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BitCrash Continues: Down 40% And Dumping
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:
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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Quite possible, saw some amazing volume at 200 or so. Most players I know are just placing a bet and relaxing. The sell off looked so quick it was probably planned. Still getting bumps from http://preev.com/btc/eur.
Yup!.......Ya knew as soon as CNBS started pumping it with spots it was soon to be toast..........ONE WEEK and then they pulled the trap door...........WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
This was all a setup by the FED.
Fellow TEXICAN, Er', it's not like we haven't been warning the beloved ZH'ers about this Ponz, er' deal........now IS it?.
The entire IDEA of BC was set up by the PTB.
Pump & Dump bitchez!
WTF do you expect from a "currency", when their biggest exchange is an acronym for "Magic The Gathering Online Exchange"?
Kerplunk, right into the shitter, like last night's Mexican.
Fun to watch.
Sorry for those who bought - really.
That is a right-minded attitude. I didn't expect any less from you.
BUTTHURT REPORT FORM
(internet version)
DATE AND TIME YOU EXPERIENCED BUTTHURT: ______________________________
PLEASE DESCRIBE NATURE OF THE BUTTHURT.
[ ] LiveJournal Post
[ ] Message Board Post
[ ] Comment Thread Post
[ ] Chat room Post
[ ] Blog Post
[ ] LOLCat
[ ] Random Joke / Cartoon / News item that you found
[ ] Other (Please Specify) ______________________________
PLEASE TELL US MORE ABOUT THE INCIDENT OF BUTTHURT.
[ ] Someone made a blog post that I didn't agree with.
[ ] Someone posted a cartoon or drawing that I didn't like
[ ] Someone wrote a story or anecdote that brought up Bad Memories and made me cry.
[ ] Someone mucked up the storyline in my RP.
[ ] I found out my internet-boyfriend/girlfriend is cheating on me using an alias.
[ ] Someone posted pornography and sullied my innocent virgin eyes.
[ ] Someone posted pornography and my boss saw it.
[ ] I lost an argument in a chat room.
[ ] I asked for critique on my artwork and I got it.
[ ] Other (Please describe in the form below:)
Y N
[ ] [ ] Were there tears?
[ ] [ ] Was there permanent mental scarring from the butthurt?
[ ] [ ] Was there lost sleep from the butthurt?
[ ] [ ] Did you miss work or arrive late to work because of the butthurt?
[ ] [ ] Did you emply a Coping Mechanism, such as turning off your computer and going outside for a while?
[ ] [ ] Were there emergency phone calls or text messages that costed you minutes?
[ ] [ ] Was there any incident of Carpal Tunnel Syndrome resulting from you typing up long-butthurt rebuttals?
PLEASE TELL US MORE ABOUT THE PERSON WHO CAUSED THE BUTTHURT.
[ ] They are a big mean poopy pants who should be banned from the internet forever or at least until they learn that I am right and superior and they are wrong and should bow down and worship me now..
[ ] They deserve to be hunted down like a dog and shot dead on their own front porch.
[ ] They and their ilk deserve to be rounded up and herded into concentration camps.
[ ] There should be laws to punish people like that.
[ ] They should be kicked out of America, because we're the home of the free and we just don't DO shit like that here.
[ ] They should be just as accountable for their actions online as they are in the real world, and also so I can have access to all their personal information so I can stalk them.
[ ] All of the above.
DID YOU TAKE ANY ACTIONS YOURSELF REGARDING THE BUTTHURT?
[ ] I wrote a six thousand word response detailing the extent of my butthurt and emailed it to them or posted it in their blog comments.
[ ] I sent an incoherent flame to them from a dummy account.
[ ] I used a spam program to send them multiple flame emails.
[ ] I organized a DDoS attack on their server/website.
[ ] I got all my bestest friends together and organized a flamewar.
[ ] I created new emails / LJ accounts for the specific purpose of flaming this person.
[ ] I posted this person's RL information everywhere that I could think of; they'll get a Molotov cocktail through their bedroom window sooner or later. That'll teach 'em to mess with me.
[ ] I realized that arguing on the internet is usually pointless and found something else to do with my time.
This reminds me of MAD-magazine ... :)
Classic. +1
Them womens on livejournal are some hateful bitches, 'fo sho'.
