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:
ZeroHedge: BitCrash Continues: Down 40% And Dumping | 4-10-13
Update - see new chart at link -50%


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:

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Canada has a similar concept

called the MintChip.

I hope its successful if bitcoin doesn't succeed. Here come the alternatives.

Down with the Fed!!!

I can't help it, you say "bitcoin" I hear "dotcom"

There is nothing tangible that determines the solvency of the product - how do you quantify "demand" for something which has no actual physical supply of anything, in a "supply and demand economy" The "demand" is all emotional, there is not one person whose life or livelihood depends on getting their bitcoin for the day. Emotion driven markets.... I just don't want to play. Good luck to those who chose to try, "attack the elite on all fronts" is a reasonable idea.

Love or fear? Choose again with every breath.

It's time to sheer the sheep.

What comes next? I vote for community service camps. BitCoin is a racket.

I have no problem taking a conman's liberty and forcing them to pay back their debt to society. I've heard BitCoin Advocates saying Greeks should put their money into BitCon to hide it...

Well, a day like this shows where BitConners are hoping a Greek "hides their money"; in a conman's pocket.

Hopefully it'll drop further.

Hopefully it'll drop further. It will soon be time to load up.

this roller coaster has only

this roller coaster has only just begun. I'll bet many will see this as a buying opportunity though... hang on tight folks

you know I was wondering the other night... might the GOV be purchasing large amounts of bitcoin only to dump and exacerbate volatility in the market to scare people away? I mean after all they are trying to do something somewhat similar with the ammo market.

- Grow Mushrooms at Home

SteveMT's picture

They already have had a great deal of practice with metals.

The gov. (which = bankers) got on the inside of Bitcoin and took it down like gold and silver. Only with Bitcoin, this was even easier to do, IMO. The rest will be history, unfortunately.

Thanks Steve

It will be interesting to see what happens in the coming days.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

SteveMT's picture

I want to believe that Bitcoin is a real way out of this mess.

If a currency can be manipulated like this and with such speed, I worry. The phrases "there is no such thing as a free lunch," and "if something sounds too good to be true, it probably is" both come to mind.

Your comments are nonsensical.

It is "manipulated" insofar as buyers and sellers set the price. It has no centrally controlled mechanism.

SteveMT's picture

That what I'm saying.

If one or more people bought in a coordinated fashion, then all sold in the same way, what do you call that strategy? We'll never know for sure, but this is what some believe happened.

"We’ve reached out to one of the biggest exchanges, Mt. Gox, to see what happened. But another San Francisco-based exchange called TradeHill is saying that the crypto-currency is falling because of apparent distributed denial of service attacks on Mt. Gox and Bitstamp. A denial of service attack happens when an attacker overwhelms a target with external requests, so that it can’t honor regular requests from legitimate users."

"This also happened last week when Mt. Gox when Bitcoin reached $142 and hackers attacked the exchange. At that point, Mt. Gox said it had suffered ”its worst trading lag ever.”

I call it freedom. What do you call it?

"If one or more people bought in a coordinated fashion, then all sold in the same way, what do you call that strategy?"

The lone voice of reason