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BitCrash Continues: Down 40% And Dumping

Tyler Durden's picture





 

Time to rename it BitCrash... or will it stage an amazing recovery? Alas, for this particular bubble, there are no NYSE circuit breakers nor is there a Federal Reserve-mandated "plunge protection team." And why should there be? The central banks hate all currency alternatives. Firehats: on, especially since the volume is still relatively lite.

 

Update: -50%

 

More from Tech Chrunch:

Screen Shot 2013-04-10 at 3.16.56 PM

 

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.

 


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Wed, 04/10/2013 - 14:31 | Link to Comment catacl1sm
catacl1sm's picture

Look out below!!!

Wed, 04/10/2013 - 14:32 | Link to Comment Say What Again
Say What Again's picture

Bitch Crash

Wed, 04/10/2013 - 14:34 | Link to Comment JPM Hater001
JPM Hater001's picture

My surprised look.

- -

-

Wed, 04/10/2013 - 14:36 | Link to Comment THX 1178
THX 1178's picture

how do you get your mouth so far over to the side like that?

 

Wed, 04/10/2013 - 14:40 | Link to Comment malikai
malikai's picture

One look through the comments in this thread and I know that everyone into BTC is busy putting their buys in.

..While everyone else pats themselves on the back.

LOL

Wed, 04/10/2013 - 14:41 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

it's just continuing to trade in a silly daily spread.
next moves are going to cause a lot of heart health problems when instead of $80 it starts to trade in spread of $800.

Wed, 04/10/2013 - 14:45 | Link to Comment malikai
malikai's picture

What's happening is someone big wants BTC cheap, so they're DDoSing gox.

The problem is, they're not the only ones who know about this.

Wed, 04/10/2013 - 14:50 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

feasible quite... people panic... short term players... miners know how much it costs so there's your support price level... diff to price...

early speculators cashed in 2 years ago, now only miners set the support...

Wed, 04/10/2013 - 14:55 | Link to Comment Ahmeexnal
Ahmeexnal's picture

@satoshi latest tweet: SUCKERS!!!!!!

Wed, 04/10/2013 - 15:03 | Link to Comment fonestar
fonestar's picture

...those sporting neck beards always did have a hard time seeing great software.  Maybe with the exception of Richard Stallman.

Wed, 04/10/2013 - 15:09 | Link to Comment idea_hamster
idea_hamster's picture

BAAAUUUUMGARTNERCOIN!

Wed, 04/10/2013 - 15:18 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

High:203.00000 € Low:83.79470 €

 

 

Wed, 04/10/2013 - 15:33 | Link to Comment resurger
resurger's picture

 

 

 

 

 

 

 

 

 

                                                                         "Terrorists Win"

Wed, 04/10/2013 - 15:42 | Link to Comment MagicHandPuppet
MagicHandPuppet's picture

If it goes down enough, I might buy a few as a (middle finger) gesture to the powers that be.

Wed, 04/10/2013 - 15:43 | Link to Comment Au Member
Au Member's picture

I'm guessing the NSA did crack the encryption then. Can't have competitive currencies floating around can we.

Wed, 04/10/2013 - 15:48 | Link to Comment MagicHandPuppet
MagicHandPuppet's picture

If that's the case, their shoot out began right at high-noon!

Wed, 04/10/2013 - 16:21 | Link to Comment NotApplicable
NotApplicable's picture

BitFucked!

Wed, 04/10/2013 - 16:29 | Link to Comment Comay Mierda
Comay Mierda's picture

GS must have issued a buy recommendation

Wed, 04/10/2013 - 16:47 | Link to Comment Manthong
Manthong's picture

It wouldn't shock me to discover that it was a hit.

It would probably only cost the Fed a quarter billion bogus Bernanke bucks or so to run that kind of pump ‘n dump confidence attack.

Wed, 04/10/2013 - 16:51 | Link to Comment Lore
Lore's picture

"“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.”

Isn't that precisely how JPM is accused of painting the metals charts?  Only difference here is there's no pretext of physical behind each unit (contract).

Wed, 04/10/2013 - 17:01 | Link to Comment A L I E N
A L I E N's picture

I just think it’s fascinating because its a totally free market. No circuit breakers, no PPT, no JPM. The only freely traded market in the world, raw and uncut.

Wed, 04/10/2013 - 17:03 | Link to Comment Lore
Lore's picture

Yeah, hacking isn't manipulation.

Wed, 04/10/2013 - 17:30 | Link to Comment OutLookingIn
OutLookingIn's picture

Can you say -

PONZIE?

Knew you could!

Wed, 04/10/2013 - 17:55 | Link to Comment labestiol
labestiol's picture

Just so you know, the bitcoin network is still working as usual. This (deserved) correction is just there to provide you a good entry point. Enjoy ! Or as the usual saying goes here :

BTFD !

