Topic: Reason for current Bitcoin crash (Read 9577 times)
pirate makes the crash so he can short the coins then buy for less. else he can not pay back invests
Bitcoin is limited. Therefore more people using it = higher price per bitcoin. This is exactly why the price will go up (by enormous factors) in the long term, regardless of any temporary spikes and drops (which are just incidental market hype and panic movements).
Why would more people use bitcoin?Similarly, people would ask in the early 90's:
"Why would more people use email, when regular post works just fine? Email is just cyber stuff for nerds and techies."
Another subj: Liberty Reserve mass account blocking https://bitcointalksearch.org/topic/libertyreserve-mass-account-blocking-101955
Another subj: bubble-like price jump
Another subj: bubble-like price jump
The prize could also go down. Too many people know about bitcoin and using it. It's not a geek only 'currency' anymore. so there are a lot of stupid people using it.
Bitcoin is limited. Therefore more people using it = higher price per bitcoin. This is exactly why the price will go up (by enormous factors) in the long term, regardless of any temporary spikes and drops (which are just incidental market hype and panic movements).Why would more people use bitcoin?
I for one love panic. I have found that the most profitable circumstances arise during a panic. New peers especially are vulnerable. They buy at $13 then they see that the price has dropped to $8 and dump their coins. Of course later that day the price has gone up to $9 and there is a lot of crying.
The best time to buy is when people are panic selling. The best time to sell is during frenzied buying, like last weeks rapid climb to $14. Those people are acting irrationally. Timing it is the trick. How high and low will she go? That is guesswork.
The best time to buy is when people are panic selling. The best time to sell is during frenzied buying, like last weeks rapid climb to $14. Those people are acting irrationally. Timing it is the trick. How high and low will she go? That is guesswork.
put "criminal activity" and "Bitcoin" together in a sentence, and you have a news-worthy story.
It's pretty hard to put "legitimate activity" and bitcoin into the same sentence. Bitcoin has Silk road, gambling (evading US laws), and ponzi schemes. Is there anything legit?
The prize could also go down. Too many people know about bitcoin and using it. It's not a geek only 'currency' anymore. so there are a lot of stupid people using it.
Bitcoin is limited. Therefore more people using it = higher price per bitcoin. This is exactly why the price will go up (by enormous factors) in the long term, regardless of any temporary spikes and drops (which are just incidental market hype and panic movements).Why would more people use bitcoin?
I'm kind of hoping Bitcoins go back to around 5 or lower, so I can buy back in.
Sell everything till it goes down to 3 USD/BITCOIN
This will not happen. If you want to buy, now it's the right time do that. The price is recovering, so I advise you to move your asses and go bullish.
none of this really matters. will BTC reach $15 ever again? yes. will people be scammed again? yes? will the market crash again? yes. its all trivial, but BTC always will recover somehow.
Words of wisdom, dear sir. Words of wisdom.+100 internets to you
none of this really matters. will BTC reach $15 ever again? yes. will people be scammed again? yes? will the market crash again? yes. its all trivial, but BTC always will recover somehow.
Well it climbed back up to $9. I don't know if I should be selling every thing before it drops super low or will it? I only have 2.2 btc but I was going to buy a gift card in btc sometime in the next few days so I can get my mom some new desktop speakers 
I'm kind of hoping Bitcoins go back to around 5 or lower, so I can buy back in.
Even if Bitcoin gets in the news in a negative light, that is only short term. Long term it seems like it would be beneficial because Bitcoin is getting attention, getting the word spread around.
Even currencies, stocks, and other types of investments have ups and downs. For anyone to even really put Bitcoin in the news, even if negative is good imo. Kinda legitimizes bitcoin as an investment outlet. Just that many more people know about it and will research it. Investments usually really only make the news too if sometime bad happens, unless you are a large booming industry like Apple. Then you are always in the news good or bad.
I look at the market a lot like a stock. Very risky, but can be very profitable. Stocks can have have crazy ups and downs too. Just because the stock is $8 today doesn't mean that it can't be $50 the same time next year or even regain all its losses within a couple days. Or even go lower.
Even currencies, stocks, and other types of investments have ups and downs. For anyone to even really put Bitcoin in the news, even if negative is good imo. Kinda legitimizes bitcoin as an investment outlet. Just that many more people know about it and will research it. Investments usually really only make the news too if sometime bad happens, unless you are a large booming industry like Apple. Then you are always in the news good or bad.
I look at the market a lot like a stock. Very risky, but can be very profitable. Stocks can have have crazy ups and downs too. Just because the stock is $8 today doesn't mean that it can't be $50 the same time next year or even regain all its losses within a couple days. Or even go lower.
Sell everything till it goes down to 3 USD/BITCOIN
Thank you! When most people hear percentage returns they understand it as an annual percentage rate a 3300% APR return illustrates the gravity of the claim.
That's over 3300% yearly interest. Doesn't take a genius to figure out that such a scheme wouldn't hold.
he was a big player that was running a BTC company called Bitcoin Savings and Trust that was offering a staggering 7% return on investments.
7% per week, mind you That's over 3300% yearly interest. Doesn't take a genius to figure out that such a scheme wouldn't hold.
Yeah, a crash of this magnitude set off because people fell into a ponzi scheme is not good press for bitcoin. 
It's not bitcoin's fault. Things like this happen all the time with fiat currencies. People just have to learn basic economics. Some of the them the hard way. Everything will be alright, once the market wakes up from the shock. That's all.The unfortunate thing about this all is that this will be another black eye for Bitcoin in the press. Look at all the articles already - they point to the previous issues with Bitcoin-related services (MtGox hack, etc.) as "troubles" with Bitcoin. Educated people know enough to see through blatant inaccuracies like that, but for everyone else its "Look! Another reason why Bitcoin is bad!". And if they say a (suspected) ponzi scheme that even affected unrelated people, well that is doubly bad.
I have no doubts that everything will recover in time, including the reputation of Bitcoin; it's just sad that these incidents are linked with Bitcoin, rather than a scammer.
Bottom line - put "criminal activity" and "Bitcoin" together in a sentence, and you have a news-worthy story.
Reason for current Bitcoin crash
Money, plain and simple.
Money, plain and simple.
Nothing disappears in the nature.
pirate@40 plan seems not a ponzi but a very succesful way to influence the btc exchange rate by taking the coin out of the exchanges and sitting on them. the price will return to where it was before pirate@40 started to take large quantities of coins out of the market. as the coins are put back into the market and back on to exchanges price will return to where it was when BCST started.
wrong. less bitcoins mean higher price. thus, if he took large quantities out of the market (as you claim), the price would go higher. if he gave them back, the price would fall.
pirate@40 plan seems not a ponzi but a very succesful way to influence the btc exchange rate by taking the coin out of the exchanges and sitting on them. the price will return to where it was before pirate@40 started to take large quantities of coins out of the market. as the coins are put back into the market and back on to exchanges price will return to where it was when BCST started.
Yeah, a crash of this magnitude set off because people fell into a ponzi scheme is not good press for bitcoin.
It's not bitcoin's fault. Things like this happen all the time with fiat currencies. People just have to learn basic economics. Some of the them the hard way. Everything will be alright, once the market wakes up from the shock. That's all. Jump to: