Bitcoins Plunges

[Lugnut]

seriously, the price nose dived and then was back up to 200 in like an hour


hardly a major plunge - especially since it only lost the value of what? 2 days worth of going up? big deal

[Ad Bot]

[devildogelite]

seriously, the price nose dived and then was back up to 200 in like an hour


hardly a major plunge - especially since it only lost the value of what? 2 days worth of going up? big deal

It's a pretty big deal that the price fluctuated from 266 to 100 back to 200 in day. That's not the kind of thing any business would like.

[Port]

seriously, the price nose dived and then was back up to 200 in like an hour

this is how economy works

because it was so high, everybody sold a ton, making the value drop a lot
now everybody who saw it being so high is buying a lot because the price is low from that, making the value go up

[allyorbase]

this is how economy works

because it was so high, everybody sold a ton, making the value drop a lot
now everybody who saw it being so high is buying a lot because the price is low from that, making the value go up

I don't think it's that simple. There are a lot of factors that influence the price, and most brown townysts right now are saying it's probably just because the economy was trying to self correct; the price has been too high.

Edit: Allegedly this crash was actually caused by one user: Bitcoinbillionaire.
http://arstechnica.com/business/2013/04/bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours/

Apparently he/she decided to listen to a reddit comment and literally crash the economy by giving away $12,000 worth of bitcoins.

[crunk.com]

MY 2112 DOLLARS
NOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOO

[Oasis]

seriously, the price nose dived and then was back up to 200 in like an hour


hardly a major plunge - especially since it only lost the value of what? 2 days worth of going up? big deal

So, it's a big deal when it goes up a hundred dollars, but not when it goes down a hundred dollars?

Hardly seems logical.

[Tetris]

Everyone has the same plan

It's not going to work

[Squideey]

Why don't you invest in something less volatile

[D3ATH LORD]

Why don't you invest in something less volatile

Because this makes us feel like businessmen just like grown-ups!

[Bisjac]

lol... you guys had to learn the hard way. playing with fake money to get rich and you all look like fools.


even the fact that a single user did this is suspicious. cant be trusted. or the fact that a single user CAN do this at all.

[dkamm65]

This is why I never bought into bitcoins. Literally and figuratively.

[Bisjac]

the entire point was supossed to be an alternative to fiat currency(ies)
yet everyone who uses the things, compare it's value, and the value of things they can buy with the bitcoins.... to the USD
so its all a failure already.

they use an escrow account instead of a barter like USD cash would. except since bitcoins are not a dept based IOU, the concept is broken.
(cant have escrow type trade without a dept-note of some kind)
the entire thing is a sham.


#2 reason they are a sham. they froze trading. you do not do that for a correction. for any type of currency.
they are only shooting themselves in the foot for doing so.

[Kalphiter]

[Night Fox]

dept

do you mean "debt"

[Wynd_Fox]

Oh wow, if he does that makes a lot more sense than "department." :I