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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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It doesn't matter what happens to electronic bitcoins.
I'm all in physical "Casascius" bitcoins.
KEEP STACKIN'!
The miners have been mined.
There is a place in Canada and real estate in NYC for sale and they'll accept bitcoins.
How many BitCoins when they listed and how many BitCoins now?
Isn't that inflation?
I thought it was inflation and fiat proof.
Silent Weapons for Quiet Wars
An Introduction Programming Manual
Operations Research Technical Manual
TW-SW7905.1
http://www.lawfulpath.com/ref/sw4qw/
.
"...Economic Shock Testing
In recent times, the application of Operations Research to the study of the public economy has been obvious for anyone who understands the principles of shock testing.
In the shock testing of an aircraft airframe, the recoil impulse of firing a gun mounted on that airframe causes shock waves in that structure which tell aviation engineers the conditions under which some parts of the airplane or the whole airplane or its wings will start to vibrate or flutter like a guitar string, a flute reed, or a tuning fork, and disintegrate or fall apart in flight.
Economic engineers achieve the same result in studying the behavior of the economy and the consumer public by carefully selecting a staple commodity such as beef, coffee, gasoline, or sugar, and then causing a sudden change or shock in its price or availability, thus kicking everybody's budget and buying habits out of shape.
They then observe the shock waves which result by monitoring the changes in advertising, prices, and sales of that and other commodities.
The objective of such studies is to acquire the know-how to set the public economy into a predictable state of motion or change, even a controlled self-destructive state of motion which will convince the public that certain "expert" people should take control of the money system and reestablish security (rather than liberty and justice) for all. When the subject citizens are rendered unable to control their financial affairs, they, of course, become totally enslaved, a source of cheap labor.
Not only the prices of commodities, but also the availability of labor can be used as the means of shock testing. Labor strikes deliver excellent tests shocks to an economy, especially in the critical service areas of trucking (transportation), communication, public utilities (energy, water, garbage collection), etc.
By shock testing, it is found that there is a direct relationship between the availability of money flowing in an economy and the real psychological outlook and response of masses of people dependent upon that availability.
".... the manual
http://bitcoinwatch.com/
where are we right now? 150? let's hit sub 100 for the total face rip.......meanwhile my PMs are just sitting there...FLEXING.
I just added to my silver position. I/R.
Me too brother! GO(L)D plays a long game....it's that time of the month cuz I got PMs.
11.5 million btc traded in last 10 hours so that is quite a bit of volume more then the entire float so gas for selling running out
This came out of the blue, I just bought my first batch at 259 and went out for a cup of Joe, when I came back, they had repossesed my Mercedes and padlocked my McMansion.
Seriously, my bowels told me just YESTERDAY were at or near a top.
Tried listening to your bowels at a roulette table?
$125.00
Sayonara
502 Bad Gateway
Now back to $180 from $160 on a volume of approx 4000 coins.
A volume THAT small drops it THAT much? Am I missing something here?
Actually that was a price rise but yes. I have been studying the volume and price correlation for last hour. 2000BTC volume can produce wild swings in either direction. It's pretty damned interesting what we are witnessing here folks. I am going to get whiplash just watching the whipsaw. It's like a mini-2008 all wrapped into one.
Buy when there's #FF0000 in the Google Earth Street View!
Wow, Pet Rock lasted longer.
wasn't there an earlier article about shorting these "things" and now this crash? maybe nothing to see but maybe not
Bitcoin (sign: BTC) is a decentralized[9] digital currency[10][11] based on an open-source,[12] peer-to-peer internet protocol. - wiki's definition.
It's software folks - hardly a currency. But don't let that stop you - go long BTC.
You forgot to add "SARC OFF" at the end of your comment.
Yeah, when gold should have been up, Bitcoin was. I hope the idiots learned a lesson. The ONLY salavation ultimately IS gold and silver, but I'll be damned if this are not rough times for us believers.
rough? gold has not even corrected
.
heh heh, excellent mis-spell there. . .
