Bad Day for Bitcoin. Cryptsy finally admitted theft and Mike Hearn tells truth - page 3.

TeamButtcoin

sr. member

Activity: 466

Merit: 500

Quote from: Altynbekova on January 15, 2016, 11:00:05 AM

This day we have really some bad news for bitcoin.
But that doesn't stop me using bitcoin and having faith with.
Yes is some bad news, but we can't just stop this the year of bitcoin so let see what is going to happen.

that's just you though

BellaBitBit

hero member

Activity: 756

Merit: 500

we knew this would happen. Come on! There are major players who do NOT want Bitcoin to succeed and 2015 was a little too good.

Bitcoin had a banner year in 2015
-RECORD money invested in startups
-lots of press and more mainstream press
-low on scandals
-record volume
-healthy price
-anticipation of the 2016 halving
-banks SCRAMBLING to get in with their fabulous blockchains

Then we see tons of articles in the last month that 2016 will be the year and here comes the halving!

So Hearn wants to abandon AND discredit something he has worked so hard on and been invaluable to?? Why not keep on truckin and work to find a solution. I was raised NEVER to give up.

True believers in the technology and what it can do for the world with be here after all the weak hands have left.

If you are touting that you are selling all your coins, you didn't believe in the first place or you are invested over your head or budget.

What we need right now is that guy that shows up and says "Welcome to Bitcoin Motherfuc$er"

Altynbekova

sr. member

Activity: 476

Merit: 250

This day we have really some bad news for bitcoin.
But that doesn't stop me using bitcoin and having faith with.
Yes is some bad news, but we can't just stop this the year of bitcoin so let see what is going to happen.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: pedrog on January 15, 2016, 07:38:17 AM

Turns out the biggest menace to Bitcoin aren't governments, banks or shady intelligence organizations, but from its own development.

/\

I beat your post by more than a year.

\/

Quote from: QuestionAuthority on December 26, 2014, 08:34:00 AM

I agree 100% with one thing he said, "I am not smart enough to know what will work long term or what will not." I also agree that Bitcoin has problems but don't agree they cannot be fixed and Bitcoin is doomed to fail. If I had said in 1995, "the Linux kernel is dead, it has a multitude of problems that are too difficult and costly to fix to warrant further development" at least a few developers would have agreed. In 1995 Linux had roughly 300k source lines of code. Fast forward to 2014 and the current 17 million lines of code to see that it did not die but instead continues to improve every year. Bitcoin can do the same thing if people choose to continue improving it. The only way it can die is by the hand of its developers and users. Government regulations in one region of the world won't do it.

Denker

legendary

Activity: 1442

Merit: 1014

Quote from: dhimasnk on January 15, 2016, 08:21:33 AM

yeah, this is bad news. But hopefully bitcoin can survive despite facing various problems

Cryptsy had been known to be shady since a long time. Everyone who still was using it was just dumb!!!
So many warnings and reports and the people mostly ignored it!
Regarding Mike Hearn: YES!!!!!!! Finally we got rid of that weirdo!
The price declined to 390 at the moment. Let's see how deep we will go, or if we will bounce back soon.

yohanip

member

Activity: 118

Merit: 100

A Programmer

The positive side are that we could test bitcoin once more for it's stability to overcome such issue, if the coin could not overcome such small issue (if we are talking about one core developer which are backing out because the idea is not implemented to the current protocol that is)
The natural order of things are in motion, and the only thing that we could wait for other core developer breeze out some fresh news to counter-act the statement given by Mr. Mike Hearn

owm123

sr. member

Activity: 392

Merit: 250

Quote from: ?? on ??

Quote from: gravitate on January 15, 2016, 07:54:01 AM

Quote from: ?? on ??

Well i don't think bitcoin is going anywhere, it defiantly has a purpose. The problem with bitcoin is not bitcoin its the users who are foolish enough not to protect their savings.

I agree bitcoin will stay but the price is gonna go down again and people will lose money again... I have told all my non informed friiends to sell also.. Luckily they still got a decent price.

The price will recover just as it always does

Yes, but when and to what level? $450, $400, $200?

gravitate

legendary

Activity: 1372

Merit: 1000

Quote from: maku on January 15, 2016, 10:28:57 AM

This news is seriously overemphasized bullshit. I read more about it and it seems that people think Hearn=Bitcoin or something - and if he leave then bitcoin is doomed, this is not true at all.
What is worrying is he is right about one thing:

"The block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power.
At a recent conference over 95% of hashing power was controlled by a handful of guys sitting on a single stage."

And here we have just another panic sell...

Sure it IS a panic sell you are right but this is a major one.. I do regret selling my bitcoins for sure its sad as I love bitcoin. But this time tomorrow when they are 30% of the value at least I can buy a couple and not feel too bad.

12 Bitcoin I have already lost in a major exchange. I am not losing anymore.

ps I didnt store my bitcoins in there at all I was doing a little trading and once they were there they were stuck... all the time they let suckers still deposit money.. they quite literally scammed people and continuing to take their money even after knowing that they had a big theft.

