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Bitcoin Tumbles 25% In Hours
The dramamine ride aboard the BTC rollercoaster continues. After crossing $200 yesterday and hitting $260 this morning, Bitcoin has since tumbled to $200, or a 25% drop in hours, on surprisingly light volume. Only adults should be on board this particular rollercoaster because if the mysterious buyer(s) decide to offload their amassed positions, there will be no stops protecting on the downside. As usual, and as we warned earlier today when BTC hit its record high, "those who absolutely must chase this runaway chart should not "invest" one penny more than they are comfortable losing." In fact, at this point it is perhaps only the most habitual of momentum chasing gamblers that should be involved in the name, especially if shorting BTC is indeed as reported earlier, about to become a possibility.
And some amusing insights into the virtual currency from dpa-AFX' Scott Solano, including a "technical" perspective:
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BTFD, surely its a bargain at $200 (!)
Forget bitcoin - its an accident waiting to happen. Gold is getting pretty attractive - anybody know any Cypriots to buy from??
No one saw this coming...really, no one...
/s
'Tis I, Killtruck, the semi-professional falling-knife-catcher...come to me, my digi-precious. I will catch you.
...or maybe I'll just wait until payday and buy something fucking tangible. And shiny. Must have the shiny.
Come on lucky number - baby needs a new pair of shoes
Ha, thats what going to happen to the DOW one day also...
Curious why every bank and their grandmother, and most recently Goldman today, has been lining up to push the price of bitcoin as low as possible? Here's why:
CYPRUS TO SELL 400 MLN EUROS WORTH OF BITCOIN RESERVES TO FINANCE PART OF ITS BAILOUT - TROIKA DOCUMENTS - RTRS
What happened: was the deposit outflow discovered to have been even greater than the worst case scenario and thus Cyprus needed even more cash? As for the buyers? We will venture a guess: central banks buying at the lows.
Damn - I was going to exchange some of mine for Dutch tulips
Time to sell BTC and buy PMs
score!
What goes up.....
My jonson is a living testament to that.
Some of us suggested getting out this morning and trading in for the shiny. Apparently someone saw the wisdom in that, saw what Cyprus was doing, and hey....someone's old lady is gonna love all the bling around the house now.
Bitchcoins. Put them in the stack with the pets.com sock dog.
Must go MOAR upper....at least according to the Bernankio's world.
Where is the BTC PPT?
HAHAHAHAHA!!! This serves Bitcoinbugs right for 'investing' in this ponzi scheme of invisible coins. Seriously, who actually thought this would work? Libertardians are so weird ...
MDB, could you please not comment on BitCoin ?
It makes me very uncomfortable when I agree with half of what you say.
Here are some major concerns that many reasonable open minded people have about bitcoin:
1. If all computers in the world shut down at the same time, what will happen to my bitcoins?
2. If the internet gets shut down across the entire planet, what happens to my bitcoins?
3. If somebody breaks the code, what happens to my bitcoins?
4. If somebidy hacks into bitcoin, what happens to my bitcoins?
LOL, seriously this idea is so retarded. I can't actually believe anyone actually buys these invisible ponzi coins. These nerdy anarchist freaks trust computers more than their own government. What a bunch of creeps.
If only bitcoins were as safe as the Digital money created by the Fed.
Seems to me this rise and fall could have been completely orchistrated. Since "faith" is the key componant to a digital currancy - and with such a small market, TPTB could just bid it up to the moon and then sell it out, thereby shaking any faith anybody could have in it as a store of wealth. In fact, if you had enough juice, you could just keep buying low and selling high, yo-yoing yourself to quite a stack of fiat while you were at it.
Blythe, is that you?
Governments are the most untrustworthy of all. Other than that, MDB nailed it... FTW
What have these people done to you? What do you have against them? They did you no harm, in contrast to the Bernank, Supermario and all these really bad people. Why does it serve them right, to lose money, for which they probably have worked as hard as you, if not harder? What is wrong with thinking bitcoins could work, in a "market" where nothing works anymore?