Wed, 04/10/2013 - 20:19 | Link to Comment hairball48
hairball48's picture

Exactly! So what is to stop the Fed, or any of the big banksters from fucking with the bitcoin "market" in the future. I can't see any great cost to the Fed or JPM, et al if they want to just hassle bitcoin exchanges/mines, or whatever you call them forever.

Wed, 04/10/2013 - 16:29 | Link to Comment El Oregonian
El Oregonian's picture

Is that like almost pregnant?

Wed, 04/10/2013 - 15:50 | Link to Comment draug
draug's picture

Meanwhile, bitcoincharts is serving 502 Bad Gateway.

Wed, 04/10/2013 - 15:55 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Let's face it. If you bought bitcoins it was because you wanted action.  Well, you've got it.

Wed, 04/10/2013 - 17:54 | Link to Comment defencev
defencev's picture

Not true: Satoshi always worked for NSA(and still is).

Wed, 04/10/2013 - 15:51 | Link to Comment jcaz
jcaz's picture

Send me $10, I'll send you back three BitCoins-  four, if I squeeze my eyes reallyyyyyyyy tight.....

Wed, 04/10/2013 - 16:00 | Link to Comment Ag Tex
Ag Tex's picture

KEEP MOVING!  NOTHING TO SEE HERE!

 

https://www.youtube.com/watch?v=rSjK2Oqrgic

 

 

Wed, 04/10/2013 - 16:04 | Link to Comment EscapingProgress
EscapingProgress's picture

I have absolutely no idea what Bitcoin should be valued at, but it is worth more than nothing and it always will be. So many of you hate on central bank currencies, and then you also hate on Bitcoin. I don't get it. Bitcoin is beautiful. Gold and Silver derive value the same way Bitcoin and dollars do. PMs and dollars are worth whatever humanity intersubjectively believes they are worth. There is really no such thing as "intrinsic" value. Please, get over yourselves PM bugs. There are other options out there. Diversify. Am I saying buy Bitcoin now? No. I don't even own any, but you should at least understand it. To believe that technology cannot provide alternative currencies is folly.

I have two questions for the PM bugs: How many businesses accept gold and/or silver as payment? Now, how many accept Bitcoin?

Wed, 04/10/2013 - 16:10 | Link to Comment RockyRacoon
RockyRacoon's picture

You assume that one who owns PMs wants to "buy" something with their holdings.  I don't and don't know anyone who does.   When pushed I can always go to the local farmers market and use my junk silver in trade for nearly any of the vendors there.   They have little cards or print-outs with conversion to fiat values.   Does that answer your weak-minded questions?

Wed, 04/10/2013 - 16:30 | Link to Comment EscapingProgress
EscapingProgress's picture

What are PMs worth if you cannot use it as currency? Are you going to use your gold to manufacture computer chips? If private ownership of PMs is outlawed again you won't be able to sell PMs online or to a dealer, and if you also cannot use it as a currency in some under-the-table transactions then they are just heavy, worthless bricks. But, of course, this realization won't stop me from buying some of these heavy bricks.

From most of the comments I read on ZH I don't believe that many PM holders fully understand the risks involved with investing in PMs.

Wed, 04/10/2013 - 16:34 | Link to Comment akak
akak's picture

 

From most of the comments I read on ZH I don't believe that many PM holders fully understand the risks involved with investing in PMs.

Actually, I see a remarkably rational and balanced assessment of the risks of holding PMs from most members here on ZH.

What I fail to see is ANY acknowledge among the general public of the very real, and growing, risks of keeping one's savings within the TPTF banks, and more generally, within any portion of the failing and corrupt financial establishment apparatus.  Most Cypriots now recognize those risks, if belatedly.

Wed, 04/10/2013 - 16:56 | Link to Comment francis_sawyer
francis_sawyer's picture

