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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 - 15:45 | 3433165 Matt
Matt's picture

Mt Gox seems to be operating normally, the charts there are showing trades on Mt Gox. It is, however, concerning how a currency whose strength is decentralization, is so highly dependant on a single central exchange for price discovery.

Wed, 04/10/2013 - 14:43 | 3432674 LawsofPhysics
LawsofPhysics's picture

Correct, because GS, JPM, The Federal Reserve can take out a much larger position than you or I ...

Wed, 04/10/2013 - 15:33 | 3433083 The Heart
The Heart's picture

"Correct, because GS, JPM, The Federal Reserve can take out a much larger position than you or I ..."

That may not be for long though:

http://dailybail.com/home/nyt-jpmorgan-faces-multiple-criminal-investiga...

Kinda scary in a sense. These babylonians might rather pull the false flag event string, rather than testify in a court about their horrendous amounts of real criminality. They do after all own all the leader puppets. Just like those who violate the basic constitutional Law of the the Land and forget, that the sheriff and his posse is still the worlds largest armed army. NOW HERE THAT all babylonians.

Also, do not forget that your tracks lead back to your homes and ALL CRIMINALS will be routed out and harshly punished with good cause. This is a spiritual war and it has already been won by the good world. Those who cling to the old useless worn out materialistic paradigm of murder and reckless law breaking for pay and profit, will suffer in extreme example ways. The Law is the Law and no color of law can replace that truth. The double-edged Sword of Truth and Justice shall be wielded by many still not revealed. It is the way of righteousness to not strike until these evil things have made it absolutely necessary. The world will not tolerate any more thuggery, or innocents being murdered with high-tech-weaponry that they are forced to pay TAXES for. The time of the first babylonian idiot pulling the first trigger is coming close. When the babylonians start it, the worlds people will finish it. As the old Knight said, choose wisely the cup you drink your life giving waters from.

The reality is; you can take the light into the light. And, you can take the light into the darkness. You can NOT!...take the darkness into the Light.

Babylon’s attempt to rule this 3-D world is like holding up a candle to the people and telling them it is brighter than the Sun is.

Go figure.

 

Wed, 04/10/2013 - 15:37 | 3433115 shovelhead
shovelhead's picture

So Jesus is gonna ride in on his dinosaur and save us like the Lone Ranger?

I'm relieved.

Wed, 04/10/2013 - 15:54 | 3433247 LawsofPhysics
LawsofPhysics's picture

Exactly, wake me when some heads actually roll or one of these fucks actually goes to a "pound me in the ass" prison.  

