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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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Looks like I will have to get out my silver parachute before the Zeppelin falls.
The banksters suggest you sell all your gold & silver at a "cash for Gold", [or better yet ~ take out a loan] & BTFD in BTC...
It is a pity that BTC falling does not correspond to silver rising...as of yet.
I'm not going to kick you around here [because it sucks watching the value of something you think you own go down]... Don't think it's never happened to me before... [which is WHY I never got into bitcoins to begin with]...
~~~
But if you're interested... Here's a theory I put out this morning on another thread...
I don't necessarily think BTC & silver are linked... But it was odd that the latest quadruple bottom in spot silver was in the $26 - $27 range... Today's 'toptick' in BTC was in in the $260 range [or, 10xSLV]... I'm not a 'chartist'... But oftentimes, price 'corrections' follow fibonacci patterns, or patterns of the "golden ratio"...
61.2%
38.8%
50%
& even fibonacci numbers, like 89% [or fibs & "GR's" within fibs & GR's]...
Quick cocktail napkin math would put a 90% correction of BTC right back at the same $26 - $27 range... It;s something that I'll be watching with curiosity...
Whoops there it is
GS is simply closing out a position to buy gold, while telling the muppets to do the opposite. This was already covered people, pay attention.
Yea it wouldn't surprise me a bit to find out GS is a main force behind Bitcoins.
GS... Mossad... NSA... CIA...
~~~
Hell ~ just for the LULZ this morning, I was looking around for anagrams to 'Satoshi Nakamoto'
I really do not understand this concept of Bitcoins so I would not place a dime on the long or short side. This whole new idea just eludes me so far and thus I have no interest and no stake in the game.
The concept behind it is called mathematics.
It's really quite an elegant creation actually.
taketheredpill, you're on the right path
I told you so :)
and now clark moody has crashed.
Guess the shitcoiners need to wait another week to buy their new 'shitcoin mines'.
Oh... What's going to be even MORE hysterical are the ones they ordered several weeks ago [which will never arrive]...
~~~
But no worries... They can 'sue them' in the court system, right?... & the FED/Treasury bailout money is coming to mitigate their losses in 5...4...3...2...
apparently antivirus companies have updated their virus databases and started healing against unattended bitcoin purchases
Wow, now $180.
Hard to access a chart because the websites are clogged. Panic seems to be setting in.
seems someone sold huge block for $200 earlier and other's followed... might be new ASIC miners cashing in which is predicted to swoon the price as they ramp up
know the game, with the Avalons firing up you will see large supply come online, it's a buying opportunity... laugh all you want but you should watch production output just like you would oil/gold
Thank you for you contribution.
Only down 25%? ONLY?
So what's the flight to safety here? To the USD? lmao
Might be even scarier, no flight, just loss of value.
Yes, or many taking delivery of physical (or trying to).
We can hope, right?
So what's the flight to safety here? To the USD? lmao
~~~
no shit [lol]... All I've heard for a month are stories of FIAT HATERS & STICKING IT TO THE BANKSTERS... First sign of trouble? Where do they go?
If "each time one buys a bitcoin the value of the bitcoin increases due to the demand" - and this isn't a Ponzi?
A distributed ponzi? There is not one single entity taking in all the profit.
Because it's digital, and value in fiat is purely based on demand, then it's gonna be crazy!
Next time I won't sell as much.
Going physically broke over a virtual currency....it's some fkn world we live in.
He who sells first, sells best.
both mtgox and campbx are having "technical" difficulites with their trading interfaces... won't let me sell... imagine that. luckily i pulled my initial investment last week and turned it into shiny silver
I'll get in if/when it hits $12.
8>D
it's not going to. buy now if you can, I expect the tech problems to be solved soon (within a week) and confidence restored.
lets take a look at what happened today:
1) Mining pool Mt. Red closes for good.
2)bitcoincharts.com crashes
3) Mtgox and other exchanges get clogged and stop working right.
There you go, of course it droped 25% on that.
Should not be a surprise, BTC users already understand the concept of "0".
So, how exactly does BC work? Lets say prices come down further, and I drop 10K on BC (I assume buying 10K worth of BC's?). Now lets say that the value of BC's triples in a short time frame. How does one get their money back out? Will they in fact make triple the money? Thanks.
It is pretty much zero sum. In order to buy you do a bank transfer. To sell, you receive a transfer. It will be a pity if it goes to zero, it is a nice alternative way of doing remote payments.
Ok, so lets say that BC goes to $5.00 bucks. I transfer 10k for 2000 BC's (correct?). Then it goes up to 10 bucks a BC. Does that mean my initial purchase of 10K worth of BC's is now worth 20k, wherein I would transfer the amount back into a bank account? Thanks.
if the price has gone up to 10 bucks, it means there are buyers who have registered an interest at the exchange at this level, and will buy your bitcoins at that price, typically done via bank transfer. There is no central authority that will map your coins to USD or anything else, it is all done by free exchange. It is worth getting 0.0001 coins or so, and installing a bitcoin wallet, just so you can how the system works, and is the future of remote payments. It does need some kind of refund system, but I guess that is for bitcoin 2.0.
Ppl who say it is going to zero, have not really looked at the positive side. We will need government independent remote transfer schemes. Gold and silver need some kind of electronic representation in the Internet age.
WHOEHAHAHAHAHAHAHAHAHA!!!!
BUY
BUY
BUY
....
SELL SELL SELL SELL!!!!
FOR THE LOVE OF GOD!!!!',
SELL SELL SELL SELL!!!
WTF!!! why doesn't anybody buys!!!'
