Welcome to 2011 Reloaded.
You too will learn about risk management.
Did you miss US Senators talking about Bitcoins today?
Doesn't seem much like 2011.
The Chinese weren't buying in 2011 either.
It looks like the API has been hijacked somehow. It's playing the same series of trades over and over again, made to look like a crash is happening. Meanwhile the real price stays at 585.
There is nothing hijacked. This happened many times before where gox"loops" trades.
Are you saying these trades actually happened? I have heard evidence to the contrary from several people with outstanding orders within the range depicted in the loop.
Bitwisdom reset their volume counters so not nearly this many trades taking place.
it usually makes sense
Bitcoin isn't usual.
All it takes is one mistake when it moves against you and you've permanently ended up with half the BTC you could have owned if you'd have just held.
For most people, holding 100% of the initial amount is not a wise choice. It is good to diversify by selling into strength to account for the possibility of a black swan event in Bitcoin technology. This way you steadily accumulate also non-BTC assets, and can learn how to handle wealth. You sleep better and don't see dips in price as an opportunity to panic, but rather an opportunity to buy back if you really feel like so. The selling plan must be based on percentages, which means that no matter how high bitcoin goes, you still have more value in your remaining BTC.
If you have
BTC1,000 and you absolutely want to have the same number when it hits $million, then it is best to just bury the paper wallet into ground and wake up when you are a billionaire. Trading only makes you lose the most of it over time with no gain. But it is not healthy for anyone to suddenly become a billionaire.
If instead, you flex your Excel muscle and devise a plan to sell
BTC900 in decreasing increments at exponentially rising price points, you will already be rich and well-established when bitcoin hits $1 million, and totally content with the idea that your remaining stash is still worth a cool $100M.
That is incredibly sage advice and I just might take it. Really. Some people should read this carefully. You are absolutely right, being a billionaire overnight is not healthy. Not even being a millionaire overnight is healthy.
I've read it over at least a half a dozen times and I agree that it is useful.
I was a part of the 2011 tulip festival with Bitcoin and I sold a bit this month when it crashed to under 500. But my long-term goal is for 10 years. I believe it will be the best investment for that time period.
Gox price is now higher than BTCChina price in USD.
Looks like BTC China is back over the equivalent of $1000 again.
What is the CNY ATH?
6989cny, we are currently at 6978. Gox is also within $5-10 of its top.
Just briefly hit the Chinese ATH.
At 2242 Mountain Time Mt. Gox hit an all-time high of 1242. The same time gold was at 1241.928. We achieved parity.
BTC-China & MTGox in sync for the last 10 hours
I love charts like this except that it doesn't tell the whole story. During that time China clearly lead the way in volume.
whoop whoop, made 2.63 BTC from alt coins and finally safe back in BTC.
It's nice to have the relative stability of BTC, isn't it? I'm tempted to sell part of my alt coin stash just for the stability factor.
Someone put a 20+ btc wall out on QRK and it's getting eaten through so I think I'm going to hold on to that and see what happens.
Healthy correction. That is all.
Hold on to your balls. We're going to be in for a bumpy ride!
Coming from a seasoned Forex trader and once a firm devotee of technical analysis - it helps you understand what has happened, it does not tell you what will... Can it give you an IDEA of what may happen? Sure, but only if the underlying circumstances are the same as they were the last time the analysis was conducted, which in the dynamic reality is hardly ever.
I couldn't have said it better. Thank you for bringing some sense to the conversation.
How are you money hobbyists and trading enthusiasts planning to break this news to ur famblys?
I told them I shorted BTC so they are pretty happy with me now.
We'll see what they think when I have a purchase point a bit lower than this.
BTC drop exactly coincides with USD jump up. Hmmmm. Conspiracy?
