Bitcoin Forum

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Turns out the biggest menace to Bitcoin aren't governments, banks or shady intelligence organizations, but from its own development.

The bad news have already impacted BTC price...

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die


$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

3 months ago it was half the current price.. Yeah I am scared of that  :'(

I agree bitcoin will stay but the price is gonna go down again and people will lose money again... I have told all my non informed friiends to sell also.. Luckily they still got a decent price.

I hope it's just a temporary loss, but it might not be.

Bad news not only for cryptsy, bad news for his users..., from what i had read they was hacked some months ago, then they start to use all those abusive withdraws etc etc... im happy because i WD everything some time ago ;)

this can happen with any exchange, this was the time of cryptsy, that's one more reason about why we need decentralized exchanges yes or yes.

Here is the story of Mike Hearn
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.8cl1xjgdk

should I be worried? I guess so...

should I sell my bitcoins now? Dunno, I wait for now to cool of the "hot" news and see what happens the next 2 weeks.

what about my physical coins? Well, I paid 80% of my physical coin with mined bitcoins, so no loss there and the coins will probably have a collectors value. For the other 20% I maybe have take a loss of the BTC value...

I will be more careful now buying or spending BTC but I still have faith bitcoin will be success or else another cryptocoin will take over (Ethereum, Emercoin, Ripple... we will see)

I don't blame you at the moment but don't lose faith....There's still a community of loyal and honest bitcoin adopters that aren't motivated primarily by greed and power.  Leverage your investment to protect yourself but don't give up on the project because the good side of the community will prevail....too much has been learned from the project to let it fail!

Brave man :) last time I held and bad news happened I lost out.. But generally speaking I am not a trader and I always try to limit loss these days. I would probably buy a couple of coins if it reaches like 200 usd mark again. But until then... I will not sell my XRP though now that stuff is useful indeedily :) Still havent figured out Ether yet but I have a modest sum. Oh wait no I had that in Cryptsy :(

I love that someone who worked as BTC dev. is admitting what I said since 2-3 years ago.

"a system completely controlled by just a handful of people". :)

These people are manipulating the price as they want. They own the biggest exchangers(as investors), mining firms and BTC media like Coindesk and others.

Do not believe? Search! You will be "amazed" of what you will find. :)

Do not say that BTC is decentralized because it's just an illusion.

ok guys.. here is the summary:

drama = price dump
drama= temporary
price dump=temporary

pricedump = temporary opportunity to buy up cheap coins..

after today i dont wont to read another post about people missing out on cheap coins. especially if their bitcointalk account was registered before january 2016. so if in a years time people didnt buy up in january 2016, then just dont make a post whinging about bitcoins price rise. this is your opportunity right now to get bitcoins at 10% discount off the 2 month average..

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

The thing about the whole system that makes Bitcoin as whole is, it was never a perfect one as there's no such thing as an assurance that no exploits will be found or for the matter (hack problems) as there's always a chance, it has been since the start but devs always improve it (that's what I saw couple of past months in YouTube - Can't find the link) so just because someone got affected, doesn't mean it's a nightmare, the possibility was always there and will always be there until the end. You can't find another alternate thing to Bitcoin that it's 100% safe, everything could have it's own problems just like how bank accounts could be hacked on, no matter how the security level is.

yeah, this is bad news. But hopefully bitcoin can survive despite facing various problems

Wait, so this news is so dangerous that bitcoin price will be that low? I don't belive it, we had many scams and problems before and bitcoin always survived.
I don't think that Cryptsy theft is any more problematic than Mt.Gox fall ever have been.

Half the alts on Cryptsy were only traded there. Its bankruptcy will kill them all unless the coins held by Cryptsy are returned. Will Big Vern hide China and dump the remaining Cryptsy Bitcoins and the alts trade-able on other exchanges? The SEC is going after some Cryptsy staff which probably includes Big Vern, so he might run.

it won't i see 30 as a very stable value even 350, and in any case those will be drop of few hours day, it will recover quickly

also Mike is just rage quitting because Xt was not approved that's the story

I can see a drop to 300 happening, seems pretty plausible with the current events unfolding and panic selling. Might not recover that quickly honestly, regardless of why he ragequit this is a pretty major blow to bitcoin.

