. I'm sure lots of people will be in wait and see mode. Lots of people would have bought over $100 and won't be willing to sell at a loss, so that will keep things a bit stable, but anyone who can get their money back at this point will probably try.

[borked]

So let me get this straight... A mining operation ceases cos it can't pay people to mine when bitcoins are worth $200, the trade market closes "temporarily" to add more servers as it can't handle the run on the money, and you're surprised it tanks to 60 when the market reopens???

[borked]

It stinks of amateurism with lots of chips on the table tbh

[dyna mo]

bad news bears:::



Bitcoin value crashes below cost of production as broader use stutters

http://www.guardian.co.uk/technology...cryptocurrency

[borked]

An article from 2011?

[dyna mo]

Originally Posted by borked

An article from 2011?

for the naysayers.

[borked]

Bit of a sceptic myself since the mining authorities shut up shop when it's not financially viable to pay the miners and the trading exchange is far too vulnerable.

Lmk when bc hits release 1 and out of beta :P

--- edit to clarify, cos I have shit awesome grid to release on mining that you wouldn't evenbelieve was capable. And no, it's not any sort of botnet.

[ilnjscb]

Originally Posted by Wizzo

Drop to $80 then back up, still not the big fall that will happen though.

concur - bubbles have several shocks that break resistance when they pick back up.

[ilnjscb]

People are blaming the drop on the Rothschilds - really? what a lazy conspiracy theorist ... the Rothschilds are from the last century. Use Trilateral or Bilderburg or something new.

[dyna mo]

Originally Posted by borked

So let me get this straight... A mining operation ceases cos it can't pay people to mine when bitcoins are worth $200, the trade market closes "temporarily" to add more servers as it can't handle the run on the money, and you're surprised it tanks to 60 when the market reopens???

well. i'm not sure if any mining operations have ceased due to that. perhaps you're mixing things up?

[borked]

Originally Posted by dyna mo

well. i'm not sure if any mining operations have ceased due to that. perhaps you're mixing things up?

https://bitcointalk.org/index.php?to...833#msg1793833

[spiederman]

there will be a lot of money in motion when it opens, thats for sure

[Helix]

wait for the dead cat bounce

[- Jesus Christ -]

Originally Posted by spiederman

there will be a lot of money in motion

Or the whole thing just freezes again.

Originally Posted by Helix

wait for the dead cat bounce

That happened already.

[AsianDivaGirlsWebDude]

Is Bitcoin just a Libertarian fantasy?
The digital currency's wild fluctuations in value have skeptics saying "I told you so"

Bitcoin has been on a wild ride this week. The once-underground digital currency peaked in value at $266 per virtual coin, and then plunged to $105, causing one of the biggest Bitcoin exchanges, Mt.Gox, to temporarily halt trading.

The fact that prices eventually leveled out is proof to some that Bitcoin is a resilient, feasible form of currency. To others, like Slate's Eric Posner, however, the last week shows that it's nothing more than a libertarian fantasy. (Confused? Check out our Bitcoin explainer here.)

Bitcoin appeals to tech-savvy libertarians, Posner argues, because of its anonymity and lack of oversight:

Fundamentally, Bitcoin unites futuristic left-wing internet anarchism ? the fantasy that the web can provide the conditions for a governmentless society ? with the cave-dwelling right-wing libertarianism of goldbugs who think a stable money supply can be established without government involvement. It is proof for both that government is not needed for much, or at all. [Slate]

If you have a computer and hate taxes and bank fees (and really, who doesn't?), then Bitcoin represents a way to break the chains of Big Government and do with your hard-earned virtual money whatever you see fit. Over at Medium, Felix Salmon says "Bitcoins hold exactly the same gleaming promise for techno-utopians as gold does for Glenn Beck."

Libertarians wouldn't necessarily disagree. (You can, in fact, currently make donations to the Libertarian Party in Bitcoins.) In Libertarian News, Michael Suede defends the recent fluctuations:

There were some banking panics that took place prior to 1933 (much like the Bitcoin exchange panics we see today), but the only times America experienced a major depression under the gold standard were the periods when the central bank monkeyed with the money supply (something that wouldn?t be possible under a 100 percent reserve privately run gold standard). [Libertarian News]

But what some call monkeying with the money supply, others call "printing more money, so that economic activity is not choked off by scarcity or hoarding," writes Matthew Zeitlin at Bloomberg. Zeitlin goes on to argue that "since Bitcoins can only be produced at a predetermined rate, deflation is a constant possibility, or that Bitcoins turn more into a commodity people buy than a currency people use."

If anything, the evidence over the last week suggests that Bitcoins have become both a commodity and a currency, leading to hoarding and rising prices.

This is a problem, Posner argues at Slate, because "as the economy grows, a fixed-supply currency becomes worth more in terms of goods and services, and people begin to hoard it ? expecting that if they wait a little longer, they will be able to buy more. Once hoarding takes over, circulation ends, and with it the function of the currency."

Ultimately, a lot of arguments against Bitcoin are the same arguments against the gold standard. "Currencies such as the dollar, with a central bank which can print money at will, have succeeded for a reason," Salmon writes at Medium. "As economies grow, the money supply has to be able to grow with them. And that's why Bitcoin can never really succeed over the long term."