Seriously I figured out what the problem is. I went to buy and clicked on the BUY BITCOINS button at MtGox and the fucker doesn't work. You can't buy at MtGox because they have a glitch on their website.
If that don't beat all hell. If someone knows how to contact them please send them an email and let them know that they have to fix their website so people can buy buy BUY.
So this is what a true free market looks like.
Pump and dump is alive and well!
Last time I went on a big dipper, I felt sick.
I first got into Zerohedge a couple of years ago when I began learning about the parabolic nature of the deficits and the things the US government were doing. One of the very first things I learned was that a parabolic curve is always a sign of an approaching major correction. And sure enough, here we are.
Actually the Sell button at MtGox doesn't work either.
Poof.
Now if only the broad indices got some sense.
Bitcoin - a submarine with screen doors...
It made some people enormously more wealthy.
It's the name of the game. Get the animal spirits going and then dump!
https://www.bitcoin.de/en
is back up, which is curious. As the prices there are 150 euro at this time per btc. Now if they were hit with DDos, that would make sense, if those who manipulated the price, were counting on one exchange to do their work.
If other servers were too slow to respond, requiring manual input, that would skew the price, and slow the descent.
So perhaps, if it was hacked, that is why it was hacked. because the other exchanges now have algo clients ready to drop the price.
If you are looking for safety/guarantees, it's simple. BUY the S&P CD, (Certificate of u.s. Destruction) Full faith and credit of the FOMC, Bank of Bernanke. Buy now, or tomorrow, doesn't matter, gains are guaranteed. Free toaster? hell no. The S&P CD gets you free access to the Algotron 5000!
So to hell with bitcoin, gold, silver, economics, profit, loss, jobs, families, peace, truth, freedom, the Constituion, reality, free markets, integrity, morality, you.
The only thing that matters, is G.O.D. Globalprint Of Destruction.
SO BUY AN S&P CD TODAY!!! Don't forget to ask about the DOW Money Market. or DOW MM. The MM stands for = Fuck you Bernanke!
http://trololololololololololo.com/
bwahahaha nice link
wtf was that?
I believe this guy was on a columbo episode
Mario10.jpg
See, that right there made the price of admittance to ZH worthwhile!
Now tell me how to un-see that or I'm going to have nightmares...
Mommy....please make it stop!
stateside
just as FYI to keep in mind: >50% correction, and bitcoin is now trading at more than 10X its price in January.
Doesn't make any sense to quote facts. This place reeks just like the DailyKos does on a day when someone like Ron Paul makes a statement. People's true colors coming out...
BitCoin is only down 50% with 80% of the market, which is supposedly at MtGox, off-line.
FEDs must have busted them. Either that or Japan went into marshal law to prepare for war against the fat boy.
"Either that or Japan went into marshal law to prepare for war against the fat boy."
Fat boy, now wouldn't that be ironic.
Oh no... But all of us MORONS were schooled by you tech geniuses that BITCOIN was impervious to these types of things... It's time for you to dig deeper into your bag of half baked rationales...
+1 - I see what you did there....
The great rotation out of Bitcoin into Gold?
Parabolic up, parabolic down.
And speaking of the stock market...
There is still a stock market? I thought SkyNet had destroyed them all.
Big red candle right now. $113.
Black Wednesday
A Max keiser Pump and Dump.
Max either squeezd a tweenkie OR had his algos set up ahead of time to sell frozen concentrated orange juice.. Either way heis feeling good.
Im pissed I did not jump in a year ago when he pumped it. They should back that sh..t with silver...some intrinsic value is needed...
Yes of course; this is exactly how you want a currency to operate, 50% valuation swings on lite inter currency trading. Its excactly like a currency. And I'm sure very liquid and easy to move your position as well.
Someone get Max K a hanky.