I don't see a quick recovery unless there is a new breakthrough.  In fact, we have never even recovered back to the same level before Gox failed, and that was almost 2 years ago.

Well. I dont post here much, all i do is read... but this got my attention... i believe this is just a crisis, and it will be fixed... lets hope for the best.

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

Sell your Bitcoin now or you will have big losses.

I never trusted Cryptsy 100% and always looked at it as a hobby-exchange run by people who aren't experts. I traded some coins there in the past but always withdrawed my coins same hour/day. Most exchanges are always a risk, I believe BTC-E will go down in the future and some smaller exchanges too. The only one I trust is Kraken.com . Anyway, 1 golden rule (for me) never leave (many) coins at an exchange wallet, and don't trade with "money" you can't afford to loose.

very good point.

now, the BTC price is going down fast. if "you" won't sell, you will regret. :)

I like you trust Kraken and coinbase. If you look on Kraken the Euro price is plummeting. How far nobody knows but I am still glad I sold :) Even www.bitbargain.co.uk is going down. I am selling my last 0.4 on Bitbargain.co.uk so anyone wants to buy it then its yours (i am just going on the exchange price which is dirt cheap).

I won't regret I will not sell my BTC now ;D

not selling.   will buy more if it go below 200.

if you won't sell your BTC now, what will you earn when it will go below 200? :)

So, sell now, take the profit and wait until BTC will be near 200.

 Wow dropped 15 euros in 10 minutes on Kraken.  Now at 352 Euros. That is 1/4 of everyones money gone so far today. Now just wait until Cryptsy hits the main media... Or is america just waking up to this....

In terms of volume, what kind of marketshare did they have? I don't personally know that many people who were still using Cryptsy to be completely honest, I really though most people had switched to an exchange with less issues.

Having said that, I never liked Cryptsy, even before the scam accusations. I always thought their UI was crap and using their website wasn't a good experience.

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

It IS all over the news as we speak.  This is just another bump in the road and all I see are cheap coins - it will work itself out.  The technology cannot be controlled by one person.  I try to avoid telling people when to buy or sell because it is volatile and I am not an expert.

I don't think the price drop is related to Mike's decision, price was already inflated and less than 2 months ago sub 300 USD.

You're giving too much credit to Mike, the vast majority of people are completely unaware about bitcoin's development and internal structure.

Well when its one of the Core Dev's with all the inside info then yeah he can cause all the stir he likes lol.

From the trend of previous Bitcoin/cryptocurrency exchanges being hacked, it has always had a direct impact on the price of Bitcoin. Also considering that Cryptsy and the bad news about Mike Hearn no longer willing to take part in Bitcoin and having his Bitcoins sold (Probably a large amount?? I'm not so sure), all of these have a downward pressure on the price. But I always remember one thing, nothing's permanent in its state, everything does change for the better over time. I feel the bitcoin price is just correcting itself, it's never always falling. Also the benefit of it reducing in price does induce a lot of buyers to pitch in.

I agree on this Bitcoin always recovers but I predict it will go a lot lower which is why I sold  :( I didnt want to I just got the feeling I was going to lose even more money... As it was down nearly 25% today already then I am glad.. It may go back to below the 200 usd mark where it was very stable.. Yeah it is a price correction but people still lose their hard earned money.. Thats why I sold first thing this morning when I read both bits of news.. I missed my break time to do so.

I think it is just a temporary crisis. Maybe there will be maximum 60-70 dolar fall then rising will continue.

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This news is seriously overemphasized bullshit. I read more about it and it seems that people think Hearn=Bitcoin or something - and if he leave then bitcoin is doomed, this is not true at all.
What is worrying is he is right about one thing:

"The block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power.
At a recent conference over 95% of hashing power was controlled by a handful of guys sitting on a single stage."

And here we have just another panic sell...

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

Humans are not good enough for Bitcoin.

This, this is a solid buying chance.  Even just for day trading.. very tempted to make a large buy and sell in a week.

i agree. bitcoin is still strong enough. these sorts of news are just temporary bump on the road which will create best opportunities.
it has always been like this, a negative news will become big and spread through the internet and next thing you see is the panic sells and then shortly afterwards the rise begins.

Sure it IS a panic sell you are right but this is a major one.. I do regret selling my bitcoins for sure its sad as I love bitcoin. But this time tomorrow when they are 30% of the value at least I can buy a couple and not  feel too bad.

