This page has been archived and commenting is disabled.
Bitcoin Trades Over $1000 On BTC China Exchange And Crashes 30% ... Then Rebounds
Update: following the 30% drop to under $600 in seconds, BTC promptly rebounded to $800 in a few more seconds, as the entire BTC market is now just an algo arena.
* * *
Putting to rest fears that today's Senatorial hearing on digital currencies would crater Bitcoin (if in the immediate term), moments ago the digital currency priced in USD on the Mt Gox exchange, rose to yet another unpredecented price, hitting $850 moments ago, or about 50% higher than where it was this morning.
But you ain't seen nothing yet.
Because at the same time, the Renminbi-denominated price of Bitcoin on BTC China, has the digital currency at 6780CNY. At a USDCNY exchange rate of 6.09, this means a price over $1100 per Bitcoin.
And as the two day chart shows, somehow while Bitcoin rose 50% in 2 days, it has doubled on the Chinese exchange.
Naturally, at this point we would suggest picking up the 20%+ free arb, however it is unclear how one can short the CNY priced leg of the transaction, or if for that matter, there is even an actual, liquid market in the currency.
And as if to prove BTC just head us, as the final chart shows, taken literally moments before we were going to post this article, BitCoin touched $900 on Mt Gox... and promptly tanked to just under $600, entering a bear market in the span of seconds on what appears to be about 10,000 trades.
And a better chart of the tumble which sent BTC lower by 33% from $900 to $600 in seconds:
»
- 51558 reads
- Printer-friendly version
- Send to friend
- advertisements -
Paging Fonestar
I am here!
for fuck's sake man!
Danger: possible first default on Au for BTC:
http://www.24hgold.com/english/news-gold-silver-warning-do-not-buy-gold-or-silver-from-bitcoin-site-coinabul.aspx?article=4683386710G10020&redirect=false&contributor=Jason+Hamlin
Government is DUTCH TULIP-ing Bitcoin. That's one way to destroy it - make it go exponential and then CRASH!
Simpler. The Chinese love to gamble, I'm told.
Yeah.
All those FoxConners are hittin' the solar-powered-bitcoin-dispenser and buying up the land.
They're gonna build vast urban foarward centers.
http://www.zerohedge.com/news/2013-09-21/chinas-ghost-cities-are-multipl...
DoChenRollingBearing has a point, at 2.x btc per ounce, god is going to fly off the shelves.
ZERO gold will be found for sale. Very soon.
Satoshi + fonestar declare victory and move to Galt's Gulch:
http://www.youtube.com/watch?v=1UUKbdjokHE
BtCHulk smash shorts! Just remember kids...their's no margin, you jump in and you bleed your wallet out all over the street. Have fun! TTFN
lol
If you like paper and you like silver, then buy Bitcoin. Then you can buy more paper and silver.
what exactly are you trying to prove? and to whom?
That age old investment strategy to ensure bankruptcy: Buy when in frenzy mode up! Enter dot com, housing, silver, AAPL, now Bitcoin. Inexperienced ppl always buy when RSI goes up and price parabolic, for some reason. I reckon it has something to do with talking your book, otherwise who would be stupid enough to say that they're buying AAPL or silver now.
BTW, I bought more silver today.
Except that we are watching nationalist shit-paper absolutely crater against the Bitcoin.
Well, been a trip.
High:$900.97998
Low:$502.62120
ChaChing$
Somewhere in March I said overhere, we're going to see spreads in the magnitude of $400 next year, I was wrong obviously, it came today.
Bitcoin + Physical Gold = Bitbond + Bitmortgage
http://twoshortplanksunplugged.blogspot.com.au/2013/11/bitcoin-physical-gold-bitbond.html
yup...eventually the price will continue to arise to adoption, it'll hit a threashold. They will have to print more to keep up with the rising wall of the other 70% of the worlds capital kicking the teeth of a bad idea of fiat all over the road.