Black Wednesday
I bet this wild swing will only attract more gamblers to bitcoins. In the medium-term (like a day or two in the bitcoin world?), this plunge may even boost the upside momentum, since many weak hands probably got out. I have already recouped my initial investment, so I will keep my holding and watch the fireworks from the sidelines.
iBitcon
I'm having a problem getting my usd out of Mt. Gox. Anyone else?
wtf.... are you actually telling me you believed the btc story and actually bought some ....wtf a parabola brings in all the suckers
Virtual Currency, Virtiual USD mate
Nothing beats bead-coins - the Dutch bought Manhattan with them...
Cheap fukkers we were...
TipToe Through The Tulips........
http://search.yahoo.com/search?ei=utf-8&fr=slv8-tyc9&p=tiptoe%20through%...
bitflucoin
what's the mining cost (electricity) to mine a bitcoin ?
P.S. i know for gold it is about $600 per Oz
Varies. Given the right gear, about 60 Kwh for 25 BTC. Given average gear and a mining pool, probably 200 kwh per BTC.
My retirement savings!!!!! Where is the BitFed to do something about this?
They just showed the chart on CNBC during the gold segment.
Rule 1). There are no accidents. This was designed to hurt Cypriots. It's not a coincidence that this goes with their gold plunder.
Rule 2). If you aren't sure, it is sure.
Guess MtGox is one of those mom and pop operations. Pop's taking a nap and the mailman is at the door.
It's pretty big, and it's Japanese, and it's currenly being DDOSed.
ZeroFail, you don't call it a crash before it crashes. People will start buying while they're dirt cheap and tommorow's peak will be above today's peak, I guarantee you that.
You feel better now Pookie?
What do you think today's peak was?
lmao
Let me see here.... someone put in an order to buy 16M. Wow! On the other hand, someone else put in the order to SELL 16M. Double Wow!
I think I'd rather be the seller, but that's just me.
"Even a 5-year-old could understand this. Quick, someone send out for a 5-year-old".... Groucho Marx
On wall-street they call it "market-maker"
Really? That's odd - todays volume shows as being 115,300 with a weighted average price of USD $214.00
Apparently lots of people having trouble withdrawing from Mt. Gox. Makes you wonder. They say its banking issues.
50% crew cut, not bad if you bought early....
BitBurger...as in I'll gladly pay you Tuesday for a BitBurger today....
A great German pils...
The GAP band summarizes thusly: Say oops upside your head
Damn, i just had to give you a UP for mentioning the GAP band
So if you invest your $100 today, tap, tap, with compound interest, tap, tap will give you, tap, tap, ... and it's gone... Next
Gold is the currency of kings. Silver is the currency of gentlemen. Debt is the currency of slaves and BTC is the currency of DBAG parabola chasers who split time between Xbox and ZH in moms basement. Ok I'll stop. My condolences to all those who have lost their fucking ass.
SHAVE AND A HAIRCUT, TWO BITCOINS!
BitCoin Weighted Avg:$212.20900
Cmon baby keep going down to $5 thataboy...
Isn't this exciting!
I expect the stock market to be following this pattern very shortly. Ditto for Obama's polls.
My new currency.
Get in early...
http://www.consumerwarningnetwork.com/wp-content/uploads/2011/01/wooden-....
wow, 30-day trading range for bitcoin is 36.65 USD — 266 USD
Milkman's gone. MtGox now accepting orders.
Don't know what the fuss is about. I'm sure it's just God's work.
It will be the broad index's turn in May.
Mark your calendar. Now excuse me, I need to get some bargains.
On Mt Gox' homepage it states:
We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.
I'll bet they'll wish they weren't if this keeps up. Even PM's take a break before the overnight begins. I think BTC needs a timeout to run to the liquor store.
Hmmm ... did somebody say "TULIPS"?
For about the millionth time, and is a very boorish call.
I'll buy the dip at -$475
Don't kid yourself that bitcoin will "bottom out" soon. They'll keep running it up and down until they have every last cent of anyone who believes in the bitcoin concept. Until bitcoin volume drops to zero and stays there. If you are stubborn, you'll keep your belief, but you will not have two bitcoins to rub together.
