Bitcoins Plunges

[DrenDran]

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.

People actually made tons of money off of this.
I understand your gripes against it as a legitimate currency, but as a quick investment, it seems to work quite well.

[Ad Bot]

[(Frankie)]

the reason the value dropped is because everyone is hoarding it trying to get rich quick
the value comes from the anonymity

[Bloody Mary]

The number one transaction people use bitcoins for is to convert them to USD. That alone should tell anyone the value of the currency right off the bat.

[Katadeus]

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.

that's a bit reminiscent of what happened with the current recession

[Bisjac]

do you mean "debt"

yes lol

[allyorbase]

Reading a little more on /r/bitcoin, a lot of people are blaming MTGox right now. They've allowed HFT when they simply don't have the system to process the orders quick enough, so it lagged the system. This system lag caused people to panic sell, and down it went.

Also that picture Kalphiter posted is so accurate right now. It's scary accurate. I've glad I have absolutely no money in Bitcoin.

[Cool Boi]

What the forget are bitcoins

[allyorbase]

What the forget are bitcoins

Don't ask. It's more confusing than you can imagine.

[ResonKinetic]

What the forget are bitcoins

The stupidest thing ever.

But it happens to mean free money, therefore, I participate.

[fawkes..]

That's an awful idea right now.

Like I said, i'd just like to see what happens with them

[Aphtonites]

I hope bitcoins crash and burn, people are putting way too much faith into them right now.

[ZSNO]

Reading a little more on /r/bitcoin, a lot of people are blaming MTGox right now. They've allowed HFT when they simply don't have the system to process the orders quick enough, so it lagged the system. This system lag caused people to panic sell, and down it went.

Also that picture Kalphiter posted is so accurate right now. It's scary accurate. I've glad I have absolutely no money in Bitcoin.

/r/bitcoin is full of morons like the rest of reddit, don't trust anything they say

[allyorbase]

/r/bitcoin is full of morons like the rest of reddit, don't trust anything they say

Well.....



A HFT did an AMA on the subreddit confirming that that and /many/ other HFTs deal in bitcoins.

[Port]

"they"

not to be nitpicking, but bitcoins are decentralized
there is no "they" controlling everything

[Momentum]

everyone buying bitcoins when they are cheap will bring the value back up again