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Bitcoin falls from $266

data.mtgox.com

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Re: Bitcoin falls from $266

#91

Post by ashray »

gruseom wrote: post #66
vader1 wrote: post #40

Earlier quoted context omitted.

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.

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.

Re: Bitcoin falls from $266

#92

Post by rubinelli »

mckoss wrote: post #62

Something bad is happening at MtGox - they quote a price of $156 for the last trade - yet my order at $200 was not filled and is still marked as "pending".

It's just lagging horribly, as in, taking more than one hour between receiving an order and executing it: https://data.mtgox.com/api/1/generic/order/lag

Re: Bitcoin falls from $266

#93

Post by andyakb »

songzme wrote: post #31

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 bitcoi…

How is positive speculation any more admirable?

Re: Bitcoin falls from $266

#94

Post by abentspoon »

gdw2 wrote: post #38
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?

I don't know if intrinsic value is the right term, but I've been thinking along the same line.

A Bitcoin is essentially a tradable hashcash, which has direct value in spam filtering.

"Isn't it enough that I ruined a pony, making a gift for you?

Re: Bitcoin falls from $266

#95

Post by motti_s »

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.

Re: Bitcoin falls from $266

#96

Post by dragonwriter »

niico wrote: post #46

Can someone explain me why this could happen? Large amounts of BTCs moving at the same time? What are your theories?

> Can someone explain me why this could happen?

The market value of a speculative commodity can move for any reason at all, as its entirely a consensus among the people buying and selling as to what other people will be willing to accept for it in the future.

> Large amounts of BTCs moving at the same time

The charts from mtgox seem to show that volume picked up after the price had plateaued and maybe dropped a little bit and then volume shot up further again after it went through a trough and a lower peak and started back down again, and once it got down around 200 volume dropped briefly and then picked way up (with a lot more price volatility) again when it dropped further to below 175.

Intuitively say that the first volume pickup was largely profit taking from the plateau and maybe the slight drop, after the slight rebound and smaller peak, I suspect the longer drop was panic selling, and right now (or, given the apparent delay, an hour or so ago) the high volume, high volatility oscillation is a combination of panic selling, bargain shopping for investment, and people taking advantage of arbitrage opportunities between the low price at mtgox and higher prices on other exchanges. But that's mostly just guesswork based on the look of the price and volume graphs.

Where it goes from here...well, we'll see.

Re: Bitcoin falls from $266

#97

Post by dragonwriter »

hcho wrote: post #80
[deleted] wrote: post #73

Earlier quoted context omitted.

[deleted]

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.

Re: Bitcoin falls from $266

#98

Post by SODaniel »

ashray wrote: post #27
pc86 wrote: post #22

Earlier quoted context omitted.

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

If you do have a verified account at both, yes, it should be fairly simple. As of now though it's unlikely that your trades will go through. Also, the price has started falling on BTC China as well.

Yeah but you need to perform the sales with matching funds on both trading platforms. Selling here and transferring BTC/USD to another trading platform is not the method due to the swings and time for verification.

Re: Bitcoin falls from $266

#100

Post by mcintyre1994 »

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.

What do the numbers in the background mean? I've seen everything from $0.01 to $8000+ in about 30 seconds.

EDIT: Realtime transactions? Impressive range if they are.

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