@RockyR

~~~

"You assume that one who owns PMs wants to "buy" something with their holdings.  I don't and don't know anyone who does."

[+1] Only thing I'd ever trade them for would be a life or death situation... The kind which would only likely manifest in a societal collapse...

 

Wed, 04/10/2013 - 18:10 | Link to Comment Blano
Blano's picture

Did PM's drop 50% today?

Wed, 04/10/2013 - 19:19 | Link to Comment hmmmstrange
hmmmstrange's picture

Did PM's go up over %1000 year to date?

Wed, 04/10/2013 - 17:00 | Link to Comment A Nanny Moose
A Nanny Moose's picture

My local farmer's market now accepts EBT

Wed, 04/10/2013 - 16:30 | Link to Comment Ag Tex
Ag Tex's picture

Not a fan of BTC but own a few for safe measure.  It screams beta for something much larger.  This thing could easily hit five to six digits before jettisoning.  In addition, it is not going to be treated the same as PMs (ETFs, naked shorts, re-re-re-re-rehypothication, leases, fractional reserve, etc.) or any other asset class, because the world knows exactly how many Bitcoins there are.  It's going to take a lot more than this little episode in order to tame this wild filly.  Today's antics look like a staged Don King fight. 

Wed, 04/10/2013 - 16:57 | Link to Comment francis_sawyer
francis_sawyer's picture

enjoy your playride... I'll be over here doing some hoeing in the garden... Let me know how it turns out...

Wed, 04/10/2013 - 17:16 | Link to Comment Ag Tex
Ag Tex's picture

Agreed.  The ultimate stake is in physical silver and gold for true wealth and money.

Wed, 04/10/2013 - 17:20 | Link to Comment jimmytorpedo
jimmytorpedo's picture

A funny thing happened while I was hoeing in the garden today.

My two turkeys came over and asked for assistance.

I held Clyde on top of Bonnie and helped get the job done.

I feel like the ultimate wingman!

Wed, 04/10/2013 - 18:00 | Link to Comment defencev
defencev's picture

There is really no such thing as "intrinsic" value. Please, get over yourselves PM bugs. There are other options out there. Diversify. 

Sure. Diversify:bitcoins, litecoins, freicoins.....up to infinity. All do the same, all have no intrinsic value, ALL ARE IN LIMITED SUPPLY...

And why should they cost anything? (infinity* Limited supply=infinity).

Wed, 04/10/2013 - 15:08 | Link to Comment Skateboarder
Skateboarder's picture

Bitcoin = Con it bi (be).

Wed, 04/10/2013 - 15:39 | Link to Comment Skateboarder
Skateboarder's picture

Yeah, have fun with your digital money guys. As I've said before, I admire you BTCers, but I think bitcoin is stupid. You can't eat gold, but you sure as hell can hold it in your hand. Food/water/shelter/raw materials/defense are the only real wealths.

Wed, 04/10/2013 - 15:22 | Link to Comment NoDebt
NoDebt's picture

Oh my God, I'M RUINED!!!  No, wait, I only had $500 in it.

Oh my God, I've lost $500!  I need TARP money!  I need a government bailout!  No, wait, I'm still up 100% since LAST MONTH.

Wheeeee!!!  This is better than owning your own roller coaster!

Oh, yeah, this is stable.  This is mature.  This is something you can REALLY BELIEVE IN!  You might want to watch me get knocked around like a ping pong ball in a hurricane rather than trying this yourself for the time being.

Wed, 04/10/2013 - 17:00 | Link to Comment francis_sawyer
francis_sawyer's picture

Shit... Ida rather had 16 or 17 silver rounds [or some ammo]... But you can do what you want with your beer money...

Wed, 04/10/2013 - 15:05 | Link to Comment SafelyGraze
SafelyGraze's picture

every day at 2pm the bitcoin bullion banks have a conference call to fix the price and raise a little yellow flag

Wed, 04/10/2013 - 14:58 | Link to Comment fonestar
fonestar's picture

The Bitcoin experience will be punctuated by 25%, 50% price corrections... who the fuck cares?  I am not selling any BTC today and if it goes back down to $50 - $100 I will buy more.

Look at all the fake libertarians cheer at Bitcoin's supposed "demise" ROFL!!  We will be rallying right back up in a few days time.

Wed, 04/10/2013 - 15:04 | Link to Comment fonestar
fonestar's picture

Just wish I had more dry powder to buy more Bitcoin today....

Wed, 04/10/2013 - 15:05 | Link to Comment boogerbently
boogerbently's picture

GS says time to "short" gold.

Time to buy.

Wed, 04/10/2013 - 15:39 | Link to Comment francis_sawyer
francis_sawyer's picture

'Dry Powder'?

~~~

You'll soon be receiving a credit card offer from JPM Chase with a teaser interest rate which you can use 'cash advance' checks... Hurry! before it's too late...

 

Edit: Let's have some fun with fibos

- Today's top tick = $266

- 89 is a fibo number ~ but generally speaking, that gets rounded to 90...

- 266 * .9 = 239.4

- 266 - 239.4 = 26.6

- $silver has quadruple bottomed between the $26 - $27 level in the past 2 years

Coincidence?

Wed, 04/10/2013 - 16:05 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

i see what you did there with this:

 

- 89 is a fibo number ~ but generally speaking, that gets rounded to 90...

Wed, 04/10/2013 - 16:19 | Link to Comment El Diablo Rojo
El Diablo Rojo's picture

numerolgy by Louis Farikan.  Fibo Numbers = JOO Subversive numbers.  It's the JOOs messing with numbers.

 

 

idiot.

