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Comment by Articulate | Hacker News Reader

Most people aren't willing to put a day and a price on their predictions. I will look forward to another post in two days of you either celebrating cause you spotted something, or explaining why your prediction didn't pan out.

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Will do. BTC-e has already crashed down from $930 to $750 in the last 1.5 hours and volume is spiking there too. (it tends to be cheaper to buy BTC because of greater risk)

Why is BTC-e greater risk?

Because it's based in Bulgaria and no one knows who actually owns it. But it's good software and one of the few places you can trade other currencies like Feathercoin and Litecoin with plenty of liquidity.

...and funny you ask because a commenter just posted on my blog that Sheep Market Place was scammed out of $40 million in BTC which is a possible cause of all the selling:

http://www.techienews.co.uk/973470/silk-road-like-sheep-mark...

If this theory is true, it shows that BTC lacks book depth and the current price is just speculation on the edges, not a true price for the entire stock of BTC. (That is, if a large portion of BTC users wanted to get out of BTC, they couldn't realize the nominal market price.)

Where does the Bulgaria thing come from? BTC-E is clearly a russian site.

Not sure what is your source, but BTC-E says the following:

"A cryptocurrency exchange based in Bulgaria where users can trade Bitcoins, Litecoins, and Namecoins, for Dollars, Euros and Rubles."

Thanks, I found it now. Though, they speak Russian and support predominantly Russian payment methods while supporting zero Bulgarian payment methods so either they are lying or the Bulgarian company is just a shell.

What a stupid comment. So if say Blackberry is selling mainly to US and European customers, it's clearly just a Canadian shell ...

Interesting analogy. A publicly traded company with transparent financials and corporate hierarchy vs. a web site that has an unknown company behind it, run by anonymous CEO.

Yeah sure, you're right. The CEO is probably an alien. There is no way a Bulgarian company could see the majority of it's customers are from Russia and adapt by offering convenient payment methods. Never mind that Russia is the biggest country in Europe and it's heavily policing outgoing bank transfers.

I decided to buy some as it fell. In the fifteen seconds it took to press F5, enter bid (of $25 below prevailing price) and click OK, the price had fallen by $70. So I think for the first time ever I ended up paying less than my offer.

It ended up at $690, about 15-20 minutes ago I think. Now? It's $840 again. (My investment in bitcoin is turning out quite well, but I'm actually quite glad I didn't spend all that much in the first place.)

I used BTC-e to sell 25 bitcoins and transferred the money into my EU bank account. It went through without a hitch, and I had the money in my bank account in 5 days.

Compare that to Mt Gox who would not accept my US identification + German residence & bank account at all, and even if they did it takes up to 6 weeks to get your money now.

BTC-e is legit. BTC-e also doesn't require nearly as much ID verification.

Indeed, because they know nothing. If they did it would be as pointless as this article.

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