Quote from: Burt on December 01, 2013, 08:19:07 AM

Quote from: Vycid on December 01, 2013, 08:09:42 AM

Quote from: rpietila on December 01, 2013, 08:03:37 AM

Quote from: Vycid on December 01, 2013, 07:46:10 AM

Why are we assuming that this was a whale and not simply sell pressure that was unsupported by buying action since the fiat system is closed down for the weekend?

Can't you just believe that people are coming in droves? One such came in last month. Now everybody is waiting, counting their coins. If no drove comes, everybody sells, newcomers and old ones alike.

I know the magnitude of droves grows on average 1140% per year. It's a lot, but you cannot draw the conclusion that each month the USD flow is bigger than last month. Because it isn't.

It's not so simple. Selling pressure is dynamic also.

People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.

If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.

I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.

Of course, cash in naturally drops during the weekend and we see minor selloffs.

i actually sold my coins because i thought 10$ was the normal price for them. i come from 2011 lel

If you actually thought your coins were worth $10 you would have sold them in April.

I mined like 5 and then never checked bitcoin for 2 years till like 5 days ago no joke. lol it was just a little hobby