Wed, 04/10/2013 - 17:11 | Link to Comment francis_sawyer
francis_sawyer's picture

Joo or not... WTF do you think 'chart patterns' trade on?...

~~~

Which harkens back to my longstanding thesis on this forum... Joos control & manipulate the financial system... Which, in the end, provide these lovely opportunities for me to prove to the 'peanut allergy' crowd that I'm not an 'anti-semitic'... Just a simple observer...

I wonder why the S&P bottomed at '666'... I wonder...

Oh wait... but you said it was a JOO system... NOT a 'Luciferian' system... [& many 'scholars' on ZH have been very deliberate in correcting francis_sawyer that they're completely different things]...

Frankly ~ I don't know anything... The only thing I'm completely convinced about is that this planet is full of morons...

Wed, 04/10/2013 - 17:15 | Link to Comment El Diablo Rojo
El Diablo Rojo's picture

Once again you haven't proved shit. Next thing you will try to quote the bible to "prove" the big guy hates Joos. Your math makes as much sense, as stockpiling bitcoin. I will give you, "simple observer".

 

 

Wed, 04/10/2013 - 18:23 | Link to Comment francis_sawyer
francis_sawyer's picture

What the fuck are you talking about?

~~~

Golden Ratio

http://en.wikipedia.org/wiki/Golden_ratio

Every fucking architect, artist, & technical chart analyst knows about this [& use them constantly as fractals]...