There is little bits of resistance to the price decline but its going down.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: spazzdla on January 15, 2016, 10:37:30 AM

Quote from: defaultking on January 15, 2016, 10:29:33 AM

Quote from: gravitate on January 15, 2016, 07:32:44 AM

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

This, this is a solid buying chance. Even just for day trading.. very tempted to make a large buy and sell in a week.

i agree. bitcoin is still strong enough. these sorts of news are just temporary bump on the road which will create best opportunities.
it has always been like this, a negative news will become big and spread through the internet and next thing you see is the panic sells and then shortly afterwards the rise begins.

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: defaultking on January 15, 2016, 10:29:33 AM

Quote from: gravitate on January 15, 2016, 07:32:44 AM

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

This, this is a solid buying chance. Even just for day trading.. very tempted to make a large buy and sell in a week.

Yogafan00000

sr. member

Activity: 314

Merit: 251

Humans are not good enough for Bitcoin.

defaultking

full member

Activity: 140

Merit: 100

Quote from: gravitate on January 15, 2016, 07:32:44 AM

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

maku

legendary

Activity: 1288

Merit: 1000

This news is seriously overemphasized bullshit. I read more about it and it seems that people think Hearn=Bitcoin or something - and if he leave then bitcoin is doomed, this is not true at all.
What is worrying is he is right about one thing:

"The block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power.
At a recent conference over 95% of hashing power was controlled by a handful of guys sitting on a single stage."

And here we have just another panic sell...

fuathan

hero member

Activity: 1092

Merit: 520

Aleph.im

I think it is just a temporary crisis. Maybe there will be maximum 60-70 dolar fall then rising will continue.

Posted From bitcointalk.org Android App

gravitate

legendary

Activity: 1372

Merit: 1000

Quote from: xdrpx on January 15, 2016, 10:18:33 AM

From the trend of previous Bitcoin/cryptocurrency exchanges being hacked, it has always had a direct impact on the price of Bitcoin. Also considering that Cryptsy and the bad news about Mike Hearn no longer willing to take part in Bitcoin and having his Bitcoins sold (Probably a large amount?? I'm not so sure), all of these have a downward pressure on the price. But I always remember one thing, nothing's permanent in its state, everything does change for the better over time. I feel the bitcoin price is just correcting itself, it's never always falling. Also the benefit of it reducing in price does induce a lot of buyers to pitch in.

I agree on this Bitcoin always recovers but I predict it will go a lot lower which is why I sold Sad

I didnt want to I just got the feeling I was going to lose even more money... As it was down nearly 25% today already then I am glad.. It may go back to below the 200 usd mark where it was very stable.. Yeah it is a price correction but people still lose their hard earned money.. Thats why I sold first thing this morning when I read both bits of news.. I missed my break time to do so.

xdrpx

hero member

Activity: 616

Merit: 603

From the trend of previous Bitcoin/cryptocurrency exchanges being hacked, it has always had a direct impact on the price of Bitcoin. Also considering that Cryptsy and the bad news about Mike Hearn no longer willing to take part in Bitcoin and having his Bitcoins sold (Probably a large amount?? I'm not so sure), all of these have a downward pressure on the price. But I always remember one thing, nothing's permanent in its state, everything does change for the better over time. I feel the bitcoin price is just correcting itself, it's never always falling. Also the benefit of it reducing in price does induce a lot of buyers to pitch in.

gravitate

legendary

Activity: 1372

Merit: 1000

Quote from: owm123 on January 15, 2016, 10:04:30 AM

Quote from: Amph on January 15, 2016, 07:44:54 AM

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

Quote from: the_poet on January 15, 2016, 07:43:11 AM

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

Well when its one of the Core Dev's with all the inside info then yeah he can cause all the stir he likes lol.

pedrog

legendary

Activity: 2786

Merit: 1031

Quote from: owm123 on January 15, 2016, 10:04:30 AM

Quote from: Amph on January 15, 2016, 07:44:54 AM

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

Quote from: the_poet on January 15, 2016, 07:43:11 AM

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

I don't think the price drop is related to Mike's decision, price was already inflated and less than 2 months ago sub 300 USD.

You're giving too much credit to Mike, the vast majority of people are completely unaware about bitcoin's development and internal structure.

BellaBitBit

hero member

Activity: 756

Merit: 500

Quote from: gravitate on January 15, 2016, 09:00:05 AM

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

It IS all over the news as we speak. This is just another bump in the road and all I see are cheap coins - it will work itself out. The technology cannot be controlled by one person. I try to avoid telling people when to buy or sell because it is volatile and I am not an expert.

owm123

sr. member

Activity: 392

Merit: 250

Quote from: Amph on January 15, 2016, 07:44:54 AM

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

Quote from: the_poet on January 15, 2016, 07:43:11 AM

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

Topic: Bad Day for Bitcoin. Cryptsy finally admitted theft and Mike Hearn tells truth - page 3. (Read 4420 times)