And everyone has a parachute if they so choose to use it. Early adoption is suggested.
Flash dash then crash of trash.
No pity.
Why not take down the real thing? An ounce of silver is less than .03 bitcoins now...
Does anyone really believe Bitcoin, the mighty Bitcoin, the deflationary tiger is going to have any trouble whatsoever overtaking 1oz gold? It is going to cut through it like butter. Like it wasn't even there. Nothing will stop Bitcoin now that it is released and stalking the real world.
Do you not see yet? $10 $100 $1,000 $10,000 $100,000 $1,000,000? These are only zeros appended to a theoretical construct you were brainwashed during childhood to accept as "dollars". Bitcoin will encounter no resistance cutting through your delusions as it is the superior system. I tried to warn you and you chose to ignore my warnings. Bitcoin is the deflationary blackhole.
I will trade you a $100,000,000,000,000 Zimbabwe bank note for one! To infinity and beyond!!!
We are talking current monetary units of exchange...
$1 = 1 satoshi
Bitcoin:
on the gold standard?
backed by the full faith and credit of.....
I wouldn't bet against gold.
Gold, the money of kings. Silver, the money of the people. BTC the money of the future (or something like it).
Betting against gold and betting against gold (in dollar terms) are two entirely different things....
Betting against gold and betting against gold (in dollar terms) are two entirely different things....
Not totally sure what you mean, I would just lean toward gold being a pretty solid investment. BTC is good times, but I wouldn't recommend it to my grandma (outside of hindsight obviously).
To my mind, and I think you're in agreement, the moves in BTC are generally emblematic of serious worldwide currency problems and this panic is just waiting to spread. The canary in the coal mine I think Tyler has pointed out before.
What I mean is this:
BTC/GOLD
vs.
BTC>>USD>>GOLD
In the end I think we can remove the "dollar" from the equation.
dear infinity- you forgot to say " beeeeaaatchezzz ! "
Seriously if want bitcoin to work out, help spread it around to encourage use : 12Yk63ehLkvodMCS5J687w7EKUdQs1AjXM
Conversely, if you think bitcoin is worthless, please send any spares to promote charity: 12Yk63ehLkvodMCS5J687w7EKUdQs1AjXM
"bitch coin" is not seen as a competitive threat apparently.
Oh we will see about that. Bitcoin is going to tear your whole world apart.
@scarlett . no sweetie. when the gold is gone ..... then God will be flying off the shelf. very popular,high demand. big run on God. much avilable to everyone infintely divisible and always One. no conterfieghts. none needed.
?
excuse me stewardess , i speak jive !
I was watching it real-time. It's like Newt said about the creatures in "Aliens".... "They come mostly at night. Mostly."
I've been watching every night the last week as Japan starts to wake up up.
Sold 50% of my position at $865 (on the upswing to the peak). If I had been any quicker, I would have only caught $800. Yes, It went up that fast.
Note: I am NOT a trader, by my nature, but I gotta tell you, I understand the rush now. Holy crap, it blew my hair back (what I have left of it).
More informative than the parabolic upswing was watching it take out the bids on the way down. WHOLE NUMBER after WHOLE NUMBER, right on the 50s in most cases. A "currency" that trades at 5 places past the decimal posting 850.00000, 805.00000, 800.00000, 750.00000, 710.00000. The bid stack was laid bare, exactly where they were, and then you got to see them get taken out one after another. In a matter of minutes, the whole order stack was turned to jello, often 50 bucks at a clip.
DAMN, what a rush! Never been involved in a parabolic before. Certainly nothing in the timeframe of minutes or seconds. And definitely never on the "winning" side before.
Now.... here's hoping I can actually get those profits back from Mt. Gox, if they're still in business tomorrow morning.
This currency is going to have REAL algos crawling all over it within a week. What I watched tonight on the down-swing was amateur hour.