Every mathemetician on the planet knows what a fibonacci sequence is & how fractals tend to align themselves with that pattern...

~~~

& where the fuck does this prediction come from?

"Next thing you will try to quote the bible to "prove" the big guy hates Joos."

 

Fuck off asshole...

Wed, 04/10/2013 - 15:06 | Link to Comment akak
akak's picture

Sounds like more whistling past the (virtual) graveyard to me.

Wed, 04/10/2013 - 15:23 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

out of dry powder because BTC pissed all over your pile?

 

Wed, 04/10/2013 - 15:17 | Link to Comment johnQpublic
johnQpublic's picture

you forgot the sarc tag fonestar

Wed, 04/10/2013 - 15:24 | Link to Comment jcaz
jcaz's picture

Just go to Farmville and "mine" some more then....

Wed, 04/10/2013 - 16:36 | Link to Comment max2205
max2205's picture

Its natural.  Lol

Wed, 04/10/2013 - 16:52 | Link to Comment bob_stl
bob_stl's picture

They'll be called the

110001'ers
Wed, 04/10/2013 - 15:42 | Link to Comment camaro68ss
camaro68ss's picture

your just mad because you got cought holding the bag.

Wed, 04/10/2013 - 15:45 | Link to Comment hmmtellmemore
hmmtellmemore's picture

bitcoin hit a price of exhaustion at $240.  $220 and $240 seems a healthy range, as it allows large transfers of cash in the system without shifting the price much.  That is what the large players want with bitcoin, and they will get it.  

Wed, 04/10/2013 - 15:48 | Link to Comment Croesus
Croesus's picture

And just this morning, I said:

http://www.zerohedge.com/news/2013-04-10/goldman-buying-gold-selling-tre...

"Surprised GS didn't recommend their clients go long bitcoin."

Maybe they did.

Wed, 04/10/2013 - 18:07 | Link to Comment defencev
defencev's picture

Just wish I had more dry powder to buy more Bitcoin today....

While it does not prove that all libertarians are idiots, it does show how many idiots are amog libertarians...

Wed, 04/10/2013 - 15:05 | Link to Comment JPM Hater001
JPM Hater001's picture

I think it's the bitcoin that's supposed...

Wed, 04/10/2013 - 15:08 | Link to Comment EscapeKey
EscapeKey's picture

+1 for "fake libertarians".
That's one thing that always annoyed me - those who loudly proclaim being libertarian, but only when it's in their own self interest.
To me, that's no better than being a socialist. Possibly even worse.

Wed, 04/10/2013 - 15:22 | Link to Comment aerojet
aerojet's picture

You can still be a libertarian and also recognize a shitty deal when you see one.  Bitcoin?  Seriously?  You want smart people who understand things like writing software to buy into such a thing?  No fucking way!  A lot of websites and electronic services crash over long weekends because the fulltime people who atttend to them night and day deign to take a day off!  And whether or not the encryption technology is solid, there is just so much more to electronic systems than having good math that you would be an absolute fool to trust such a system. Our monetary system is awful, I will give you that, but it has lot built up around it, including legal protections and remedies for when things go bad.  It is imperfect, as are all things.  Could Bitcoin become something useful, maybe eventually, it's really hard to say right now.  But to admonish intelligent people for not jumping on board just because this thing dies without participation, well, that sounds like a Ponzi to me.

Everyone is looking for answers, but have to be deluded to think that Bitcoin represents anything but a limited social experiment that is doomed to failure.  If not, hey, great.  But pardon me for not risking my life's savings on pie in the sky dreams.  If keeping my family fed is too much self-interest for you, I don't even know what to say to you. 

Wed, 04/10/2013 - 15:38 | Link to Comment Citxmech
Citxmech's picture

Bitcoin is the Emperor's new "money" because TPTB can't have it any other way.  This can't be allowed to succeed - regardless over how good the idea is/was.  Ultimately, it's just to easy for them to fuck with it.

FWIW - I'm waiting for one of the Bitcoin faithful to proclaim that BC is, in fact, stable - it's just fiat that's moving in relation to it. . .

Wed, 04/10/2013 - 15:51 | Link to Comment balanced
balanced's picture

"legal protections and remedies?" seriously? Tell that to a Cypriot, or a former MF Global customer for that matter. You should be on CNN or Fox News.

Wed, 04/10/2013 - 15:55 | Link to Comment malikai
malikai's picture

+100000000000

Wed, 04/10/2013 - 20:02 | Link to Comment margaris
margaris's picture

+ 21 Million

Expect nothing from the governments, no safety, no presents, no pension, no security.

Don't get addicted.

Do everything yourself. Or admit that you love being a slave.

Wed, 04/10/2013 - 15:49 | Link to Comment EscapeKey
EscapeKey's picture

I wasn't talking about bitcoins, but the general case.

If you supposedly have a belief, bending it just because it benefits you reeks of double standards.

Like supporting free schooling while you have small kids, say. Or free healthcare, because you're a retiree.

Wed, 04/10/2013 - 16:19 | Link to Comment Cathartes Aura
Cathartes Aura's picture

last year's voter threads illustrated the different varietals the "libertarians" have bloomed into. . .

Wed, 04/10/2013 - 17:11 | Link to Comment Renewable Life
Renewable Life's picture

I think the point of the post was to distinguish between people who talk about "libertarian concepts" all the time, but then cheer for the demise of anything that they dont understand, even if its rooted in libertarian principles!  You dont have to "participate" or "spend your life's savings" on bitcoin, but "hating" it and wanting it to fail because you dont undertsand the technology or your distrustful of anything you cant hold in your hand, IS STUPID and certainly NOT libertarian, and probably closer to Paranoid! 

Do I trust the Government...NO, Do I trust Corporations...NO But I'm a Jeffersonian Libertarian, I believe in the marketplace of ideas and competition and the more ideas and competition there are, the better! And Government and Corporations are always going to be operating in this marketplace, along with individuals, non profits, and foreign interests, THIS IS what made America great at one time, and Bitcoin and its attempt to create an alternative to socialist central banker domintated currencies, IS SOMETHING TO BE APPPLAUDED and watched very carefully! 

Wed, 04/10/2013 - 15:23 | Link to Comment VonSalza
VonSalza's picture

well played sir or madam

Wed, 04/10/2013 - 15:28 | Link to Comment CommunityStandard
CommunityStandard's picture

There's a difference between disagreeing with Bitcoin's existence and simply choosing to participate.  I fully support the idea behind Bitcoin, but I choose not to "invest" as there are too many risks and not enough practical application.

Wed, 04/10/2013 - 16:32 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