Wed, 04/10/2013 - 16:14 | 3433382 francis_sawyer
francis_sawyer's picture

@LOP

~~~

The reason I wake up every day & smile is because I realize... THOSE are the people who are really in prison... Me? I just sit back here... grow a little food, do some chores, nobody really bothers me much... Life ain't all that bad...

Wed, 04/10/2013 - 17:02 | 3433698 Almost Solvent
Almost Solvent's picture

That is the way to keep sane in this insane world. 

Owe the banks $22k, it's your problem. Owe the banks $2,222k, that's their problem. 

 

Banks got lots of problems these days . . . 

Wed, 04/10/2013 - 14:45 | 3432694 DaddyO
DaddyO's picture

So did the Bernanke run this BTC up and then start the waterfall so the media would get in on the act and get all the media hype to only watch the PLUNGE.

A great way to discredit it with out much effort and wouldn't cost that much from the FED perspective...

Just wondering out loud.

DaddyO

Wed, 04/10/2013 - 15:01 | 3432823 Citxmech
Citxmech's picture

My thoughts exactly.  It needs to be stable to have any chance at anything other than speculation or a vehicle for quick transfers.  This should kill any chance of that for a while.

Wed, 04/10/2013 - 15:53 | 3433243 Bicycle Repairman
Bicycle Repairman's picture

Bernanke grabbed baby bitcoin, threw up in the air 10 feet and then stepped back.

Granite floor.  Auger in.

Wed, 04/10/2013 - 14:42 | 3432664 LawsofPhysics
LawsofPhysics's picture

Many sold bitcoin earlier this week to buy physical.  Goldman Sachs now doing the same.  They (and the Fed) can take out a much larger bitcoin position than you or I (What, did you forget that they have access to computers and unlimited capital?)

Wed, 04/10/2013 - 14:48 | 3432718 McMolotov
McMolotov's picture

Step 1: Sow distrust in the traditional banking system (Cyprus)

Step 2: Discredit decentralized electronic currency (crash bitcoin)

Step 3: Do something that'll really incite bank runs (still waiting on this one)

Step 4: Make the case that electronic currency — when controlled by government — is safe, stable, and impervious to bank runs

Step 5: Herd the sheep into their new electronic form of slavery

Wed, 04/10/2013 - 14:50 | 3432735 LawsofPhysics
LawsofPhysics's picture

The supply lines will break just the same and the world will go to war.  History is very clear on this.  Long black markets and sharecropping.

Wed, 04/10/2013 - 15:27 | 3433036 ParkAveFlasher
ParkAveFlasher's picture

I'm already gathering goods for barter, LOP. 

Goods related to any vice whatsoever will do best.

Wed, 04/10/2013 - 15:32 | 3433079 notbot
notbot's picture

McMolotov has nailed it.  Sounds like the mark of the beast to me...gov-controlled electronic-only fiat.  I shudder.

Wed, 04/10/2013 - 16:58 | 3433664 Aurora Ex Machina
Aurora Ex Machina's picture

Welcome to the real party.

 

Hint: Look up Square & Starbucks.

Wed, 04/10/2013 - 14:53 | 3432759 DaddyO
DaddyO's picture

Step 6: Exert maximum control on the sheep and herd the unrulians into FEMA camps for re-education/slaughter

DaddyO

Wed, 04/10/2013 - 14:56 | 3432790 McMolotov
McMolotov's picture

Step 7: Soylent unrulians?

Wed, 04/10/2013 - 15:07 | 3432886 akak
akak's picture

US 'american' unrulianism is the mattering thing.

Very crusty, very much something.

Wed, 04/10/2013 - 15:15 | 3432957 BigJim
BigJim's picture

Make me laugh!

Wed, 04/10/2013 - 15:16 | 3432965 DaddyO
DaddyO's picture

Arrgghhh...

Soylent Unrulians...+1000

It's a damn shame that the BTC has generated all the hype. it could truly be the right mechanism under different circumstances.

As long as the CB's are in control, you will see this type of treatment to anything that threatens the Status Quo.

Ultimately, the CB's will introduce their own world wide digital currency, under their direct supervision, and with all the requisite tax hooks in place.

Until then this is the expected course of events...

DaddyO

Wed, 04/10/2013 - 15:28 | 3433046 resurger
resurger's picture

WOW that was really fast! from $260 to $160

Wed, 04/10/2013 - 16:10 | 3433340 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Sheep are fucked no matter what, all they can hope for is benevolence. You'll see a full out revolt and possible secession depending how crazy shit gets. Would you prefer a bunch of kids sitting in front of the Marriner Eccles building screaming fuck you Bernanke or would you rather someone try and go at them where it hurts the most. Just wait until Obamacare really kicks in.

Wed, 04/10/2013 - 14:44 | 3432670 EscapeKey
EscapeKey's picture

I actually quite enjoy this laissez faire roller coaster. Given daily swings a fraction of this on the NYSE, and the exchange would be sealed shut.
I guess you could say NYSE are a bunch of pussies in this regard.

Wed, 04/10/2013 - 14:46 | 3432701 The Big Ching-aso
The Big Ching-aso's picture

BitSlapped.

Wed, 04/10/2013 - 14:49 | 3432713 malikai
malikai's picture

No doubt.

Welcome to the free market, bitchez.

Wed, 04/10/2013 - 15:12 | 3432902 LawsofPhysics
LawsofPhysics's picture

"Free market?" - sounds more like a casino where there simply is no "house".  Still, better than a casino where the house always wins I guess.

Wed, 04/10/2013 - 15:27 | 3433028 Likstane
Likstane's picture

That's what a free market is.  No house.  

Wed, 04/10/2013 - 15:33 | 3433070 LawsofPhysics
LawsofPhysics's picture

Not quite.  A casino is a casino playing games with chips/bits you purchase. Whereas a market implies free and fair price discovery and fucking accountability for bad behavior.  Because it takes real work to mine/refine gold bullion, the accountability is inherent in the gold itself.  How hard is it to create a "bit" again? 

Wed, 04/10/2013 - 15:53 | 3433242 Saro
Saro's picture

Mining either gold or bitcoin requires capital investment, and both are extremely risky.  I don't see how they are really that different in that respect.  The things that make gold a good money are also things that make bitcoin a good money.

Also, how is there not "free and fair price discovery" or "accountability" with bitcoin?

Wed, 04/10/2013 - 15:58 | 3433259 LawsofPhysics
LawsofPhysics's picture

LMFAO!!!  So tell us, how many bitcoin miners have been killed this year?  Fucking morons.  Yeah, it's exactly the same.  Get the fuck out of the basement kid, it's a big world out there.

Wed, 04/10/2013 - 16:03 | 3433302 Saro
Saro's picture

Physical danger in acquisition is what makes something a good currency?

Wed, 04/10/2013 - 16:15 | 3433367 LawsofPhysics
LawsofPhysics's picture

Pay attention. (nice avoidance of the question by the way).

Something that cannot be conjoured up with a few keystrokes, something that is relatively inert (does not rust, corrode, etc), something that is difficult to physically come by but that has a very real utility will always be a safe store of value.  In addition to their monetary use for some 6,000 years, refined silver and gold bullion require real work and have industrial utility.

Wake up, what is currency used for?  It is used to exchange for the labor (or work) of another.  Again, how much real work is required to create the "bit".  This represents the true value.

Wed, 04/10/2013 - 16:28 | 3433449 draug
draug's picture

Straw man. Bitcoin isn't made by "creating bits", or whatever you think that means. Bitcoins are defined by mathematics, the "bits" are just the implementation.

Bitcoins can't be created at all, only discovered. There is a hard upper limit on the total number.

Wed, 04/10/2013 - 17:07 | 3433713 Almost Solvent
Almost Solvent's picture

Gold & Silver can't be created at all, only discovered.

There is a hard upper limit on the total number.

Wed, 04/10/2013 - 17:15 | 3433770 LawsofPhysics
LawsofPhysics's picture

"Gold & Silver can't be created at all, only discovered." - correct, they also have to be extracted and the ore has to be processed.  Moreover, both have an industrial utility.

Wed, 04/10/2013 - 17:11 | 3433741 LawsofPhysics
LawsofPhysics's picture

"Bitcoins can't be created at all, only discovered. There is a hard upper limit on the total number." -

LMFAO!!!  Right, because we could never bring more computers online.  Keep ignoring the industrial utility and bartering value of PMs.  Look douchebag, if you are exchanging fiat for bitcoins it should be pretty clear what their intrinsic value is.  Full disclosure; I closed a bitcoin position last friday to purchase more silver.  So yes, bitcoin had great utility.  But to pretend there is no risk just makes you look stupid.  keep your bits, I'll keep accumulating physical assets of real value, by any means necessary.

Wed, 04/10/2013 - 19:45 | 3434319 Saro
Saro's picture

"Right, because we could never bring more computers online."

 

The number of computers online has nothing to do with the total number of coins.

Wed, 04/10/2013 - 17:05 | 3433705 Saro
Saro's picture

If you can "conjure bitcoins up with a few keystrokes", then I would recommend doing it.  You could make a killing @ $130 each.

Additionally, currency acts as a unit of account for work accomplished, but that doesn't require that the currency itself have any physical labor behind it at all.  If I raise chickens and you raise pigs, we can trade directly, or I can sell my chickens for currency and use that to buy your pigs.  All you really need is the total currency in the system to be fixed.

