I sold everything at a +33% ROI in just a few days.
I'm out right now.
:p
I want to buy when/if things crash. If they don't, oh well, I profited either way.
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I sold everything at a +33% ROI in just a few days.
I'm out right now.
:p
I want to buy when/if things crash. If they don't, oh well, I profited either way.
Bitcoin crashes, losing nearly half of its value in six hours
Plunge happens on the same day one anonymous redditor made it rain in Bitcoin.
Attachment 4686
http://arstechnica.com/business/2013...-in-six-hours/Quote:
On Wednesday afternoon, the Bitcoin bubble appears to have burst. As of this writing, its current value is around $160—down from a high of $260. (It fell as low as $130 today.) There is no obvious explanation for why the digital currency has fallen so far and so fast, although the market correcting after such a huge rise might be a good explanation. (Update 4:05pm CT: Bitcoin seems to have somewhat recovered and appears to be hovering around $200.)
Some redditors have taken solace in a comment thread entitled "Hold Spartans."
"This is just the market venting some pressure after these huge gains," wrote anotherblog. "To be honest I'm glad it's happening now. If it recovers, it will demonstrate resilience in the market and give confidence to future buyers and current holders that they don't need to panic sell, reduce the chances of a crash in the future."
Coincidentally, the plunge came several hours after a reddit user by the name of “Bitcoinbillionaire” suddenly, spontaneously decided to give away around $12,000 (more than 63 BTC) worth of the digital currency. Bitcoinbillionaire rewarded 13 seemingly random redditors, then stopped the whirlwind spree after about eight hours. At the moment, no evidence links the currency's plunge with this random reddit charity.
Bitcoinbillionaire took advantage of reddit’s Bitcointip mechanism, which allows users to send each other small amounts of cash (usually less than $5). The mysterious benefactor appears to have given away 20 BTC (now worth slightly less than $4,000) as his or her first gift to one Karelb. This gift happened under a comment titled: “I wish for the price to crash.” That comment now seems prophetic.
A look at the account transferring all this money shows that two hours before the giveaways began, Bitcoinbillionaire received 50 BTC (about $9,500) from another account without an IP address.
Business Insider reported that Bitcoinbillionaire has left hints that he or she was an "early adopter," and had forgotten he or she even had any bitcoins. Not much is known beyond that, as Bitcoinbillionaire vanished as suddenly as he or she appeared.
"You've made me change my mind about this whole thing," Bitcoinbillionaire wrote. "I'm done."
Don’t feel bad if you missed the action. Business Insider also notes that this pot of cash is now being “paid forward.”
This is the gamble.Quote:
If it goes to $20 or below, I'll agree with you.
Is Bitcoin functioning on normal market principles? Or is it being manipulated by anonymous strategic attacks?
Why would anyone want to exchange $1000 USD for the equivalent in Bitcoin when it might cut their $1000 down to $500
faster than they can go and get their hair cut at the barber shop?
Imagine some poor grandmother who just had that 50% haircut on her savings while she was at the salon.
A stable currency HAS to remain stable. Now how will that be possible when it's being traded like any other penny stock on the internet,
especially when it's susceptible to strategic lightning attacks by anonymous attackers?
Think of currencies like this. Currency is more or less the equivalent of electric current. What happens when the current spikes or drops without protection? It blows the lights and kills the computer, leaving us in the dark and without power. It leaves us blind and dumb.
Without sufficient protections, eCurrency at this stage amounts to little more than a lotto ticket, a dream for the wannabe rich.
there's a futures market for it now, so good luck with it having a real price.
Hey Horn: They even call it TAINTQuote:
Originally Posted by Horn
:)
Looks like it's back up to $200. So much for a buying opportunity.
I'm currently on the other side of the trade. I want BTC/LTC to crash so I can buy a crap load more.
:p
Wow, what a day!
High - $266
Low - $105
Weighted Avg - $188
Last Trade - $170
We need to get Hitcher in here to bob for Adam's apples...:eek:Quote:
Originally Posted by Jewboo
Quote:
Originally Posted by vacuum
MORE RAM COWBELL, PLEASE!:)**
Where's ARES?
Prices seem to be stabilizing. I did some daytrading, since it was simply just too easy to do with the volatility. I'm completely back into Litecoins, with an about 100 more Litecoins than I had yesterday thanks to my daytrading.
Today was a good day (so far.)
Litecoin is maintaining a 1:0.02 ratio with Bitcoins.