The currency of the future? Maybe not. But that doesn't mean it isn't fascinating.

Source Article

All of the hype surrounding bitcoins which led to the sudden rise and rapid crash in the past week, kind of reminded me of how the legions of libertarians campaigned with so much zeal, even though any serious student of politics should have known that Ron Paul had an ice cube's chance in hell of winning the election, let alone the Republican nomination.

They stirred up plenty of excitement for the base, got Paul a bunch of press, and he cashed in, but the fact is he was never going to be President of the US, or anything more than a crackpot congressman from a rural part of Texas.

I'm sensing a similar Libertarian vibe in the bitcoin hype. I wonder if/how much the libertarian activist network is behind it. Seems like some people are driving the bubble in order to cash in on all of the people that only hear what they want to hear ("get rich quick").

Just a few casual observations. I am still watching everything from the sidelines with amusement.



ADG

[dyna mo]

Originally Posted by borked

https://bitcointalk.org/index.php?to...833#msg1793833

i'm gathering from that post he is shutting down due to incompetence, not anything to due with the issues mtgox is facing.......

How did it get this bad? Two main reasons, programming incompetence on my part has overpaid a vast amount of BTC over the last 2 years, and server bills upwards of $700. During which times Bitcoin prices were steady but low compared to today. These factors plus the very unlikely sustainability of running a 0% fee PPS pool, and my naive experience in running something as large as MtRed are what I believe is why I have failed you.

[Webmaster Advertising]

Originally Posted by dyna mo

i'm gathering from that post he is shutting down due to incompetence, not anything to due with the issues mtgox is facing.......

No, no, you are wrong.

Nobody is ever incompetent, it is always somebody or something else's fault. Individuals that fail at something tried the best they could but due to circumstances out of their control they fail.

Americans do not need to take personal responsibility for anything we do. It s always the fault of 'Bama or Bush these 2 guys close thousands of businesses every single day because the business owners would never mismanage their company.

[NiXXiN]

the ddos is still ongoing on a lot of bitcoins sites, i wonder if its coming from the federal reserve data centre.

[dyna mo]

i'm glad we're getting to the bottom of this!

[Barry-xlovecam]

http://bitcoinprices.com/


http://preev.com/
works ???

[Webmaster Advertising]

Even though they are under a ddos attack right now, the price is starting to climb again, albeit slowly... $300 profit right now from when we bought earlier

[Brent 3dSexCash]

I heard that another trading house had them at around $69, and I believe mt.gox hasnt officially resumed trading.

http://bitcoinity.org/markets

Look at the 24 hour graph, it tells the whole story.

If MT GOX opens on time (which is about an hour and half from now) I wouldn't be surprised if completely plummets to the 20-40 range.

[NiXXiN]

this is gonna be really interesting what happens when mtgox comes back online, kinda make or break for them in a way, its going to flush out a lot of week players from the market thats for sure.

[Webmaster Advertising]

MTGOX opens for trading again in about 48 minutes, you can still buy/sell at other places like BTC-E though currently and they appear to be filling buy/sell orders relatively quickly

[WarChild]

I'm pretty hesitant on the whole thing still but I'm tempted to wire in a few thousand dollars and buy in if there is a further drop. It would take 1-2 days to process though so meh.

[dyna mo]

Originally Posted by Webmaster Advertising

MTGOX opens for trading again in about 48 minutes, you can still buy/sell at other places like BTC-E though currently and they appear to be filling buy/sell orders relatively quickly

thanks for the headsup!

[d-null]

interesting when Forbes writes about bitcoin (sorry if the link was posted in one of the other 100 bitcoin threads already)

http://www.forbes.com/sites/louiswoo...ot-real-money/

[- Jesus Christ -]

Originally Posted by d-null

interesting when Forbes writes about bitcoin (sorry if the link was posted in one of the other 100 bitcoin threads already)

http://www.forbes.com/sites/louiswoo...ot-real-money/

You are (inadvertently?) misrepresenting forbes as an organization by selecting a single negatively spun article from a contributors blog.

There are many positive and negative articles from forbes contributors. Here's an example of a positive forbes article about stability for some balance

http://www.forbes.com/sites/timothyl...ation-problem/

[Brent 3dSexCash]

Originally Posted by Webmaster Advertising

MTGOX opens for trading again in about 48 minutes, you can still buy/sell at other places like BTC-E though currently and they appear to be filling buy/sell orders relatively quickly

It will be interesting to see if there is a "run on the bank" if all people with real money accounts try to cash out. A lot of people just leave the cash in their accounts. If they get scared they may hit the withdrawal button.

We could have a Full Tllt Poker/Epassporte on our hands with Mt Gox

[dyna mo]

Originally Posted by d-null

interesting when Forbes writes about bitcoin (sorry if the link was posted in one of the other 100 bitcoin threads already)

http://www.forbes.com/sites/louiswoo...ot-real-money/

thanks for that link, i'm actually shocked he ended that with

Stabilize the U.S. dollar and all interest in Bitcoins will vanish.

i mean where does he come up with that?


here's one

http://pragcap.com/is-bitcoin-money