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Bitcoin falls from $266

data.mtgox.com

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Re: Bitcoin falls from $266

#351

Post by discobean »

bdr wrote: post #231
wcoenen wrote: post #201

Earlier quoted context omitted.

> On the contrary this is just the most pronounced in a series of recent coordinated DDOS / aggressive selling attacks designed to (successfully) inspire panic. The bitcointalk forums and /r/bitcoin are full of paranoia like this. After months of stress trying to divine market patterns, people see market manipulation and conspiracies everywhere. The simple truth is that there was an agressive bubble. The doubling per…

> paranoia MtGox has said they were subject to DDoS attacks: https://twitter.com/MagicalTux/status/317423311174909954 > If you looked at the log plot[2], it still looked exponential! Trying to divine future price movement from looking at a graph has been proven definitively, repeatedly to be foolish.

Right.. Because a DDoS on their site should create a trading lag in their backend engine?

Are they running on 1 server?

Re: Bitcoin falls from $266

#352

Post by delsarto »

I signed up for mt.gox about a week ago, at that time the verification queue was >10,000 and I'm still about 5000 now. My plan was to buy one bitcoin to gamble with; presumably that was the plan of the several thousand others in the queue as well. So, based on that, with something like 1000 new verified (hence able to easily trade) people coming into mt.gox a day, I'd expect this to go on for a while...

Re: Bitcoin falls from $266

#353

Post by biturd »

I know very little about BTC. I have a few grand and would like to but some at around 100.00 each in hopes of doubling and cashing out. Is there a good step by step for beginners?

I'm not worried about secrecy and track ability, more ease of use, being able to do this all from the comfort if my computer without trips to Walgreens or doing wire transfers. J have no intention of buying anything other than perhaps donations to reddit and Wordpress.

Re: Bitcoin falls from $266

#354

Post by MichaelApproved »

aw3c2 wrote: post #216
DanBC wrote: post #184

Earlier quoted context omitted.

The guidelines suggest that people flag for spam or off-topic: > Please don't submit comments complaining that a submission is inappropriate for the site. If you think something is spam or offtopic, flag it by going to its page and clicking on the "flag" link. (Not all users will see this; there is a karma threshold.) If you flag something, please don't also comment that you did. Some people (but not me) flag all Bit…

I lost my flagging rights without further notice when I thought I was flagging well, so be careful.

It's interesting that the flagging rights would be removed instead of being ignored.

I thought the flagging system used a scale of importance based on the users history. If you show good history of flagging, your action is more important. Same goes if you show poor history of flagging.

Re: Bitcoin falls from $266

#355

Post by mrb »

rayiner wrote: post #349
mrb wrote: post #325

Earlier quoted context omitted.

"It's until one-two major governments decides to make it illegal to deal in bit-coins..." I don't know about other governments, but I doubt the US will ever declare Bitcoin illegal (though I am told to never say never). Supporting my viewpoint, the US Treasury Department, through FinCEN, has recently tacitly approved Bitcoin: http://www.businessinsider.com/is-bitcoin-legal-2013-4 I think the US government would prefe…

You're fighting an uphill battle. On a deeply, delusionally paranoid hill.

What a pessimist you are. I would not want to live in your world. In mine, in the hypothetical case we will need to fight for Bitcoin, we will, like we did against the SOPA bill.

The government is made for the people. Don't you forget that.

Re: Bitcoin falls from $266

#356

Post by maxerickson »

caf wrote: post #346
coldtea wrote: post #211

Earlier quoted context omitted.

It's until one-two major governments decides to make it illegal to deal in bit-coins that it's price will drop to zero. It doesn't matter if they can't enforce it 100% (or even 1%). What matters is that it will kill almost all opportunities to use it as regular money for legitimate purchases by major companies etc in the future. And that it could also land your ass in jail (with ISP monitoring and such being what it…

I've been trying to figure out a way in which bitcoin could be useful for money laundering, and I just don't see it. Classic money laundering schemes use businesses which typically have large amounts of anonymous customers paying in cash - the dirty money flows in as cash purchases that didn't really happen from customers that didn't exist. The pseudonymous bitcoin doesn't seem to support this use - it will be obviou…

You could spread around small cash payments to establish a bitcoin network and then extract clean money when you managed to get enough outside interest.

I don't particularly think that is what is happening though.

Re: Bitcoin falls from $266

#357

Post by tvladeck »

drcross wrote: post #345
thatthatis wrote: post #224

Earlier quoted context omitted.

There is literally no fundamental value to bitcoins. Spikes and crashes are absolutely to be expected in such a situation.

same as the dollar and euro then. They are not backed by anything except the status quo.

not 100% true. you have to pay taxes in dollars. the currency is backed by the value of not going to jail.

Re: Bitcoin falls from $266

#358

Post by sliverstorm »

baddox wrote: post #316
sliverstorm wrote: post #302

Earlier quoted context omitted.

I think the real problem is with the metaphysical implications inherent in the word "intrinsic." There it is, folks. We aren't talking about a simple concept, we are talking about the metaphysical and the deeper implications of words. What is a "word", anyway? Let's take a moment to consider.

No, let's not at all consider the meaning of words, because the meaning of words is of no importance in a discussion.

You've really got in in for me, don't you. You're like half the comments in this comment block.

Re: Bitcoin falls from $266

#359

Post by Cushman »

drcross wrote: post #345
thatthatis wrote: post #224

Earlier quoted context omitted.

There is literally no fundamental value to bitcoins. Spikes and crashes are absolutely to be expected in such a situation.

same as the dollar and euro then. They are not backed by anything except the status quo.

The dollar is backed by the word of the most powerful organization in the history of civilization. If that doesn't have value, what does?

Re: Bitcoin falls from $266

#360

Post by thatthatis »

drcross wrote: post #345
thatthatis wrote: post #224

Earlier quoted context omitted.

There is literally no fundamental value to bitcoins. Spikes and crashes are absolutely to be expected in such a situation.

same as the dollar and euro then. They are not backed by anything except the status quo.

Dollar/Euro are backed by central banks who dynamically maintain money supply to maintain a promise of low price inflation.

Their fundamental value is derived from fiat.

It's similar, but not the same.

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