Put up! These aren't rhetorical Questions!
Yes, all this gloating over bitcoin's crash by PM holders who missed the boat is as unseemly as the gloating of the paperbugs after silver's post-$50 slump.
And no, I didn't buy silver anywhere near $50, and never owned a BTC (at any price). Just think y'all could show a little more grace... and BTCbugs might still win the war despite losing this battles.
PS - you're still a dickwad, 'Fonestar'
edit: is anyone else tiring of the 'Bad Idea T-Shirt' girl and her stupid grin? Get your tits out of my face, trollop.
" is anyone else tiring of the 'Bad Idea T-Shirt' girl and her stupid grin? Get your tits out of my face, trollop"
Hey, be fucking glad you have a chick to look at. The ad currently on my screen is some fucking GUY in his underwear
They're SOL PDQ, IMHO.
( Just FYI. )
correction... time to buy more BTC and PM's
Get.Off.My.Lawn
Time to buy anything other than BTC!! Let's see if all the Bitcoiners who have been touting this as the end-all, be-all of magic investments are willing to step up and shout down all us PM bugs now.
Gumby likes Gold, Dammit!
DaddyO
PS: DaddyO likes the BTC concept, just doesn't buy into hype of any sort, PM's or othewise...
I am a PM investor dipshit. The difference is, unlike youself I am not a proud luddite.
How old are you basement boy, 12...
If you want to follow the hype have it, I don't invest in PM's that's a fool's game. My view is they are strictly a hedge against fiat manipulation and inflation nothing more and when they have served that purpose, move into something that will provide the next wave of protection period.
DaddyO
+1 for Luddite reference.
Luddites were people who believed in the 'lump of labour fallacy' and broke up the machines competing with their labour.
Not people who worried that an unbacked, trackable currency without a government to enforce its use (through taxation) was a smoke-and-mirrors ponzi.
an honest observation...the largest portion of the u.s.a populace has no idea how our monetary system works or cares.....so i really dont see but a handful of regular folk into btc....overseas i have no idea....so what group of gamblers run, control or use btc? ...
i would like to accept this award given to... "people to stupid"... to understand btc, but yet smart enough to stay away....
thank you
that's what is going to happen with the DOW in minutes one day....
BTC at $165. Where are all those buttcoin shills? I have some buttcoins for them at only $250. They should buy them now before it's too late! Only 21 million of them will ever be made! Their value can only go up! The algorithm says so!
bitcoincharts.com is down. Completely predictable.
And now bitstamp.net is also down:
And from mtgox.com:
Somehow I expect them to suddenly turn off within the next few hours.
Mt.Gox still lists BTC at $266 USD.
I don't know who is selling but they are morons! These are some knives I will gladly catch and add to my collection!!!
I up arrowed you as you obvioulsy enjoy a cold one from time to time /sarc off
Did you BTFD at $200?... Cause it's now at $133...
~~~
Oh wait... You'll wait until it finally settles, then 2 days later tell everybody where you bought it... Unless it goes to 0, whereby, you were just 'mining' coins all along...
I would LOVE BTC to correct to $50 and I will buy the shit out of it...
If you believe anything about fibonacci numbers & golden ratios... You'd wait for $26...
~~~
Anyway ~ as I predicted yesterday... There are already several comments here of bitcoiners 'cashing out' [& trading the channels]... What happened to all the high falutin animosity towards FIAT, when all you do is TRADE it back & forth for FIAT within a price channel, hoping to fatten your wallet?
You're not a true "libretarian" under fonestar's definition are you...
DaddyO
I wonder how many broke tulip-sellers said the same thing?
You've got nothing but digital vapor. Tomorrow someone will launch ByteCoin, and the next day eCoin, and then iCoin, and then DigiCoin, and then WebCoinz. Etc. Etc. Etc.
