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Bitcoin falls from $266

data.mtgox.com

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Re: Bitcoin falls from $266

#31

Post by songzme »

To everyone claiming that bitcoin isn't a currency, no shit!

Currency doesn't happen overnight, it's a process to get there. Just like anything revolutionary, it takes time before anyone knows what it will be come. By the time (with a very big IF) bitcoin becomes a viable currency, it's price won't be $200 anymore. It'll be at least a few thousand per coin and people will be transacting in micro bitcoins.

What bitcoin is going through right now, is puberty. If you invest early, you reap profits. If you invest after it is stable, there is very little profit to be made.

Love and give every new idea a chance until you've used it and have a personal reason to hate it.

Negative speculation is for chumps

Re: Bitcoin falls from $266

#34

Post by jgoewert »

mjackson wrote: post #12

Get ready for the massive pop sound...

I'm going to believe that will happen soon. However, right now, it seems to me that Bitcoin is really just going "SHIFT".

We have countries like Cyprus yanking money out of banks, so you get some people shifting their money out of country. So, what does it matter what a bitcoin costs if you are going to launder some cash out? 1:1 is a fabulous laundering rate.

Buy 200 Euro worth of Bitcoin from an account in Cyprus -> Instantly (or asap) sell for 200 Euro to an account in London. The current price doesn't matter as long as you exchange fast enough or at a profit.

Re: Bitcoin falls from $266

#35

Post by makomk »

[deleted] wrote: post #5
ponyous wrote: post #2

Two of the largest exchanges seems to be under DDOS (mtgox and bitstamp). And it wasn't 6 hours it was more like 1 hour.

[deleted]

So far there's just been mysterious lag every time the price starts to drop that stops people from actually selling...

Re: Bitcoin falls from $266

#36

Post by clicks »

tptacek wrote: post #21

Don't worry! It won't ever fall below its intrinsic value!

Serious question: Is that really a fair criticism of BTC? Because afterall, our beloved US currency is fiat based, and often subject to whims of geopolitical games.

Re: Bitcoin falls from $266

#37

Post by ihsw »

pc86 wrote: post #22
ashray wrote: post #13

Before crying wolf, understand that bitcoin exchanges are unfortunately not battle hardened internet businesses. Two of the largest exchanges MtGox and bitstamp are both under DDOS. This may be an attempt by someone to make a large buy at a cheaper price. Due to lack of trading, prices are going downward. However, BTC China is still trading at above $275! That's the beauty of bitcoin, it isn't restricted to just one…

Is it possible to buy from MtGox at $200 and sell in BTC China shortly thereafter at $275? I know nothing about BTC.

As others have stated due to the DDOS your trades will have low likelihood of going through (in fact some people may be doing this as we speak).

Re: Bitcoin falls from $266

#38

Post by gdw2 »

tptacek wrote: post #21

Don't worry! It won't ever fall below its intrinsic value!

I just thought about something I'd never thought before:

Could it be said that bitcoins _do_ have an intrinsic value equal to the marginal amount of electricity and equipment needed to produce one?

Re: Bitcoin falls from $266

#39

Post by ihsw »

6thSigma wrote: post #16

Am I the only one who thinks of Bitcoin as purely a speculative commodity which is leveraged mostly by the fact that it is in a financial grey area?

The currency itself is very grey, yes, however the transaction network is excellent and high-quality.

It's unfortunate that the currency so loudly dominates the news surrounding it. Personally I find the technological achievement of a major, reliable, and international transaction network more impressive.

Re: Bitcoin falls from $266

#40

Post by vader1 »

ashray wrote: post #13

Before crying wolf, understand that bitcoin exchanges are unfortunately not battle hardened internet businesses. Two of the largest exchanges MtGox and bitstamp are both under DDOS. This may be an attempt by someone to make a large buy at a cheaper price. Due to lack of trading, prices are going downward. However, BTC China is still trading at above $275! That's the beauty of bitcoin, it isn't restricted to just one…

It's not just MtGox and bitstamp. Pretty much every other exchange, as well as bitcointalk.org and trackers like bitcoinity are under attack simultaneously. It's a pretty obvious attempt at manipulating the market by causing widespread panic, so that the attackers can buy in at a conveniently low price the moment the attack is halted.
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