Wed, 04/10/2013 - 17:13 | 3433757 LawsofPhysics
LawsofPhysics's picture

Bullshit.  When push comes to shove I don't need the internet or power to raise those pigs and chickens (and we have both).

Wed, 04/10/2013 - 15:56 | 3433258 Likstane
Likstane's picture

Isn't the market determining the value of BTC ?    Your original comment seems to imply there must be a controlling entity to facilitate a market.   The market or "market forces" set the value of everything.  The market can not be controlled indefinately. 

Wed, 04/10/2013 - 16:00 | 3433270 LawsofPhysics
LawsofPhysics's picture

Never said the market could be controlled. Simply saying that bitcoin is not and will never be a safe store of value, like physical PM's.  

Wed, 04/10/2013 - 16:05 | 3433313 Likstane
Likstane's picture

Sure looks like you were questioning the reality of the market determining the BTC price. 

Wed, 04/10/2013 - 16:08 | 3433341 Saro
Saro's picture

I wouldn't say "never".  If the bitcoin economy, for example, were to grow to the point where a majority of people traded exclusively in BTC (and therefore the exchange rate with the USD was irrelevant), then it will be an excellent store of value.

But yeah, right now it's a speculative roller-coaster of epic proportions.

Wed, 04/10/2013 - 16:16 | 3433389 LawsofPhysics
LawsofPhysics's picture

Right, because you can never see a situtation where you would not be able to access your bits?  Not a very creative thinker are you?  What are you a banker?

Wed, 04/10/2013 - 17:00 | 3433677 Saro
Saro's picture

A Mad Max-style scenario where there is no internet or electricity would do it, but in such a situation I'd probably rather have a stockpile of lead than silver/gold anyway. Anything less than that, and bitcoin holds up pretty well.  Since the block chain is public, bitcoin is actually very resilient.  As long as one copy of the blockchain remains anywhere in the world, you can rebuild the whole system.

And don't forget that the physicality of PMs is a strength, but it can also be a weakness. Government goons can confiscate gold.  With bitcoin, since you only need to know a public/private key to get to your funds, it's actually possible to essentially keep the keys to your account in your head and nowhere else.  That's pretty unique.

Pros/Cons.  I recommend holding some of each.

Wed, 04/10/2013 - 17:06 | 3433712 LawsofPhysics
LawsofPhysics's picture

Gold, Silver, lead and brass.  The intrinsic value of one insuring the other.

Full disclosure; I closed a bitcoin position last friday to purchase some more silver eagles.  Never said bitcoin was useless, but if you are purchasing bitcoins with fiat then it's pretty fucking clear their intrinsic value is the same.

As far as a mad-max world goes, fucking toothpaste or a can of beans with make you "rich".

Wed, 04/10/2013 - 19:40 | 3434306 Saro
Saro's picture

"if you are purchasing bitcoins with fiat then it's pretty fucking clear their intrinsic value is the same"

Odd logic. I purchase silver and gold with fiat.  Does that mean they all have the same "intrinsic value"?

(Actually, it does, because intrinsic value does not exist. But I assume you think it does or you wouldn't have brought it up.)

Wed, 04/10/2013 - 16:30 | 3433464 draug
draug's picture

Of course it can. Bitcoin has social value, which is all any tradable commodity can ever have. Gold isn't an intrinsic store of value, it's just a bunch of useless molecules. The value only exists in its tradability, exactly like bitcoins.

Wed, 04/10/2013 - 16:55 | 3433645 LawsofPhysics
LawsofPhysics's picture

"The value only exists in its tradability, exactly like bitcoins." - LMFAO!!

Gold has numerous industrial applications moron.  Shit, there's several pounds of silver in every tomahawk missle.  Wow, beyond ignorant.

Wed, 04/10/2013 - 16:38 | 3433514 Vic Odd
Vic Odd's picture

If you play poker the house gets a fixed dealers fee, and you can use experience anbd common sense to make good or bad descisions.

If you play roulette in that same house, you are hoping for the best, powerless to control the spinning wheel.

Wed, 04/10/2013 - 15:41 | 3433141 resurger
resurger's picture

I thought there will be a rebound in any second now .....

lol

Wed, 04/10/2013 - 14:48 | 3432708 smlbizman
smlbizman's picture

since it is as good as or better than gold and silver it cant go to zero.....

and with fiat at least i can start a fire or keep warm or take notes....

