bit¢oin$

so, what caused this crash? i know there was a programming hiccup that caused a slump some time ago

Rory R. O'Rourke ‏@Mejwell 1h

YO DUDES major bitcoin traders are attempting to stabilize market by buying huge swaths of bitcoin, like that FILTHY FED #bitcoin #btc

DDOS apparently
http://techcrunch.com/2013/04/10/bitcoin-crash/

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.”

"hackers"

im not sure that explanation makes any sense

sounds like basically just the shit that happens when you have a relatively liquidity but overcapitalized commodity. stockpiling, manipulation, etc.

not even necessarily intentional. price hits a certain amount and some big holders decide to take profits. maybe the downturn causes a few other people to act more quickly and dump their coins too. typically in a major market there are lots of other orders and algos and bots that tend to even things out and take advantage of these moves before they just throw everything around so wildly (which works until those algos all line up and multiply effects instead of mitigating them). but this isn't a major market with all those institutions trying to bleed out arbitrage and regulate movements and etc, and so when people act, it has sharp and catastrophic affects on the market.

noted leet haxor George Soros

It's really not a "hack" at all, it's more like penny stock manipulation

im not sure that explanation makes any sense
― lag∞n, Wednesday, April 10, 2013 5:43 PM

this should clear things up

http://siliconangle.com/files/2011/08/bitcoin-crash.png

http://www.naturalnews.com/gallery/300x250/Money/Coins-Crash-Money.jpg

http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2013/4/10/1365626013983/Bitcoin-010.jpg

problem is you can hold it imho

http://siliconangle.com/files/2013/01/bitcoin-hand-drop.jpg

that seems like a pretty good scam, brb, buying a few grand in bitcoins

buy low sell high breh

then dump enough of your stock to tank the market considerably and make people rush, then buy up more of them. rinse, repeat

what could go wrong

idk, people do this in Diablo 3 all the time

yo... anybody wanna trade some bitcoins

http://i.imgur.com/gdURUT9.pnghttp://i.imgur.com/gdURUT9.pnghttp://i.imgur.com/gdURUT9.png i got 3 bitcoins right here... will sell them for 20$ each

i have a 2010 silver bitcoin stashed in case everything goes 'the road'

oh nice... i missed out on the reservation list for those... still kicking myself...

i'm trying to remember if i heard of these before today.

I've been wondering a lot whether it would be possible to create a bitcoin that didn't have a fixed supply, like that self-expanded and contracted its supply according to some kind of algorithms/data. IDK what that would be based on, production in the economy? Value of transactions in Bitcoin?

There could be a long-running thing but such algorithmic finds are hard to balance. You could make a central bank, encode arbitrary strings, and award tokens to whoever decrypts them. That is usually a product of chance rather than a known unit of work, though.

http://bit.ly/11Wz5X0

fishing 4 bitc0ins http://techcrunch.com/2013/04/11/mt-gox-cross-site-scripting-attack-wipes-out-bitcoin-accounts/

Being a techie, I started researching.

ha yes

http://i.imgur.com/vCkuFAY.jpeg

coins on the bit / coins on the bit / bitcoins / bitcoins

http://mises.org/daily/6399/The-Moneyness-of-Bitcoins

"Thus, on the free market, commodity monies, and presumably gold and silver, still have a great comparative advantage."

cool conclusion austrian economist guy thanks.

lmao http://gawker.com/5994433/idiot-dick-facebook-twins-now-own-one-percent-of-all-bitcoin

another smash from the go-in brothers

that led them to sure Facebook

oh man good catch

http://www.businessinsider.com/why-bitcoin-speculators-laugh-at-anyone-who-calls-it-a-bubble-2013-4

lol

I think this subreddit should seriously consider having suicide hotline info posted. (self.Bitcoin)
No, bitcoin is not dead. But we've got some work to do. (self.Bitcoin)
Repeat after me - "I have no moral obligation to buy, hold, or sell Bitcoin just because others want me to do so." (self.Bitcoin)
Libertarian Party (United States) now accepting bitcoin. (lp.org)
I've been a trader for over 15 years and I never dreamed I'd see this chart again. Please be careful guys and gals. (i.imgur.com)
I adopted her yesterday with Bitcoin earnings. She's one of the most expensive purchases I've ever made. I'm thinking of naming her Bubble. (imgur.com)
The hypocrisy of the Bitcoin community (self.Bitcoin)
Bloomberg on Bitcoin Currency: Has the Bubble Popped? (youtube.com)
The Winklevii own 1% of bitcoins outstanding. (dealbook.nytimes.com)
Can people please stop handing out financial advice as if they were an expert. Stupid people are listening and getting burnt. (self.Bitcoin)
How to buy these cheap coins right now (self.Bitcoin)
Help phase out Mt. Gox. (self.Bitcoin)
Order Placing Suspended on MT.Gox (self.Bitcoin)
Who else didn't sell? (self.Bitcoin)
Now that the hype is gone and media will forget - can we focus on fixing some Bitcoin fundamental issue? (self.Bitcoin)
Lead Bitcoin Developer Comments on Bitcoin "Bubble" and Mocks Speculators (i.imgur.com)
Official: Bitfloor being DDoS'd (twitter.com)
Don't do anything drastic.. (reddit.com)
Winklevoss twins hold %1 of all bitcoins (theverge.com)
"I predict there will be between one and five Bitcoin bubbles" -Bitcoin Lead Developer Gavin Andresen, 2010 (self.Bitcoin)
Unfazed By Bitcoin’s Wild Swings And Mysterious Origins, Silicon Valley VCs Place Their Bets (techcrunch.com)
New Get Rich Quick Scheme: Create a currency that's pegged to Mt. Gox lag time. (self.Bitcoin)
The only thing that is holding bitcoin back is the way it has to be purchased. (self.Bitcoin)
Bitcoin Crash Spurs Race to Create New Exchanges (cnbc.com)
MTGOX gloats about its "success" after screwing over entire Bitcoin community (self.Bitcoin)

wow

this is as good as sports tbh

The most you can lose if Bitcoins go to zero is 100% of your money.

The most you can make, meanwhile ...

Well, no one knows exactly how much you can make.

But it's probably a lot more than 100%.

lol agreed. schadenfreude at its finest xp

the CEO of Business Insider

"I've always estimated the final price of a Bitcoin at between $10,000 - $1,000,000 maybe 5-10 years from now. The low end being based on the size and volume of Western Union, PayPal, Visa/MasterCard. And the high end being based on the total global gold supply."

http://www.reddit.com/r/Bitcoin/comments/1bo02h/why_1000_in_60_days_a_paypal_comparison/c98fm0w

ceo of business insider and former fraudulent securities analyst describes bubble says hey maybe bubbles are okay cause some guys will make money

good guess!!! xp

are there bit cents too cause dont these prices make these things hard to spend