The Bitcoin Tracking Thread

[vacuum]

Look at the volatility

Attachment 4685

[Shami-Amourae]

You should see BTC-e. It's crazier there. I won't trade at Gox anymore.

I still think $150 is the price to be discovered. But my opinion could change in 5 minutes at this rate.

[vacuum]

Part of the issue is that Mt Gox is experiencing continual DDoS attacks as I understand it.

Also, bitcoin only supports 7 transactions per second currently!

[Horn]

when I get in there it will be doused mud.

So when should I push the fire button, Shami?

[Shami-Amourae]

So when should I push the fire button, Shami?

It was already pressed.

[vacuum]

http://techcrunch.com/2013/04/10/bitcoin-crash/

Bitcoin is undergoing a classic correction after quintupling in price over the past 30 days. The currency, which was trading as high as $265 earlier today on Mt. Gox, plummeted and is now trading at around $150.
We’ve reached out to one of the biggest exchanges, Mt. Gox, to see what happened. But another San Francisco-based exchange called TradeHill is saying that the crypto-currency is falling because of apparent distributed denial of service attacks on Mt. Gox and Bitstamp. A denial of service attack happens when an attacker overwhelms a target with external requests, so that it can’t honor regular requests from legitimate users.
This also happened last week when Mt. Gox when Bitcoin reached $142 and hackers attacked the exchange. At that point, Mt. Gox said it had suffered ”its worst trading lag ever.”
The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.”
It looks like this may be happening again. Aside from that, any kind of 400% increase over 30 days is probably unsustainable from a technical point of view. A correction at this point would be healthy and natural.

[Shami-Amourae]

If my $150 price holds this will be very healthy and things will resume.

Expect Chris Duane to claim victory as Silver has gone down in value over the same time period as Bitcoin as still gone up by multiples.
"Your investment may be up, and my investment may be down, but you're all wrong! I told you so!"

[Jewboo]

Bitcoin is undergoing a classic correction after quintupling in price over the past 30 days. The currency, which was trading as high as $265 earlier today on Mt. Gox, plummeted and is now trading at around $150.

http://www.zerohedge.com/sites/defau...C%20crashy.png

Closing at $135.

Losing HALF your investment in six hours is not a "classic correction".

[Shami-Amourae]

Nothing is "normal" with a Bitcoin market. None of us are used to unmanipulated markets. The same crap would happen if Silver wasn't manipulated, it would just happen in slower motion.

[Santa]

The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.”

This perfectly defines the classic pump and dump. And it's completely anonymous.