Topic: Cause of the crash - was it bitcoinbillionaire? (Read 3170 times)
Will this crash lead to a cascading effect like in APR?
I agree with several posters above. I would hardly call it a crash, but a market correction, induced by a bad trading system. It is even ongoing as we speak!
if the trend resumes, it was a (much needed) correction. if we move further down from here, it can safely be called a bubble.
there are no bitcoin billionaires, not yet anyway 
I agree with several posters above. I would hardly call it a crash, but a market correction, induced by a bad trading system. It is even ongoing as we speak!
The crash comes from our beloved mt.gox
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
It was trust in a old-fashioned system...
not to mention it's unreliable too
The crash comes from our beloved mt.gox
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
It was trust in a old-fashioned system...
The crash comes from our beloved mt.gox
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/
Our exchange betrayed our trust
Could it be worth somebody's time and money to do something "weird", as they are a fan of Bitcoin and want it to succeed, to "invest" in its stability?
Also you decide yourself if you wanna call this a "crash" or a "market correction". Me personally since I'm usually a person who brags my views I'll happily go for the latter
bitcoinbillionaire is Satoshi Nakamoto. (joke)
Thx to all contributing factors for this market correction. Finally I can buy some Steam games, if Valve can see that this is a serious and stable currency.
Also you decide yourself if you wanna call this a "crash" or a "market correction". Me personally since I'm usually a person who brags my views I'll happily go for the latter
bitcoinbillionaire is Satoshi Nakamoto. (joke)
Thx to all contributing factors for this market correction. Finally I can buy some Steam games, if Valve can see that this is a serious and stable currency.
i stand by that statement, but i can't prove it to you without disclosing my identity, which i'm not going to do.
Bernanke, How many times did we tell you to stay away from cryptocurrencies...
Indeed $13,000 worth of BTC is only 2 mining blocks, a blip.
But its interesting to note that their ARE whales just below the surface that COULD sink the market with but a flip of their tail, looks at this transfer of 79k BTC done just yesterday, perhaps this did spook someone.
http://blockchain.info/tx/5d9ef693d41cb3bb4c6d98e70ea8b2cc91be29a804245a06ec8761d9cddc103c
But its interesting to note that their ARE whales just below the surface that COULD sink the market with but a flip of their tail, looks at this transfer of 79k BTC done just yesterday, perhaps this did spook someone.
http://blockchain.info/tx/5d9ef693d41cb3bb4c6d98e70ea8b2cc91be29a804245a06ec8761d9cddc103c
Nice catch.
I don't buy the coin giveaway theory, even if i gave 1 coin each to 13000 people how many would sell? Not enough to affect price in this manner.
'I say, let the chips fall where they may'
People that like to accuse of conspiracy are basically in denial. Probably easier for them that way than facing the truth.
Personally I entertained the notion that it could have been caused by bitcoinbillionaire after reading that he distributed 13,000 bitcoins. But that was just mistaken reporting, and $13,000 is an irrelevant blip on the order book, so yeah this theory is nonsense.
Someone sent me this article, and I was hoping we could discuss the veracity of his claims that someone giving away a mere $13,000 of BTC was the cause of the crash.
http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html
http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html
That kind of stunt wouldn't make much of a dent. The real culprits are probably panic sellers using marketorders combined with quite a bit of ;;goxlag.
yawn
This guy:
http://www.reddit.com/r/technology/comments/1c30ru/bitcoin_crashes_losing_nearly_half_of_its_value/c9cjkst
Linked to techcrunch who says:
http://techcrunch.com/2013/04/10/bitcoin-crash/
Answer: Decentralized markets
http://www.reddit.com/r/technology/comments/1c30ru/bitcoin_crashes_losing_nearly_half_of_its_value/c9cjkst
Linked to techcrunch who says:
http://techcrunch.com/2013/04/10/bitcoin-crash/
Quote
We’ve reached out to one of the biggest exchanges, Mt. Gox, to see what happened. But another San Francisco-based exchange called TradeHill is saying that the crypto-currency is falling because of there are apparent distributed denial of service attacks on Mt. Gox and Bitstamp. A denial of service attack happens when an attacker overwhelms a target with external requests, so that it can’t honor regular requests from legitimate users.
Answer: Decentralized markets
I find labelling this event as a crash a bit deceptive. Not 30 days ago bitcoin was at $45. Now it's at $175. That's a 340% increase, after a suppose crash. Even if bitcoin had fallen down to $60, it would still be positive from its 30 day "low."
On April 1st, bitcoin passed $100. Sometime on April 7 late or early April 8, bitcoin passed $175. We're back at $175 now. I wouldn't call this a "massive bitcoin crash" with an "ultra accelerated velocity."
Was it a large correction? Absolutely. It's wonderful that it happened.
Quote
"Eventually it's going to crash hard. I bet my reputation on that, Alex. I am 100% sure we are going to see a massive bitcoin crash at some point with an ultra-accelerated velocity. It will be the fastest crash of any currency in the history of human civilization. It will be a high-velocity crash. People are buying bitcoins who don't know what bitcoins are and who have no use for them. These are speculators."
On April 1st, bitcoin passed $100. Sometime on April 7 late or early April 8, bitcoin passed $175. We're back at $175 now. I wouldn't call this a "massive bitcoin crash" with an "ultra accelerated velocity."
Was it a large correction? Absolutely. It's wonderful that it happened.
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Central banks are getting really affraid of bitcoin
Link?
i stand by that statement, but i can't prove it to you without disclosing my identity, which i'm not going to do.
if you read back over my old posts, you will see that i'm as well informed about monetary policy as anyone. this post is nonsense by an uneducated lunatic.
hmmmm
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