13 votes

Bitcoin gone insane again, people tired of hearing it.

Bitcoin has once again gone insane, this time not surging but going lemming off a 25% cliff overnight. Early speculation hovered around reports that "somebody is attacking bitcoin businesses" which was triggering a selloff in midrange holders however by the time this reporter fell asleep last night one thing was clear:

It didn't make sense.

Now this morning we find MTGOX, the largest open exchange, has suspended withdrawls. The only way this explains the timing of this latest plunge is if someone got tipped off that GOX was about to halt withdrawls. And this should have triggered a FURTHER drop, however we see bitcoin stubbornly trying to cling to $750. I'm not sure it matters, it's testing $700.

So bitcoiners, what are we thinking? The lack of chatter on this is another nuance to this situation. Are we bored of bitcoin? People tired of dealing with bipolar, high-maintenance currency relationships?




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Crypto currency may be the

Crypto currency may be the way of the future, but bit coin is not. Bitcoin is a pump and dump scheme. It doesn't make sense to deal day to day in a currency that has such volatile price swings. Knowing what I know now, I would have bought in at day one and sold out a long time ago. Ponzi schemes work fine for the first people that invest.

Any new currency will be this

Any new currency will be this volatile. Essentially what you are saying is that you don't trust the free market, because speculators ARE part of the free market. The only currency that will not be volatile when coming first on the scene is a government issued currency that prevents volatility through force.

Pumps and dumps

Looks to me like the first "test" pump and dump happened around May, 2013. Then the big pump began in earnest around October, 2013. This "currency" is clearly manipulate-able. And I suspect the manipulators are the usual suspects who have access to as much free paper money as they need to buy up bitcoin. It's a twofer for them since they get to make sure that bitcoin stays unstable as a currency, while making huge profits in the process!

https://blockchain.info/charts/market-price?timespan=all&sho...

What's the answer? I don't know. But what happened to the movement for NON-FIAT currency? Wasn't that the "cool" thing a few years back? I still think it's pretty cool.

Sincerely,
Ray Powell
Founder, Hacking For Change
Head Geek, Startbutton.com

Bitcoin could have been great

but these exchanges are becoming the new banksters. This kind of concentrated power over bitcoin will eventually be abused if not already.

Very good point

All of these "currencies" are controlled by someone else. My gold and silver are under my control.

Gold and silver have

Gold and silver have exchanges as well...... Just sayin´......

Mt Gox & Bitcoin Foundation blame each other

https://bitcoinfoundation.org/blog/?p=418
Lot of trouble here. Bitcoin Foundation's Gavin Andersen (who was busy giving talk @ Council on Foreign Relations of all places!! video below) blames Mt Gox for bugs.

"Contrary to Mt. Gox’s Statement, Bitcoin is not at fault"
but goes on with sorry excuse
This is a good reminder that Bitcoin is still young and experimental.

Mt Gox claims Bitcoin platform always had transaction integrity bug & ignored it.

Given my personal knowledge of transactional integrity, having worked in enterprise business software field for many years, I feel Bitcoin Foundation is IN THE WRONG here. They can't possibly have their platform go live with such a serious flaw.

Peter Schiff is looking like the smart one in all of these developments. What says Max Keiser, any recents comments from him on this?


http://youtu.be/BgFUAhz7h2U

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Only mtgox has these

Only mtgox has these problems. Why do you think the other exchanges don't have these problems? Because the other exchanges aren't this incompetent. The devs have warned mtgox about this particular issue, but mtgox simply ignored their advice.

And people have given mtgox alot of slack, because mtgox made the ball roll and let bitcoin become mainstream. But because they were the first, they are also the least experienced and qualified in running an exchange. Mtgox is short for Magic The Gathering Online eXchange, which is a card game for crying out loud. Karpeles has a gaming background, not to mention that he was insane enough to program his exchange in PHP, which is a notoriously shitty programming language and entirely unsuitable for creating an exchange.

As for Peter Schiff, he may likely turn out to be right about a dotcom crash occurring, but we should keep it in perspective. The dotcom bubble did not invalidate the inherent usefulness and worth of the internet. I believe the same will be true for bitcoin.

Not a serious flaw at all

The bug they're talking about was known in 2011, it's minor because it's easily avoided, and there are other implementations that avoid any problems at all with it to prove it's easily avoided. There is zero risk of this bug being used in an exploit in any competent implementation.