This is nothing, there are trades on GoXBTC (a chinese exchange) where someone paid 22,213 yaun for bitcoins, thats about $3600! I think they are using that butterball or buttercoin or whatever, HFT Algo for cryptocurrencies or something, and don't have it set correctly, or they just have really fat fingers. I'm trying to find the volume traded at that price, but the site keeps flashing back and forth between English and Chinese.
hey gang- don't really want to fight. i'm a fucker , not a fighter.
but lots of build up of 4day full moon stray thoughts for ya all-
satoshi's satoshis cashed out in dollars, bought some yaun and bought back in.
there is no dragon society! they're just making it reign with imaginary numbers too.
Let 1.2 billion Chinese gamble for 12 million Bitcoins.
It is forming the most beautiful dampened sin wave I've seen in a financial. I have no shame: get some free bitcoins at http://freebitco.in/?r=25727
Just wait till it has 4 zeros on the end and is still making 30% swings in 3 seconds, lol.
tanked to 600? giggles.
calling nanex ....
guarenteed sumpin' really important is happenning somewhere else- distraction extrordinaire.
FIVE zeroes on the end, and it actually happened tonight. Over and over. Nice, whole round numbers. In big clumps and bunches.
Update- just checked in on Mt. Gox again and they're STILL trading whole numbers. 751.00000 as of this posting. 5 zeros past the decimal point!
why the fuck would that be surprising? There are still probably in the thousands of people trading more than 1.0 BTC. The majority of people like to use round numbers. When you've been holding since $0.10 / BTC, you dont care about the cents.
Stawbiliteee! Its a wonderful currency, its perfectly secure!...ROTFL!!!
The one with it, is now too damned greedy to part with it and the shopkeeper is too afraid to accept it because he may be cheated before he can enter it into his ledger...lol.
Gawd.
Bitcoin has really livened up the chatter around here.
Just as well as everything else has been devoured by rogue algos
It's okay. I personally recommend people have at least 75% of their portfolio invested in BTC. The rest in silver and copper coins for safety.
Careful, people might think you're serious.
Huh? I am serious and I am offering investment advice.
You have to identify your long and short positions when giving investment advice. :)
Buy as penny stock in 2010 or 2011, then sell at 1000. Beat that, AAPL, XAU!
Redditor learning a $24,000 lesson not to trade bitcoin on margin.
+1 but yours is broken
Well if people lose their shirts at least it will be for a nobel gas. And besides, there's always new shirts, I got one just the other week at a BBQ thing.
LOL at least he still kept 1k; time to rent a scuba gear - oh, wait...
...
I don't remember it saying that on the test thing I had to write?
Investment advice over the internet - what could go wrong with that...
Hey Xeno, how's your metal doing lately? :)
As shiny as ever. I made a little silver castle the other day out of 350 silver maples. It was a hoot.
I hope you left them in the clam case...Otherwise they will tarnish. Bitcoins never tarnish you know. Because you can't see them. Oh, no...things you can't see have no value. Fucking worthless air.
When this nonsense is at an end, I look forward to not hearing from anyone who will admit to being taken in by the bitcoin ponzi.
When this nonsense is over I will humiliate, laugh at and publicly mock those taken in by the "dollar" ponzi.
It won't be here, then...
Because if you recognize bitcoin as a scam, you automatically support the US Dollar.
Don't you get tired of this absolutist nonsense?
Remember folks, if you're not with us, you're with the terrorists!
"Because if you recognize bitcoin as a scam, you automatically support the US Dollar."
And yet you people talk tough and then do absoloutely nothing to undermine confidence in the dollar. Wussies. I've actually told people including my employer I would rather be paid in silver or Bitcoin.
That seems to be the real satisfaction for silverbugs. At least something real, you can even make washers from it, it will be always worth something and you can hold in your hands.
You cannot hold freedom in your hands. Ergo, freedom is not "real" and therefore is worthless.
