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Bitcoin Plunges Into Bear Market
UPDATE: BTC has rallied 26% off its lows in the last 55 minutes - with extreme volumes
From it's gold-matching highs at $1242 on Thursday night, the price of Bitcoin has collapsed over $400 (32%) to $840 on heavy volume. Of course, this is only a one-week low for the exuberant digital currency but still a significant plunge (as its smaller brethren Litecoin has collapsed 51% from its highs). Interestingly, this drops the price of Bitcoin in USD below the 'arb'-based price of Bitcoin in China ($965). It seems, all coincidence aside, that the BIS infamous plunge-protection-team has been re-trained...
and as BTC collapsed, Gold rallied...
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God bless banks and credit cards charging customers and merchants fraud protection fees for idiots like me.
People are taking profits and the price is plunging. It will go up again. Volatility is part of the ride, get used to it.
Volatility this significant for a currency seems problematic to me. You could walk into a bitcoin-accepted grocery store with the intention of buying a cart full of groceries, only to be embarrassed at the cashier as you'll only be able to afford a quart of milk due to quick volatility.
Maybe because its still a new currency on the block and most traders at the moment are speculators. The world we live is becoming quite a desperate place and many are seing Bitcoin as a quick fix to get rich. Yes I do see your point about currency volatility. Perhaps the Bitcoin architecture needs to be reformed to prevent hoarding, or is that too unrealistic? Maybe scarcity brings volatility along with it? Gold has had plenty of crises in its time, this one (Bitcoin) is just starting out so give it some time.
I think that at the moment not enough people are actually seeing the benefits of Bitcoin aside from speculation and that's what is driving the price so wildly. Its just huge swaths of purchases and profit taking. If enough people began to transact with it and actually use it as a currency to buy goods and services, the volatility may taper a bit.
An interesting experiment nonetheless.
Aye, volatility at $12 billion market cap. is very noticeable. At $120 billion and higher less so. At those levels and above, volatility at cart of groceries levels will not be noticeable.
Personally I think BTC wants to collapse the PRYAMID SCAM is long over,...
Me thinks that most likely FED money is being used to BUY BTC's, cuz in actuality we know BERNANKE likes BTC's, .. the IMF likes BTC's, the NSA likes BTC's,
My guess is they will prop up this bitch until they are ready to let it go down, but that said, all this crime will justify 'green tuning' btc and that means to put GOOD/BAD key's in a book, so that lost, or stolen BTC's are identified in public,...
The big pools have already sucessfully 'mended' the chain's which shows that if your big enough, that any thing in the BTC world can be 'manufactured', ...
In summary it is really the gubmint's interest, to get this thing working, cuz it is the ultimate way to control people world wide, ... and make no mistake the US gubmint don't give a rats ass about the USA public, they only care about world dominion.
My fear is that once big money gets onto Bitcoin, like Wall Street and the Central Planners, they will of course try to manipulate it just like gold. But for them to enter the market, the price of Bitcoin must explode to accomodate their millions if not billions of dollars. There is a case for them embracing Bitcoin because it offers anonymity which the financial industry loves and also minimal transaction fees. Moving $12 million costs a few cents via Bitcoins whist moving it through banks/Paypal costs tens of thousands if not more. Some market makers will be upset at the potential losses in transaction fees of course. Bitcoin is decentralized like torrent technology, and as we saw, no matter how many times they shut down Piratebay it was not only up the next day, but replicated manifold with many mirror sites. The temptation to the rat bastards in power to commandeer Bitcoin will be there, so nobody knows the outcome of what will happen.
Bitcoin is the bastion of libertarians, so once the Wall Street/Central Planner wolves move in, it will become a a huge financial battleground.
It's all a great narrative, .. but your story lacks factual truth.
Here I list the BIG LIES...
1.) Libertarian - NOPE, the arch enemy of the libertarian (NSA) created BTC, its a trojan horse, its just that most libertarians are retarded (I'm called a libertarian by my liberal friends ) to understand real science.
2.) BTC is like pirate bay, ... no its fucking not, pirate bay has few users, and its just a fucking list, that isn't that big, again just a few users. BTC is fucking HUGE the chain is now 8gb and growing daily, soon it will require a fucking hard-disk just to keep the chain on every users desktop. Pirate-Bay is 100% real P2P, and BTC is NOT P2P, and anybody that tells you that BTC is P2P is a liar, or a moron.
3.) BIG-GUYS love BTC... No the entire purpose of BTC by the IMF is to control the worlds POOR, micro-transactions for cheap, but to control food&fuel, so you can control populations and their mobility. BIG-GUYS can and will always by definition MOVE their big money as they wish, cuz they OWN the fucking IMF.
4.) Anonymous - BULL FUCKING SHIT, there is NOTHING anonymous about BTC, the block chain is public, and ran into a database, and applying 'join merge' you can track every individual to every transaction for all time.