Barely a medium of exhchange, and no longer a store of value. nowatimsayin?
I gotta give credit to Brother John F (Silver Update on youtube). He just announced on his blog that he liquidated most all of his bitcoins days ago. Impeccable timing-I have new respect for him
OH well, this needs an Irish Poem!
CODE BLUE!
There once was some Internet Money
Whose future was thought to be sunny.
'Til an NSA hack
Discovered a crack,
He's a billionaire now, ain't that funny?
Squeeky Fromm, Girl Reporter
You know, in looking at the prices in various currencies, this thing is super, super ripe for forex arb plays. There is wildly different action going on within the general down move depending on the currency BTC is denominated in.
try it, and when they release you from intensive care, I'll sent flowers
Yeah, no thanks, I super value my sanity over nominal intraday potential wealth gains that can evaporate at any time without warning.
Which is why I'm also not in the stock market.
Time to dump some bitcoins and go long belgian caterers, while shorting chinese caterers, delta hedged.
SO you placed an order to change $500 into around 5 Bitcoins a week ago. You still haven't seen the 5 Bitcoins hit your virtual wallet, but you've watched the price rise to above $250. You think to yourself, "Man, I just made $750 in a week."
SO you decide to wire $5k to Mt Gox thinking you'll get in at $250 and watch the price go to $1000 per Bitcoin. Hell it could go to $10,000 per Bitcoin.
Mt. Gox has your money and the order for the first 5 Bitcoins and the second order for 20. Your order was for Bitcoins, not for cash. You will get your Bitcoins, 25 will show up in your wallet. But they might only be worth $20 per Bitcoin by the time this crash is over.
Congratulations, you handed Mt Gox $5500 and hold 25 Bitcoins worth $500.
I may be wrong and maybe the price will stabilize at $150. You still lost a lot of money.
IT'S CALLED A PUMP AND DUMP!!!!!
The dollar isn't worthless right now. In the future it might be, but right now you can walk into and store and buy stuff with dollars, they are still valuable.
Insiders pay off people to talk up the stock of bankrupt corporations, all of a sudden the stock surges and everyone tries to get in. People hand over dollars that are worth something in the hope of changing the stock for even more dollars later on. Then the news breaks that the corporation was actually bankrupt, everyone runs for the exits. By the time it's over, the stock is worth pennies. You handed over your dollars to insiders who knew the stock they held was worthless. They laugh as they go to the bank to deposit your money.
Good synopsis. I still have yet to speak with anyone that has exchanged their BTC into $/AU. No trade is complete until it's in your possession.
Brother John F
http://www.youtube.com/user/BrotherJohnF
That is if you trade at Mt Gox. Credibility lost if they get caught no one will trade at the exchange ever again. They'll go somewhere else or trade amongst themselves.
Volatility will end this nonsense. if it's suppose to be for trade can you imagine trying to sell a product with this kind of fluctuation? Germany's Wiemar republic comes to mind.
Exhibit A:
http://www.finviz.com/quote.ashx?t=fslr
I have a better scenario. You bought 20 BitCoins last month at $20 = $400. You sold two of them when Bitcoin hit $200 and made back your entire original investmest. You now hold 18 Bitcoins for free. You don't care if the price stays above $200, or drops to $150. You can, at this point in time, get rid of all your Bitcoins and be $2,700 dollars ahead. That's a return of 675% - assuming you bought them last month and decided to sell them at the current, so called "crashed", price of $150. Oh, excuse me, the current bid is $179, so you can obtain a $3222 return with an initial investment risk of zero. You do the fucking math...
What percentage of people do you think bought at $20? Or $50 for that matter??
It's contrary to your whole fucking point for the past month...
~~~
All along you've been extolling the virtue of the new crypto currency [& how everybody who didn't understand it were 'dinosaurs']...
Now you've all been exposed as gosh golly whee wow commodity speculators who run to fiat as fast as they can at the first sign of trouble...