But you can hold a fart in your hands, must be real an worth something.
Catch that and paint it green!
"You cannot hold freedom in your hands."
"Ergo, freedom is not "real" and therefore is worthless."
His name was fonestar the idiot.
fonestar.... one of the few who could take on the literalist simpletons on ZH.
You can't, because, in fact, freedom doesn't really exist, per se; it's actually just an absence of restraints. Restraints, however, do exist - they're called prisons (make it boundaries).
So, you're just gonna flame out right here & now huh?
Twenty five percent in silver & copper "for safety" and the bulk of whatever you define as someone elses "portfolio" in bitcoin...now there's some sage, conservative, financilal advice for someones life savings.
Pump harder, you're not even breakin a sweat yet ;-)
.
I fink u freaky and I like it a lot
those algos and their wallets better have some good security or the h4ck3rz will take all their coins just for the lulz
Somebody needs to call the hunt Bros to see how this ends
No, there's no futures exchange waiting to fuck anybody here - not yet at least, so the Hunt brothers won't be any help. But maybe watch Boiler Room if you want to spoil the ending.
We Tu Hi
Ho Lee Fuk
Bang Dae Ho
the Winklevoss twins actually. "with Facebook getting slammed today" no less. this is like "the globe.com" only with money itself.
Ha ha ha...
Epic two days in the BTC world.
Beginning Bitcoiner Bearing (BBB) has been utterfly fascinated the past few days.
Well, Bearing, if you had any other investment go up that much that fast, would you not sell? Everything else, if it's too good to be true, it ain't true for long, why should this be any different? I'd have sold, and put the money into something else safer, likely. And we know what that is. My old rule (which really isn't mine, but was taught to me) is that when something jumps up more than 3-4x what your trailing stop was - go ahead and sell it, it's probably a short term event. And you can always buy it back if it crashes but still looks like it'll go up again - or buy in again having only missed a little of the rise, but just don't buy with *all* the money, just some of the *profits*. Then it's house money...and you don't care as much anyway.
Ain't selling my 0.019 BTCs. Maybe I'll give them away...
I hear there's some assassination sites you can give them to...
Ha ha! What a pleb! That's nothing compared to my 0.17 BTC!
Joking aside, I see a lot of potential in BTC, and will be shifting 5% of my portfolio into it, starting with the next major crash. This is a hedge against JPM continuing to rape PM prices to zero even as their fundamentals keep getting better.
Two people gave Bearing Guy a total of 0.124 BTCs. If I calculated correctly. Mental math is often not a strong suit for bearings...
They have been mostly frittered away to people I don't even know! Well, one guy I know, lucky him! Proud owner of 0.005 BTCs.
EDIT:
That would be 0.0115. Damn, I hate that!
... and I thank you for the bitpenny! (0.01BTc)
just for sh1ts and giggles... I've invested a few hundrend into bit mining, my approx mining speed is 0.0044 BTc/day. LOL
1MZoWrZRqmX4Uu1XN6Hsgqk7pA44NnUksM
Don't spend it all in one place!
1HNi5bXxq8bayYuf4be2kCFoxkxkywZoMh
Just in case any of you are done with the stuff...
Someone should edit the KWN interviews substituting the word Bitcoin for the word Gold. Sell them as Stacker fantasy tapes..
Will work for food; Anything helps: 12Yk63ehLkvodMCS5J687w7EKUdQs1AjXM
I would like to help out, maybe once we get a bit further here. I just pawned my microwave and vacuum cleaner to buy more BTC a few hours ago.
Dude, why lose your appliances for more intangible btc? Just sell sex for btc, and it will be like converting your time directly into your favorite money! When you finally have enough btc to be satisfied, you'll have the rest of your life to enjoy them, all while keeping your fridge and bathroom mirror, unless you eventually, or already, don't want the mirror.
Congrats on your btc rush, though. But shouldn't you be booking profits rather than selling everything else you own?