And the data being gathered here during these attacks is more invaluable than the big boys know..... Patience.

Wed, 04/10/2013 - 15:39 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Wait, are you implying that everyone that decided not to participate in that ponzi called bitcoin is now "worse than a socialist"?? Says who? YOU? Why don't you just call everyone who did not pile on BTC a terrorist while you are at it?
OK, just wanted to get that straightened out.

Wed, 04/10/2013 - 15:47 | Link to Comment EscapeKey
EscapeKey's picture

Weren't you the one who admitted not to know anything about bitcoin, only then in the following sentence to proclaim that it was definitely a scam.
On basis of that alone, I don't really think there's much point in conversing.

Oh and for the record, if you actually bothered to check, you'd find the only investment advice I ever give is not to carry all your eggs in one basket.
But your fossilized mind was already made up - incorrectly - about that one, too.

Wed, 04/10/2013 - 15:57 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Oh, so I should have bought BTC since someone else said it was STABLE, LIMITED IN SUPPLY, and could never be hacked?
I know a scam when I see one, there's no need to examine a pile of turd in depth to figure it's a pile of turd when you can smell it a mile afar.
My "fossilized" mind kept me from losing a fortune on BTC today.
I'll take that anyday over a script-kiddie's i'm-cool-cuz-my-farmville-pals-say-so mind.

Wed, 04/10/2013 - 16:01 | Link to Comment EscapeKey
EscapeKey's picture

Again, you just make stupid shit up. But then, what you say have to fit the script of your predetermined mind, so that's to be expected.

Who the fucks cares about whether you buy BTC or not. I certainly didn't mention it. Who exactly do you think you are? No one gives a crap about what you spend your money on.

Wed, 04/10/2013 - 16:02 | Link to Comment israhole
israhole's picture

How about you chastizing others for not buying into the Bitcoin story? To each his own, and I'll go with the 5000 year old currency vs more digital crap.

Wed, 04/10/2013 - 15:15 | Link to Comment NWO1776
NWO1776's picture

HAHA, you think it is coincidence that as soon as the government wants to take a look at bitcoin it explodes then implodes.  People use Bitcoin for anything from buying LSD to hit contracts.  The government (or somebody with stake in any of these black markets) is manipulating price making it impossible to fill orders for any of these black market activities.  Bitcoin is very "secure" so it takes a lot of time to get money in and out of the system unless you go peer to peer.  Have fun losing money.

EDIT:  Any true libertarian would realize thats a bubble.

Wed, 04/10/2013 - 18:04 | Link to Comment Urban Redneck
Urban Redneck's picture

The government has accused computer users that it doesn't like of using their computers to traffic in guns and drugs for longer than the WWW has existed.  

 

It could even be more true now then it was then, but I know a .GOV rat when I smell one...

Wed, 04/10/2013 - 15:34 | Link to Comment New England Patriot
New England Patriot's picture

In all fairness, "attacks" on Bitcoin have been presaged by the internets over the last week during all the hype. It will be a priority for central banks to see Bitcoin suffer, to set a precedent.

 

That said, the exuberance we have seen recently is bubble-blowing at its finest.

 

Somewhere between the buzz and the crash is the truth, and perhaps a sustainable trajectory for BTC growth. It will come back, and fight on amidst the misdirection and clanging gongs. 

Wed, 04/10/2013 - 15:38 | Link to Comment fuu
fuu's picture

I suspect fonester = MDB = Dr. Paul Krugman

Wed, 04/10/2013 - 15:43 | Link to Comment Ahmeexnal
Ahmeexnal's picture

sustainable bitcoin growth.

sounds familiar...."sustainable credit expansion"

Wed, 04/10/2013 - 15:45 | Link to Comment BigJim
BigJim's picture

All this gloating over bitcoin's crash by PM holders who missed the boat (missed the 'bot'?) 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 battle.

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. 

Wed, 04/10/2013 - 15:58 | Link to Comment Crash Overide
Crash Overide's picture

All joking aside, just checked on my Silver stacks and they are as I left them, stille there and still money.

Wed, 04/10/2013 - 16:02 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

"is anyone else tiring of the 'Bad Idea T-Shirt' girl and her stupid grin? Get your tits out of my face, trollop."

Said the guy to the lady, never in history.

Wed, 04/10/2013 - 18:31 | Link to Comment Blano
Blano's picture

If you're referring the one who is bent over showing those gorgeous babies, no, I will never get tired of her.  Or Katherine Webb.

Wed, 04/10/2013 - 15:44 | Link to Comment orez65
orez65's picture

I'm not cheering, I don't wish harm to anyone.

But I told you that it is a digital Ponzi Scheme.

Wed, 04/10/2013 - 14:47 | Link to Comment Manipuflation
Manipuflation's picture

Mt Gox has been getting DDoSed the whole month of April.  Just read it on their site this morning.

Wed, 04/10/2013 - 14:51 | Link to Comment malikai
malikai's picture

It's like 8AM gold.

Wed, 04/10/2013 - 14:53 | Link to Comment flacon
flacon's picture

Is there a live BitCoin chart anywhere?

Wed, 04/10/2013 - 14:54 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

they should really change their cloud hosting provider... there were several 30-40% knockouts of price level in the last two months just due to panic which was caused by quasi ddos on exchange and chart sites...

Wed, 04/10/2013 - 15:15 | Link to Comment Dr.NickRiviera
Dr.NickRiviera's picture

Yep, this is probably the best interactive chart out there. It's pretty scary looking (or funny, depending on whether or not you own BitCoins) today!

Wed, 04/10/2013 - 15:19 | Link to Comment flacon
flacon's picture

It doesn't update automatically?

Wed, 04/10/2013 - 15:00 | Link to Comment Citxmech
Citxmech's picture

You mean Kitco doesn't have one?

 

/sarc

Wed, 04/10/2013 - 15:00 | Link to Comment Dumpster Fire
Wed, 04/10/2013 - 15:03 | Link to Comment malikai
malikai's picture

I'll be running it live on QSN as soon as I get enough forward testing in.

http://blog.quantsig.net/2013/04/10/btc/

Wed, 04/10/2013 - 15:06 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

mtgox.com is responding...showing it touched 126usd on the downside and last as  180...i need moar popcorn.

Wed, 04/10/2013 - 15:06 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

120 -- 150...<chomp chomp>

Wed, 04/10/2013 - 15:12 | Link to Comment EscapeKey
EscapeKey's picture

Much like currently played Barcelona vs PSG, it's end-to-end entertainment.

Wed, 04/10/2013 - 15:57 | Link to Comment francis_sawyer
francis_sawyer's picture

FWIW ~ 133 = 50% 'golden ratio' retracement [to zero]...