AAAARRRRRGGGGGGggghhhhh....aha..
aha... HAHA HAHAHAHAHA WHOEHAHAHAHAHAAHAHA!!!
it was such a great hedge against inflation... untill it doesn't....
Sold my last 0.1 BTC @245.5, and before that most of the rest in the range $220-240, thank you very much.
good call.
Having money in bitcoin is like being attached to the back of an out of control missile.
OH THE HUMANITY
We all know how great bitcoin's science is (encryption, distributed servers, blah, blah, blahdiddy, blah) and while it is important, it is not the whole story.
The FED can print unlimited money and buy whatever it wants. It can run any asset to the sky and then drop it into the toilet. In any time frame it desires. One month, one week, one day, one nano-sec. And there is nothing, absolutely nothing you can do about it as long as unlimited printed money is available to the FED.
When they want to shake the baby, even your baby, the baby gets shook.
Shake Baby, shake.. Shake Baby, shake..
Whole lotta shakin'.... Whole lotta shakin' goin' on...
The first thing we do, let's buy all the politicians.
Almost had it right: Let's buRy all the politicians.
Drat - just when I'd splurged $19.99 on a BitCoin Miners helmet!!!
(Batteries not incl.)
If only the FED was buying $40 Billion a month, it would be at $15,000+ and never go down.
$133 as I type. down 50%. lmfgdao
Easy to put dollars in but not easy to take dollars out, Hmmm
Well, knock me over with a feather. (extra sarc on)
How long till 0?
On a long enouh timeline...
Bitcoins drop down to 0,25 cents where they belong...
They were giving it away on Reddit today.
http://www.businessinsider.com/bitcoin-billionaire-tips-being-passed-on-2013-4
relax - prices are still higher then Sunday.... so everyone that bought BTC before Sunday is still up. a crash would be BTC at $9
it was another attack.. but the exchanges are getting better at dealing with them.. slowly but surely
On BART going to Berkeley a few months ago I met a German Swiss grad student in Mathmatics specializing in crypto. I asked him about BC . He volunteered that the public would stay away due to volatility.
TBTF in training still speaks truth.
they will try.
But this selloff seems to be normal action.
I I ve been around the block awhile, so my initial BC average is about 33. I took all my initial off the table at 232 last night, and that sell button looked pretty good so I did a bit more.
Still got way more shiney stuff.
Gold, silver, platinum, BC, it's all good.
and a little wad of fiat.
but Ihope Mt. Gox doesn't PFG Global me. They took one thousand fiats and poof.
My mom back in the eighties had 350 k in Old Court S and L.
Guaranteed by State of Maryland .
Bank went poof. Assets were 1 third of deposits.
State took assets and put them in treasuries and seven long years later they had enough in the kitty to pay back the depositors.
that was my wake up call.
Chief atturney of that Sand L was Jerry Cardin. Same lastnname as junior Maryland senator.
Said Jerry Cardin was a cousins cousin, and attended a funeral of a mutual family member soon after the bank went poof, but before his indictment.
He showed up in a Whitecloud Rolls, with the license Jerry One.
He pulled out a 50k Mount Blanc pen and flourished it as he signed the Shivah guest book.
I had to block tackle my mom just before she would have grabbed the pen and given Jerry an involuntary emergency tracheotomy.
Jerry went to jail because the jury could see victims.
Ben went to the Senate, and still carries the TBTF water.
...and yes the predictions come true... All the success stories from the toptickers [you know ~ the ones who HATE FIAT, but sold at the top for??? drumroll... FIAT]
~~~
<golfclap>
Say Buddy - can you spare a Dime?
I said "Dime" - not BitCoin dammit!
Screw this BitCoin mining sh!t...
I'm heading back to CougarLife.com - ciao!
This is FUN!
BTFD, folks, Bitcoin will be here tomorrow...
I just bought a little @155
The question is will this spread beyond the virtual?
See, silver is superior to BC, because we can get price action like this in silver -- even if nobody is actually selling any!
What BC needs is a good futures market, and some regulators who will look out for the interests of the common man.
that would be no fun at all
Bitcoin (sign: BTC) is a decentralized[9] digital currency[10][11] based on an open-source,[12] peer-to-peer internet protocol. - wiki's definition.
It's software folks.
How is this a currency?
I guess the insiders have sold all the way up and the bag holders are dumping, covering the insider shorts. The game is as old as Nancy Pelosi.
Wow. 53%.
Actually this is even more exciting than silver.
I'm not a physics guy -- can something that doesn't have any mass nevertheless develop a lot of momentum ?
Muhahahahahahahahahaaaaarrrrrrrrrrrrrrrrrghhhh!!!!! \o/
reminds me of the quote from the old classic "It's NOT a wonderful life"....... "every time you fart on your old lady a blowjob loses it's wings".
"...as if millions of voices suddenly cried out in terror... and were suddenly silenced."
The entire point of Capital is that there is no escape, there's no magical elves hiding in the grass that let you escape the sharp-pointy-teeth. If it's trending on ZH, there's already blood in the water. "$20 billion" market cap means a single one can eat you just as a starter before munching on some Cypriot Gold.
Look up the differences between being poisonous, being venomous and being toxic in biology sometime to know where you're at.
The other option is "tasty".
#thelessonstechnolibertariansneedtolearnareonesofscale
Every correction is called crash around here! Seems no one ever looked at a chart in their life before.
I wonder how many know nothings got in to this game not wanting to miss out and got taken by the know how this can be played and pulled a wall street on the new found suckers..or am I missing something here..is this the new game of slap "Jack"..
Gold and silver bitchez. That's all you need to know. Fuck bitcoins
LOL ^_- : I never ever saw this one coming!
... Hey bit-tarder (I mean trader), ya still got some on yer chin, grab a towel