Bitcoin is still young and experimental, and some of the alt coins are doing as well as they are because they address significant design flaws in bitcoin. But this isn't one of those significant flaws.

The volume had dried up until

The volume had dried up until this. It looks like an over-reaction to bad news. Not that 900 was a good price. Who the hell knows what would justify a good price. This thing is pure momentum. But I'm not a trader, so FWIW.

I'm sticking with gold and silver...

Can't wrap around computer money.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I have one word for you...predator drones. Oh, you think I'm kidding?" Obombya

Its simple here you go

077 111 110 101 121

Now I am more lost than before....

thank you.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I have one word for you...predator drones. Oh, you think I'm kidding?" Obombya

More Mt Gox drama

Mt Gox claims there's a bug in the bitcoin protocol and it must be fixed before they can allow withdrawals again:
https://bitcointalk.org/index.php?topic=458074.0

The bug Mt Gox refers to is a real one, but it's been known for years and there are simple workarounds. https://bitcointalk.org/index.php?topic=458575.0 So their demand that the bitcoin protocol be fixed before they will allow withdrawals again really makes no sense Best case, their implementation was flawed and they were stupid not to fix it in the mean time, and now someone has been exploiting the bug and there's no simple way to fix their code so they're hoping that they can get the bitcoin developers to fix it for them.

Here's an interesting account from someone who says they went in person to the Mt Gox offices in Japan to demand their bitcoins:
http://bitterco.in/customers-account-of-his-visit-to-mt-gox-...

Meanwhile, there was a flash crash on one of the exchanges:
https://bitcointalk.org/index.php?topic=458248.0
So for a few seconds there was a chance to buy bitcoin as low as $100 or so. It wasn't Mt Gox so if there was any connection at all to the Mt Gox issues it was just someone panic selling in the stupidest possible way.

Sound alternative? Get rich quick commodity? Trojan horse?

I'd been following Bitcoin since i first heard about it on the DP and it was round 2 dollars. i planned on getting in and finally making a purchase at 10. The short of it is that i never got in and off it went.

But now I ask myself "is Bitcoin behaving like a commodity or as a currency"? Maybe both? But if so, i'm still in the commodity camp thinking. I think the price surge that occured is a bubble and its being used more as a commodity right now. I also found it interesting to read below that literally hundreds of crypto currencies are on line and / or will be. Is there money to be made? Sure, but there is big money to lose also. I do think its a trojan horse for a future ( after a large % of the worlds population is in all these digital currencies) crash thus making way for the 'one world currency'. Perhaps the IMF SDR?

So what are my reasons for playing the digital currency market? To gamble and perhaps make some money, or to protect wealth and store something valuable in a declining dollar? Should I catch a big swing down or opt for the next very low priced crypto currency and treat it like a penny stock? Perhaps ones wealth might better be stored in gold and silver? But the manipulation in that market is occurring. With bitcoin at 10 cents and 10 dollars, sure let's put some money into it. How many here would put 20K...100K into bitcoin if they had it currently in gold, cash, or stock market right now?

Well, I for one think that the bubbles we are going to see in the future of digital currency is going to make 2008 look like a burp, but that's just me. I again believe this is a move to a cashless society and simply gives TPTB future control of the people.

At least that's my take. Now anyone have a get rich quick tip on an up and coming digital currency, Im in!!!!! haha

Yup.

To me it's kinda like phasing between commodity, investment vehicle and more recently a currency. Before a few months ago it was a proto-currency. It's new and it's different and it defies classification. Like a 4th gender. It is all 3 previous options given to transvestitism.

Get your preps together! Learn historic food storage and preservation methods and the science that makes them work now, start saving money and the future

It doesn't matter

Corporations are re-engineering their payment systems to accept BTC, large financial players and institutional investors are setting up to invest in a big way, and govt regulatory authorities so far (in the West) have made nods in it's direction.

This means that - in the medium term at least - BTC and cryptocurrencies are only going to go up.

Way up.

In that case the short term swings in volatility are natural and expected. In fact - these short term plunges and 'freak-outs' are a great time to buy.

Because in a very short time it will rebound and add anywhere from 20% to 50% or more on your investment.

If you don't understand any of this and do not follow the moves that business and the financial system are making on a daily basis, then you will make all the superficial arguments that are typical of people that don't really understand the technology and don't know whats been going on.