12 Bitcoin I have already lost in a major exchange. I am not losing anymore.

ps I didnt store my bitcoins in there at all I was doing a little trading and once they were there they were stuck... all the time they let suckers still deposit money.. they quite literally scammed people and continuing to take their money even after knowing that they had a big theft.

There is little bits of resistance to the price decline but its going down.

Yes, but when and to what level? $450, $400, $200?

The positive side are that we could test bitcoin once more for it's stability to overcome such issue, if the coin could not overcome such small issue (if we are talking about one core developer which are backing out because the idea is not implemented to the current protocol that is)
The natural order of things are in motion, and the only thing that we could wait for other core developer breeze out some fresh news to counter-act the statement given by Mr. Mike Hearn

Cryptsy had been known to be shady since a long time. Everyone who still was using it was just dumb!!!
So many warnings and reports and the people mostly ignored it!
Regarding Mike Hearn: YES!!!!!!! Finally we got rid of that weirdo!
The price declined to 390 at the moment. Let's see how deep we will go, or if we will bounce back soon.

/\

I beat your post by more than a year.

\/

This day we have really some bad news for bitcoin.
But that doesn't stop me using bitcoin and having faith with.
Yes is some bad news, but we can't just stop this the year of bitcoin so let see what is going to happen.

we knew this would happen.  Come on!  There are major players who do NOT want Bitcoin to succeed and 2015 was a little too good.

Bitcoin had a banner year in 2015
-RECORD money invested in startups
-lots of press and more mainstream press
-low on scandals
-record volume
-healthy price
-anticipation of the 2016 halving
-banks SCRAMBLING to get in with their fabulous blockchains

Then we see tons of articles in the last month that 2016 will be the year and here comes the halving!  

So Hearn wants to abandon AND discredit something he has worked so hard on and been invaluable to??  Why not keep on truckin and work to find a solution.  I was raised NEVER to give up.  


True believers in the technology and what it can do for the world with be here after all the weak hands have left.  

If you are touting that you are selling all your coins, you didn't believe in the first place or you are invested over your head or budget.  

What we need right now is that guy that shows up and says "Welcome to Bitcoin Motherfuc$er"

that's just you though

It's time to buy. This crisis is temporary.. for my opinion

Quite sad. When I read the post I thought how can it even affect bitcoin prive but when I checked the prices later, it did affect extremely. It's a massive drop. I'm really confused where to go from here. Yes I'm obviously not selling my coins, no matter what.

Sad to hear you feel this way. Even with all the negativity, if bitcoin drops again, you are able to buy back for low and when bitcoin rises in value again you will be able to sell and make profits. I'm sure bitcoin can come back from this.

I believe the community is strong enough now to bear the "loss" after the Mt.gox and various hacking events. Hope the price will rise up again few days later.

Think positive...

such thing is not new (not atleast to bitcoin)...

Bitcoin has survived in the past and will survive this too...

as to Mike Hearns statement, It just show his frustration as to things did not go as he wanted to....

The only concern probably is the chines companies having most of the miners... that can be resolved...

there is nothing to worry much,...

(this is my personal view... I donot even have 1 BTC .... :P )

I think that today is a bad day for you (and for this I am really sorry) but what have to do bitcoin itself with the problems of Cryptsy, its developers and to whom of us who have losses because of the wrong "play" with it I cannot understand. I am following every moment the movements of the price and seems that bitcoin is suffering (maybe the situation happen at Cryptsy. The exchanges are preferred target of thieves/hackers and there are nothing new here. But what have to do this action especially with the crypto I again cannot understand. We hear attacks or steal of money from the banks almost every day and no one tell that the fault for this have to do with the money they have.

I really understand the situation in which is OP and repeat that I feel deep sorry about his situation (spiritual and mental) but I am sure that if he will return to this matter after a few time (or even not few) will understand that the crypto (like every kind of currency) is only a tool which have no mind to act itself. It is a tool which only is used by everyone and have any kind of responsibility about the misuse or not good use of it.

To tell the right I have invested on 2-3 crypto but I will not trade with those. Hope in their higher value in time. That's all. Then have other sources which give me money everyday in which I have invested money and bitcoin. If OP prefer I can present those to him. Maybe can satisfy its desire to find other sources of earnings.

thanks for the sympathy.. Cryptsy was a tool for me and not for storage. my laptop is full of alts trust me. I was simply trying out a trading technique. So one of the main exchanges failed me.

