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Bitcoin Flash Crashes, Drops By 80% In Seconds
Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own "Waddell and Reed" moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.
However, market gymnastics may just be the tip of the iceberg - a far bigger issue, one we have been warning about since the last March surge in Bitcoin's dollar price, is that the crackdown on Bitcoin both in the US (see "Miami Bitcoin Arrests May Be First State Prosecution"), and around the world (in Russia Bitcoin was just declared illegal) is finally heating up. It's only going to get worse in an insolvent world desperate to halt money laundering.
And since digital currency advocates have finally realized they can't hold the electronic 1s and 0s in their hand in a worst case scenario, the biggest winner of the latest Bitcoin crash is none other than the real alternative currency (in Paul Singer's words), gold, which moments ago just hit a one month high and rising.
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.Blockchain growth is not exponential.
You clearly do not have a computer science degree , you are a liar.
Before making such wild statements you need to study bitcoin block sizes and transactional rates. You will see that once 2000 transactions per second is reached the blocksize grows in a linear fasion no way near your made-up numbers.
If you want to argue this point I will provide exact numbers.
You should get a refund on that 20 dollar from the Nigerian University who gave you that CS degree.,
Moore's law/price deflation in storage and processor capacity is keeping up with Blockchain growth (linear). And efforts are underway to prune the blockchain of data that is cancelled out.
Fortunately, nobody is forced to use Bitcoin.
Blockchain growth is exponential, not linear, and Moore's Law has already failed to retain the "double your processor power" (or CHIP density, or storage capacity) every 18 months situation.
Even Moore himself sees this & is on the record.
REPEAT: Blockchain growth is not exponential.
You clearly do not have a computer science degree , you are a liar.
Before making such wild statements you need to study bitcoin block sizes and transactional rates. You will see that once 2000 transactions per second is reached the blocksize grows in a linear fasion no way near your made-up numbers.
If you want to argue this point I will provide exact numbers.
You should get a refund on that 20 dollar from the Nigerian University who gave you that CS degree.,
REPEAT: it IS exponentially growing, the blockchain is getting so big to transmit AND so hard to process that it won't be long before no individual can afford to store it or transmit it. AT ALL.
You can try pruning the blockchain but the truth is:
NO CURRENCY NEEDS A BLOCKCHAIN TRANSACTION LIST.
Dollars do not.
Gold atoms do not. Gold & dollars have not a lot in common.
Neither, however, has reached to the far realms of FullRetard to actually REQUIRE reporting their own transactions. It serves no purpose whatsoever.
You CAN'T guarantee anything of what you claimed.
I demand hard-data AND equations.
Now.
Who could ever imagine that the value of a series of 1's and 0's could fall so rapidly?
whocouldanode!
but tha b1tcoynez haz the INVULN3RABLES!!
it DOES, Fonestar says so!
localbitcoin ONLY had a range today with a high of 1300 and low of 500.
That's nuthin' to w0rree about, guys!
There are 12,335,400 BTC in circulation.
So 6000 BTC represents just ~.05% of the total.
And sell order of 6000 BTC crashed the price 80% in seconds?
LOLOL...yea that's a nice, stable, liquid market if ever there were one..
Clearly BTC is headed to the Moon and beyond...as long as no one sells any BTC ever LOL
This is silly.
The future is dogecoin. It is known.
Now with so crypto bonus inflation adjustment:
http://arstechnica.com/business/2014/02/dogecoin-to-allow-annual-inflati...
Such community. Much news. So fashion.
Our Future is already planned for us.
Our Overlords approve of https://www.klickex.com/welcome/
Recommended by the UN and Reserve Banks.
Been telling you dopes, you imbeciles, you morons, did I miss anyone?, that this was going to ZERO
I relish your agony.
Yawn. Please wake me up when my investment is down to just a 40,000% return.
Translation: "My $2.00 investment is now worth $800! Glad I decided against buying that gayporn dvd on eBay."
P.S. down to 40,000%? At $663 USD per (as of this posting and per coindesk), you're telling us that you acquired yours when it was selling for $1.65 per? i.e. prior to mid-2011. Geez what tooks ya so long to come aboard and tell us what an astute futurist you are (aside ofc from the truth).
Then again we have THIS from your 6 wks 2 days old ZH profile:
"I have been reading ZH for nearly 4 years , tried to create an acc. here a few times but have never been allowed. Maybe this time ? If not can you atleast message me back and tell me why ? Thanks,."
So you're a techno wizard with the foresight to mine or buy Btc back in 2011, but lack the ability to register for a fucking website? I call BULLSHIT.
What's the going rate for pumping? Enough to get you out of your mom's basement? When I see an blog entry like this "I make $2100/wk working from home, and you can too. seekingdipshits.com"), who woulda thought that they're seeking pumpers! Move over hasbara, Madscientist is here.
