Topic: Why is Bitcoin tanking this afternoon? (Read 7193 times)

well yeah, but the funny thing is if you trace the mybitcoin transfers there were 0.01 transfers being made on every transaction.  So if lulz hacked the SCI for mybitcoin, as the website claims was hacked, then made it steal a bit little by little, and it wasn't noticed until weeks/months later.  It could be part truth part fiction.  True they were taking .01 per transaction ala hackers/superman/office space.  Fake that they were doing it from the client itself, it was from mybitcoin trades.

man, I've been thinking about this all day.

If this was true and if they did have something like that in the client.

all they would have to do is transfer everything they have in small increments a few thousand times, and they would have successfully disappeared their footprints in less than a day.

and I'm pretty sure the worm they were talking about was in office space not hackers.
maybe that's the humor. xD capsizing a tanker boat.
it makes sense now. crazy bastards.

So they knew that the conversation would be leaked, so all they said is BS........

Looks like it's true.

I bow low to your superior knowledge as to wether I learnt anything or not. Clearly if I had any sense I wouldn't of had my money in MyBitcoin. I maybe wrong but for bitcoin to take off it needs to be widely accepted so it needs to move out from the realms of the super - tech guy to the likes of me who has no real computer, or Exchange trading skills to speak of .  I'm pretty sure I won't be using an online wallet (admittedly this was obvious to everybody but me)  , I'm pretty sure sellers accepting bitcoins, don't want to be spending all day staring at Britcoins exchange with there pulse racing in order to see wether there going to make a profit or a loss on the goods they've sold .

To sell bitcoins on the uk exchange , there's one set price , you make the order ,when the price drops , to catch the next price down  I had to cancel the order , make a new order, sell a couple more bitcoins, cancel the order , make a new order , sell a few more bitcoins , cancel order , make a new order , etc etc.

Basically I've gone from paypal being a seller to bitcoin being a trader/speculator . Is there a route around this for uk sellers accepting bitcoin ? I'm not clear how other exchanges operate do they allow you to set your bitcoin sell price slightly under the current price ?

http://pastebin.com/MmguJm3Z

Fake

OK so you are skipping over the whole part about project inception and the bitcoin gobbler?  Is this for real, what is the source... is someone really claiming to have a worm inside the client or is this another SA prank?

http://pastebin.com/MmguJm3Z

I didn't crack the hash, but I can only assume this is true.

If that were true, surely one of the many people here in the forums that regularly examine the blockchain would have noticed this?

That seems VERY disturbing.  Do you have any additional details about what they are doing?

read the post toward the bottom of the last page.
hint* it has a pastebin link. :/

Someone's unwinding a massive position. Could as well be one of the thieves as Satoshi himself.

WE, at the moment, are trying very hard to be the reason to buy BTC -- basically as a transaction-cost-free way to play online games. The more legitimate casinos like us that start accepting Bitcoin, the stronger the currency will be, because the market for moving money on- and offline for gaming is thousands of times larger than the current pool of Bitcoin users. All this requires a (more) stable exchange rate, and established, not fly-by-night trading houses; because even if you can by porn, gambling and drugs with BTC, it's still not going to be accepted at Walmart next week (except in the used hooker pavilion, behind aisle six).

Ease of trade in and out is part of what's dragging this down right now, but the bigger part is that someone with a vast quantity of this shit is unwinding it in a meticulously planned fashion and taking everyone's money here. Including ours.

SO...COME SUPPORT YOUR LEGITIMATE BTC BUSINESS. We've been running $10 freerolls on the hour for the last six hours and ONLY FIVE PEOPLE HAVE SHOWN UP FOR FREE COINS. We have one more tonight, at Midnight GMT, and that's it. I can't tell you how seriously dismayed the players are that no one even wants free BTC right now, and so few people have shown up to play. Bit bummed about it myself. So stop gambling on f*cking mtgox and come play poker on our website while we're giving away free money dammit!

Did you learn anything ?  Im not sure you did..

+1

+1

Made my first bitcoin trades during the last week or so , Had £340.00 in MyBitcoin as I was juggling money around while i was setting up an offline wallet(lesson learned) , then I made my second mistake by not moving the rest of the bitcoins I had made (priced between £8.26 to £7.98 each) out and into the britcoin exchange to cash out immediately , spent all day chasing the price down today, finally sold them as low as £6.88 each losing a further £120.00 or so on the exchange rate , (lesson learned). 

If you look at the last 2-3 weeks of charts it would heavily indicate that a good portion do sell off their earnings immediately.  While certainly not all, it doesn't take much to drive price down, and until today, it's only been a slow slide.

your number assumes that all miners immediately sell off their earnings.

 guess LulzSec and Topiary need money for their legal defense fund.

Start reading at 241:  http://pastebin.com/EcNCwaEu

here you go angelus.
https://bitcointalksearch.org/topic/how-easy-would-it-be-30995