i just dont know what to do with these bitcoins that i have ,that are worthless and invisible...

Wed, 04/10/2013 - 15:13 | 3432916 mick_richfield
mick_richfield's picture

BitCoins also have many industrial uses, if you smelt them down into their constituent 1s and 0s.

Wed, 04/10/2013 - 15:16 | 3432967 BigJim
BigJim's picture

That's true! There's enough bytes in one bitcoin to write a really good novel with.

Wed, 04/10/2013 - 15:35 | 3433098 akak
akak's picture

But the crucial question is, can you eat them?

Wed, 04/10/2013 - 15:29 | 3432988 wee-weed up
wee-weed up's picture

Methinks many of the BitCoin cheerleaders here in our ZH comments the last few weeks...

will now be silent, or changing to another Username to protect the gullible guilty - themselves!

Wed, 04/10/2013 - 15:33 | 3433075 aerojet
aerojet's picture

Pump and dump, easieast money there is!

Wed, 04/10/2013 - 15:32 | 3433077 stacking12321
stacking12321's picture

Youthinks wrong, and you never understood the real value of bitcoin.

it's not about the speculation or whether it goes up or down.

it's about havin a way to move money outside the control, observation, and regulation of governments.

i will continue to be glad that bitcoin is around, regardless of whether it's trading at $10 or $10,000.

 

Wed, 04/10/2013 - 15:43 | 3433158 wee-weed up
wee-weed up's picture

Hey, I'm all for havin a way to move money outside the control, observation, and regulation of governments.

but this concept, of tying it's existence to the Internet, which is controlled by the gov't, is just plain assinine.

Wed, 04/10/2013 - 16:15 | 3433385 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Revive FidoNet over cells phones is one alternative. What are going to do then dial every fucking cell phone number in the USA nonstop? There are always workarounds. You also have wireless mess networks one can do locally with other like minded individuals. They are all the rage down in Mexico right now. One way or the other decentralized currency is here to stay.

Wed, 04/10/2013 - 16:15 | 3433386 akak
akak's picture

Somebody needs to invent CarrierPidgeonCoin.

Wed, 04/10/2013 - 16:19 | 3433405 EscapeKey
EscapeKey's picture

The Internet is not controlled by the government. DNS servers are. There's a significant difference.
Can't be bothered to argue about cryptography here, because if you haven't understood it thus far, you never will.

Wed, 04/10/2013 - 19:16 | 3434223 wee-weed up
wee-weed up's picture

One word...

Stuxnet

Wed, 04/10/2013 - 15:55 | 3433249 Saro
Saro's picture

Yes, I am absolutely mortified that my bitcoins are now only worth what they were worth last week.

Wed, 04/10/2013 - 15:23 | 3432996 A_Dog
A_Dog's picture

 

Just in time to buy bitocins on 1:100 leverage

 

Wed, 04/10/2013 - 14:41 | 3432651 gold-is-not-dead
gold-is-not-dead's picture

...

Wed, 04/10/2013 - 15:04 | 3432722 Say What Again
Say What Again's picture

+1

-1

Wed, 04/10/2013 - 14:42 | 3432662 ACP
ACP's picture

Dead cat bounce back up to 205, then trounced back down to 150...

http://www.bitcoinbullbear.com/

 

Wed, 04/10/2013 - 14:49 | 3432723 Schmuck Raker
Schmuck Raker's picture

VWAP is 230-ish. Surely...

Wed, 04/10/2013 - 14:56 | 3432789 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Gox showing 142USD last and lowest...

Wed, 04/10/2013 - 15:24 | 3433022 dontgoforit
dontgoforit's picture

Learned it at the Carol Burnette school of facial displasia.

Wed, 04/10/2013 - 15:46 | 3433175 draug
draug's picture

This has to be the most predictable market crash in history.

What remains to be seen is where it bottoms out...

Wed, 04/10/2013 - 17:00 | 3433680 Dr Benway
Dr Benway's picture

Yeah, most predictable crash ever.

 

I used to think boom-and-bust was embedded in our flawed economic systems, with exponential debt driving associated asset bubbles.

 

Now I realize boom-and-bust is a feature of humans, it's part of us. People just can't resist the quick money con, so there will always be quick money schemes.

Wed, 04/10/2013 - 14:36 | 3432611 James_Cole
James_Cole's picture

Funny, all of a sudden there's articles about bitcoin everywhere in the corporate press followed immediately by a crash. 

Wed, 04/10/2013 - 14:42 | 3432659 SeverinSlade
SeverinSlade's picture

Willing to bet that the Fed & ECB, hell maybe even the WH gave those marching orders.  If BTC completely collapses, now the MSM can say "See? We told you so.  Leave money to central banksters."

Wed, 04/10/2013 - 15:16 | 3432950 BorisTheBlade
BorisTheBlade's picture

Looks like a total coincidence to me. /sarc

