Bitcoin falls from $266 • Hacker News Board

Re: Bitcoin falls from $266

#81

Post by Mahn » Wed, Apr 10, 2013, 6:41 PM UTC

joshuahedlund wrote: post #72

I have a casual interest in economics, markets, currencies, etc, but I don't understand why DDOS attacks would cause the price to drop as opposed to just causing trade and prices to halt altogether?

People buy less, so those wanting to sell have to lower their prices, which makes others panic and sell at a low price, and there you go.

Re: Bitcoin falls from $266

#82

Post by aychedee » Wed, Apr 10, 2013, 6:42 PM UTC

makomk wrote: post #35

[deleted] wrote: post #5

Earlier quoted context omitted.

[deleted]

So far there's just been mysterious lag every time the price starts to drop that stops people from actually selling...

That 'lag' is every single person trying to sell their holdings at once.

Re: Bitcoin falls from $266

#83

Post by Symmetry » Wed, Apr 10, 2013, 6:43 PM UTC

aero142 wrote: post #47

tptacek wrote: post #21

Don't worry! It won't ever fall below its intrinsic value!

So, what do you think the intrinsic or non-monetary price of gold is?

Gold is useful stuff in all sorts of electronic applications... I'd say at least 4x that of Bismuth or around $50/pound.

Re: Bitcoin falls from $266

#84

Post by anonymoushn » Wed, Apr 10, 2013, 6:44 PM UTC

safwanc wrote: post #70

Kaedon wrote: post #60

Earlier quoted context omitted.

It's interesting how quickly its fallen even since this article was posted. It looks like it's around 150 now.

..and 5 minutes later, its back up to $190 USD/BTC.

It's not a matter of being up $40 in 5 minutes. The spread is actually $40.

Edit: Erm, the above was true a while ago. More recently there were standing orders on both sides around $190, but only 20 btc of liquidity on the bid side between $190 and $150.

Edit more: Seeing this again, $44 spread from $106 to $150.

Re: Bitcoin falls from $266

#85

Post by 6thSigma » Wed, Apr 10, 2013, 6:44 PM UTC

songzme wrote: post #31

To everyone claiming that bitcoin isn't a currency, no shit! Currency doesn't happen overnight, it's a process to get there. Just like anything revolutionary, it takes time before anyone knows what it will be come. By the time (with a very big IF) bitcoin becomes a viable currency, it's price won't be $200 anymore. It'll be at least a few thousand per coin and people will be transacting in micro bitcoins. What bitcoi…

I don't hate Bitcoin, in fact I think it's a really cool idea, but I think the mindset you are portraying is very bad. Ignoring all but positive speculation is pretty much the definition of a bubble.

Re: Bitcoin falls from $266

#86

Post by omellet » Wed, Apr 10, 2013, 6:44 PM UTC

xoail wrote: post #75

So if someone decides to sell 1 bitcoin at $157, immediately the lowest price falls to $157, causes panic among other bitcoin-ers and they all start selling, is that how the market works? I am not sure what is going on, I placed an order to buy at $210 but that is still pending since yesterday.

No, whatever the current highest bid is will get executed, and you'll sell at that price, instead of $157 (assuming your offer is through the bid).

Re: Bitcoin falls from $266

#87

Post by [deleted] » Wed, Apr 10, 2013, 6:45 PM UTC

mckoss wrote: post #62

Something bad is happening at MtGox - they quote a price of $156 for the last trade - yet my order at $200 was not filled and is still marked as "pending".

[deleted]

Re: Bitcoin falls from $266

#88

Post by smrtinsert » Wed, Apr 10, 2013, 6:45 PM UTC

songzme wrote: post #31

To everyone claiming that bitcoin isn't a currency, no shit! Currency doesn't happen overnight, it's a process to get there. Just like anything revolutionary, it takes time before anyone knows what it will be come. By the time (with a very big IF) bitcoin becomes a viable currency, it's price won't be $200 anymore. It'll be at least a few thousand per coin and people will be transacting in micro bitcoins. What bitcoi…

It's the speculators! Where have I heard that before?

Re: Bitcoin falls from $266

#89

Post by kaoD » Wed, Apr 10, 2013, 6:45 PM UTC

xoail wrote: post #75

So if someone decides to sell 1 bitcoin at $157, immediately the lowest price falls to $157, causes panic among other bitcoin-ers and they all start selling, is that how the market works? I am not sure what is going on, I placed an order to buy at $210 but that is still pending since yesterday.

Just ignore the high/low prices and focus on the weighted average (223$ right now) which is a much better indicator IMHO.

Re: Bitcoin falls from $266

#90

Post by akavi » Wed, Apr 10, 2013, 6:47 PM UTC

Symmetry wrote: post #83

aero142 wrote: post #47

Earlier quoted context omitted.

So, what do you think the intrinsic or non-monetary price of gold is?

Gold is useful stuff in all sorts of electronic applications... I'd say at least 4x that of Bismuth or around $50/pound.

So, about 0.2% of its actual value.