What percentage of people do you think bought at $20? Or $50 for that matter??
"This is a dime Martini! If you rip it in half, you don't have two nickels; you have shit!"
is a farking GENERATIONAL BUY OP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Who knows!
Amazing recovery???????Wasn't it initially $40?
It was initially $0.10
That's what I thought cuz some guy used 1000 of them to buy a pizza or something. I think $40 was the price at the beginning of the year.
Bitch Coin is merely doing what all currencies do.
It is currently fluctuating at market value.
Anything based on rainbow unicorn shit and electrons is safer than hard assets.
Look at the US dollar.
The only thing holding it up is Ben Bernanke's dick, pushing it farther up Paul Krugman's ass.
I thought that bitcoin was the latest pink slip pump and dump scheme. You can't blame them for trying.
For a second there I thought it was tied to the KOSPI.
Equities are next.
I repeat myself. Who cares about Bitcoin? Why do you waste your time commenting this cyber crap?
I'm sorry for those of you who might have lost money with this, as well as for those who are honest folk getting taken for a ride here.
As for Max Keiser....MUAHHAHAHAHAHAHAHHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHA
BitCoin - backed by drama
Only at the very end, we will know if we were watching a tragedy or a comedy ...
At least you can wipe yourself with fiat.
I'm hopping aboard the BitCoin Train when the price is at parity with Pet Rocks
Look at it this way:
Mt Gox and the minor bitcoin depositories got left holding the bag of fiat cash trash. Think about that for a minute.
Now, would you rather have the fiat cash trash or bitcoins?
Could the same thing happen to PM depositories and dealers who sell for fiat cash trash?
Hmmmmm ....
Who is selling PMs for bitcoins, and you'd rather have BitCoins???????
The problem is, its not a means of exchange .......... yet
Except in the Ukrain
I hear people buy dope with it and get FedEx deliveries of kind bud.
Time to stock up on the chronic!!!!!!!
Careful, lad, such deliveries can draw very unpleasant attention.
If the central banks can't actively destroy BitCoin, you can be sure they will attempt to regulate it.
Now I know why The Bernank was yelling "TIMBERRR" at 12pm today
when's the friggin Dow gonna do this????
Are there any websites still up reporting the price of a bitcoin in various other currencies? I keep getting "502" errors.
Time to call in Mr. Tobin and his tax on transactions. Should solve this computerized high-frequency trading.
BitTheDustCoin
"classic correction"
yeah just your classic 50% correction within hours. why don't these happen on S&P anymore?
If bitcoin suported 1$ trillion of economic ativity .. which is not inconcievable in the next 20 years .. then a single bit coin by definition would be worth about $47,000 .. has everyone forgoten their math
well..1e12 / 21e6 = 47,619
if 40e6 cattle exist amongst a 16e12 economy, whats that got to do with the activity of the 99.99% of the population not involved in manufacturing cattle?
Bitch, please!
Muthafucking bitcoin is supported by at least 102$ trillion of economic activity.
I will sell you one of my bitcoin for the firesale price of $300k.
If you buy 3, you get the 4th free.
At a trillion USD, the cost of creating supercomputers with petaflop capabilities to break the 51% CPU barrier will be economical. Personally I would sell BTC to buy silver as soon as the bank flight dies down. Speculation in BTC is driven because there is nothing left to speculate in that will not fall with central bank chaff.
Don't worry, bitchez. Maxine Waters will be along shortly to kick off a full investigation...
Don't worry, Be Happy.
http://youtu.be/fje2ac6Zo_4
These natural beauties cheered me up after being bitcoined.
Ha! Ha! Ha! When I look at a mountain and want to tear it down and make it bleed gold...I look at the yellow iron sitting at my disposal and weigh the bottom line. Yep, bitcoin...you go girl...I think the Mogumbo Guru said it best a long time ago: Buy gold. Buy Silver. Buy oil. Be Happy...drinking too many of these Monk brews to go into why>