Making it even more absurd is that BitCoin is open-source. Anyone who wants to launch their own version is welcome to. Yeah, sure each version is limited to 20 million coins. But who cares? It's all just bytes.
I think somebody today launched BiteMeCoin.
So...
as a non ICT proffesional...
who's to stupid to understand why bitcoin is the new gold... because I don't know how the holly grail of ICT works...
can somebody explain...
if this...
is a good thing or a bad thing..
in the land of ICT...
I'm confused...
Oh, ha ha regarding mt.gox. I attempted to open an account at 11:00 a.m. for shits and giggles - have not yet received the "activation email".
"Turn those machines back on!"
http://www.youtube.com/watch?v=dKYM62qSA_0
hahahhaaha!!
I was thinking "Never Say Never Again", this smacks of a James Bond vs. Largo game of billionaires in some French villa. "Ahhh, I see you have met my wife Domino, Mr Bond." "Why yes, I just tapped that fine white ass in your danger room, if you must know."
Although it could just as easily be a crappy Timothy Dalton Bond, short guy in a members only jacket getting angry or something.
Blythe Masters saw it coming
Yes, I did!
~No One
Is this latest info alluding that this rock solid, unpossible to manipulate, yet digital currency is being toyed with? I don't believe it! The guy that I know real well is sticking to PMs in hand. I unfortunately lost mine sailing the high seas.
BIT THE DUST YET?????????????????
Soon to be "90% in days"......"But it's just like Gold".......sure it is.....come on, where are the "I'll be a Bitcoin buyer @ $500" players?
Bonestar, I'm looking at you, pal! BTC is NOTHING. It's math-inspired-faith.
"Not worth the NOTHING it's printed on".
Through the floor. I'll be in on the bounce @ $1.00, just to "play-Goldmanite-for-a-day".
Guarantee you, all the "pro-Bitcoiners" on ZH "will have sold out at the top", too full of pride to admit you got taken to the fucking cleaners.
Shitcoin takes a dump. Muppets covered in brown stuff; their own excrement
Time to reinflate the Tulip Bulb bubble, I'd say...How about it Bernake?
$157 now how many u want?
http://bitcoinexchangerate.org/
NONE, because BITCOIN is worth ZERO. Even fiat paper is worth MOAR. You can draw on paper, leave "honeydew" lists, fold it into paper airplanes, or origami animals for the kiddies-----you can even wipe your ass with paper.
Can't do any of those with SHITCOIN.
Bitcoin isn't worth SHIT. You can fertilize a garden with shit. I can trade shit to the farmer down the road, for fresh eggs.....
You try telling "the good old boys" what a fucking "Bitcoin" is....they'll laugh at you, and tell you that you've been had.
Not to really argue with you here, but you NEVER want to fertilize a garden with human shit...
~~~
Piss works in the offseason though :-)
@ francis_sawyer:
I trade animal waste to the farmer up the road for fresh eggs, but human shit is probably still worth more than Bitcoin, wouldn't you agree?
That I can agree with... Moral of the story?... Know your shit...
I want an iBitCoin 5. They are so cool. I can tweet Steve Jobs in the after life with it. Awesome!
see, all bubbles burst.
By their very nature, all assets and markets have price fluctuations and 'corrections'. It's a "bubble" only when there is no recovery in a reasonable time frame. /Sorry to confuse you with facts. /s
Except the US equity, bond, and dollar bubbles it seems, or at least they can be blown to unimaginable proportions before bursting
It's back to the price it was <48 hours ago. That's hardly bursting in my book. Wake me up when it's back below $50.
Don't worry the cyberanarchist libertarians are on their way with more fiat currency to prop up the price.
BUWHAHAHAAHAAHAHH!!!!!!!!!!
Fuck you Blythe you bitch you are fucking everywhere.
That's right, down with the BitCoin, up with the Benjamins!
Nice and stable.
transitory
never saw it coming
yada
Sure am glad I didn't bury any of those little bits!
SPX next.
Uhhh, where are the shills now?
This comments section seems veeeery quiet.
