Bitcoin crash/panic selling

Bitcoin crash/panic selling

www.bbc.co.uk

The Bitcoin virtual currency lost half its value on Wednesday because of a panic sell-off.

From a high of $260 (£169) for each Bitcoin, the value dropped to about $130 (£84) in just six hours.

(visit the link for the full news article)

Im sure there will be plenty of "i told you so" people out there loving this.

First of many crashes?

Will this be the only crash that shatters confidence in Bitcoin enough to ruin any future?

In my opinion this is the first of a few crashes till the whole currency is worth nothing but the bits its stored on.

www.bbc.co.uk
(visit the link for the full news article)

Not even the first crash. it's been going up and down like a prozzies knickers like this for ages. And it will continue to do so. It'll fly back up within a month. If you have BC, you haven't lost anything, just hold on. This is seriously volitile investments, but fear not, it'll be back up (and down, and up, and down) soon enough.

Originally posted by Biigs


Im sure there will be plenty of "i told you so" people out there loving this.

First of many crashes?

Will this be the only crash that shatters confidence in Bitcoin enough to ruin any future?

In my opinion this is the first of a few crashes till the whole currency is worth nothing but the bits its stored on.

www.bbc.co.uk
(visit the link for the full news article)

Erm, no and no and the price will almost certainly rise again and then it will really take off

Bitcoins = Beanie Babies

Bitcoins = Pogs

Bitcoins = Magic Cards, Pokimon cards, ect

I don't care how low it is going. I'm not selling........Pretty hard to sell what you don't have....Oh that's right that is what Bitcom is all about.

We have been discussing this in a thread posted a few hours ago:
www.abovetopsecret.com...

And it shot up from $160 to $260 in less than 48 hours. The "correction" basically brought it back to where it was only a few days ago. It was a predictable outcome of that sharp increase. Stop the sensationalism.

reply to post by camaro68ss

Beanie Babies

Hey, my ex-wife has a Beanie Baby (RARE ONE) that still has the tags on it that she paid around $20.00 for a long time ago.

Man, that thing is worth like $15.00 today.

I read about it this morning. Apparently they had to halt trading because it was crashing so hard.

networkedblogs.com...

I suspect that the fed is behind this, they're the only ones with enough muscle to drive it down into the ground, shattering investor confidence and causing a panic sell-off.

Did anybody actually think the fed (and by extension, the US gov't) would allow this alternative currency to be freely traded?? They're the most crooked and devious players in the stock market.

I'm not in it, because of this very fact. The second fact is, this is a virtual currency....it's not like I can go to the bank and cash it out. The third fact is, the intense volatility of this as a trading stock makes it a bucking bronco, and is not for the faint of heart daytrader.

reply to post by Biigs




If you suckers wanted to give your money away, you should have gotten ahold of me first......I would at least kiss you before bending you over....

Originally posted by ChaoticOrder
We have been discussing this in a thread posted a few hours ago:
www.abovetopsecret.com...

And it shot up from $160 to $260 in less than 48 hours. The "correction" basically brought it back to where it was only a few days ago. It was a predictable outcome of that sharp increase. Stop the sensationalism.

When trading is halted, it isn't a simple "correction". This has all the hallmarks of manipulation.

Originally posted by butcherguy
reply to post by camaro68ss

 

Beanie Babies

Hey, my ex-wife has a Beanie Baby (RARE ONE) that still has the tags on it that she paid around $20.00 for a long time ago.

Man, that thing is worth like $15.00 today.

At least it's worth that!! Bitcoin will be worthless in 5 years....Actually that is pretty generous, I doubt illegal currency even lasts that long, but who knows?

Good scam they got going on there though I must say

A friend and I mine Bitcoins. Right now, we're waiting for our new miner to be delivered from Butterfly Labs so that we can take advantage of the newer and faster hardware. If you get the chance to buy Bitcoins at around the $45 mark like we did, then you should do it as you'll make a nice profit when the prices rise again. We've made around £2,000 profit so far by just buying while the prices are low and selling while they are high. It really isn't rocket science.

