I agree this price cannot be sustained. No level headed investor is going to buy in at the top of a huge rally like this. Investing 101 says buy low and sell high, and most investors realize this. They are not going to continue to dump money into it on a huge upswing like this. It has gone up way too high & too fast to be sustained.
I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.
/speculation
Keep in mind there are OTC folks wanting to pay a lot more than gox.
There were some US$1200 sales in the last 24hours. Localbitcoin is may hit gold parity today.
http://bitcoincharts.com/charts/localbtcUSD#rg1zig5-minztgSzm1g10zm2g25zvzli was feeling like shaking the monkeys out da trees this morning..looks like a better footing now!
*you talking LA prices ..i'm in Pasadena ~=)
Yeah, a guy last week wanted 5000 coins OTC. There was a 1000 coin buyer today. Get outta the house, I can't fill those orders.
Fast coins are worth more than cheap coins. Exchange coins are slow coins. How long does it take to move money to the exchange, and how many % have you lost in that time in the current market environment... 100%?
Big premium on OTC.
ya we should talk...There are some major developments going on around here with bitcoin! ~ Pacific exchange? hmmmm
*blessed!
Yes, we should. We can get together with Travis, CEO of CoinMKT.com, in Santa Monica. He brings in some of the beluga whales.
There are a few other folks I know with many many K's of coins in town too, but some of them are.... anonymous. I'm a minnow by comparison, they just like to hang out with smart people that can speak their language so they tolerate me.
Are you guys brokering? Is that what this discussion is about?
And if Travis of CoinMKT.com has so many "whale" contacts, why is that exchange not doing any volume? Last time I checked it was dead dead dead.
Is Travis just a glorified broker with CoinMKT to make him seem "bigger" time?
I'd love to know what's going on there as I am very close by.
