35 votes

Update: Bitcoin loses 50%, what next?; Trading Halted

Is this another flash crash versus a true pump-and-dump?
Trading halted for upgrades 4/11/2013 11:16:
http://www.zerohedge.com/news/2013-04-11/bitcoin-halted
ZeroHedge: BitCrash Continues: Down 40% And Dumping | 4-10-13
Update - see new chart at link -50%

http://www.zerohedge.com/sites/default/files/images/user5/im...

Time to rename it BitCrash... or will it stage an amazing recovery? Alas, for this particular bubble, there are no NYSE circuit breakers nor is there a Federal Reserve-mandated "plunge protection team." And why should there be? The central banks hate all currency alternatives. Firehats: on, especially since the volume is still relatively light.

See second chart at:
http://www.zerohedge.com/news/2013-04-10/bitcrash-continues-...

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ooh OH!

http://dealbook.nytimes.com/2013/04/11/as-big-investors-emer...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

the only reason i would own Bitcoins if...

someone gave them to me. Bitcoin makes me think of pyramid schemes. Profit off the backs of others. it's a vicious circle.

just another Ponzi Scheme in my opinion.

It was easy to see that this

It was easy to see that this would happen. Now that it has had its initial growth and decline period, growth shouldnt be quite dramatic as we have seen unless other currencies start swinging wildly.

To climb the mountain, you must believe you can.

Trading Halted ?!?!?!?

Is there a PPT for Bitcoins too ?

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself.
Friedrich Nietzsche

"Is there a PPT for Bitcoins too ?"

No, just an exchange that is invested in the success of btc, and doesn't want to allow nature to take its course: i.e. doesn't want btc to crater and rip the faces off its investors.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

BUY BITCOINS! BUY, buy, by,

BUY BITCOINS! BUY, buy, by, bye, bye bye, BYE BYE BITCOINS.

----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence

Bitcoins are not

going anywhere.

Nothing about bitcoins has fundamentally changed. People should remember bitcoins spent almost 2 years in the cents range, and about a year around $5-12. It has only been lately, all in about 2 months, that they jumped to 30, then 100, then 200, then 260.

There is no way this is the end of bitcoins, just because the market got too hot for them and the infrastructure to handle. Even if the price drops back to $0.10 each they still have value, and I know a lot of people that will be snatching them up (including myself) and holding for the next inevitable price rise, but this time with even stronger trading infrastructure.

I think you're missing the lesson here...

...which is that the primary (only?) reason for the rise in bitcoin has been speculation (hence this collapse), not rising demand for it as a currency.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

NOTHING has fundamentaly changed. You're right.

BitCoin was fundamentally a scam from conception, and that's how it ends, as a scam. Nothing has changed. It's just getting harder to pretend it's anything other than what it is.

============>}]>

This song dedicated to you, your trolling, and butt-coin idea:

https://www.youtube.com/watch?v=f1ULcGyCGTo

... and your "knowledge" on Bit Coin.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Have you looked into the profit making potential in ByteTurd?

Have you looked into the profit making potential in ByteTurd?

It's designed specifically for guys just like you. All the newly created money will start in your pocket. Check it out. Instead of promoting a pyramid scam you can make an honest living through your own productive labor.

It's being heralded as BitCoin 2.0, and I highly suggest you check it out. Before you know it, you'll be making money hand over fist. I promise.

http://www.dailypaul.com/280885/how-to-profit-from-byteturds...

... it takes a talking ass

to come up with such a disgusting imagery...

=====================================>}]>

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Only your kind of mouth can create a ByteTurd with value.

Only your kind of mouth can create a ByteTurd with value.

Think of it as you playing an integral part of creating a sound digital currency backed up by something of value. I can't do this alone, and you'll be profiting off helping me.

I'm not asking you to sacrifice anything. I'm asking you to produce something of value and profit off your labor in the free market.

But ByteTurd isn't redeemable

I think that's the fatal flaw of ByteTurd. Sure, value was created when the ByteTurd was created, but that value is not transferable or redeemable to subsequent users.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

That's

your opinion and you're entitled to it, but you don't make up the entire market.

Bitcoins continue to have a real use and value in a world where governments and shady powers control money and what people can or can't do with it.

BitCoin is by definition a pyramid scam

It's not an opinion, it's a fact, and like I said, there will ALWAYS be people willing to invest in a pyramid scam.

BitCoin represents nothing of value, and creates nothing of value. The only profit it generates is at another persons expense. It is a predatory ponzi scheme fueled by a bunch of con-men like you.

I say we arrest you little scammers because like you said, you'll still be buying Bitcoin even if it's only worth a few cents. Buying it will imply that BitCoin is something more than just a scam and you're more than just a two bit conman.

I say we start prosecuting you little con-men and taking your liberty.

Anybody who tries to get you to buy into a pyramid scam is not your friend, that is unless he's being honest with you about it being a scam, and both you and your friend are self away parasites who want to profit off a suckers loss.

Of course its a scam.

Of course its a scam. Ultimately, Michael Nystrom is responsible for swindling people who invested their trust into him and his website. Ron Paul warned us about the greedy who are willing to prey on the liberty community. Cant blame anyone who no longer believes anything said by him or those around him such as the mods or writers at the DP.

You are not doing yourself or others favors by contributing to a site that no longer deserves your valuable content or attention. Consider not visiting, logging in, and contributing to the DP. Stop voting up or down. Stop donating money and subscriptions. Just leave. Its the best thing you can do. This goes for everyone who does not approve of the shenanigans that goes on here.

