Topic: 2014-06-04 Crash (Read 3468 times)

'tis but a scratch.

A new version of the protocol would be introduced and we would fork to it.  Clients would move to that new fork if 51% of hashing power agreed with the change.

Just curious, how can that happen (make coins unspendable). Would it be like a group of miners coming together (to counteract transactions or something)?

Do you realize how easy it would be to make those coins unspendable like the genesis block?  If abuse is seen, it can be countered with consensus.
 

Educated imagination?

And of course we have Dorian Nakamoto who seemed to tacitly admit that he created Bitcoin, before denying it whilst reminding us all that he signed non-disclosure agreements with military intelligence arms of Uncle Sam.

But then that isn't 'evidence', cos he denied it. OJ Simpson denied killing his wife, guess that means it never happened then. Found Not Guilty in a US court of law! What more 'evidence' do we need to prove his innocence? Michael Jackson sez he never touched little boys! Well, I guess if he sez he never done it then he never done it.

My educated/intuitive guess, is that Dorian is thee Satoshi Nakamoto who headed up a team of well paid cryptologists and coders, working on a classified project for an arm of the US military intelligence. He doesn't hold the keys with the 1.5 MBTC. US military intelligence do. Which leads me back to my theory that once Bitcoin has established a liquid market in the West, it could be used as a tool to undermine national economies of countries who are non-compliant with the USD hegemony in that it would provide a practically unstoppable means of capital flight. Perhaps China and Russia, and some developing nations have clamped down on Bitcoin for now, but if Bitcoin's value continues to grow and it's market cap becomes larger and larger, black markets in Bitcoin will open up in countries where it is banned for sure with huge premiums being paid by those eager to evade their governments fiscal controls. Probably it's main targets are Russia and China, which will be precisely why those two countries were the first to ban it. They recognised immediately the threat that Bitcoin poses for them.

Bitcoin can never threaten the USD unless the US military want it to. After all, they hold the kill switch.......Satoshi's 1.5MBTC!

There hasnt been a crash, its just the fluctuations. If you look at the long term chart its just a detail;
https://blockchain.info/charts/market-price?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=



Satoshi originally wrote
Clearly mentioned "I" as opposed to "we".  The first bitcoin version 0.0.1 had 51 files, of which about 31 files are code.  The c++ files contained a total of 11901 lines of code, c++ header files (definition files) about 7919 lines. A total of 19820 lines of code, it is not impossible as a one man project; I found an older version with about 5 files, which date from 15 nov 2008. Earliest message was on 2008-10-31. The paper has about 9 pages. Id say this is not impossible to do in about a month or two month period.

Al tough lines of code are a bad measure for productivity, lets do it anyway; Say you write 500 lines a day, you'd have 30.000 in 2 months. If you are working with 10 guys 500 lines of code per day seems feasible, it would be 300.000 lines in 2 months. If it was a team of 10 guys.. then what were they doing in all this time?   In addition, when you put a lot of people together you get a lot of discussion about how things should be done, developers have strong opinions. So a time larger of 10 or larger is very very unlikely.
There are a lot of clever people not working for the NSA, dont be mistaking, it is possible it was not developed there.

I noticed this yesterday as well. Was trying to pay for a few things in coins and was frustrated not being able to search for anything. Then I realized blockr.io was functioning fine.

+1

How do you get to "very possibly true" when not a single shred of evidence points in that direction?

Next support target, $580. I would say that it was overall too bullish to go lower than that. Or at least, there should be a strong bounce around this point before the market decides whether  it needs to retest it or hit the level below.

Worst case scenario, Bitcoin could go to around $520 with Bull market still being intact, although this would likely be testing the Jan 2013 support line, which has already been tested twice in the past 2 months, a third test so soon, may prove a little ominous.

No it's not.

Very possibly true.  Or some other govt agency, or combination of agencies.


Aaaaaand now you're talking nonsense.   Didn't even make it through 1 full sentence.  What motivation would they have for that stupidity?   How about the first fully trackable financial system?  Isnt that a wee bit more feasible?  Or maybe some elites got sick of bailing out banks and they actually created this thing to accomplish that.  There are a thousand possible reasons why even a government might invent Bitcoin.  And its no coincidence to me that the US Govt - whom we all expected to ban bitcoin, has welcomed it with open arms.  Think about that a little bit.  Not to mention Dorian working on secret govt projects ...

If you're going to have conspiracy theories - use viable feasible logic.  Its way more fun

-B-

people are a little too on edge and tend to overreact when there's a small downswing. just remember that cooler heads prevail. only a fool panics.

Agreed.

I wish their was a 'Rather' app for this forum for posts containing "manipulation" and "what caused the price to _____."

If there's this much panic and conspiracy theorization over the tiny drop from $680 to $630, I wonder what will happen in here when it retraces further to $560, which will still be a perfectly normal retracement in my eyes?

