Topic: Bitcoin bubble crash @ 100$ Summer of 2013? (Read 9216 times)

this
+1

I am then on board with a bigger amount of bitcoins 

I read this in some other tread:
"A first world government could launch a 51% attack on Bitcoin, but it would be quite pointless. The blockchain would just be reset back to before the attack happened and a patched client that rendered the 51% attack useless would be released"

Is this possible to reset back, and realese new client ?

If some teenage geeks can produce 1000 Avalon ASIC then it shouldnt be any problem for NSA to produce 20 000 ASICs on contract.

Who is shipping 20,000 ASIC's.

In before you tin foil with some crazy idea that the black ops CIA alien collaboration is working on mass producing ASICs..

Yes The Government can have 90% control over bitcoin network with the budget of 20 soldiers = 20 million dollars

20 US Soldiers = 20 million dollars =>
$20 000 000 / $1000 = 20 000 ASICs
20 000 * 60 Ghash = 1 200 000 Ghash compared to 60 000 GHash today

LOL
wat

According to CNN one US soldier stationed in Afghanistan costs around 1 million dollars per year to "fight terrorism". So the cost to fight or control BitCoin will be the equivalent of 20 US Soldiers per year, thats nothing for NSA with billions in budget. The FBI and IRS will also love bitcoin since its tracable, they will easily track down and screw people for small crimes.

Our beloved bitcoin might become the fiat-beast we wanted to abandon.

But Governments are not that stupid.
They maybe even read this post ;(

Is this really true ? sounds like something to maybe fear ?

What if client is propper connected through Tor ? I go thinking this is 100% anonimity
And if paranoid, can bring laptop to a hotel or some place, in another city. to make the transfer

OP did you buy back in? lol

This market is crazy, we got almost 200$ today and BTC now is correcting to 170$.

Hopefully we will get a bigger correction (crash) that will scare all the greedy noobs that dont know anything about bitcoin but just want to get rich quick.
For the best of the bitcoin community I am hoping for a crash towards 20$ so the noobs dissapeear and the geeks can build a stronger foundation before bitcoin becomers main stream. Right now I dont think the technology or the eco system is ready for a massive main stream users.

Biggest issues of bitcoin right now:

-Not user friendly Not easy to use by your mom, dad and grandma... Bitcoin is to geeky to have a market cap of billions $ right now

-Monopoly of one exchange - It is a huge problem that one exchange (MtGox) got most of the bitcoin market.

-Security risks for noobs - Instawallet was the latest big hack lately

-Lack of Scalability MtGox and other popular sites are not built to be used by millions of users

-Lack of anonimity - (Governments can easily track individual accounts, the smallest problem is tax problems, biggest problem is people who think they are anonymous when they buy stuff from Silk Road...

-Risk of 51% takeover - Bitcoin can esaily be controlled by governments, corporations or maffia with an investment of a few million dollars in ASIC-computers. They can use their 51%+ hashing rate to either screw the network or block some accounts that they dont like. Anyone investing 20 million dollars in ASIC right now will have 90% of the network.

Currently on the hourly trend we are seeing a double top forming.  This is quite significant.

With every bubble more people learn about it. The price explodes when the right person gets behind it. I've been buying because the possibility of the bubble bursting isn't 100% It may not be a bubble. But in the grand scheme if this thing is going to succeed... well it's very young, and I want to have some skin in the game, is that the expression?

Log chart.
Buy.

Yes the parabolic curve can last forever, and ever and ever... or not. I am expecting a huge drop to 30$ so all noobs are shaken out.

Ironically Zero Hedge mentioned BitCoins parabolic curve just hours before the drop from 147$ to 100$


http://www.zerohedge.com/news/2013-04-03/bitcoins-go-parabolic

yep we are already returning to the normal

probably 300$ by april 15

Two hours later and it has rebounded to 120.

I would wager that these quick price dips are people sitting on piles of coins who think to themselves, "Welp, if I cash out now, I can have 500k. Good enough for me."

Seems like BitCoin and LiteCoin is crashing now - BTC down from 147 to 100 (32%) and LTC from 6$ to 3,7$ (38%).
If the downtrend continues for several days/weeks we will probably end up with BTC down 80% and LTC down 90% from ATH.

100 was reached which triggered lot of dumb money to buy at levels between 100-150 which now could have been the top for this time. This time the bitcoin market has a broader user base, more hashrate (more secure) and got more merchants offering services for coins. So lets say 70-80% could be enough in this crash.

$150 * (100%-80%) = $30
$150 * (100%-70%) = $45