~~~

101.612 = 61.8

 

Wed, 04/10/2013 - 15:12 | Link to Comment akak
akak's picture

It's as if millions of geeksquad trendsuckers suddenly cried out in terror, and were suddenly silenced.

Wed, 04/10/2013 - 15:23 | Link to Comment aerojet
aerojet's picture

This is what a lot of techie people don't understand--not all problems are solved with just tech and the tech part is the easy part, not matter how complex that part may be.

Wed, 04/10/2013 - 15:32 | Link to Comment The Abstraction...
The Abstraction of Justice's picture

'tech part is the easy part, not matter how complex that part may be.'

 

Is that a universal truth?

Wed, 04/10/2013 - 15:15 | Link to Comment RebelDevil
RebelDevil's picture

Because the front page is up doesn't mean the exchange is on fire.
#SeperateServers

Wed, 04/10/2013 - 15:13 | Link to Comment polizeros
polizeros's picture

Live bitcoin chart

http://www.bitcoinbullbear.com/

Wed, 04/10/2013 - 15:40 | Link to Comment akak
akak's picture

No current Bitcoin chart is given at that link (or it is malfunctioning).

Wed, 04/10/2013 - 14:53 | Link to Comment Dark_Horse
Dark_Horse's picture

 

More like Dutch tulips, circa 1637.

Dark_Horse

Wed, 04/10/2013 - 14:55 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

hahah, i wonder how far until someone starts to flame it in mainstream for loosing money

Wed, 04/10/2013 - 15:02 | Link to Comment outamyeffinway
outamyeffinway's picture

Krugman on deck!

Wed, 04/10/2013 - 16:42 | Link to Comment Ruffcut
Ruffcut's picture

too busy being krugman on dick

Wed, 04/10/2013 - 14:58 | Link to Comment Arcturus
Arcturus's picture

cept gold does not go down 40% in one day.

Wed, 04/10/2013 - 15:09 | Link to Comment malikai
malikai's picture

Gold also doesn't go up 50% in one day.

Get used to it. Because it is coming to you some day too.

Wed, 04/10/2013 - 15:13 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Of course you can put that gold in your safe, right next to your lead and brass, and if the power goes out, or a massive magnetic storm comes in, the gold is still there.  Some things never change I guess.

Wed, 04/10/2013 - 15:29 | Link to Comment malikai
malikai's picture

I don't know of anyone into BTC arguing against that. We're just also preparing for a future without zombies and billions dead.

Wed, 04/10/2013 - 15:45 | Link to Comment francis_sawyer
francis_sawyer's picture

No ~ In your minds, all the doomer, libertarian, farming, Get.Off.My.Lawn folks will be dead, & you all will be tweeting each other with ZOMG messages while standing in line at the Apple store checking your iPhones to see what the value of your bitcoins is... Then ~ you'll go home to your George Jetson house in the sky & dinner will roll down a conveyor belt while Rosie the robot maid cleans your toilet...

Wed, 04/10/2013 - 15:54 | Link to Comment LawsofPhysics
LawsofPhysics's picture

That which cannot be sustained, won't be.  History is very clear on this.  Since there is no such thing as a fucking zombie in the real world, I wouldn't worry about that.  Well, other than zombie banks.

Wed, 04/10/2013 - 18:14 | Link to Comment Urban Redneck
Urban Redneck's picture

Come to Africa, they have all of types of Zombies for your prepping pleasure--

1) the starving mobs who will eat your brain for nourishment

2) the walking dead  

and finally...

3) the walking undead (raised by the shaman)

Wed, 04/10/2013 - 15:59 | Link to Comment draug
draug's picture

A memory stick with a wallet file would also be fine in that safe, in case of a magnetic storm (faraday cage.) Unlike your gold it could also be password protected.

Wed, 04/10/2013 - 16:29 | Link to Comment saints51
saints51's picture

All gold is password protected. You must answer the owner of said gold's question.

Question: Are you ready to meet your maker?

 

P.S. Its a trick question

 

P.S.S. You mention magnetic storm. Are the lines outside for internet service all protected from a magnetic storm?

Wed, 04/10/2013 - 16:48 | Link to Comment draug
draug's picture

The internet will be fixed if temporarily down. As long as every bitcoin node on the planet wasn't destroyed simultaneously, the network can be restored to more or less the latest status with little effort.

Wed, 04/10/2013 - 20:14 | Link to Comment margaris
margaris's picture

Also, the wallet.dat is a rather small file, no? A few kilobytes.

You could theoretically print out all the bytes onto paper,

and put this in your fireproof safe.

Would probably be one sheet of paper per Kilobyte.

Later you can OCR Scan the paper and recreate the wallet.dat

 

 

Wed, 04/10/2013 - 15:35 | Link to Comment daveO
daveO's picture

That'd require a TBTF bank actually failing.

Wed, 04/10/2013 - 16:02 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Coding the exchange mechanisms into the client side software would fix that, then blacklist all the outside trading exchanges as they pop up. DDOS is the equivalent of HFT trade manipulation right now. Back and forth, either way let games continue. I'd rather deal with this than central planning any day of the week.  

Wed, 04/10/2013 - 15:06 | Link to Comment seek
seek's picture

This is an entire plausible scenatio. DDoS have been htting everything BTC related for a while.

BTW, about 12 hours ago someone executed an order for over 60K bitcoins at $230. That's a $16M trade. Turn that around and sell during a DDoS episode and you could tank this thing of a market easily.

Wed, 04/10/2013 - 15:12 | Link to Comment malikai
malikai's picture

It'll work. A few times.