Not if you bought at 32 and sold at 150...
Yeah, I heard EVERYONE managed to do that! Phew!
I did with a wopping 3 BTC
Same here. Reminds me of the good ole days.
Have you guys seen
"The Shaun's"
I feel sorry for those who never tried, because those who sold eariler this week are smiling.
Those who are ready to buy in are smiling too.
Banzaii!
BTD
LOL
They do this with animals. Put out a salt lick, let the fuckers go to it every day, and then BAMMM right in the head.
How is this any diffferent?
This is legal!
And waterproof.
Dp
$96.20
Is Cramer screaming buy buy buy yet?
FONESTAR will be along shortly, to admonish us for being dumbasses for not BTFD because BTC will soon go to $1,000,000......
Welp. I timed the top!
wow...what the heck is causing this to happen???
A lack of a central bank?
The fact that it doesn't have any intrinsic value,
and there's no goons with guns telling 7 billion people that they have to accept it anyway ?
that bubble burst fast
Moore's law of bubbles
Excellent.
This thing's going down faster than my gold-transporting boat.
Price movement is weird on http://preev.com/btc/eur
Bouncing around like one those power balls from my youth.
Oh, you're talking about the lottery balls. Gotcha.
Not weird. If you watch the order book over time you can see what causes this. Big swings wipe out all huge swaths of orders, creating a "dead zone" between levels of strong support/resistance. Then it can flap back and forth in that large range, on very little volume. It takes a while for the orders to slowly creep back in and then it restabilizes.
I'll pick some up when it's back down to the $20 range.
Can people believe that this is real life anymore? Like honestly. This is real life people.
It's not real life. Your're sitting typing into a computer when you could be out getting laid.
Look, if I thought I could be out getting laid I can assure you I wouldn't be typing into a computer. OK?
Google girlsgonebitcoin
It's a shame we can't hear the echo of Shitcoins hitting the bottom of the well. Maybe there's an app. for that over at Farmville.
Pitcoin has arrived.
Damnit. Was hoping for $300.00 before the fall.
DISCLOSURE: No horse in the race.
No plunge protection team? Who do you think blew this bubble up just so they can crash it to 'make a point'?
Moral: (according to them) trust the dollar, the dollar is your friend.
So gold is falling because of overleveraged bitcoin investors getting margin calls... It all makse sense now
$79!
https://www.bitstamp.net/
you and one other are showing sub100...gox says low 106...
Status bar of browser: Waiting for www.bitstamp.net...
BITCOIN STRADDLES = ECONOMIC RECOVERY ENGINE
Fed bought in and dumped it all at once. That's my theory.
Spot on.
correctamundo........go ahead and play the paper/digital game if you like to lose......or get your physical and just hold
Isn't it supposed to be illegal to purposely manipulate stock prices?
Pffftt- it would take just a couple million to screw up this deal- no need for the Fed to even breath this bad air....
More likely they had a pet hedgefund do it.
Or some "shadow FED agency." I normally don't swim in conspiracy shit as I generally find it to be an outhouse full of paranoid idiots...but there may be some truth to this...phew, stinks in here.
How much you want to bet the FED was buying and mining all along so they could sell and crash it.
Or Goldman?
Trick question right, eh, 1 bitcoin?
Great opportunity to buy more.
There's being manipulated, and then there's being pwned.
Bernanke and Monti just high fived and shouted 'Shake and Bake!"
http://www.youtube.com/watch?v=sLF31AY25so
holly fuck what happened to my cyber power level ? anyone have any cheat codes ? wtf ??
Fuck me! I read Bitcoin was a "can't lose" deal and went all in at $250. Goodbye cruel world...I'm off to join the circus.
So where was 'can't lose' written?
You may as well go into a casino, find a card counter, whose streak is coming to an end, and then shout 'bitchez, bitchez, bitchez, die, die die!'
Grow up man. We got into BTC because we ground away our molars watching the silver price dips.
"bitchez, bitchez, bitchez, die, die die!'
You're right. It is satisfying.
"Grow up man. We got into BTC because we ground away our molars watching the silver price dips..."
~~~
No No No... The incessant theme by all you dweebs was that:
- This is it... This is the new paradigm... All you PM holders are dinosaurs...
