Silk Road forums

Discussion => Security => Topic started by: John Gotti on September 04, 2013, 08:50 pm

Title: Another Bubble Burst
Post by: John Gotti on September 04, 2013, 08:50 pm
Looks like the latest BTC bubble is finally bursting. that was a decent size bubble, hitting a high over $149 on MTGox. today its sliding $140 now mtgox, $123.70 on bitstamp. Will it have a big drop? oh the drama with bitcoins!
remember those days where you can get bitcoins ahead of time and sit on them without worrying they will lose half their value?
Title: Re: Another Bubble Burst
Post by: John Gotti on September 04, 2013, 08:59 pm
sorry, last mtgox price is $137 and falling
Title: Re: Another Bubble Burst
Post by: John Gotti on September 04, 2013, 09:40 pm
shit i showered and ate and its $133 mtgox and $121 bitstamp already. looks like it will be a big drop
Title: Re: Another Bubble Burst
Post by: John Gotti on September 04, 2013, 10:25 pm
cash your coins out. bitstamp dripping fast $117, downward trend. days like this im glad im not shopping for coins today.
Title: Re: Another Bubble Burst
Post by: jase00 on September 04, 2013, 10:45 pm
the beauty of SR (and most $$/BTC sites) is it doesn't really matter the price....

only makes a diff for those investing or siting.
Title: Re: Another Bubble Burst
Post by: John Gotti on September 05, 2013, 01:54 am
the beauty of SR (and most $$/BTC sites) is it doesn't really matter the price....

only makes a diff for those investing or siting.

Of course not, the point is holding on to coins. you know how long it took for bitcoins to go from $10 to $12? on the MTGox, BTC were $149 and change yesterday. the CURRENT price on the mtgox is $117. weighted average is still a bit higher but that will come down and thats a difference of $20 a coin in 24 hours.
And how about you buy coins for $150, you put an order in but as your order is processing the price of BTC drop to $75 and the seller just cancels your order and you got only half the amount of btc? not "how about" it already happened.
I just dont get why there is not more discussion about this and a solution. As soon as bitcoins took off past $100 then $200+ then crashed, these coins haven't been the same.And it doesn't discriminate who it hurts.

Now mtgox is @ $117 with weighted average @ $135. That is coming down now but if you buy now you will lose money fooshoo. buying btc @$135 when the current price is $117 is insane.
Bitstamp is at $116.90. What a difference!It sucks.
Title: Re: Another Bubble Burst
Post by: ruby123 on September 05, 2013, 02:11 am
I took a hit today buying at 140.....
Title: Re: Another Bubble Burst
Post by: John Gotti on September 05, 2013, 03:03 am
I took a hit today buying at 140.....

$140? I won't pay MTGox  rates. My partner picked up some today earlier @ $132. you don't use localbitcoin? plenty of cash deposit options available. all you need is to be near a chase, boa, citi, wells fargo, tdk..etc

I read in the rumor mill that BST is open again but charging MTGox rates plus his fee. So if mtgox is $145, bitstamp $129, & SR is $136 and you buy off BST @ $145 plus fees you are taking a loss. Big order, big loss. maybe if MTGox just went away everything would stable out.
Title: Re: Another Bubble Burst
Post by: SeekEnlighten on September 05, 2013, 03:18 am
If the price of BTC goes down, that would be a benefit to the customer, but bad for a vendor, correct? Or is it just as equally shitty for everyone?
Title: Re: Another Bubble Burst
Post by: John Gotti on September 05, 2013, 03:38 am
shitty for everyone. its just like how shoplifters hurt customers, because what a merchant losses he must pass along to the customer. not only the value dropping the the difference in pricing from different exchanges too.SR is between bitstamp and mtgox. so if you buy at mtgox you lose, never mind the fees you will have to pay too if any.
you used to be able to buy coin, put them in your wallet and worry if you lost a quarter over night. now you lose $20+ a coin whiile you sleep. btc went from $12 to $20 to $100, to $200 and to $250 in a very short time period. people were dancing in the aisles because their coins were increasing everyday then within hours crashed to below $100. they have be incredibly unstable since. And being the cheap fuck that i am it seems to be only bothering me! lol 
Title: Re: Another Bubble Burst
Post by: ruby123 on September 05, 2013, 04:15 am
I took a hit today buying at 140.....

$140? I won't pay MTGox  rates. My partner picked up some today earlier @ $132. you don't use localbitcoin? plenty of cash deposit options available. all you need is to be near a chase, boa, citi, wells fargo, tdk..etc

I read in the rumor mill that BST is open again but charging MTGox rates plus his fee. So if mtgox is $145, bitstamp $129, & SR is $136 and you buy off BST @ $145 plus fees you are taking a loss. Big order, big loss. maybe if MTGox just went away everything would stable out.

I did purchase my coins through localbitcoins and it was a larger amount....I need to find a better guy. Most of the listings I see are pegged to gox or above.Have you had luck with anyone using alternate exchanges?
Title: Re: Another Bubble Burst
Post by: SeekEnlighten on September 05, 2013, 04:32 am
shitty for everyone. its just like how shoplifters hurt customers, because what a merchant losses he must pass along to the customer. not only the value dropping the the difference in pricing from different exchanges too.SR is between bitstamp and mtgox. so if you buy at mtgox you lose, never mind the fees you will have to pay too if any.
you used to be able to buy coin, put them in your wallet and worry if you lost a quarter over night. now you lose $20+ a coin whiile you sleep. btc went from $12 to $20 to $100, to $200 and to $250 in a very short time period. people were dancing in the aisles because their coins were increasing everyday then within hours crashed to below $100. they have be incredibly unstable since. And being the cheap fuck that i am it seems to be only bothering me! lol

Ah I see. Well I'm glad I'm not that much into the whole Bitcoin market.

I just want drugs lol.
Title: Re: Another Bubble Burst
Post by: spanky loc on September 05, 2013, 04:45 am
It's been such a good deal lately, with the SR price substantially higher than what I pay for coins, so while I don't like seeing the value of the coins in my SR account decreasing, I'm not sweating it.
Title: Re: Another Bubble Burst
Post by: monesty on September 05, 2013, 05:24 am
The price drop meant that I got raped without lube today.
Title: Re: Another Bubble Burst
Post by: bluedev1 on September 05, 2013, 08:15 am
never let emotions dictate your buying/selling strategy.   if there is a good reason to sell, then sell.  but if you have no idea why the price is dropping, then you do not sell, you hold on (if you can) or buy more.  there is a reason recurring-buy strategies work great for people who are confident in long-term value growth of an investment.  that is, if you invest $100 every week, no matter what the price of btc, some weeks you will buy high and by the end of the week you'll have lost some value.  but over the course of a year or two or five, you will have a winning strategy because you're averaging out the volatility.
Title: Re: Another Bubble Burst
Post by: anonypunk on September 05, 2013, 10:41 am
never let emotions dictate your buying/selling strategy.   if there is a good reason to sell, then sell.  but if you have no idea why the price is dropping, then you do not sell, you hold on (if you can) or buy more.  there is a reason recurring-buy strategies work great for people who are confident in long-term value growth of an investment.  that is, if you invest $100 every week, no matter what the price of btc, some weeks you will buy high and by the end of the week you'll have lost some value.  but over the course of a year or two or five, you will have a winning strategy because you're averaging out the volatility.

Well stated.