How are you so certain that Bitcoin was the brainchild of the NSA? I'd like to see some evidence.
Regarding anonymity, you can transact in person by cash, register without personal verification, use as many randomly generated public addresses for each transaction as you wish. Even if they traced your every transaction to each public address, there are no names associated with it, if you play the game smart and don't divulgle a name with the address.
If you sell your bitcoins in person by cash or anonymous bank deposit, there is no paper trail of your person. Furthermore, only you know your seed code and private key and wallet.dat files, it you stash that like you stash your gold under ground or in a hiding place, how will they get your bitcoins? You can make a backup of your wallet rather than using online wallet services that are less safe from hackers. You have the keys. You can hide them anywhere.
They will have to invest an awefully large amount of human resources and computing power to try to catch everyone for making capital gains on Bitcoin without paying tax on it. Just look at the pirate market. Everyone downloads pirated software, how many people get busted? That's the beauty of the internet.
Cheap gold has got to be worth more than cheap bitcoin.
It's back up champ. Still I am looking for Bitcoin to collapse in the near future.
these new bear markets grow up so fast
SELLL SELLL
DUMP your fuckinng BTC and run like helll ....
Looks like those that ran the bitch up, are starting to turn on their bitch,...
http://seekingalpha.com/article/1869931-sell-the-bitcoin-bubble-before-i...
No. Let's have this pleasant conversation again a year from now, shall we?
A year from now nobody will even remember this bitch, this is how this shit ends, there will be lawsuits for years, and books written for eons.
But right now,... do make your money off stupid people,
Regarding taxes, like I have told you all, all BTC's are tainted, and you can't open a bank account without ID in any country, and should you withdraw, and have your own money in that account then that money will be tainted and the IRS/FBI can and will take-all.
My guess is that BTC is a big fucking noose, and they're going to haircut a lot of fucking morons.
Just remember all BTC's are tainted criminally, and if you pull out money and co-mingle with your real funds the IRS can take that money out of your account without even a warning shot, ... one morning you go to the ATM and all your money is gone, and it takes weeks to find out where it went, even your bank cannot disclose a court order for nabbing your criminal funds.
It's already been proven that most BTC' are dirty,
The only thing keeping the good ship afloat is that mt-gox denys its customers real fucking withdrawl,...
Chill out people.
On one side we have the fervent bitcoin adherents.
On the other side, we have the ...hmmm, what term to use? flat-earthers, naysayers, doubters, PM bugs, old farts.
Get over it, both camps.
Bitcoin breaks new ground albeit with plenty of rough edges.
It may or may not be a canard by the establishment or perhaps its merely an "honest"?? ponzi.
On the one hand, stanch PMers .... back off. Yes you've been dumped on for a lengthy period by the cartel, and you're dazed & confused. But why automatically knee jerk dismiss Bitcoin.
Bitcoin is the first iteration of a viable digital currency. We all knew this was coming. Here it is. Deal with it 'cause bitcoin or one of its successors are bound to be a staple going forward.
Has it been hijacked by the PTB or simply Chinese with ASICs? Who knows. What does seem to be a factor is that its recent exponential appreciation has drawn in the momentum masses. Currently they (and wanta bees) are giddy with appreciation/envy and all that entails.
Step back, review the larger picture.
Bitcoin pros/cons:
yes, international transactions are possible/however it's NOT truly peer to peer
The blockchain records transactions. Fail to practice good anonymity and diligent online procedures ... then one faces the consequences of hungry-for-revenue governments tracking you down to collect BACK TAXES,penalties on BACK TAXES, & CAPITIAL GAINS TAXES. Remember ... the history is all there in the blockchain.
Did you adequately hide your trail by laundering your transactions, by using a dedicated computer, booted fresh from DVD or USB so as to have No tracking hooks, and going online thru some anonymous Internet connection. If you just made a large transaction... are you prepared to live with the doubt that perhaps you weren't clever enough to evade the criminals currently in power and they possess the means to TRACK YOU DOWN YEARS FORWARD. (OK, judging by ObamaCare, they're too feckless to accomplish that, still, are you willing to live with the doubt.
And how do you feel about that? i.e. having to hide your identity, obfuscate your browser and TCP ID such that you can cut banks/governments out of the loop?
And isn't that one of the chief attractions of bitcoin, cut the cartel and its minions out of the loop. Come on, Admit it.
Bitcoins recent appreciation seems to a large degree, as being attributed to the vast masses of Chinese who are desperate to find an avenue for their surplus funds. Apparently not everyone in China wishes to invest solely in a ghost city apartment, PMs, or has the means to buy citizenship and property in Vancouver.
Bitcoin is perhaps irrevocability driven by the masses of china going forward.
Face it U.S and Euro geeks, you don't match the mass of China.
Most chinese are compulsive gamblers, and they're also driven by herd instinct,
They can blow off BTC in 24 hours, and then who will be holding their finger up the arse of BTC to keep the bitch from bleeding?
