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The value of BTC just doubled from 60 to 120 in 40 minutes.. wtf is going on there? (looking at btce/USD) (disclaimer: i'm not trying to hype, I expect it will

by polshaw 14y ago

The value of BTC just doubled from 60 to 120 in 40 minutes.. wtf is going on there? (looking at btce/USD) (disclaimer: i'm not trying to hype, I expect it will come back down again shortly, it just seems weird to change that much that quickly) Edit: yup.. back down to 80 20mins later.. can anyone tell what kind of volumes were traded in this period? ..I wonder if anyone was able to double a serious amount of money in 40 mins(!). Or how much money would have been needed to shift the price that much?? I suspect trading volumes are lower than normal due to mtGox being closed.. I really am having doubts that closing to let things 'cool down' is really going to work out (side: why should that even be a role for MtGox anyway?!). Anyone have any thoughts on what will happen when it comes back online? Presumably a lot of people are only registered to trade with mtGox so have been prevented from buying/selling while the price has continued to fall.. it would seem to me we're either going to see a significant worsening of the crash or a recovery. ??

ghshephard 14y ago
spits out coffee I just went to https://btc-e.com https://btc-e.com to copy/paste the value and show you how you were wrong, and that the price has been stable at $65USD (I've been watching it for an hour) - But, when I got there - had jumped up to $115USD. I can only imagine this must be what it was like during the Tulip Bulb Craze.
maxerickson 14y ago
Mt Gox went back online about 80 minutes ago. So about 40 minutes before your timestamp.
mrb 14y ago
The volatility is there because people are panicking, don't know what to do: buy or sell. Some think the bubble is imploding. Some believe in the long term and are buying coins on the cheap. And in between you have traders like me: I sold at $190 2 days ago. Re-bought at $70. Re-sold at $120. We are making money hand over fist... I love the volatility.
rms 14y ago
It's really low volume. Check out the crazy spreads on https://tradehill.com/ https://tradehill.com/ I think we'll stabilize around 100 over the next 48 hours but with crazy degrees of volatility.
waterlesscloud 14y ago
Interesting statistic- Bitcoin Days Destroyed skyrocketed during this crash. http://blockchain.info/charts/bitcoin-days-destroyed http://blockchain.info/charts/bitcoin-days-destroyed BDD measures how many "old" coins are being moved around, so it seems likely that a lot of early adopters cashed out this time. Will be interesting to see what that means for the future of the BTC itself.
- maxerickson 14y ago
  It provides some information about the dwell time of coins. It's hard to see through it and say much about just how old the coins trading are. It doesn't take all that many old coins to get to 50 million BDD (~ a weeks worth of 3 year old coins...) My rough calculation is that there are more than 5 billion bitcoin days outstanding, so there is still plenty of room for a wild stampede.

by polshaw 14y ago

ghshephard 14y ago

spits out coffee I just went to https://btc-e.com https://btc-e.com to copy/paste the value and show you how you were wrong, and that the price has been stable at $65USD (I've been watching it for an hour) - But, when I got there - had jumped up to $115USD. I can only imagine this must be what it was like during the Tulip Bulb Craze.

maxerickson 14y ago

Mt Gox went back online about 80 minutes ago. So about 40 minutes before your timestamp.

mrb 14y ago

The volatility is there because people are panicking, don't know what to do: buy or sell. Some think the bubble is imploding. Some believe in the long term and are buying coins on the cheap. And in between you have traders like me: I sold at $190 2 days ago. Re-bought at $70. Re-sold at $120. We are making money hand over fist... I love the volatility.

rms 14y ago

It's really low volume. Check out the crazy spreads on https://tradehill.com/ https://tradehill.com/ I think we'll stabilize around 100 over the next 48 hours but with crazy degrees of volatility.

waterlesscloud 14y ago

Interesting statistic- Bitcoin Days Destroyed skyrocketed during this crash. http://blockchain.info/charts/bitcoin-days-destroyed http://blockchain.info/charts/bitcoin-days-destroyed BDD measures how many "old" coins are being moved around, so it seems likely that a lot of early adopters cashed out this time. Will be interesting to see what that means for the future of the BTC itself.

maxerickson 14y ago
It provides some information about the dwell time of coins. It's hard to see through it and say much about just how old the coins trading are. It doesn't take all that many old coins to get to 50 million BDD (~ a weeks worth of 3 year old coins...) My rough calculation is that there are more than 5 billion bitcoin days outstanding, so there is still plenty of room for a wild stampede.