Wed, 04/10/2013 - 14:41 | 3432644 smlbizman
smlbizman's picture

honest question to any bitcoiners.....how long would it take to get out of your position?..

Wed, 04/10/2013 - 14:41 | 3432661 kliguy38
kliguy38's picture

eeeeeeeeeeeeeeeeeeeeeeee......... Lesson here....DONT OWN PHYSICAL GOLD!!!

Wed, 04/10/2013 - 14:47 | 3432704 DaddyO
DaddyO's picture

Huh?!?

DaddyO

Wed, 04/10/2013 - 14:52 | 3432755 kliguy38
kliguy38's picture

hehehehe.......sorry....shoulda guess tha sarcasm didn't translate.........hehehhehehee.......

Wed, 04/10/2013 - 14:49 | 3432720 DutchR
DutchR's picture

Ctrl+Alt+Del

Try that with your GOLD, bitches......

Wed, 04/10/2013 - 14:59 | 3432802 A is A
A is A's picture

A click of a button...

Wed, 04/10/2013 - 16:07 | 3433325 Hulk
Hulk's picture

At the present rate of descent, they will be in  the fetal position for a long time !!!

Wed, 04/10/2013 - 14:50 | 3432730 SeverinSlade
SeverinSlade's picture

Serious question for ZHers.

A fully digital currency has long been the goal of TPTB.  Bitcoin is precisely that absent central banking oversight.  Not saying this is the case, but COULD bitcoin be a CIA monetary false flag?  Just think about it.  We have no idea who the actual creator is.  The only difference between BTC and any other currency is the fact that CBers don't have their hands on it.  If a "free" alternative to CB fiat completely collapses, what's preventing TPTB from offering a "safer" and "better" solution? 

Problem-reaction-solution.

Guess if Bitcoin recovers and stabilizes that theory is completely bogus.  However, if Bitcoin completely falls apart, seems plausible.

Wed, 04/10/2013 - 14:55 | 3432778 DutchR
DutchR's picture

I'll take Sweden for 2 or 3 bitcoin..

 

 

 

(sweden want to go all digital, less robbery, more fraud, go figure)

Wed, 04/10/2013 - 15:03 | 3432847 nonclaim
nonclaim's picture

That because most small businesses prefer cash transaction to avoid taxes. No receipts, no record anywhere, never become bank deposits.

Wed, 04/10/2013 - 15:34 | 3433090 shovelhead
shovelhead's picture

Shhhh! 

Secret.

Wed, 04/10/2013 - 15:47 | 3433191 nonclaim
nonclaim's picture

Don't worry, nobody knows anything about it.

Wed, 04/10/2013 - 16:45 | 3433543 DutchR
DutchR's picture

Ask the Italians......

 

And this euro is going to work right, right?

 

edit

.....and the dutch, are good a tax deductions to

Wed, 04/10/2013 - 15:07 | 3432874 McMolotov
McMolotov's picture

Yep, see my comment above. Whether bitcoin is some kind of government-spawned creation or not, this crash would certainly prove useful for making the sheep doubt a decentralized electronic currency. Throw in widespread bank runs and TPTB would point to the fact that bank runs are virtually (pun intended) impossible with a digital monetary system under a centralized authority.

Wed, 04/10/2013 - 16:40 | 3433520 malikai
malikai's picture

Both of you fail to address the fact that Bitcoin is Open Source. You don't understand it? You want your questions answered?

Read the code.

Wed, 04/10/2013 - 17:47 | 3433928 McMolotov
McMolotov's picture

Please reread my comment. I'm well aware of bitcoin being Open Source, and in everything I've written about it, not once have I said there's anything nefarious in the code.

I didn't even say bitcoin is a .gov trojan horse, just that it could be conveniently exploited as one. The collapse of a decentralized electronic currency, in conjunction with a disruption of the banking system, could be used to herd people into a "safe" electronic currency controlled by governments and/or central banks.

Wed, 04/10/2013 - 19:08 | 3434191 AE911Truth
AE911Truth's picture

What is Bitcoin?

I read a while back that some three letter government agency wanted to brute force crack everyone’s encrypted messages but could not pay for the computer time. So they got the idea: “Let’s get everyone else on the planet to pay for it”.

Thus we have Bitcoin.

Wed, 04/10/2013 - 14:58 | 3432794 Wile-E-Coyote
Wile-E-Coyote's picture

My ear drums just burst.

Wed, 04/10/2013 - 15:04 | 3432854 The Heart
The Heart's picture

Ha-ha!

Wed, 04/10/2013 - 15:05 | 3432869 toddf
toddf's picture

Bit Slapped

Wed, 04/10/2013 - 15:16 | 3432953 Croesus
Croesus's picture

PAGING FONESTAR.......FONESTAR TO THE E.R., STAT!!

Where are all the "Bitoin Bulls" who promised they'd be buying at $500????????

IF YOU CAN'T HOLD IT IN YOUR HANDS, IT IS WORTHLESS.

Where's that "Bitcoin is just like precious metals, except it's intangible" clown at?

BITCOIN IS NOTHING. MATHEMATICALLY-BASED FAITH.