Jefferson's picture

How

dare you make such blatantly false allegations. "swindling people?!?"

"Preying on the liberty community!?"

You're talking about a man that I have gotten to know behind the scenes over the course of years. A good, decent, and honorable man. A man that drives older cars, occasionally shops at Goodwill, and recycles things off the street. A man that has watched HUNDREDS of thousands of dollars, if not millions pass through his site and never received a cent of it. Hell, if you divided up ALL the hours he has spent monitoring and cultivating this site compared to the few piddly moneybombs he's had, it'd probably come out to minimum wage.

This is a voluntary society. I donate to support this site out of my own free will because I enjoy it as a news aggregate and sometimes a community. I was never coerced or swindled out of anything. Not only have you viscously and wrongly accused the owner of this house you have insulted me. (and probably others) There's a difference between having disagreements and flat out making shit up.
(self edit)

I agree to a point.

I don't enjoy this, and wish I didn't have to be here.

I wish there were more people ready, willing, and capable of laying it on the line for truth, liberty, and justice. I do a lot more than just throw up a few posts on the DP, but if I don't, the liberty movement will turn into a Communist wearing a Guy Fawkes mask screaming about how BitCoin will save us.

I can't allow Anarchists to pretend that they're Libertarians or that they care about liberty and sound money. Clearly they don't. Seeing the DP advocate a BitCoin pyramid scam demonstrates that.

Anarchists are a self aware cancer in the liberty movement, and my goal is to make sure the liberty movement both survives them and ultimately thrives off an Anarchists very public failure.

People will see Libertarians stomping down Anarchists while advocating for justice, and helping people both deserve and attain better government.

Let the Daily Paul Anarchists advocate for BitCoin. It'll blow up in their face. My goal is to make sure it blows up in an Anarchists face rather than the Liberty movements.

The number of people who know what YOU know about the Daily Paul will only increase. It always needed to be about more than Ron Paul and a few NWO Communists masquerading as liberty minded people.

i love the daily paul but i don't trust Bitcoin

i love all the news that gets posted here... i am like a kid in a candy store.

Bitcoin is just another scam.

Id still love the DP if

Id still love the DP if Bitcoin placed ads like any honorable website would do, but that is not the case. Michael is no longer someone who I can endorse.

Could you elaborate?

Is there some connection between bitcoin and the DP that I've missed?

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

there is none...well actually the DP

respects freedom of speech.

You want

to be careful with your language.

Here is the definition of scam:

A dishonest scheme; a fraud.

You point to ONE thing where someone of repute promoting Bitcoin has said something fraudulent. One thing.

People like myself and prominent supporters like the developers working on it have ALWAYS said things like Bitcoin is experimental and don't put more into it than you are comfortable with or can afford to lose.

I personally believe bitcoins have a value of several thousand dollars EACH. I'm not the only one. There are 21 million of them and a world population of billions all mostly stuck with this crappy devaluing traceable, regulated fiat, and Cyprus-like BS.

Now you can have an opinion and I can have one too. And free markets can operate on those opinions. But you want to be careful with your unfounded strongly libelous words.

BitCoin is pyramid scam.

I already have. BitCoin is pyramid scam. BitCoin represents nothing of value, and generates nothing of value. The only way to profit off BitCoin is at another persons expense.

It is a dishonest scheme, a fraud, and you are a petty two bit conman.

If you have a problem with "my language", perhaps you should have chosen to be something other than a two bit conman who preys on those you see as suckers here to fuel your dishonest scheme which is based upon a fraud.

That fraud is based upon believing something of value is being "mined". Trying to claim BitCoins are mined reinforces that those involved know it has no value, but they need to make people think there is something of value being "mined".

BitCoins are poker chips, and represent nothing of value until a conman like you can get suckers to deposit something of value at the window. You want to cash out and profit off their loss.

You are a conman who preys on people through a pyramid scam.

I suggest you look into ByteTurd. It will offer you the opportunity to make an honest living for once in your life.

http://www.dailypaul.com/280885/how-to-profit-from-byteturds...

Yeah

whatever.

Big words on the internet. You wouldn't call me things to my face.

"Whatever" - Is that all you got left?

Can you think of no sensible way to defend BitCoin? Nope...

I know I couldn't, and that's why I take the position I've taken. I can't argue simple facts and the fact is BitCoin is a pyramid scam. I don't defend dishonest schemes and frauds.

You can't think of any sensible way to defend BitCoin because there IS NO SENSIBLE WAY TO DEFEND BITCOIN.

Nobody knows better than you that BitCoin is a pyramid scam and that you're a two bit conman. Don't blame me for it. If you don't like 'my language', you should have chosen to be something more than a conman trying to get people to buy into a pyramid scheme.

Arrest them all.

A Conman will always get what's justly coming to them, if not in this life, after.

Serving justice and taking their liberty is a kindness. It's not too late for them. Let them spend some time thinking about what happens when you prey on the people I love.

For those

that missed it this is what's going on:

http://www.dailypaul.com/281461/mtgox-bitcoin-update-on-the-...

Why...

would a laggy website cause a panic sell? Is there going to be a massive crash in bitcoin price every time MtGox servers experience a hiccup or the internet backbone has some momentary issues? Everybody and their grandmother knows that websites frequently get laggy.

Also, wouldn't a dramatic rise in bitcoin users tend to make the exchange prices rise?

Econ 101: increasing demand = increase in market price

.
~wobbles but doesn't fall down~