This one came pretty good.....a bit too fucking good and if it doesn't stop soon, it might turn pretty bad. Had buy-in tranches from $600 right down to $560, but all this was happening whilst world cup was on, otherwise I would have been in position to place my buy-ins a bit better.
You may have caught close to the bottom of the knife just perfectly, Mat. Already rebounding. My analysis (I am reposting from rpietila's thread) is that the 80-point drop from 630 to 550 on stamp (a 12% drop) was panic selling as an overreaction to news of the Silk Road selloff.
Here's why I calculate it to be an overreaction: According to
http://bitcoinwatch.com/, the volume of BTC traded over the past 24 hours on all exchanges is somewhere around 150,000 btc. (Someone pls verify I'm reading the chart correctly ... ) Compare that to 30,000 btc that the US Marshals Service is going to selloff. Are they going to dump it on a single exchange over the next 10 seconds? No. They are giving us a 19-day warning (payment is due July 1 - see
http://www.usmarshals.gov/assets/2014/bitcoins/ ). If total trade volume between now and then is (let's say) $2mil btc, an extra 30k just increases the volume over that time period by 1.5% -- a drop in the bucket.