Didn't you know? All the magic trolls who get massive butthurt on declines ALWAYS magically bought at the lowest possible lows & at the very beginning of trading history for their desired ponzi bag.
It's just magic.
Yes your right I am a liar , it's bullshit & you win , you should feel so happy you can go spank yourself now in front of a mirror - don't forget the tweezers and a magnifying glass.
Next 30 days it will be down to -20% and then -80% no matter what price you got in. This bitch will hit zero.
57% of BTC owners are registered sodomites.
The survey I saw claimed they owned the BTC so that they could anonymously pay their NAMBLA annual dues and get the monthly picture magazines.
haha so funny.
the $436 buy I have had set for weeks got eaten today. It was up to $650 again though before I saw this article and checked my exchange account to see if had been taken. haha classic.
Cheers!
you need to learn how to lie better than that , never got to 650
It is now $652.50 you muppet
$655.2
first you dont look, then you hump every tick?
fraud.
I resented being wrongly called a liar and as I use BTCE, not GOX "price" I wanted to publically show what a moron you are. Thanks for the opportunity. It was enjoyed.
MORON is already spoken for.
By anyone long Bitcon
This ignorance is astounding. Really, I can't believe people on here only see this. The blockchain tech is world changing in it's possibilities for trustless, no need for a 3rd party governance applications. Voting for example can be made publically, undeniably correct by using this tech. That alone is MASSIVE.
I wish folk would get over their bitcoin/crypto allergies and do some research into what is possible with this technology.
Invictus Innovations DAC's for example would be good place to start. (I do own protoshares and did contribute to bitshares (it raised $2,000,000 in January) and a keyhotee ID, but I mention them not to pump my stock so much as that they are a very progressive company in the bitcoin sphere who are imo trying (and seemingly succeeding) to build a very exciting alternative funding and business development platform on the blockchain principle).
Posted before, but here it is again as I think everyone commenting on here should read this classic crypto-parable! haha enjoy.
http://invictus-innovations.com/innocence-is-no-excuse
It's not just about bitcoin peeps.
Cheers!
Fred.
If you enjoyed that crypto-parable, here is the daddy of bitcoin eye openers. It was for me anyway.
http://letstalkbitcoin.com/bitcoin-and-the-three-laws-of-robotics
Marvellous :)
screw the stackers they are as dumb as they are blind.. the smart move was to move bitcoins to gold a few weeks back and once gold runs up to $1600 sell in front of their bagholding-from-$1800 faces and go back to bitcoin
bitcoins lead to butthurt in fiat & butthurt on off-grid spending needs. Gold & silver atoms have value with NO trade required at all.
Bitcoin DOES NOT.
You keep thinking we are stacking metal to get PAPER later.
We're not. The lower the price the BETTER it is because we get more ATOMS.
I'll HAPPILY turn my silver maples into colloidal silver anti-biotic - you can't do that with your bitcoins.
how in the hell does $10 to $1000 in a year lead to butthurt.... unless you are a completely late entry then of course.. just like those that bought $1900 gold right?
very few ever got at $10. Pretending you must be one of them, those few 0.0000001%, is like pretending you sold gold at 1900 AND bought at 35. I suppose you expect to be believed completely.
Unlike BTC you can buy gold AND SHORT IT at the same time and this is called hedging. You can't do that with BTC. You can buy gold ounces and short GLD on margin, buy AGQ puts, buy SLV puts, write GLD calls, etc., you can leverage up on COMEX & there's even CFD brokers.
Bitcoin leaves you FULLY exposed, unable to hedge.
A universe of difference.
Subtracting one image from the other: leaves a clear watermark indicating Butthurt Supreme on the bitcoin side.
You don't even have ATOMS to show for it, just PATTERNS which have no value.
No matter the paper price for gold, people have ATOMS of it which have USE.
You want to do even better, you don't turn to bitcoin, you turn to history.
Bitchcoin = a total fucking piece of shit.
http://www.youtube.com/watch?v=ReoMBYAoSWA
Is that an Alt-Coin ? Most of them are shit , but I cannot locate the source code for that particular one you mention.
I don't always visit Bitcoin threads, but when I do...
the QQ is epic
I called for this.
Gold is perhaps the most maleable of metals - why can't bitcoins do the same?
Do you see crashes like this with Dogecoin? Didn't think so. My spare change not spent on gold will be converted to Dogecoin. F*** BTC and its shenanigans.
Dogecoin.
So currency.
Is there about to be a change in the definition of BTFD?
Reading heer causes me to believe that many believe in "Buy The Fuc--n Digits."
Nothing more maleable than digits.
You-Were-Warned.
<EOM>
Dogecoin now has a market capitalization of 58.9 million dollars. And raised $30K for the Jamaican Bobsled team for the Sochi Olympics.
So cool runnings.
.....BECAUSE FLASH CRASHES HAPPEN TO THINGS THAT ARE MADE PURELY OF ELECTRONS. (Not Real) LOLOLOL