"Just sell sex for btc, and it will be like converting your time directly into your favorite money!"
Well I figure once Bitcoin goes to one-million dollars I could get those appliances back and maybe a few more. But come to think of it, I do feel a little lonely with that vacuum cleaner gone.
if you need to pawn anything , You are an idiot sir not the genius you think you are.
You sell home appliances , i buy homes .
Watching the CNY exchange feeds tonight is way more entertaining than any television, I kept waiting in suspense for the break.
It seems strange cackling with delight on a 25% plunge of something I own, but the run up was just too incredible to get attached too. This was a fun ride!
fiatleak had China down, for maybe an hour (?).
Just looked and saw prices jumping in the $710 - $725 range.
Hi Do Chen Bearings, yes, yes I am set up with your credit dept, I will email the customer number. It's a bitcoin account. Yes I'd like to place a purchase order for two tons of your best product, priced in bitcoin. OK hold that, I'll place one ton. Oh wait, make that a half ton, oh hell I won't meet demand with that, uh christ I can't afford this, I'll take a coffee can of bearings, make sure it ain't rusty, k?
Of course, tell us which pieces you want. And pay first.
I don't understand. The sentiment of the common ZH user to to embrace deflationary forms of currency like gold in their ideal world.. So...either you want something that is beneficial to hold forever, or you think it's a bad idea. MAKE UP YOUR MIND.
This felt just like silver/gold 2011. Test phase for appetite, figure out who you have to pound that's got em.
Long slog back up after this, either that, or rebound like a motherfucker to twice the tap at nine hundred..
Still pissed, but was a strait sell the news on this, the hearing brought mainstream exposure for a quick rip trade.
Hope all you btc fans heed what happened.
Won't get another chance like that one anytime soon.
(knowing me it's $1800 by Friday.)
Senate "hearing" was the BTC motherfucking Promo event. How many BTCs did the insiders have to sell into the rally today? This is a whole new ballgame where your government gives the sheeple a stock tip and then sells the rally to the sheep.
Blah. Get some. Need more beer. Free BTC : http://freebitco.in/?r=25727
posted enough spam referral links yet?
Virtual BitCoin is finally decoupling from the physical... oh wait...
Bear market my ass.
a week ago it was what...$300?
Bitcoin is acting like gold when people finally demand delivery. It is what it is.
This is the bath salts of all investments, I love this!!
Investment?
I thought you said it was a currency.
Whatever it is I just feel sorry for those suckers that bought at $900 LOL.....
No, wait... BTFBitD at any price!
This shit is crazy! AND I PWN IT!!
;-)
So you finally admit you're a bitpumper.
No I'm just some guy who can say stuff.
Don't stop now, you're on a roll.
So tell me, this fiat denominated bitcoin thingy you're pumping, being traded on electronic markets, controlled by bankers and governments...good or bad?
A bitpurist would have indigestion by now, a scammer, not so much ;-)
What? It's the Dollar, Yen, Pound, etc that are controlled by bankers and governments. Not Bitcoin.
Bitcoin good. Fiat bad.
The markets you're looking at are not controlled by bitcoin dude.
You've been outfoxed.
Now its fear & greed time my man, the enemy within...when will you cash out to the government fiat you claim to hate...or will you go down with the bitship? ;-)
In the cold dark winter, snakeoil can be burnt to sustain life. Digital stuff? Not so much.
Over.
Fuck that shit! I am standing with Satoshi to the bitter end!
I am a fanatic and I fully understand the ramifications of a Bitcoin victory. We will be hated, especially by those who expected a free lunch from the gov.
Which Rothschild is Satoshi again? I forgot.
Over.
(At best) You'll be ridiculed, pittied and laughed about; no one cares enough about you or your trades to hate you, sorry to tell you...
...time will tell my friend. They were laughing at $50 BTC and at $1,000 they are starting to squirm in their seats.