Congratulations Gingermod on being today's internet fool.

The post is obviously a joke, if you need a /sarc tag in every post to explain that to you then you have a bit of growing up to do.

To explain it to you in the very simple terms you obviously need, the last line is the point of the post:

Meaning it is pointless for the OP to ask for reasons for the dump yesterday because there are a million different possibilities none of which are more or less provable than any others. The point is to say something absurd and then point out it is as valid as anything else that could be proposed.

someone needed a Lamborghini NOW, or pulled some prophits out of the table.
just hodl and see. The fun has still to start.

No, get out.

I wouldnt agree or disagree with everything he says. Some may have some truth, while some parts might be a little to out there. Who knows what the truth is until it unfolds.

You are an idiot.

The price trend at btcpredictions are erratic if you consider the ones of 5+ days long as it is written on the website.

Trendline from 620 is... UPWARDS..

Could be, but we recovered 100% from the last crash. I suspect this will go up a bit higher yet (~75%).

This is just a normal dump, if the price would have dropped from 680$ to 400-450$ could have been called crash.

Every time the price moves a few bucks there always has to be a huge secret plot. Why not just think supply is getting ahead of demand?

Has the chart EVER been right!?

We're right at 652$, recovered 50% from the crash. Do you think it's a dead cat bounce?

If that theory were true (I subscribe to it), then the NSA would have 1.5 MBTC.

They could pull the plug on Bitcoin at will.

Somehow, I rather more suspect that traders are taking profits after a huge price hike once Bitcoin looked like it wasn't going to break (or be pushed) up out of it's 'bullish' cup n handle formation.

crash he says.. lol

keep chillin'

look at the charts around nov/dec 2013.  On its way up BTC would gain 20%, then lose 5% quickly.  Then it would head right back up.  I wouldn't call anything less that a 10% drop a "crash"

Crash? Wait until it drops to 450$ and then call it crash. It's just that the pump is over, time to profit.

Fundamental reason? What?? lol. Have you ever heard of a retracement, and volatility? IT's probably going even lower than 620, perhaps to 550, but it's still just a retracement with no fundamental reason. The whole quick jump from 440 to 680 needs to be retraced and a retracement of 50% of a move is typical in bitcoin.

Lol, go on, base your predictions on this website.

Everytime i checked it, it predicted nothing. Totally broken.

in our china , china ban bitcoin again,, as we all know,it is just a rumour again, someone want cheap btcoins.f*k china.

Crash?  More like a correction or bear trap

looks like the ramp up from 122 to 202 last year using the mighty "what happened will happen again"-paradigm  , expect the bitcoin-train to go choo-choo in ~7 days

Ding ding ding! Ladies and gentlemen, here we have the DAILY CLOWN!!!!!!!!!

The curious thing is that this is the second time it crashes from 670 .. is there any particular resistance there? It seems like it will take a little to break that barrier

Blockchain and Blockexplorer having difficulties very recently. Something apparently wrong with both of their dbs and they appear out of sync. They display normally at first (outside of last block being over an hour and a half ago), but are showing 0 balances and searches aren't functioning properly.

Whether or not that's even relevant is arguable. It's Bitcoin and the price has been bouncing around a lot lately. It happens.

is this really a crash? I have been noticing this trend when it was around 420 and then went higher. It would go high high then settle down then slowely (every 2-4 days) the price would rise.

ie 420 then 470 settle 450 then 520 then settle around 500 etc etc

YAWN !!   

I dont know what the real reason is, but I know this isnt it.

Are you willing to bet on it? (or are you just trying to spread fud to get back in cheaper?)

many dumps happening, we are going back to $400 and $300 fast once we successfully break $600, check price trend at here: http://www.btcpredictions.com/

Bitcoin is a project created by the NSA in order to take money from the crazy anti-government libertarian movement, by getting them to invest all of their money into the project and then pulling the plug.

The problem is those wacko libertarians then invested not just their money but also their time building more and more services on top of bitcoin and popularizing it into a larger movement. Seriously who builds things anymore? No one in the government foresaw that coming.

Now the NSA is desperately trying to shut bitcoin down, but too many people are supporting the network and more and more people keep viewing every price drop as a buying opportunity, so their attacks are less and less impactful.


At least that is my theory for today's crash, it is as good as anyone else's theory and just as provable as far as I can tell.

   it's a sign!!!!  The illamanuti (illuminatis retarded cousin) is out to destroy bitcoin

Another early adopter distributing his bitcoins to new users.

Enjoy your fiat, sucker.

Yes, not a crash.  If no one is making money at a stagnant price, then the price has to change. 

Crash....lolz ...nigga plz

Manipulators gotta get paidz ..if u cant push higher we push lowerz

Back to 666 in 8 hours

Was there any fundamental reason why Bitcoin crashed today from $680 to $620-630?