Perhaps they are crying BitTears?
The shills sold at 260
I pretty much doubt it. Saddest thing is that those stupid kids bought all those buttcoins at $240 using their mom's credit card.
I bougt at 44, so not about to join the bums just yet.
And at how much did you sell?
Or...wait, don't tell me. You're waiting to sell a 19 so you make a profit?
Clever!
I probably wont sell, as it was only a few hundred pounds investment, but feel free to make yourself look smug. How do you behave when you are a winning streak?
You overpaid by approximately $44
Good job, so far anyways.
I really don't know of any 'Bitcoin shills' around Zerohedge myself, everyone I've seen thinks it's pretty much a joke.
On the plus side, as time goes on they will shed fewer and fewer tears, as time goes on, and eventually all 21 million tears will have been shed.
Notice that it 'topticked' within a hair's breath of 10xSLV... [This ought to be fun to watch]
~~~
Tales of ZH bitcoiners who successfully 'topticked' & bought silver today coming in 5...4...3...2...
i sold .00000000000000000000000000000000000000001 second before it crashed
Quick! ~ Somebody send a tweet to fonestar & let him know that the Hyundai dealer is right around the corner from the Lambo dealer [& if he doesn't get there in time, right down the block is the skateboard shop]...
~~~
Scarlett... paging Scarlett?... How much of that 'Going to $10b market' that you tossed out yesterday just got cut off at the knees?
In for the run to 1000
Join me, my friends
Be honest now folks, if you envy the gold hounds who bought AU at $400/oz, don't you really envy the BTC hounds who bought in at $5, $10 or $15? Be honest.
Lemme see... $10k @ $5.26, $15k @ $10.03, $20k @ $22.07. What's the profit on this?
/Fuck, I shoulda listened to the gold hounds and bought gold! Or listened to my broker and bought AAPL. /s Get the idea? Money is where you make it.
Yep, and it's to be made on the short-side of BTC now.....
In Theory.
Meanwhile in Reality, in the above scenario (which I may or may not be claiming), the Net is $1.118,744 (ROI=25x) at NPV of $260, or a measly $860,572 (ROI=19x) at $200 NPV. / Not bad for a $45k investment! /s
Got gold? Got rich? And I happen to own gold, not worship or sleep with it.
In the meantime, lemme see how that $50k in PM from last summer & Fall is doing... Shit, down 10%! Bernanke, you motherf...!
The point is, my dear friends, that smart investors treat it (gold, bitcoin, etc) like a business or board game, not like a marriage or religion (as some do). Be mad and down-arrow me if it makes you feel better, but that's the truth and you frikkin know it.
I'll tell you who I envy...the ammo hounds who bought when price = caliber.
Amen to that.
And when you lose money always find some way to rationalize...
Damn... who could'a seen that coming...
Yeah - especially when this time is different.
Double dog damn! I procrastinated and missed my opportunity. Ah, on the other hand no regrets while I just keep stacking.
The U.S. Mint is on pace for a record year in Silver Eagle production.
Still, there are serious delays due to overwhelming demand.
2013 Looking Like 2008 All Over Again
With the recent price correction, you may think that demand is down and supplies are abundant. In reality, there are industry-wide delays across numerous mainstay products. The U.S. Mint is being forced to allocate Silver Eagles, limiting how many can be purchased each week per dealer. Even though the Mint is on pace to produce nearly 60 Million Silver Eagles this year, which is an all-time record, they are still unable to keep up with demand. In fact, the United States Mint produced more coins in the first quarter of 2013, than they did in the entire years of 1996, 1997, and 1998 COMBINED!
In a free market, where supply and demand determine price, one might imagine if prices are falling like they were in 2008, that the market would be flush with Silver, premiums would be low, U.S. Mint Silver Eagle sales would be languishing, and products would be available for immediate delivery. That wasn't the case in 2008 and it isn't the case today. In fact, we are seeing multi-week delays and rising premiums on Silver Eagles, 90% "junk" Silver bags, and 100 ounce Silver Bars. What does that tell you?