- You're all FAKE libertarians... Finally! a system to cut the bankers out of the loop [& you all diss it]
- Get with the program
- This will be 'parity' with gold in a few days
- Market cap is easily going to $10B [& supply is limited]
Bullshit after bullshit after bullshit...
Then what happens?... First sign of trouble you all run back to fiat &/or make excuses about being dip buying traders, or... MY FAVORITE... "Well, I got in at $44, & besides, mostly all I do is mine coins"... It's "chump change"... a $500 make or break prop bet...
Fuck you fags... Talking to you is like setting up Col Nathan Jessup for the big fall on the witness stand...
If you look back you will see I said one's main investment should be silver. BTC is a game, with little risk, if all you are risking is your chump change. Yours requires strawmen who I do not see in numbers on this board.
Investing any money in anything, just because one has read that it's a "can't lose" deal is outright folly!
Looks like a chart of my sex life...did Bitcoin get married at 10am?
My friends told me that would happen when I got married, I thought they were joking.
They were not.
10-12 is great.....12-2 is good.....2-4 is spent wishing you could go back to 10-12.....and all time after 4 is spent wishing you could go back to sometime before 10
The good thing about age is, that, in contrast to youth, it's not transient, ...
that some funny shit.
maybe bitcoin can have an affair before the final crash.
bitcoin definitely got laid this week. . .
oh yeah baby. . . yeah. . .^^schwing!^^. . .unhunh. . . *snorezzzz*
bitcoins all growd up nao, welcome to reality.
@CA...
~~~
You erroneously accused me of a reference to Margaret Thatcher yesterday... I responded later on... But your data was incorrect... The comment is within the IRAN EARTHQUAKE thread...
I think you'll find that I was responding to a post calling Thatcher a "Murderous imperial cunt will rot in hell" - a poster who then turns around and posts "I love you, Psycho, and so does God."
I was merely pointing out discrepancies in belief applications - just checked the thread - it's how I remember it - but know that sometimes the threading gets jumbled as the pages grow. . .
no quarrels with ya francis, you're pretty consistent in your beliefs. . .
just setting the facts straight... Thanks for the reply
~~~
For the record... For some reason, I hate that word... But that MSNBC reporter got under my skin...
not pickin' on you, but it's very interesting that the most hateful label that pops into a guy's mind is also something they profess to love. . .
(and yes, it works for everyone, not just dudes - as "fuck you!!!" so graphically illustrates, heh)
Aww...throw bitcon in the shitpile next to gold now.
You wouldn't mind sharing the location of that shitpile, would you?
Sooner than I had expected.
/tiphat M0ssad und CIA
And the bubble pops....
Buy the fucking dip!
Hey CH1,
Nevermind
Too busy liquidating positions... "Wait, how do I actually sell this shit?!"
Woops
Bobo is going bananas today.
Bitcoin.. what's bitcoin..?
quite!!,
also like the moniker. dixie down
Renamed BitTulip
now $225.01 ? looks like its been hacked
Meanwhile, silver is only down 0.72% and stabilizing. Looks like it is poised to stage another rally: http://www.pmbull.com/silver-price/
Who was it yesterday that was bragging about Bitcoin vs. Gold and Silver? Gold and silver are down today, but not 40%. Come back and defend now!
If you had bought your silver at $45 an ounce and were forced to sell now, would you be in a position to defend? If you convince someone to put all their money in silver and live frugally, and then they end up dying of cancer before selling anything, is this a success story.
And once I did advise someone to buy silver, and they did not listen, and they ended up dying a couple of years ago. Guess they were the wise man then. All investment is a form of gambling.
dude, by the standards you apply here, all of life is a gamble.
oh wait - life IS a gamble - no guarantees, jam today!!
Exactly, waiting until the ball hits black or red, then shouting out its colour will only earn you respect if you are the casino teller.
All the Bitcoiners sold and went long ES, at the break of 1576.
DON'T WORRY!!!
THE SMART PEOPLE SOLD!!!
Thank god...
so...
how do you put the remaining digital bitcoins... in your pocket?
just print it on a piece of paper?
I guess someone tried to cash in the paper gain ...
Maybe they are all cashing out their BTC in order to buy into solid investments like tulip bulbs. You know, something you can eat.