Greatest scam in recent history; Congratulations, Satoshi Nakamoto, and Max Keiser!!!!!!

 

Wed, 04/10/2013 - 17:10 | 3433736 lickspitler
lickspitler's picture

INCREMENT BITCHEZ

THESE ARE BETTER LEVELS TO INCREMENT BITCHEZ

Wed, 04/10/2013 - 14:37 | 3432623 SeverinSlade
SeverinSlade's picture

This is why I'm not a fan of any digital currency.  Did the Fed & ECB begin dumping any positions they may have accrued?  I don't know, but someone is liquidating.

Good ol' Max Keiser, pumping up BTC at parabolic highs just like he did with silver ~$50.

The only thing that could have possibly justified the upward price movement of BTC would be if the world was ending.  The fiat ponzi scheme will end soon - but it's not happening this second.

Wed, 04/10/2013 - 14:46 | 3432688 The Abstraction...
The Abstraction of Justice's picture

I get the impression of a price takedown followed by DDoS on the exchanges. Okay, back to pontoon after this. Maybe the lottery too.

Wed, 04/10/2013 - 15:19 | 3432989 BigJim
BigJim's picture

Max jumped the shark with this one, IMHO.

 

Wed, 04/10/2013 - 16:37 | 3433497 The Second Rule
The Second Rule's picture

I frankly don't get the hype over BTC. Seems like digital fiat subject to speculation.

More like BitTulip.

Wed, 04/10/2013 - 14:41 | 3432653 aphlaque_duck
aphlaque_duck's picture

OH THE HUMANITY!!!!  I'm back to where I was on Monday.  :( 

Wed, 04/10/2013 - 14:58 | 3432797 DutchR
DutchR's picture

On a wednesday, weekends are much more fun...

Wed, 04/10/2013 - 14:47 | 3432700 a growing concern
a growing concern's picture

A parabolic move upwards followed by a free fall downwards?!?! NO ONE could have possibly seen this coming...

Wed, 04/10/2013 - 16:38 | 3433515 The Second Rule
The Second Rule's picture

Nope. No one. If only there were some other chart analogs where we could study this behavior. /sarc

Wed, 04/10/2013 - 16:59 | 3433663 Pseudo Anonym
Pseudo Anonym's picture

but not so early, not so quickly, and not so suddenly. 

NO ONE could have possibly seen this coming...

it surprised me even though i've been recommending to a number of btc promoters here at zh to cash out before btc goes tits up.

Wed, 04/10/2013 - 18:43 | 3434117 Overflow-admin
Overflow-admin's picture

+1 for the 'tits up'

 

WHAT A RIDE!!!

Wed, 04/10/2013 - 14:51 | 3432732 Banksters
Banksters's picture

Organized crime- the Mafia and Organized crime, can do this all day.   Up up up up crash.

 

At least with the PMS they are actually things that have market value.

Wed, 04/10/2013 - 14:53 | 3432760 ejmoosa
ejmoosa's picture

Damn...we never even got this party started.

Wed, 04/10/2013 - 15:11 | 3432914 carlsbro
carlsbro's picture

A NEW FED CONSPIRACY!!!!!!!

Wed, 04/10/2013 - 15:43 | 3433159 DblAjent
DblAjent's picture

That's a Bit Slappin if I ever seen one!

Wed, 04/10/2013 - 15:51 | 3433212 rubiconsolutions
rubiconsolutions's picture

"In Hexadecimal We Trust"

Wed, 04/10/2013 - 17:23 | 3433818 PacOps
PacOps's picture

02FC

Wed, 04/10/2013 - 15:51 | 3433228 TraderTimm
TraderTimm's picture

This is where the bitcoin haters say that it is 'dead'. It isn't, just a bunch of newbies who got gored by their own inexperience. Trading the swings is fun, but I don't recommend it to the faint of heart.

 

Wed, 04/10/2013 - 16:24 | 3433427 francis_sawyer
francis_sawyer's picture

Trading the swings is fun???... Just a week ago you were telling us all that the PURPOSE was to cut 'banksters' out of the loop... Fucking hypocrites...

Wed, 04/10/2013 - 22:34 | 3434964 TraderTimm
TraderTimm's picture

Oh yes, that's right - I'm not allowed to trade, according to francis "insert race tag" sawyer.

Any other rules you have for me? Try to exclude any racial overtones - if you can. I suppose I should be trading the HFT infested markets that Bernanke swims in - no thanks, I'll leave that to someone else.

Wed, 04/10/2013 - 16:07 | 3433334 Dingleberry
Dingleberry's picture

TIMBERRRRRRR!!!!!!!!!!

 

Looks like a WWF takedown!

Wed, 04/10/2013 - 16:56 | 3433642 Freddie
Freddie's picture

Tyler(s) never warned us!  They or he were pumping this beeotch all along.  ;-)

Wed, 04/10/2013 - 17:10 | 3433737 imbtween
imbtween's picture

back at $190 from a low of $105. Heart attack stuff.

Wed, 04/10/2013 - 14:31 | 3432534 Zen Bernanke
Zen Bernanke's picture

Thank you Sir Isaac Newton for discovering GRAVITY!

Wed, 04/10/2013 - 14:46 | 3432685 1100-TACTICAL-12
1100-TACTICAL-12's picture

Bitfarce.. The currency you can't even wipe your ass with when it becomes worthless..

Wed, 04/10/2013 - 15:14 | 3432934 Edward Fiatski
Edward Fiatski's picture