In that case, don't get involved. Its your dime. [ edit: not aiming this at the OP, obviously ]

I'm a reserved evangelist

I don't mind emphasising the risks. There's a lot of them. To those who say "government can't touch this" I say watch them. I just liquidated some bitcoin last night because this week in need the relative stability of FRNs. I need my money and I don't want to have to guess what it will be worth tomorrow. But I still accept them as payment so more are coming my way.

Get your preps together! Learn historic food storage and preservation methods and the science that makes them work now, start saving money and the future

That's ok, I'm not much of an evangalist myself

I just took my time, did my homework, and eventually made an informed decision that it would probably be dense of me *not* to make some almost 100% guaranteed gains to support a new money system that might (*might*) be a key to slaying the banks someday.

At this stage keeping 'staying-in' and 'getting-out' as strategic short term decisions is a smart play.

Riding the gains on cryptocurrency (buying low), then selling a % of it at peaks to buy metals is something that obviously has not occurred to a lot of naysayers lol.

That's ok: the strategy is working great without them :)

Just curious - Are the idiots defending BitCoin

the same ones who were touting HHO?

Leges sine moribus vanae

I'm only just an idiot, but

I'm only just an idiot, but what's HHO?

I could use a hand

setting up a wallet and MaxCoin miner...if anyone has any links that would help, please post. I'm having some problems with it.

"If this mischievous financial policy [greenbacks], which has its origin in North America, should become endurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without debts. It will hav

Fraid we'll need more info

to be specific cause there's a heck of a lot info out there.

Get your preps together! Learn historic food storage and preservation methods and the science that makes them work now, start saving money and the future

Max Keiser?

Has Max Keiser been busy doing pump & dump on Bitcoin?! ;-)

Peter Schiff is most probably correct in assessing Bitcoin. Bitcoin platform itself is extremely valuable with great intrinsic value. Bitcoin as a currency itself (store of value & intrinsic value) is highly debatable right now.

Overstock, Tesla etc. might have started accepting Bitcoin payments, but in all likelihood they're betting more on the platform than currency itself.

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!
http://facebook.com/NoPropagandaZone
http://twitter.com/the_chiefe71

Didn't know that about Peter, for Tesla it was a no brainer

Hadn't caught that Peter attributed intrinsic value to the system....interesting...

It has finally begun to function as a currency day to day. It's still behaving as part commodity. As far as store of value...it's inherrantly more risky than gold so it creates a great hedge if you are metaled up. IMO. As a backup strategy against banks, as in YOUR bank failing I think that might work like a champ.

Get your preps together! Learn historic food storage and preservation methods and the science that makes them work now, start saving money and the future

Peter Schiff Bitcoin platform

Yes, Peter did acknowledge in one of the gazillion videos he produces that Bitcoin platform has very high intrinsic value, but he's extremely hesitant about Bitcoin as a currency. Most of Peter's videos are very long, at least half an hour or more & he tends to ramble on. So it's hard for me to search it now. I wish I had filed away the particular video in which he said this, but if I find it again will track it back here.

For the record, Tom Woods who is very closely associated with Peter Schiff made same public acknowledgement: Bitcoin platform (as long as it remains open & not banker controlled thru infiltration) will be very valuable. Not sure what Tom thinks about Bitcoin as currency. But I suspect his thinking is similar to Peter, given that they both influence each other.

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!
http://facebook.com/NoPropagandaZone
http://twitter.com/the_chiefe71

Is there anyone who thinks the banksters AREN'T manipulating???

Of course the banksters are printing new money and buying up bitcoin! Does anyone really believe they aren't?

(Yes, I know my description was a vast over-simplification)

Sincerely,
Ray Powell
Founder, Hacking For Change
Head Geek, Startbutton.com

People are saying "Russia banned bitcoin" but uh.......

yeah my buddy in Russia points out that this merely reinforces existing policy: only Rubles are allowed for direct purchases in Russia. You can't walk into a store and buy a car with bitcoin or gold or silver or USD in Russia either. There is NO NEW LEGISLATION AND NO NEW BAN AND NO SPECIFIC LAW REGARDING BITCOIN WHATSOEVER AT THIS TIME.

But now of course we can't let a little thing like reality get in the way of a juicy rumor can we?

Get your preps together! Learn historic food storage and preservation methods and the science that makes them work now, start saving money and the future

I was hoping for a bigger

I was hoping for a bigger drop so I could buy more.