I am not bothered by the crash of price as I sold already. so now when I watch it crash thats fine but I also feel bad for everyone not luckyenough to sell already... Of course it will recover but the main news is not yet out...

It will go lower its a double whammy

One day, a person said some words, bitcoin to fail,
so, bitcoin is doomed to failure, because a person think it will fail, this is a big joke

big companies claiming bitcoin stolen are just fake...

they just want to hide their crime...

Yeah and now they admit they won't give us back our coins...

http://www.newsbtc.com/2016/01/14/cryptsy-sued-for-holding-nearly-us5-million-of-user-funds/

You are no different than Mike, you first sell your bitcoins or you say you do and then you start talking smack about it. We do not need people like this in the community and we

are better off without people like that. Your title of this thread is misleading... What truth are you referring to? The only truth in his statement is that he was part of a group of

people who sabotaged Bitcoin by dividing the community. I feel pity for the people who followed him and now he abandoned them and joined the banks.  :(

Mike Hearn sold his coins before he dropped the stupid FUD, even Gavin Andreseen has already said that Mike Hearn is exaggerating. This guy has been nothing but a disease for Bitcoin for a while and it's good news that he has finally and officially gone the bankster route (as if it wasn't clear enough with his R3 partnership). And now you are only contributing to this FUD, I assume OP has already sold and doesn't want to feel like shit so he wants the price to go lower.

I did sell but not just because of him... because at the same time a major exchange went down.. why would I want it to go down further if I already sold?? For my ego? Nope it's just the reaction of the community. Every action has a reaction blah blah blah

lol...

its time to buy some btc...


hope to see 500 level crossed soon.....  ;D :D

The most interesting thing is to watch the transactions and see if many people start to complain about the fees. I think any fee below $1 can be accepted but if the capacity have reached limitation then the fee will shoot up quickly

However, if the fee shoot up quickly, it indicated that the bitcoin is super hot, then maybe the price will also shoot up quickly. Imagine that you are rushing to buy some stocks and the broker tell you that now you have to pay a premium in fee to get this stock delivered to your portfolio, would this prevent you from purchasing it? Quite opposite, people will think that this stock must be super hot, the frenzy will be higher  ;D

Of course only the reality will tell

Well that made me lol anyway :)  :P

I see good news only. Hearn has left together with his failed xt take-over attempt. Cryptsy is hopefully gone and with it half or more of all altcoins out there. By adding a new shitcoin every day driven by pure greed, this exchange is mainly responsible for the bad state altcoins are in altogether. There should have never been hundreds of shitcoins in existence, new pump and dumps every week were discrediting the effort of perhaps some truly innovative coins out there. Now with that out of the way, the community approach of Bitcoin Classic (hard fork to 2mb block size limit) is definitely an advantage over core. Bitcoin is allowed to scale, yet it isn't going to kill everyone's hard drives out there. Most pools accept it and the Bitcoin price can only go up mid-term because of it! Even the price drop is very good as it gives new adopters a chance to get in and some of us another chance to buy some more coins at a bargain price. The halving will come. The positive effect will hit, if not in 2016 I'm sure in 2017. No problem at all waiting for just a year here.

I see the price has dropped again 10 usd. This will keep happening everything a new nation wakes up until it is below 200. It's a mass sell off based on the desperate selling and price reduction caused by the nation that has just gone to sleep..

Not a good day at all

I agreed on this. A lot of people now sell their bitcoins.
Because they are afraid to lose more money.
But guys. do you think we should be really afraid of it?
Who buys bitcoin before 3 months ago already double their,
money. So even it goes down to 300 usd. It wont really
hurt. Besides theres still halving coming. What do you think guys.

I disagree. When Europe wakes up in just a couple of hours it may just as well cause a lot of people to buy in cheap. I have been waiting for the price movement for almost 2 months now, the price wasn't high enough to sell ($500) nor low enough to buy in. 350€, however, is a great price to buy. Why would we see more panic selling? There is no real reason, bitcoin works normally, cryptsy is extremely old news that is just confirmed now, and the blocksize issue needs to be solved for Bitcoin to grow and have a future on a greater scale, literally.