Some excellent BitCoyn threads today,

"Impossible to trade this, INSANITY!" -  https://bitcointalk.org/index.php?topic=172497.0

A tale of something called Mtgox and its trading lag of 1109.21 seconds and cries to "stop spreading PANIC."

"How do I get my bitcoins out?" - https://bitcointalk.org/index.php?topic=172544.0

"MtGox is crashing and I really can't afford to lose everything, how can I get my bitcoins out into dollars?

Please hurry."

"BTC falling sharply!! Why?" - https://bitcointalk.org/index.php?topic=172554.0

"What's going on folks? BTC in the $170 and falling. MtGox has a significant lag. Is this another DDOS?"

More here - https://bitcointalk.org/index.php?PHPSESSID=387gh0504qt1667oted0evfsi1&b...

Do be mindful of their server traffic, as the topic at hand experiences some "fire in the theatre" scenario.

Wed, 04/10/2013 - 15:57 | 3433264 Saro
Saro's picture

The sweet smell of weak hands folding.

Wed, 04/10/2013 - 14:31 | 3432536 BigMike
BigMike's picture

BUT MAX KEISER SAID IT WOULD BE BIGGER THAN SILVER!!!!!!!!!!

Wed, 04/10/2013 - 14:32 | 3432555 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Did he really?

Wed, 04/10/2013 - 14:33 | 3432566 Say What Again
Say What Again's picture

Who Dat?

Wed, 04/10/2013 - 14:36 | 3432607 jeebus
jeebus's picture

Keiser has been HAMMERING BITCOIN.

Wed, 04/10/2013 - 14:33 | 3432567 Smegley Wanxalot
Smegley Wanxalot's picture

Dont know what it is about Max's wife Stacy, but oh yeah, fuck yeah I'm lonnnnng Stacy.

Wed, 04/10/2013 - 14:35 | 3432608 Sudden Debt
Sudden Debt's picture

Yeah....
not this time...

RT : RUSSIAN TELEVISION

I stopped watching that channel after Lauren quit.

Wed, 04/10/2013 - 14:39 | 3432637 Save_America1st
Save_America1st's picture

DITTO!  Lauren was the bomb!  I don't like what they've done to her at Yahoo...interviews are way too short.  We need full-time prime-time Lauren back again!

Wed, 04/10/2013 - 14:48 | 3432716 Ahmeexnal
Ahmeexnal's picture

Her real name is not Lauren. She was born in Yoshkar-Ola, her name is Galina.

Wed, 04/10/2013 - 17:11 | 3433743 jimmytorpedo
jimmytorpedo's picture

porn stars never use their real name

because nobody cares what their names are

galina is spanish for chick isn't it?

Wed, 04/10/2013 - 14:57 | 3432781 longwind
longwind's picture

I was so eager to spend the coming financial apocalypse with Lauren Lyster! Now she even dresses for Yahoo.

 

Wed, 04/10/2013 - 17:02 | 3433693 Pseudo Anonym
Pseudo Anonym's picture

we need topless lauren.  otherwise, who gives a shit about another host swinging her legs around?

Wed, 04/10/2013 - 14:37 | 3432617 Dasa Slooofoot
Dasa Slooofoot's picture

B-B-B-But there was a single house for sale that would take bitcoin!  Seemed soooo legit /s

Wed, 04/10/2013 - 14:40 | 3432640 Sudden Debt
Sudden Debt's picture

let's give him a call if he still takes bitcoins :)
nice discount on that house :)

I'll pay you friday with the agreed bitcoins Okay?!!

Wed, 04/10/2013 - 14:48 | 3432706 hack3434
hack3434's picture

Max Keiser is a scumbad and a charlatan 

Wed, 04/10/2013 - 15:04 | 3432851 tallen
tallen's picture

No better than Jim Cramer, pumping away his investments in bitcoin. He even said he has over $1m in bitcoin at some point.

Wed, 04/10/2013 - 15:23 | 3433003 BigJim
BigJim's picture

Not any more he isn't

Wed, 04/10/2013 - 15:30 | 3433056 roadhazard
roadhazard's picture

I watch Max because he has the red ass for the same people I do and gets to rant on TV about it.

His financial advice or anyone else's for that matter mean zero to me. I make my own decisions in all things after careful thought over a period of time and mass quantities of herb. It must work, I'm a country squire now for gods sake. What a trip it's been. Y'all come, ya hear.

 

Wed, 04/10/2013 - 16:58 | 3433652 Freddie
Freddie's picture

If you cannot hold it in your hand like silver, gold, ammo and AR 15 or your own Johnson then it ain't worth shit.

Wed, 04/10/2013 - 14:32 | 3432538 BandGap
BandGap's picture

Bitcoin looks like shitcoin

Wed, 04/10/2013 - 14:30 | 3432539 Smegley Wanxalot
Smegley Wanxalot's picture

132 now.  https://btc-e.com/

Wed, 04/10/2013 - 16:09 | 3433337 Hulk
Hulk's picture

Just what we needed, another stable currency...

Wed, 04/10/2013 - 14:32 | 3432540 Frank N. Beans
Frank N. Beans's picture

Holy Bitcrash, Batman!

Wed, 04/10/2013 - 14:33 | 3432541 silverserfer
silverserfer's picture

RIP. Back to your intrinsic value you go.

Wed, 04/10/2013 - 14:32 | 3432542 LoneStarHog
LoneStarHog's picture

This was all a setup by the FED.

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