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Title: Cause of the crash - was it bitcoinbillionaire? Post by: glitch003 on April 11, 2013, 04:17:37 AM Someone sent me this article, and I was hoping we could discuss the veracity of his claims that someone giving away a mere $13,000 of BTC was the cause of the crash.
http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html (http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html) Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: unk on April 11, 2013, 04:22:00 AM it's bizarre, conspiracy-theory nonsense. just ignore it.
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: knight22 on April 11, 2013, 04:24:00 AM it's bizarre, conspiracy-theory nonsense. just ignore it. Please read more about fractional reserve system before saying it's non sens. Central banks are getting really affraid of bitcoin Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: unk on April 11, 2013, 04:26:07 AM if you read back over my old posts, you will see that i'm as well informed about monetary policy as anyone. this post is nonsense by an uneducated lunatic.
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: knight22 on April 11, 2013, 04:28:37 AM if you read back over my old posts, you will see that i'm as well informed about monetary policy as anyone. this post is nonsense by an uneducated lunatic. hmmmm Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: unk on April 11, 2013, 04:29:11 AM i stand by that statement, but i can't prove it to you without disclosing my identity, which i'm not going to do.
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: Matthew N. Wright on April 11, 2013, 04:29:55 AM Central banks are getting really affraid of bitcoin Link? Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: frozen on April 11, 2013, 04:39:37 AM I find labelling this event as a crash a bit deceptive. Not 30 days ago bitcoin was at $45. Now it's at $175. That's a 340% increase, after a suppose crash. Even if bitcoin had fallen down to $60, it would still be positive from its 30 day "low."
Quote "Eventually it's going to crash hard. I bet my reputation on that, Alex. I am 100% sure we are going to see a massive bitcoin crash at some point with an ultra-accelerated velocity. It will be the fastest crash of any currency in the history of human civilization. It will be a high-velocity crash. People are buying bitcoins who don't know what bitcoins are and who have no use for them. These are speculators." On April 1st, bitcoin passed $100. Sometime on April 7 late or early April 8, bitcoin passed $175. We're back at $175 now. I wouldn't call this a "massive bitcoin crash" with an "ultra accelerated velocity." Was it a large correction? Absolutely. It's wonderful that it happened. Title: techcrunch and reddit Post by: mobile4ever on April 11, 2013, 04:41:20 AM This guy:
http://www.reddit.com/r/technology/comments/1c30ru/bitcoin_crashes_losing_nearly_half_of_its_value/c9cjkst Linked to techcrunch who says: http://techcrunch.com/2013/04/10/bitcoin-crash/ Quote We’ve reached out to one of the biggest exchanges, Mt. Gox, to see what happened. But another San Francisco-based exchange called TradeHill is saying that the crypto-currency is falling because of there are apparent distributed denial of service attacks on Mt. Gox and Bitstamp. A denial of service attack happens when an attacker overwhelms a target with external requests, so that it can’t honor regular requests from legitimate users. Answer: Decentralized markets Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: jojo69 on April 11, 2013, 04:46:05 AM yawn
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: Atruk on April 11, 2013, 04:49:43 AM Someone sent me this article, and I was hoping we could discuss the veracity of his claims that someone giving away a mere $13,000 of BTC was the cause of the crash. http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html (http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html) That kind of stunt wouldn't make much of a dent. The real culprits are probably panic sellers using marketorders combined with quite a bit of ;;goxlag. Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: benjamindees on April 11, 2013, 04:58:47 AM Personally I entertained the notion that it could have been caused by bitcoinbillionaire after reading that he distributed 13,000 bitcoins. But that was just mistaken reporting, and $13,000 is an irrelevant blip on the order book, so yeah this theory is nonsense.
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: HappyBitCoinUser on April 11, 2013, 05:23:36 AM People that like to accuse of conspiracy are basically in denial. Probably easier for them that way than facing the truth.
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: yona on April 11, 2013, 06:20:25 AM 'I say, let the chips fall where they may'
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: threeip on April 11, 2013, 06:21:36 AM Indeed $13,000 worth of BTC is only 2 mining blocks, a blip. But its interesting to note that their ARE whales just below the surface that COULD sink the market with but a flip of their tail, looks at this transfer of 79k BTC done just yesterday, perhaps this did spook someone. http://blockchain.info/tx/5d9ef693d41cb3bb4c6d98e70ea8b2cc91be29a804245a06ec8761d9cddc103c Nice catch. I don't buy the coin giveaway theory, even if i gave 1 coin each to 13000 people how many would sell? Not enough to affect price in this manner. Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: farfiman on April 11, 2013, 06:30:07 AM i stand by that statement, but i can't prove it to you without disclosing my identity, which i'm not going to do. Bernanke, How many times did we tell you to stay away from cryptocurrencies... Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: tjohej on April 11, 2013, 08:16:32 AM Could it be worth somebody's time and money to do something "weird", as they are a fan of Bitcoin and want it to succeed, to "invest" in its stability?
Also you decide yourself if you wanna call this a "crash" or a "market correction". Me personally since I'm usually a person who brags my views I'll happily go for the latter :D bitcoinbillionaire is Satoshi Nakamoto. (joke) Thx to all contributing factors for this market correction. Finally I can buy some Steam games, if Valve can see that this is a serious and stable currency. Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: briannguyen on April 11, 2013, 10:27:12 AM The crash comes from our beloved mt.gox
http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/ Our exchange betrayed our trust Title: It was the system Post by: mobile4ever on April 11, 2013, 12:55:40 PM The crash comes from our beloved mt.gox http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/ Our exchange betrayed our trust It was trust in a old-fashioned system... Title: Re: It was the system Post by: b!z on April 11, 2013, 12:57:10 PM The crash comes from our beloved mt.gox http://www.bitcoinrumors.com/2013/04/11/mt-gox-statement-we-are-victim-of-our-own-success/ Our exchange betrayed our trust It was trust in a old-fashioned system... not to mention it's unreliable too Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: Lieutenant_Bob on April 11, 2013, 01:22:38 PM I agree with several posters above. I would hardly call it a crash, but a market correction, induced by a bad trading system. It is even ongoing as we speak!
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: adamstgBit on April 14, 2013, 02:12:42 AM there are no bitcoin billionaires, not yet anyway 8)
Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: arepo on April 14, 2013, 02:21:36 AM I agree with several posters above. I would hardly call it a crash, but a market correction, induced by a bad trading system. It is even ongoing as we speak! if the trend resumes, it was a (much needed) correction. if we move further down from here, it can safely be called a bubble. Title: Re: Cause of the crash - was it bitcoinbillionaire? Post by: goxed on November 18, 2013, 09:52:20 AM Will this crash lead to a cascading effect like in APR?
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