Or used it to buy puts on S&P and DOW. No bubbles there to speak of.
/s
It's kind of funny since I don't own any bitcoin. But don't you think we can all agree everything is being manipulated? Bitcoin, gold, silver, etc? If so and all things being equally manipulated, I still prefer to own physical hard assets in my possession. Such as gold and silver bars and/or coins. And I think as thousands of years of history have shown physical forms of gold and silver will come out just fine and at the top of the dung heap the worse things get. I'm not bashing bitcoin holders. I love the idea, but at the end of the day there are just still to many unknowns about it. I just want to be Scrooge and stockpile my gold and silver physical. The banker pigs are doing everything they can in a global concerted effort to shake the faith of physical PM by throwing everything plus the kitchen sink into driving PM prices down. But they can't do it forever. They are hoping to do it long enough to shake the people's faith in the metals. If they can keep driving it down people will give up. Don't! This is one time I agree to keep BTFD! Buy buy buy! The CB's are buying gold in record amounts for a reason, they know what's coming and they know only PM will keep them in power when it all collapses. Follow what they buy not what they say and buy buy buy your PM! Don't let the falling prices dishearten you. It's manipulated pricing and won't last forever just keep thinking of it as more buying opportunities. My .02 cents worth.
...The CB's are buying gold in record amounts for a reason,
And how do we know that 'reason' isn't so they will have even MORE to lease to the bullion banks and GLD at 0.05%, who will turn around and sell it at 100:1 paper:phyz? Thus depressing the price?
The farce continues until the paper market breaks. And as the CBs are (ultimately) the power behind the paper market, everytime you hear of them buying more gold you should be worried. Unless you are in the 0.1%, the CBs are your enemy - all of them exist to prop up their respective governments' fiat, at their people's expense.
When you can hand a BitCoin to the cashier at Wal-Mart, then I'll take another look.
Does this mean the $796,000 price target will be revised?
Bitcoin needs a Kevin Henry... real bad.
Poor Sprott. All that pslv money in btc at $230,-
Seasonally adjustments in Bitcoin only takes a second bitchez...
So where are all you Clit Tards now?
But, but Cone, you should see my average cost basis, plus people are mining shit man.
Only a fucking fool would put capital to work in this fucking turd.
You all deserve the face ripping and then some, fucking sheep.
To the sheep down voting me, look over here, I have your face.
Do you want that stiched or expoxied back to you skull?
I take payment in Clit Coins.
This time its different !!!
///not...
BUWHAHAHAHAHAHAHHHAHAHAHHAH!!!!!!!!!!!!
My sentiments exactly that, but let's try to stay civil - some schmucks on this board also bought into the Unicorn Tale.
RIP
BTC is now RMC. Russian Meteor Coin.
NEWSFLASH: Electrons are not Money.
But paper is still "gold", baby!
Electrons are not Money People?
Use your imagination....
Shells are ... Money?
What is money?
I wonder if it would work with 10 to 20 different BITCOIN type of operations. Some would be pure fiat, like the current BITCOIN, others would be backed by gold, or silver or commodities (for the farmers) and producers and they could be interchangeable.
It would/could eliminate borders, but also take away the banks monopoly position in money creation and without laws preventing people from trading in other currencies it would let their fiat trade at a market level ... as long as they do not complete ant total control over the exchanges (as they have now).
But then banks would just be paper pushers and not masters of the universe.
Digital barter is what you are speaking of.
That is what fiat currency was created for in a manual way.
It works until it is hijacked and unbacked.
It's catching up to silver...lol
I want to hear what Boris Alotovkrap thinks about this. I heard the Russians were pouring all they had into BTC. Where you at Boris???
POP!
Do you know what all this shit really means? It is just a reflection on the global mass insanity that has gripped everyone...bitcoiners, gold bugs, stock tards...everyone is nothing but a gutter bound reckless gambler...that includes all of you, the fed, every government, all the central banks, every swinging dick day trading the fuck out of everything that isn't nailed down.
The end is near my friends...humanity has lost its collective mind if it ever had one
All this proves is that we need a new, updated edition of Extraordinary Delusions and the Madness of Crowds.