LOL I'm here. Watching all the excitement. I hope BTC goes down further so I can buy some more.Quote:
Originally Posted by Horn
Bitcoins looses half its value in SIX HOURS.....that was today.
V
no one knows his real identity ...... your fucking kidding right they know everyone thats on the internet , dont kid yourself thinking that . and one more thing i thought no one wanted to see a digtal money , hell the bankers are the one hoping this play out
According to my calculations there's only 127± years left to hope.Quote:
Originally Posted by Ares
Anyone else buy at the greed phase? Not that I necessarily support this, lol.
http://i.imgur.com/FW34gwu.jpg
It only lost half it's value if you bought at the peak. If you bought when Gonzo started his thread about bitcoin trading in tandem with silver spot, you're still ahead 5 to 6 times what you bought in for.Quote:
Originally Posted by Ponce
Quote:
Originally Posted by madfranks
From $267.00 to $125.00 to $180 to $140....... that was two hours ago.....I don't know right now.
V
Ahead in Fiat only, to be more exact.Quote:
Originally Posted by madfranks
It ain't a birth pang, if it was it'd be a still birth.
My opinion is it shows severe structural integrity faultas.
It's impressive the price has held when most of the exchanges were knocked offline today.
http://s2.bitcoinity.org/markets/
I bought in the 120's so I'm happy. I left some play coins in the account to work on some day trading. :)Quote:
Originally Posted by vacuum
The picture is starting to come into focus. Just yesterday, Mt Gox made this announcement:
So it was a clear signal for those wanting to DDoS them and buy at a lower price to do so asap.Quote:
TOKYO - JAPAN - April 09, 2013 Orders will only be accepted when there are enough funds available in your wallet! Dear users, starting on April 17th we will be rolling out a minor change on how people place orders via the Mt.Gox interface. Until recently, anyone could place a buy or sell order for Bitcoin, regardless of how much funds were actually available in their wallet, resulting in an order showing a "Not enough funds" error status in the Open Orders list. Starting on April 17th, this counter productive scenario will no longer be possible and will be automatically rejected before validating your order; until you have enough funds in your wallet to match the order value. While this change should only affect a minority of users, it will however have a major impact on our trading platform and improve our system overall performance. Regards
Mt.Gox Co. Ltd Team.
Mt.Gox Contact press@mtgox.com
I recommend you guys don't trade on Mt Gox. Most of the other exchanges follow what Mt Gox does, so when the price dropped at Mt Gox today, there was a delay at BTC-e, and you had enough time to execute trades before others notice and followed suit.
http://www.yeomansmarketing.co.uk/wp...-Telephone.jpgQuote:
Until recently, anyone could place a buy or sell order for Bitcoin, regardless of how much funds were actually available in their wallet...
:o
They're saying that there was in fact no DDoS:
https://mtgox.com/press_release_20130411.htmlQuote:
TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards
Mt.Gox Co. Ltd Team.
Mt.Gox Contact press@mtgox.com
I remember that days when it was just MagicalTux running the operation. Damn how things have changed.
Notice how many people in the comments are talking about Litecoin. I'm telling you guys, get into that stuff now while you still can. It could go up like Bitcoin did in the coming future. Mine it every chance you're not using your computer too!
Seems like there's still an element of trust going on here.Quote:
Originally Posted by vacuum
These guys? Hmmm I'm not so sure about them.
Isn't he basically saying we owe you your money back?
back down to $120
How do we build ourselves one of those Skype bugs that uses other peoples computers to do that?Quote:
Originally Posted by Shami-Amourae
I've got work to do.
I guess it's because Mt Gox has suspended trading:
"Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC"
Is what I was just shown at 10:10am EST.
They also had an announcement that they were going to be shutting down service to add additional hardware for 12-24 hours. It's late in Japan now so that would make sense. Going to be a long night for the hardware techs lolQuote:
Originally Posted by vacuum
Yes, they're currently front loading the accounts for shorting later.
Sounds like another SLV
http://www.stakeholdergroup.com/wp-c.../angry-mob.jpg
Not a DDoS attack. Just all the victims trying to logon to find their stolen Bitcoin wallets.
Ha Ha.
:D
Shitoshi needs to reveal himself as some Buddah/Christ type figure that ascends from the sky,
and is willing to shed light & grace onto all market goers.
http://www.fedupusa.org/wp-content/u...Philly-Fed.jpgQuote:
Originally Posted by Horn
Real name is Goldsteinberg. Works in the basement of this building. Wrote the code a couple of years ago on his lunch break. Uses the FED super-computers to "mine" the loot.
:)
$94