Why the price panic? (does anyone know anything about the 7th-Aug massive sell?)
Just before heading to bed, I checked the price on BritCoin.co.uk...
1BTC = £4
I was a little shocked as I was expecting to see about £8 as it was about 24 hours ago. I'm now under my break even point for electricity consumption, so I'm considering switching off the miners.
However the drop in price seems to be due to a single (or a small number of) massive sells that moved the market:
http://img263.imageshack.us/img263/7249/07082011014144.png
Uploaded with ImageShack.us
Does anyone know anything about the 7th Aug massive sell off? Was this a single sale or a very small number of massive sales by the same individual or group? If so, why wasn't the dark pool used?
Anyway, my miners have been switched off temporarily to give them a break, at least until the morning when hopefully things will pick up again - they've been running constantly now for well over a month...
1BTC = £4
I was a little shocked as I was expecting to see about £8 as it was about 24 hours ago. I'm now under my break even point for electricity consumption, so I'm considering switching off the miners.
However the drop in price seems to be due to a single (or a small number of) massive sells that moved the market:
http://img263.imageshack.us/img263/7249/07082011014144.png
Uploaded with ImageShack.us
Does anyone know anything about the 7th Aug massive sell off? Was this a single sale or a very small number of massive sales by the same individual or group? If so, why wasn't the dark pool used?
Anyway, my miners have been switched off temporarily to give them a break, at least until the morning when hopefully things will pick up again - they've been running constantly now for well over a month...