Got silver? it's on sale...
When you bought them for under USD$20, and mine them for pennies, who cares? Tyler and ZeroHedge have become the establishment they claim to hate...
I missed the part where Tyler ridiculed BTC. Please show me.
Very true- Tyler has always presented only facts in his data- the facts speak for themselves in this scam......
Oh wait... I carelessly omitted that EXCUSE...
~~~
From now on... On the 'selloff' days, the rhetoric is "Who cares I mine mine for free"... On rip days... "You people should have been smart like me & seen that this was the future"
Are you the guy with the Lamborghini and the 17 inch dick from this morning?
That Lamborghini has now been repossessed and the dick has shriveled to about an inch.
"Replica".
"Only $5 to dig from the ground", bitchez!
Disagree. TD/ZH keeps posting this popular cyber currency (one of several) because it meets their requirements: 1. Profitability and/or 2. Strategic Objectives.
It's quite possible that it's profitable for them, and so what!? It's also (simultaneously) possible that it meets their strategic goals. What goals? 1. Libertarian freedom! 2. Dethrone fiat currencies, esp. the USD? Only they know for sure, and they're not telling. I'm cool with any of the above.
Uh, ZH posts BTC info because it gets Tyler his traffic for the day.....
Does Tyler accept BitCoin?
There ya go, Sparky.......
DotGov has been trying to get people to "give up using cash" for Decades, dumbass. So, buying into a COMPLETELY trackable scam like Bitcoin does not guarantee "Libertarian Freedom", or "dethrone Fiat Currencies." It does exactly what the system's been hoping you dumbfucks would do, ever since credit cards were invented.
Like I said, over a week ago:
Put on a gold ring, and go down to your local Paki, or Sikh-owned gas station, and ask if you can pay in Bitcoin; watch them give you the WTF? look, when you try to explain what the fuck a Bitcoin is. Offer to trade the gold ring, and see what they say.
You know it's time to "Get The Fuck Out of Dodge", When a Market Gets Crowded By The Clueless".
Everybody who bought at a price >0 paid too much
Go eat your greens, i just gave you one.
Tylers don't hate, they are just running fight club, read the disclaimer.
GAME OVER!
Actually I think it's just getting started...
another ponzi....
Umm, ahh...If you must?
http://qz.com/69630/how-to-short-bitcoins-if-you-really-must/
NOOOOOOoooooooooooooooooooooooooooooooooooooooooo!
BAIL OUT GOOSE!
Riiiight IN TO
The Danger Zoooooaaahhhhhn
Ouch! That's got to hurt.
Shitcoin, 'BTFD'... /sarcoff
It's fascinating watching the charts, though.
http://bitcoinity.org/markets
if they get back to $10 i might buy some this time around.
GREAT NEWS! I CAN ADD MORE NOW AT A BETTER PRICE! THANK YOU SCEPTICS!
You need to take cover, son.
Just sayin'
Wasn't expecting the burial quite so quickly after pronouncing it dead in
the earlier article posts.
Body may twitch a little yet ,or even get a woody as coprses sometimes do.
"Fed Mulls Stimulus Cutback as Economy Improves"
88? jobs instead of 200k and Economy improves???
I guess they think, we are all blind fools..
I sometimes get pump-and-dump penny stock scam-spam mails. Bitcoin needs no such email.
POW! right in the kisser!
Shocker.
Wow 'crashed' back to a few hour ago levels....gee big deal.
Anyway, who cares about Bitcoins? S&P up a full-retard Simple Jack +20! YAY!!
yeah, it was $112 a week ago, and todays fall, is back to yesterdays open.
but it does give a good idea , bit gold. or bit silver. the house would take a cut of the trasfer ffee, and so would the miners. claiming your gold, or silver would be an extra % for postage costs and only 1 oz or greater could be redeemed. kind of like e-gold, bbut running the show should stay WELL CLEAR OF USA.
say a bit was 1 gram. could be broken up into .0000 for transactions, wallets would need better security.