Let's turn up the heat on these frogs now.
re. squirming: I'm disappointed it's not over 9000, right now...
Might be the first "over 9000!" reference I've ever seen on ZH!
It's bitcoins all the way down?
Does Satoshi have the patent on bitcoin or someone(s) else? And what does it say about an "anarcho currency" that relies on a patent...on the governments law?
These are questions for you to decide for yourself (if a purist) or not...if you're just out for the fiat.
I have no dog in this fight...I hope it goes to a million fiats and stays there...but I know it won't.
I leave you (and everyone else) with a word of advice that I've given before on this, when the water reaches the deck, follow the rats.
Seeya
The only thing close to a patent that I respect is the GPL (Gnu Public License). Satoshi isn't the kind of cat who would be down with all that "copyright" stuff. I've been stealing stuff off the internet since 1995. More military documents lately as the Hollywood films tend to have a deleterious effect upon young minds.
stealing from teh military since 1995 - you must be a 1337 über hax0r too, d00d...
When the FBI took the Silk Road Pirates booty they made a deal with Satoshi. They said "We'll shut this fucker down tomorrow or you play along".
The deal with Satoshi was that he had to ramp the currency into the end of today so that they could cash out.
The FBI, with it's shrinking budget, coordinated today's Congressional hearings. The hearings were just fluff for the lemmings to gain interest in the con.
The Chinese bitcoin exchange that disappeared with $4.1 million was owned by Satoshi.
http://blogs.marketwatch.com/thetell/2013/11/12/chinese-bitcoin-exchange...
The disappearance caused a supply constraint, plus the dirty bitcoins that were captured during the disappearance were then resold.
The combo drove the price to $1000. Remember demand came from China/Asia.
Over.
It's a fucking scam bro.
Blah...you are speculating. Just like people speculating for bitcoin. It is no more respectable to speculate against something than for something. Use brain more. Less whining.
Actually what he said made perfect sense. The Chinese are the bag holders.
seems legit
Yeah, ethics - so old economy...
Name any successful business person that didn't take advantage of some weakness, interest, need, desire, or addiction. Fuck off with your pseudo-ethics.
Shouldn't you be posting something like Fuck you, Bernanke! instead (you know, because fuck pseudo-ethics)? Go fuck yourself, cocksucker...
Well now that's just disingenuous.
Yea, if I owned the reserve currency and wanted to make an impact on my 'competition'. 1000 yrd stare into the melon of some early adopters.
Can't decrypt it, right Alice? Instant inflation when coins disappear from attrition.
Over.
I sell some nice silencing cans for subsonic loads. High Plains Drifter in the deep web. Special discounts for central bankers.
I think I can poke a hole in a potatoe and stick it on the end of my .22 by myself, thanks.
Good luck at 1000 yards. Aim high, very fucking high.
Over.
Don't Lay into him too hard, let's see where everyone stands Saturday.
Its cool, I always knew what it was and I said so with no if's, and's or but's.
Its a conduit FOR money...so yeah, lets see who has the money come Saturday ;-)
Someone told me the exit door is only 4foot x 4foot, his head is not going to fit through.
Over.
umm my exit door is paying off my mortgage.. you guys are just sitting around waving your fingers and shakin heads..
Totally not a get rich quick scheme.*
*Hope no ZH'ers bought in at $850
No more than Herbalife, Avon, etc... Once you have created a revenue generating product and the pyramid becomes indefinately profitable to newcomers (seemingly) it becomes an acceptable product.
Bitcoin is JUST NOW getting to the Google news frontpage. If you think this is as high as it goes at this point, you are a fool. People are too stupid to stop buying now. Just look at the chart from the last month. The average dumbfuck will think HOLY SHIT THIS IS OBVIOUSLY GOING UP AND UP. And there are a loooooot of average dumbfucks that haven't heard of bitcoin yet.
Sounds like a familiar tune.
Not an argument.