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Title: All the wrong moves. Post by: SubSnake on April 11, 2013, 05:31:46 AM Yesterday, seeing the sharp increase in Bitcoin value, I invested everything back into the market. Before I knew it, the plunge took place and I witnessed BTC lose over $100 in value. What makes things worse is that every sell offer I made to pull out in time, was kept in pending as the prices continued to plummet. My asking price would be beaten by prices lowered $5-$10 every few minutes. As a result I gave up trying to sell them altogether and sadly rode the storm.
Now my funds sit at half of what they were originally. To break even, BTC will need to rise at least to $230 again. I'm feeling both unlucky and depressed. Not only did I lose a substantial amount of money, but I also lost a prime opportunity to buy Bitcoins at a low cost. Has anybody else been hit as hard today? Do you see BTC soaring again, or has this golden opportunity burnt out? With prices hovering around/sinking below no more than $170 for the past few hours, I'm beginning to lose faith. Title: Re: All the wrong moves. Post by: Blazr on April 11, 2013, 05:37:34 AM Deleted this post, apparently I was wrong:
https://www.facebook.com/MtGox/posts/455962117821534 Title: Re: All the wrong moves. Post by: salt on April 11, 2013, 05:40:21 AM Speculating is a risky business. I think the future is very bright for BTC but there's still a lot of ecosystem and infrastructure that needs to be built.
Large swings are pretty standard, you are likely to lose your money eventually if you react to price fluctuations. Title: Re: All the wrong moves. Post by: doobadoo on April 11, 2013, 05:42:55 AM Here is a run-down on what happened: Criminal's ddos attack BTCTalk + main exchanges in order to get BTC price to drop. They bought cheap coins with the intention of making a hefty profit. Doesn't take much of a genius to figure out what's going to happen over the next few days. Not true, gox says it was just new accounts hitting their servers which froze. They deny it was a ddos. Check their twitter feed. Title: Re: All the wrong moves. Post by: SubSnake on April 11, 2013, 05:44:58 AM So this is without a doubt the fault of criminals?
What does DDOS exploitation do to BTC long term? Title: Re: All the wrong moves. Post by: salt on April 11, 2013, 06:32:09 AM So this is without a doubt the fault of criminals? What does DDOS exploitation do to BTC long term? DDOS attacks don't mean much to BTC in the long term, since they target markets. The underlying concepts are decoupled from the individual exchanges. Hypothetically, events regarding the exchanges could influence the success of BTC by encouraging or stifling adoption. |