I just totally trust a digital currency started by unknown persons that has no central, transparent pricing authority, how about you?
I agree.
I also like the fact that it won't work without extensive infrastructure.
And in addition to investment demand, just think of all the industrial uses.
Bitcoin live chart so you can watch the crash:
http://bitcoin.clarkmoody.com/widget/chart/
Was watching: http://preev.com/btc/usd
It was $175. Then I read a few ZH articles, these comments, looked up at the readout and it’s now $150. I've been trying to warn people for the last few days. I hope I helped save someone.
Clearly bitcoin doesn't need to see a doctor for an erection lasting more than four hours...but the poor sucker who bought at $260 might...if he can afford it.
I will wager that he is an employee of a Central bank or similar institution and playing with someone elses money.
.
Bubbles are a biological phenomena and the magical aura of technological innovation is the secret straw that stirs the frothy drink.
And the 20-something geek squad (who by definition lack wisdom or any semblance of historical perspective) is always ready to willingly slurp it up, as long as it is new and trendy.
My morning turds are new, too.
One can tell when the neo-feudal conditioning is complete when the neo-serfs not only do not fight their growing enslavement, but actually willingly and eagerly apply the shackles to themselves.
Has anyone here ever Overdoesesd on dramine on Purpose? That is a real fucking trip!!
Y U No Parabola!?!?!?!
These type of moves are too easy to manufacture which is why I don't like bitcoins.
Agreed. It's not the decentralized, unregulated cryptological nature of BTC that I don't like - I like that about it. It's the lack of buffer liquidity - to liquidate even a medium position you move the market substantial amounts and the susceptibility to exchange DDoS and easily manipulated orders with enough money.
It would only take a few mil in govt $$ to run bitcoin up but buying all offers and then pulling the plug and selling it all at once. The goal is to create such high volatility that it is no longer viewed as a stable source of payment. Get vendors to reject it and you win the battle. Run it to 200 then crash it to 40, run it back to 190 then crash it to 50. A few cycles and no one will want that level of risk in terms of payment. Your entire profit margin could be wiped out + some before you can even convert the bitcoins back to USD or whatever other currency you want.
Stock to flow ratio in other words been saying that for a while.
That's why gold is the best.
Bit coin may yet surprise though, nibble at the big dips...
Funny, you just described the overall movement of the precious metals markets over the past five or six years as well.
Coincidence, or coordination?
When bitcoins have a 2000 year track record, ok, I'll be generous, 1000 year track record, get back to me.
The NWO will not stand for anything that it doesn't control completely...do any other markets come to mind? Let me see....1,2,3,4,5,hey they control them all...Einstein!
If you want to discourage participation in a market you can make it illegal.
If you can't make it illegal, say because it's peer to peer, you can make it look "dirty" (drug dealers use it, money landering, say "illegal" as many times as possible even if it's not illegal)
If all that doesn't work, you can make that market riskier. So a 25% drop is nothing compared to what someone with deep-pockets can do to a (relatively) small market.
Exactly. Someone with unlimited credit (like the Fed) could certainly take out any position they want to with respect to bitcoin. Unless of course you don't think the Fed as any computers online.
This is something I pointed out quite some time ago...
~~~
Bitcoiners think they're smart because they understand 'techy' things...
But hell ~ Even yesterday, you had Scarlett on here talking about two things:
1. That the 'market' for Bitcoin would go to $10B [but the units were fixed, so it could only rise in value]
2. That THE FED 'prints' $85B a month of worthless paper
HELLO???
These fools fail to see how easy it would be for a single entity to buy up a large chunk of their little science fair project, then CRASH it [making all the public skeptical in the process]... Cost to the money printers??? NADA...
Bitcoiners are the FED's best friend...
zee price stabeelatee of zee beetcoine iz zee moist impotente fucntione of thee digzital currencee NO?