Once the Chinese fully understand that BTC is NSA they'll run to a safe chinese clone. Right now they don't give a fuck if its NSA or not, they just see the 100% returns per week, ...
Once the easy money is seen 'game over', the chinese will move on faster than you can say 'satoshi'
So is everyone on ZH tax evaders?? That seems to be the biggest gripe here against bitcoins.. omgz they will grab you and tax you!!!
you never get taxed now?
AMSTERDAM banks BAN BTC accounts and BTC customers
Who could have fucking guessed? The biggest open retail market in the world for quality drugs doesn't allow BTC's? I think BTC cult assholes just lost one of their biggest arguments for being pro-btc.
http://www.coindesk.com/dutch-rabobank-blocked-bitcoin-trading-documents/
Rabobank, the Netherlands’ third-largest retail bank by market share, blocked its customers’ transfers to bitcoin exchanges for ‘ethical reasons’, according to several first-hand customer reports and bank documents leaked to Dutch news sites.
Which is it? NSA-backed One World mark of the beast(tm) or unethical underground currency?
Give me a swig of that Chinese Monnshine, buddy.
signed, Confused.
He's a mindless fool... don't point and laugh too often
Satoshi in his white paper defines coin as a 'high tech chain letter'
I agree with Satoshi.
*
I never said that BTC was 'mark of the beast', nor underground.
The fact that the real Satoshi is a Japanese NSA PHD is well documented since 1998.
***
I have said since day one here that BTC is a pyramid scam, a chain-letter, it ain't a fucking PONZI cuz a ponzi pay's interest, BTC 'chain-letters' are 100's of years old. Early adopters get the loot, late comers get fucked. End of fucking story.
The only thing keeping BTC alive is that like Hotel California Money can enter, but it can never leave, making it probably the most clever Pyramid Scam in human history.
YO YO YO Homes.
I made 27 million just buying the BITCOYN dips!!!!!!!
Now I can retire in the manner befitting a GOD
Did you find any buyers yet?
Is there anything gayer in the whole freaking universe than a true believer in Bitcoin or anything like it?
It's not gonna plummet, its going to 10,000
And all you lamerz left behind will enjoy a gigantic EMBOLISM
mtgox restricts cash withdrawal to 1000 us fiatscos/day and takes several weeks also. so unless you are using multiple wallets multiple names rather difficult to convert to paper. even bitcoin to bitcoin restricted to 100 bitcoins/day..so unless youre using a virtual reality like gaming the coins remain notional value. wasn't mtgox a gaming site? and by the way you have to identify yourself for registering with mtgox. i suppose same with other coin exchanges..
btce works with many payment processors and I have no USD ithdrawal that limits I am aware of (from btce exchange to OKpay) (it is minimum $1 though).
Google 'Bitcoin withdrawl limits', most exchanges limit $1,000/day, cap'd at $10k/month, with a 2 week wait to get a real nickel.
Making BTC about as useful as an asshole on your forehead.
Tyler starting to look a bit of a dick when he panics like a MSM outlet everytime there is a bitcoin price movement....
BTFtylerD haha
Well it did drop 20% and that is the definition of a 'bear market, but the BTC cult, like Scientology has to attack the messenger rather than the message.
BTC is a pyramid scam, a chain-letter, it ain't a fucking PONZI cuz a ponzi pay's interest, BTC 'chain-letters' are 100's of years old. Early adopters get the loot, late comers get fucked. End of fucking story.
The only thing keeping BTC alive is that like Hotel California Money can enter, but it can never leave, making it probably the most clever Pyramid Scam in human history.
If you repeat yourself often enough, it must be true.
Go tell it on the mountain, over the hills and everywhere.
Thanks for the tip on anonymity. That registers about a 4/10 for me. I am not a criminal and I don't give a fuck what they know about me. I care about making money and they already know everything anyways.
I'm much more concerned with the level of trust in a currency and how much of said currency will or will not be printed. The ease of use and cost of using is also very important. You can talk about the legitimacy of the dollar until the cows come home. it is merely backed by faith in Uncle Sam backing it. Faith and hope. Gold? Do we really know how much gold is out there and who owns it? Bitcoin relies on faith and belief that it has value and that is just like fiat currencies except they ain't printing $85B/month in bitcoin.
Do you really think they are only printing $85B/month? I doubt it. I wonder how the entire Euro Zone banking system has been propped up. I'll roll with the techie crypto shit for a small portion of my net worth at this point over the mood and decisions of Yellen and Abe any day. Best of luck to anyone that trusts central bankers and politicians.
In short - it's worth a shot for me I have never seen anything with this much upside potential.
hmmm...so is this just profit taking while people use their fantasy "bits" to buy real money - gold and silver at discounted values?
I hope so...I hope those who jumped in on Bitcoin early are using a nice chunk of their investment profits to buy real money. Otherwise what else is Bitcoin good for?