Its not just drama.

Hearn is revealing some sobering reality.

I would guess that Bitcoin price is going to
take a major slide until a scalability solution
is implemented.

Yes it is a buying opportunity but who knows
how long it will be until a new paradigm rises.

Price drops have happened before and will happen again.  I can't remember what great investor said it but...with investments you should never look back.  You sold and that is what you felt was right so the price should not matter.  To me, continuing to talk about drops just contributes to rash behaviors  ;)

You still don't get it.

Higher fees won't make Bitcoin scale. 

Not just, but it's mostly drama. Bitcoin Classic already has the support of a majority of the big mining pools and exchanges even before it actually started! Check out the supporters at https://www.bitcoinclassic.com/

Pretty sure the fork will come and it will be successful this time.

I think this Hearn exit will then be a good catalyst to make the implementation
happen sooner.  I would expect an equal or greater surge to the upside when
that happens.

Even if you perceive it as drama because a solution is imminent,
you can't blame Mike Hearn for describing exactly why he's
fed up with Bitcoin...and if you are for Bitcoin Classic then
you agree with the only point that matters, which is that
we need to increase the blocksize limit asap, which is
the very thing Mike has been trying to do and has been
demonized for. 

I definitely don't agree with some of Mike Hearn's
authoritarian leaning statements but I find that
Greg Maxwell/Blockstream are doing far more harm
with their stonewalling.

Yes i also think same, they are only trying to get away with others coin without being investigated. They think their users as noob and will not understand their lie.

Sure Block halving is coming but that many months away and right now there are loads of issues to fix as he did make a good point. Also with the missing bitcoins from cryptsy well does this not 100% prove no one can trust exchanges anywhere? If thats the case why hold bitcoin over FIAT. It has no real benefits right now that overcome the severe financial risks for everyone.

You know why it might succeed this time? These are the reasons :

1. Gavin saw the loophole --> The majority of the community wants smaller block size increases in some form.
2. Most people did not want the IP Blocking / Blacklisting features of the previous proposal. {This was removed now}
3. Most people did not like his partnership with Mike Hearn {He is making the same mistake again, with his new partnership with Long}

The strategy to take back the leadership and the control is to tweak the proposal for more people to find it acceptable. If he is successful in that, he will once again be in the

driver position and he can chose his passengers. He might even give his old pal, Mike Hearn a lift in his new car. Who wants to wager a bet on that?

30 % wiped off the price... I would really conduce selling people and waiting for a lower price if you sticking with bitcoin.. The block halving won't matter if it doesn't work

another bad news for bitcoins ATM Robocoin ends bitcoin services
http://www.coindesk.com/robocoin-romit-ends-bitcoin-services/

Bad news are like black holes, we never see the end.
I am waiting for the market to calm down a bit and then I will think on the next move. Now it's not the time to leave AFAIK.

Dropping like flies. Whats the best exchange to quickly get GBP please?

Yikes I would say kraken. I would hurry up while this price lasts..

I recommend Kraken too.

Price is floating around 338 euro now... not that great of a price drop the last 24 hours...

Them friends are probably gona be pretty pissed at you when they find out you convinced them to sell on a dump just because you lost some coins, especially if the price rockets in the near future never mind long term.  My advice is to never give financial advise to friends and relatives unless you are a trained financial advisor

losing 15 bitcoin is not small matter,and i know what you feel,as i know that these two problem have made some people losing their minds,crptsy become socond mt gog,and bitcoin price really down,and also mike hearn tell something almost true,but lets keep trong and trust to bitcoin,i believe we ca raise up :)

there are many other high risk investments not only BTC. You can easily earn 15%-20% with a real investment company. Of course, you may lose too...it's the same as with BTC but you won't be robbed by a "smart ass" hipster called Mtgox or any other shitcoin exchanger and your "wallet" won't be hacked.

Whether or not Cryptsy became second Mt Gox, but I would like to say that no one, at any cost, should put their coins at any exchange...
It has been told so many times before that none of your coins should be held on an exchange unless you are trading them, and you should redeem them once you are done with them...

Another example of why to avoid keeping your money in others hands...

It sucks that things like this happen

The only time Bitcoin has a bad day is when the price drops....


That's it. I'm completely disregarding everything else that you said up there as it doesn't make or break the blockchain at this point.