Bitcoin falls from $266 • Hacker News Board

Re: Bitcoin falls from $266

#101

Post by brador » Wed, Apr 10, 2013, 7:25 PM UTC

NathanKP wrote: post #69

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.

I like this prettier and easier to read interface: http://realtimebitcoin.info/ I've been watching it drop from $200 to $157 over the last hour or so.

How many sellers caused this? Was it a whale cashing out or multiples panic jumping the ship?

Re: Bitcoin falls from $266

#102

Post by driverdan » Wed, Apr 10, 2013, 7:25 PM UTC

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.

Agreed. I'm going to start flagging them. Due to their volume they've become spam.

Re: Bitcoin falls from $266

#103

Post by epscylonb » Wed, Apr 10, 2013, 7:27 PM UTC

mikeash wrote: post #68

jgoewert wrote: post #34

Earlier quoted context omitted.

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 -…

How is someone in Cyprus going to buy bitcoins? If the exchange is out of the country, then it doesn't help, because you already have to move the money out of the country to get it to the exchange. If the exchange is within the country, then the rate offered is likely to be far less favorable than elsewhere in the world, because demand is higher.

If the exchange allows international traders then the price will equalise with the rest of the world due to arbitrage.

Re: Bitcoin falls from $266

#104

Post by binaryorganic » Wed, Apr 10, 2013, 7:27 PM UTC

motti_s wrote: post #95

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.

I'd argue that HN has a built-in mechanism for determining what's interesting to its users. If a Bitcoin related story gets voted up to appear in the top page every day, then maybe it should be there.

This. There's been so much talk about curation/deletion of posts lately. Letting the algorithm do it's job is the only way to determine what's HN worthy in my view.

Re: Bitcoin falls from $266

#105

Post by bdr » Wed, Apr 10, 2013, 7:27 PM UTC

clicks wrote: post #36

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.

Actually, you can set a price floor on Bitcoin. It's the dollar value of the transaction float at The Silk Road.

Re: Bitcoin falls from $266

#106

Post by knowaveragejoe » Wed, Apr 10, 2013, 7:29 PM UTC

ashray wrote: post #91

gruseom wrote: post #66

Earlier quoted context omitted.

A genuine crash in which everyone was trying to sell at once might look like a DDoS. How do you know this is not that? (No opinion, just curious.)

All bitcoin sites, whether they are forums or exchanges went down. It was a widespread DDOS on pretty much anything bitcoin related. For example: bitcointalk.org was also down.

That still does not verify beyond a reasonable doubt that there was a widespread DDoS on "pretty much anything bitcoin related". Can you please explain why such attackers would bother spreading their DDoS volume across such a wide range of sites instead of focusing it on the one site that handles 80% of btc usd conversions?

Re: Bitcoin falls from $266

#107

Post by Kiro » Wed, Apr 10, 2013, 7:29 PM UTC

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.

No, thanks. I prefer getting the relevant updates from HN.

Re: Bitcoin falls from $266

#108

Post by brink » Wed, Apr 10, 2013, 7:30 PM UTC

driverdan wrote: post #102

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.

Agreed. I'm going to start flagging them. Due to their volume they've become spam.

Don't forget that people upvote them. There are many people who find them interesting and don't think that they're spam, including me.

Re: Bitcoin falls from $266

#109

Post by [deleted] » Wed, Apr 10, 2013, 7:31 PM UTC

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…

[deleted]

Re: Bitcoin falls from $266

#110

Post by hcho » Wed, Apr 10, 2013, 7:31 PM UTC

dragonwriter wrote: post #97

hcho wrote: post #80

Earlier quoted context omitted.

And what's the backing of US citizens paying taxes? If all of the population decided to not pay taxes tomorrow, what power US government has to make them pay up? Government itself operates on the backing of people's consent. That's not too different from Bitcoin users' consent.

> 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.