Soon Gox will be a memory and there will be hundreds of exchanges.

Wed, 04/10/2013 - 15:23 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

...which implies hundreds of manipulators, correspondingly.  

I'll happily buy your gold, pref. coins & bullion but 24k will do. 

Wed, 04/10/2013 - 16:12 | Link to Comment malikai
malikai's picture

I'd rather have hundreds of manipulators who have to compete in a free market than 21 primary dealers who don't know what a free market is or how they would survive in one.

Wed, 04/10/2013 - 16:38 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

You would have that too.  Perhaps fewer.

Working capital = processing power

Assuming not all of them would innovate techniques to operate the market, you have fewer operators, bitcoins would pool into the usual money-gravity wells, and exchanges would wither and die. 

PS I didn't junk you.

So you're a little stung, bitcoin can get played.  Welcome to the party, pal!

Wed, 04/10/2013 - 20:20 | Link to Comment margaris
margaris's picture

or people start using BTC as the de facto internet currency who doesn't need to be converted back into USD, CHF, EUR, JPY or whatever, and therefore has no need for an exchange.

How long are we going to measure Silver and Gold in USD?

How long is the slave going to ask his slavemaster if he is allowed to be free?

With this mindset, you admit you are NOT FREE. You are not even free in your own head!

The mindtrick they play on us, is so gigantic...

Wed, 04/10/2013 - 15:34 | Link to Comment Matt
Matt's picture

In the early days of bitcoin, every end user who held bitcoin was an exchange. Today, Mt Gox accounts for over 70% of all bitcoin / other currency trades. 

At the same time, BTC Guild is rapidly closing on 50% of all mining power.

Do you think bitcoin will go back and decentralize, or is it fully on the path to become a fully centralized system?

Wed, 04/10/2013 - 15:47 | Link to Comment seek
seek's picture

Actually BTC guild's share is rapidly dropping away from 50%, so there's your answer -- the BTC community at large saw it happening, requested that miners move away from BTC guild, and it happened. BTC guild is now ~33%.

People are pissed off enough at Mt Gox that we should see the rise of other exchanges. I think we'll see a wave of modest decentralization (ie an oligopoly moving some of mt gox's business to other providers.)

I think we'll likely see someone capitalize on how pathetic the bitcoin infrastructure's IT and security practices are and create a more "professional" exchange or two.

Wed, 04/10/2013 - 15:56 | Link to Comment malikai
malikai's picture

You can count on it.

Wed, 04/10/2013 - 15:14 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

16MM is like a rounding error for the monetary authorities.  Who would notice?

"Hey there's 16MM missing from petty cash..."

"Oh, that?  Dont worry about that.  We sent out for pizza on the  day Bitcoin tanked.  That's all that is."

Wed, 04/10/2013 - 15:13 | Link to Comment fonzannoon
fonzannoon's picture

The only question I ever wanted answered about bitccoin was, could it be manipulated? Today I got the answer.

Wed, 04/10/2013 - 15:44 | Link to Comment Matt
Matt's picture

Why is everyone so into conspiracy theories all the time? How do you know it wasn't just a normal bubble-bursting crash, just like 2011, and just like every other bubble that ever burst? The big difference is, since it is unregulated and purely electronic, it happens at a much faster speed.

Wed, 04/10/2013 - 16:07 | Link to Comment francis_sawyer
francis_sawyer's picture

occam's razor... No, REALLY!...

~~~

It's because the notional value of all bitcoins in existence can, at any time, be purchased if & when TPTB want to by sheer force of printing FIAT out of thin air... I mean, seriously, in a matter of seconds...

How hard is it for the same entity to set up hundreds upon thousands of little accounts [with printed money]... Then set up algos to simulate the behavior of individual persons [with the idea that they were ALL actually bitcoin geeks]?...

It would be laughably simple [given the supposed 'MARKET CAP' of bitcoin]...

Wed, 04/10/2013 - 16:38 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

You're my own, personal, Mel Gibson, Francis.

Wed, 04/10/2013 - 16:52 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

you're too conspiratorial.  how about some large ass tried to cash out of btc at $260 per btc and take delivery of phyzz gold/silver and suddenly there was no bid.  this large ass loaded w/ btc panics and is willing to go low to get phyzz.  no bid.  it's a trap. no easy escape from hotel coinlifornia. (i'm just goofing.  no link to support my theory)

Wed, 04/10/2013 - 17:31 | Link to Comment francis_sawyer
francis_sawyer's picture

You actually make a valid point...

~~~

That's a possibility...

The problem with the 'GEEK SQUADERS'... all along... Is they're so enamored with the crypto magic wando technology... They carelessly [without thinking] have their own rhetorical reply to the age old question...

What could possibly go wrong?

Wed, 04/10/2013 - 15:42 | Link to Comment Lost Wages
Lost Wages's picture

If you DDOS gox doesn't that stop people from selling?

Do NOT follow this link or you will be banned from the site!