I agree with everything you said except maybe the part about "the end is near." I guess it depends somewhat on one's definition of both "end" and "near."
Hey PUD, damn you're broke!
Cheer up camper, it'll start climbing again when you sell at a loss.
I guess it depends somewhat on one's definition of both "end" and "near."
My end is so near I can reach around and touch it.
In the latter stages of the decline of Rome there were a great many speculators, that's what happens when .gov messes with the money supply.
The speculation will only get worse as the ponzi comes apart.
.
lol, well the gamblers in the human gene pool, mebbe, but the truth is, not everyone is out there "trading the fuck out of everything" - it just seems that way in a narrowed perspective.
most of humanity doesn't even care about bitcoins, etc. - but many are paying attention to more tangible safeguards for the "future" should it arrive.
C'mon, man, think of it as a preview of our future. First we get to see how the Bitbots respond to instantaneous poverty, then we get to see how the whole world responds to instantaneous poverty.
Fun!
nothing says "I love you" like volatility.
how many 1 oz. gold or silver coins , or bars,
would one trade for a bit coin?
not one silver dime....
Mining electrons is worth money?
Virtual currency?
Ha Ha Ha Ha
i became a member in late 2011 - deposited $30.....i never bought one.....how do i get my $30 back! lol!
If you time it just right, say by this evening, you can probably get 300000 BTC with your $30.
it all seems very coordinated and malicious. Many major bitcoin sites all went down at the same time the selloff started. This is better than the internet swings in the late 90s. Good thing I got my popcorn.
its too bad, it really is an interesting and viable technology. Someone is really screwing with it right now though.
Yes and litecoin fell by EXACTLY the same proportion. Now if litecoin had remained steady, since it was not as bubbled, then people could have easily hedged into litecoin. Instead we saw the litecoin to bitcoin ratio increase in bitcoins favour. That may tell of an attack not just on bitcoin, but virtual currencies in general. On the plus side, there will be more people looking to buy physical silver to hedge against fiat collapse tomorrow morning. That is the silver lining, and perhaps their attack may just prove counterproductive in the long run.
So now we're talking about susceptibility to "attacks"
~~~
Which was something that all of you all but ASSURED everyone bitcoin was impervious to for the past month...
This is better than comedy...
Abstraction ~ I gotta say this... At least I give you credit for coming on to this thread AT ALL [notwithstanding your 'moonwalking']... Fucking hack like CH1 & 'Bubblegum what's his fucking nuts' are conspiculously absent...
The currency itself wasn't attacked. it's fairly robust. The problem is 80% of the currency exchange goes through one exchange. It has been under constant DDoS attacks for the past two weeks and prolexic isn't handling the defense worth a shit.
There are plenty of legitimate problems with bitcoin, I'm not sure why people like you want to poke even more holes in it that don't exist. This is purely a problem with a fledgling currency failing to cope with too much attention at one time. The exchange isn't sophisticated enough to handle the attacks or the traffic, but the market isn't big enough to warrant a more professional approach... yet.
I feel Bitcoin will run it's course and will serve its purpose of showing what a decentralized currency could do. It will probably be the Myspace of digital currency, though, as the next time this is done, all the holes that have been probed by the world will be for the most part plugged next time.
I feel this is like the democrat - republican fights where everyone wants what's best for America, but are set against each other by the people looting them while they bicker. The only person that wins when Bitcoin fails is the fiat currencies. It was never an attack on your gold and people like you that constantly cheer the downfall of Bitcoin seemingly want to see fools lose their money purely for being fools. What good does that do?
I never said that bicoin was impervious. I believe that I have never moonwalked, nor am I made of straw.
Bitcoin will be at fair value when it reaches zero.
please explain.
Here is a picture of my bitcoins...............
Hope this helps............
they are beautiful, arnt they?
the great stillness, it's beatiful, Zen
There isn't much to explain: it is a fiat currency backed by no nation and no assets. It is worse than holding arcade tokens. Honestly, the existence of bitcoin makes the USD look good (which I thought impossible). Also, there is nothing preventing an infinite number of bitcoin competitors; as the number gets large enough, the value of the "original" bitcoin relative to the USD will appraoch zero.
BUHAHAHAHAHAHAAAAAAAAA
The gift that keeps on giving.
Virtually