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Bitcoin falls from $266

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Re: Bitcoin falls from $266

#151

Post by waterlesscloud »

ghshephard wrote: post #133
wting wrote: post #17

I'm interested in the price of Bitcoin, but we don't need these daily submissions. If you're interested in following the price, I suggest these links: - https://bitcoinity.org/markets - http://bitcoincharts.com/charts/mtgoxUSD - http://bitcoin.clarkmoody.com/ If you're interested in talking about the price, try #bitcoin-pricetalk on Freenode.

This is HUGE news on Bitcoin - nothing like this has ever happened in it's history. Market went from $250 to $110 in 5 hours. MtGox was down for 30 minutes today. Trading lag was 600 seconds for orders placed at market prices. April 10th, 2013 may be the day that will be remember for the next 20 years as the day that Bitcoin crashed and either (A) never recovered or (B) kept progressing after an incredible Blip. Defi…

Should bitcoin continue from here as topic of noteworthy discussion, I can say with absolute certainty this will not be the last time it crashes.

Re: Bitcoin falls from $266

#152

Post by Retric »

cs702 wrote: post #135

Evidently, many hoarders/speculators decided to cash out at once -- much like the audience in a movie theater would try to go through the exit door at the same time if someone were to yell "fire!" The naive souls who recently bought bitcoins to make a 'quick buck' are in for a rude surprise. In the short run, no one knows how Bitcoin's price will fluctuate. In the long run, however, if Bitcoin continues to work as in…

Assuming that bit-coin is not passed over for a more useful digital currency at which point the network fails and the total value of all bit-coins falls to 0.

Re: Bitcoin falls from $266

#153

Post by tomkarlo »

hcho wrote: post #110
dragonwriter wrote: post #97

Earlier quoted context omitted.

> If all of the population decided to not pay taxes tomorrow, what power US government has to make them pay up? If all the population did that, that would mean the government had decided that. The population and the government aren't disjoint sets.

So you too are saying government is there by populations consent. Taxes and USD are by products of that consent. So is bitcoin, or any other medium of exchange really.

Yes, but the implications of not consenting are grossly different. If folks don't consent to taxes and USD, they're essentially giving up on things like Social Security, the value of their homes (both in terms of security and transaction value), the value of their income, etc. ... all kinds of secondary effects. If they give up on Bitcoin, they might lose the value of their holdings (which could be zero) but they don't have those secondary losses.

Re: Bitcoin falls from $266

#154

Post by aarongolliver »

sliverstorm wrote: post #43
gdw2 wrote: post #38

Earlier quoted context omitted.

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?

That isn't an intrinsic value. Waste heat does not have an intrinsic value equivalent to the cost of producing it- it is waste heat. Intrinsic value is derived from what you can do with something, not what you did to get it.

The intrinsic value is the bitcoin protocol which provides a framework where transactions become effectively irreversible in about an hour, you don't have to go through a middle-man to pay someone, and it provides anonymity if you need it.

Re: Bitcoin falls from $266

#155

Post by ritchiea »

imsofuture wrote: post #142
ghshephard wrote: post #133

Earlier quoted context omitted.

This is HUGE news on Bitcoin - nothing like this has ever happened in it's history. Market went from $250 to $110 in 5 hours. MtGox was down for 30 minutes today. Trading lag was 600 seconds for orders placed at market prices. April 10th, 2013 may be the day that will be remember for the next 20 years as the day that Bitcoin crashed and either (A) never recovered or (B) kept progressing after an incredible Blip. Defi…

It's hard to treat this re-pricing as a huge crash given that it was preceded by an equally unprecedented boom.

It's not surprising but everyone sensible was wondering when it would happen.

Re: Bitcoin falls from $266

#156

Post by crgt »

jvm wrote: post #128
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…

> However, BTC China is still trading at above $275 Spreads for fungible commodities are generally not good. They mean that either a) somebody is getting massively screwed by paying a price that's way off the mark, or b) nobody's actually trading, which means the asset is illiquid. That is, unless there is some real reason why a BTC should be worth double in China what it is in the US.

Perhaps a pseudoanonymous currency's value is correlated with the oppressiveness of the local govt? I can imagine circumstances where someone might be willing to pay a premium for BTC solely based on their desire for the privacy of their transactions.

Re: Bitcoin falls from $266

#157

Post by sliverstorm »

jacquesm wrote: post #129
sliverstorm wrote: post #41

Earlier quoted context omitted.

US currency isn't backed by gold- it is in a sense backed by the US government. BTC is wholly unbacked.

US currency is backed by the land the US is built on and the means to defend that land, as well as the ability of US citizens to expend their time in a productive way. And to some extent it is currently based on the ability of the United States to protect its interests overseas, the trading of oil in the US dollar and significant trade partners accepting the US dollar as a means of exchange for goods shipped to the U…

I'd like to point out that this is the same for just about every country.

Re: Bitcoin falls from $266

#158

Post by sneak »

ghshephard wrote: post #133
wting wrote: post #17

I'm interested in the price of Bitcoin, but we don't need these daily submissions. If you're interested in following the price, I suggest these links: - https://bitcoinity.org/markets - http://bitcoincharts.com/charts/mtgoxUSD - http://bitcoin.clarkmoody.com/ If you're interested in talking about the price, try #bitcoin-pricetalk on Freenode.

This is HUGE news on Bitcoin - nothing like this has ever happened in it's history. Market went from $250 to $110 in 5 hours. MtGox was down for 30 minutes today. Trading lag was 600 seconds for orders placed at market prices. April 10th, 2013 may be the day that will be remember for the next 20 years as the day that Bitcoin crashed and either (A) never recovered or (B) kept progressing after an incredible Blip. Defi…

> nothing like this has ever happened in it's history

Completely false. The curve mirrors the speculative run-up from $0.50 to $30 pretty closely... the LAST time bitcoin's market scaled an order of magnitude.

It's happened before. It will happen again.

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