Great way to make real cash for pretty much no effort at all...other than learning about the hardware and software of course. And if you shop on the Deep/Dark Web, they are a great currency to use.

Money for nothing...now all we need are the "chicks for free"!

Rev

Originally posted by camaro68ss
Bitcoins = Magic Cards, Pokimon cards, ect

You seem to be confused. It would be more correct to say:

US Dollar = Magic Cards, Pokimon cards, ect

They print government fiat willy nilly, 85 billion per month now with the infinite quantitative easing scheme. In fact most of it probably isn't even printed on paper, but created electronically and then expanded as bank credit through fractional reserve banking. Cheap and easy to create without any limits... just like trading cards.

On the other hand it takes a huge amount of computing power and electrical energy to produce every single bitcoin and there is a cap on how many can be created, ever. Now you tell me which of the two is really worthless nonsense? The bitcoin network its self has never been compromised yet we see stories like this all the time:

60 Million Euro Stolen from over 60 Banks
or this:
ING internet banking in chaos after 'mysterious' withdrawals

Like I said in that second thread:

Originally posted by ChaoticOrder
reply to post by sarahlm

 

In some cases, people have ‘lost’ thousands of euros from their accounts because of the fault while others have thousands of euros too much, Nos television reported.

Ahaha... and this is what they call "real hard" Government money, where as currencies like bitcoin are just "virtual fake" money. So how come the fake money isn't prone to these types of glitches and isn't easy to manipulate like the real money is?

reply to post by FissionSurplus

When trading is halted, it isn't a simple "correction". This has all the hallmarks of manipulation.

There are plenty of other exchanges where you can trade bitcoins if you want. Mt. Gox does not equate to bitcoin as many people seem to think. It's just the most popular exchange. I do agree with you though, they shouldn't have halted trading, it will probably only invoke more panic and fear and this "cool off" plan may backfire on them.

Originally posted by Chrisfishenstein
reply to post by Biigs

 

If you suckers wanted to give your money away, you should have gotten ahold of me first......I would at least kiss you before bending you over....

Gotta love how people either really have no idea, and it's groovy to just be belligerent, or I'm somehow doing it all wrong.

I haven't put a cent into it... yet I have money I can spend. Hmm..

Strange, oh well, as long as it keeps above 0. To think, if it bottomed out completely, I'd have simply wasted time on the internet. Oh well.

"bitcoin lost half it's value" is a misleading statement of there ever was one. That is relative to the dollar, which is a debt instrument - and IOU. The fact is, you could once buy a bitcoin for a few dollars, so what? I'm guessing you could buy a bitcoin for 1 billion zimbawa paper script, does that mean bitcoin is still hot? There is only an issue when those who use the bitcoin as a medium of exchange decide to stop using it.

What is beyond odd to me is that bitcoin is a creation to avoid the pitfalls of the Fiat Currency, debt base monetary system, and yet, remarkably people continue to compare to the value of those items representing the system it seeks to bypass. Yes it is a medium of exchange that uses and escrow account instead of a direct barter, but it isn't Debt Note based iou.

reply to post by winofiend


No idea? I would love to hear about how I have no idea.....Please Mr. Intelligent, enlighten me.......(if you dare)

Originally posted by Chrisfishenstein
reply to post by winofiend

 

No idea? I would love to hear about how I have no idea.....Please Mr. Intelligent, enlighten me.......(if you dare)

Tell me how I'm a sucker?

Then we can play your silly games.

reply to post by crankyoldman

What is beyond odd to me is that bitcoin is a creation to avoid the pitfalls of the Fiat Currency, debt base monetary system, and yet, remarkably people continue to compare to the value of those items representing the system it seeks to bypass.

That's because the instant they hear it's a totally online electronic currency they assume "omg it must be the demon child of the Illuminati nwo". Yet they don't even understand one single thing about the decentralized proof-of-work based design and how is the anti-thesis of limitless inflationary debt based money. For those of you who wish to look beyond these ridiculous stigmas and dig deeper into this issue see these two threads:

True Money: Part I
True Money: Part II