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More Attacks on Bitcoin today-Price Plummets




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Well, you don't need to worry

Well, you don't need to worry about attacks because bitcoins have intrinsic value....right? That IS the most important characteristics of a sound currency, isn't it?

Buying opportunity?

Perhaps this is or will be a buying opportunity for those that wanted to enter the market or add to their holdings?

Isn't bitcoin still in beta? What's going to happen once they power up? What could happen if the network can't handle it? Thoughts please.

Bloomberg reports: BTC China, the nation’s largest Bitcoin operator, stopped accepting customer deposits amid a central bank clampdown on use of the digital currency, sending prices plunging as much as 35 percent.

[....]

Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges, China Business News reported yesterday. The newspaper is affiliated with the Shanghai government,

Companies currently offering services must end them by the Chinese New Year, a weeklong holiday that begins on Jan. 31, the newspaper cited Zhou Jinhuang, deputy director of payment clearance at the People’s Bank of China, as saying at a meeting with more than 10 third-party payment service providers. http://www.bloomberg.com/news/2013-12-18/btc-china-says-it-c...

Does that mean that the plunge in bitcoin price won't end anytime soon?

From Rumor to News Bloomberg Reports -China Bans 3rd Party

Payment companies from clearing bitcoin
http://www.bloomberg.com/news/2013-12-17/china-bans-payment-...

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MSNBC on Bitcoin

I agree with smaulg...

now is a good time to buy.

"Home is where it's hardest."
-Tommy

OMG PANDAS!!! LOCK UP THE CHILDREN!!!
-me

Are foes of Bitcoin consistent?

The internet is the greatest mass surveillance tool ever invented - Do you avoid it like the plague?
Bankers are crony thieves and threaten all of western civilization - Do you keep your "money" in a bank?
The USD is a giant wealth sucking machine doomed to collapse - Do you use and hold US dollars?
Roads and intersections are cluttered with red light cameras - Do you drive on public roads?
Cars have logging devices that record your driving habits - Do you own a car?
Cell phones are fundamentally a tracking device - Do you use a cell phone?
This is part of a long list of intrusive technologies that most people, even freedom crusaders, rely on in their daily lives.

If you live in a log cabin you built yourself, don't use the electric grid, don't have a phone, barter or use PM for all your transactions, then, and only then can you avoid being a hypocrite and you may cast stones at Bitcoin all you like.

Otherwise, find something positive to spend your energies on.

I like the internet

but I had many of these same sorts of arguments against people who were pumping dot com stocks back during that bubble.

I'm enthusiastic about the long-term prospects for crypto-currency in general and if some crypto-currencies become stable enough to be used as currency I'll happily use them. Buying them now in the hope that at some future point someone will be willing to pay a much higher price than I did is speculation on the future brand strength of a digital commodity, which is not the same thing at all as using a crypto-currency as currency.

Personally I would be very surprised if any of the current cryptos are still big players five years from now. That's not to say that bitcoin couldn't somehow hold onto the lion's share of the market, and all the current bitcoin holders will be buying his-and-hers Teslas and private islands to drive them around. I just personally wouldn't bet on that.

deacon's picture

so

If I do anything that you listed above,I cannot criticize bitcoins?
BT,isn't a precious metal,it is digital..right?...created on a computer?
Doesn't it take electricity to create them?..something somewhere creates that electricity t create bitcoins (and I would bet,most bitcoiners are not off the grid),so they have man made electricity for generation of them
What do public roads have to do with it (the public owns them,and pays for the upkeep)
If i live in a log cabin....was that built by hand? like hand tools,hammers,nails hand saws?...was the use of chainsaws,planers,saw mills used?
some of these run on gas....and some were creations of others and probably bought using FRNS
Some of them use electricity,was that created by off grid,or was the power company involved?

setting your expectations to high,can cause depression

ecorob's picture

Strawman arguments don't work here.

Your broad generalizations won't be enough to carry your day.

its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.

We'll let the DP community decide that

We'll let the DP community decide that

lol

Daily Anti Bitcoin Propaganda.

Sigh.

Bitcoin could be disaterous

Not saying I don't like it, because personally I do. But.....
https://www.youtube.com/watch?v=uqTg9IvsoI8

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Bitcoin is at $800. High $885, low $765. Price plummets?

Smaulgld has zero credibility.

He is like a neo con that wants to arrest pot smokers without ever taking a puff in his life.

The Red Coats are coming!

Wasn't it at $1200 a couple of weeks ago?

Doesn't that constitute a plummet?

For what it's worth, I hope you make a jillion speculation bucks on Bitcoins as an investment, and at the same time I hope even more that it becomes a stable currency free of government manipulation.

"Timid men prefer the calm of despotism to the tempestuous sea of liberty" TJ

wasn't it at $200 a few months ago?

it's all relative.

The Red Coats are coming!

$13.49 a year ago, that's

$13.49 a year ago, that's over 5300% growth.

________________________________________

Ad hominem attacks

Thats a new one
Dont like bitcoin?
Statist!
Neocon!

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ecorob's picture

I've taken a puff of pot in my life...

and I've seen fiat currencies come and go.

This is not about ignorance. Its about physical wealth vs. fiat currency or, in this case, "virtual" currency. What do you call them? Besides actual physical wealth, I mean. There is a name. Is it cyber currency?

I know ALL ABOUT the original cyber or, "fiat" currency. You know, too. Its the one that has lost 98% of its value since the banksters started taking their cut. Its the one you and I have in our pockets now.

I want physical wealth and I don't care how you manipulate it.
When your manipulation system fails I will call the shots!

It is getting to where I have more faith in the Russians, the Chinese, The Indian sub-continent, and the Brazilians BUYING gold and silver vs. the US government NOT BUYING it!

Cyber currency is a global slave tool. Avoid it like the plague.

If you have access to clean water, a garden, and a little physical wealth or a learned trade, you are one of the wealthiest persons alive.

its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.

Well said!!!!

Signed in just to give you a +1 !!!!

low volume....

todays chart (Mt.Gox

Do me a favor and change your

Do me a favor and change your screen name to Smaug.

Let's Team Up

and form The Desolation of Lou Reed

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Aha... So you can be clever.

Aha... So you can be clever. Why the constant barrage of anti-Bitcoin trolling? Is it all really a desperate ploy to drive traffic to your web site?

When the news is positive it's dissemination of information

when its negative its trolling!

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when you ignore any positive news, ignore logic, and only post.

and only post negative stories that fit your personal agenda.... It is trolling.

Your only interest in this site is to talk down Bitcoin. When the price rises, "It's a bubble". When the price falls (and it's within a steady trading range over the past few weeks), it's "a collapse."

I looked at your post on Norway, the real story is the chart showing hyperbolic growth in Norwegians that are interested in Bitcion. This was ignored, but the sentiment of the monopoly central bank of Norway is broadcast loud and clear by you.

A shill indeed.

The Red Coats are coming!

How about this negative post

http://www.dailypaul.com/307411/swiss-parliament-to-consider...
Very odd that any perceived slight against bitcoin is like an attack on a beloved family member

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