Bitcoin implodes, falls more than 90 percent from June peak

I haven't seen any other posts so :

Unfortunately, the currency's value hasn't proven stable in practice. Several waves of media coverage between April and June pushed the currency's value up from less than $1 to more than $30. Soon after it reached a peak, the currency had a series of PR disasters. One Bitcoin user claimed that a half-million dollars worth of Bitcoins were stolen from his PC; he may have fallen victim to Bitcoin-stealing malware. A few days later, the most popular Bitcoin exchange was hacked, forcing a multiday suspension of trading and generating another wave of bad press.

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There are also risks due to volatility. For example, Bitcoins lost about 15 percent of their value on Monday between 8am and noon on the East Coast. Someone who bought Bitcoins on Monday morning expecting to spend them on Monday afternoon might find that Bitcoin-denominated prices had suddenly risen by 15 percent. The 2 percent transaction fee on credit cards might seem downright reasonable in comparison. The current value of Bitcoin—just under $3—is still significantly above the April price of around $1. It's theoretically possible that the volume of Bitcoin commerce will grow enough to halt the slide in the currency's value. But the value of a currency is built on its reputation, and five months of bad news and depreciation have done serious damage. Indeed, the mood on Bitcoin forums has turned grim, with Bitcoin fans giving one another pep talks and debating how low the price can fall before the currency is declared dead. It'll be difficult to pull out of that kind of tailspin.

source

It appears that the almighty bit coin isnt doing so well anymore. While everyone was predicting that this would replace the dollar, it hasnt and the dollar is still in demand while the bit coin isnt. Its not to late to get rid of any you still have left.

Interesting, I never heard of "Bitcoin" before this thread, I had to read the entire link to understand what the bitcoin was.

I am still trying to figure out if they are solid currency like you can have some in your wallet or just nothing but digital and only worth something in a digital reality.

This is exactly what I figured would happen with this currency and it's precisely why I never took it very seriously to begin with.. It's the anonymous nature of it not to mention the types of people that attracts makes it very attractive to hackers..

If it's ever to be viable and trustworthy, it won't be any time soon .. it's still too early since it's conception to start using very heavily ..

Originally posted by marg6043
Interesting, I never heard of "Bitcoin" before this thread, I had to read the entire link to understand what the bitcoin was.

I am still trying to figure out if they are solid currency like you can have some in your wallet or just nothing but digital and only worth something in a digital reality.

You exchange real currency for bitcoins.. they are an anonymous currency that can then be changed back to real cash.. the point of it is to be untraceable so that, for instance, places like wikileaks can keep receiving funds.. or you can buy your porn without fear of your wife spotting it on your bill

No bitcoins for your wallet.. it's sort of an anonymous paypal

reply to post by miniatus


Well thanks now I see the how can this be beneficial for some, too bad that no many people is aware of this type of currency at least no me and I am big when it comes to finances and economic issues.

Originally posted by miniatus

You exchange real currency for bitcoins.. they are an anonymous currency that can then be changed back to real cash.. the point of it is to be untraceable....

Exactly, which is why it will fail.

Untraceable also means- Anyone who had paid or traded for any bitcoins, cannot prove it. If they get ripped off, there is nothing they can do about it, aside from accept the loss as 'lesson learned.'

I read about bitcoin in April/June and was really interested. I didnt invest, thank god. I guess that far in the future this will be a good idea, but for now stay away.

Originally posted by BrokenCircles

Originally posted by miniatus

You exchange real currency for bitcoins.. they are an anonymous currency that can then be changed back to real cash.. the point of it is to be untraceable....

Exactly, which is why it will fail.

Untraceable also means- Anyone who had paid or traded for any bitcoins, cannot prove it. If they get ripped off, there is nothing they can do about it, aside from accept the loss as 'lesson learned.'

edit on 10/18/11 by BrokenCircles because: (no reason given)

Right .. I would never use such a service for anything substantial .. I don't even have a need to use it at all personally ..

Originally posted by BrokenCircles

Originally posted by miniatus

You exchange real currency for bitcoins.. they are an anonymous currency that can then be changed back to real cash.. the point of it is to be untraceable....

Exactly, which is why it will fail.

Untraceable also means- Anyone who had paid or traded for any bitcoins, cannot prove it. If they get ripped off, there is nothing they can do about it, aside from accept the loss as 'lesson learned.'

edit on 10/18/11 by BrokenCircles because: (no reason given)

It was built to be hacked by the internet pirates yarrr.

And the pirates (tptb) are the only people who can securly use bitcoin, otherwise your a small fisherman in a big sea of IDK.

Sounds like another market based fiat currency to me. And if it fluctuates that much in a short period of time, it is a volatile market I'd steer clear from. Especially since none of the currency is backed by precious metals, and is only backed by consumer confidence. I'm guessing it will dwindle away as it sounds like a monetary flop.

That's my bitcoins worth