Bitcoin Forum

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Or it was sliding and MtGox closed for a cool down (their words, not mine). Guess you just have to believe what you want.

OP so true ! After month time and counted ~277 times predicted he finally can say the words. 'I told you so'

ROFL

I bet you also think that the drop from $30 in 2011 was because of the MtGox hack... (it wasn't, since the hack actually happened after the 2011 bubble popped and, in hindsight, was already clearly in decline)

No, this was entirely due to speculation. The fact that some kind of bad news happened around the time was just a coincidence. For instance, what if the forking incident had occurred last night instead of when it did? I guarantee that you would be blaming that instead. But, because that happened in the early stages of a bubble, people psychologically framed it as good news.

The fact that MtGox crapped out at any volume for the last several days did not help much.

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

yawn, come back next week after the correction up to $200..........

yeah nah....you gave the impression "bitcoin would drop"

if the exchange was smoothly running and it dropped then sure props to you. But this is not what happened, in any event it still has circa $80 -$100 support over at BTCe...and that's with a trollbox, if that tells you anything, your still not right. Even if it is not BTC the Concept of CC's are an adoption tech

please tell everyone to get out of gox! for fucks sakes.

but i like cheap coinz...

wow, I agree with everything you say except "This will be worse for bitcoin than 2011" If the correction is as bad as you say, it will dissuade speculators and the more Bitcoin will be evaluated on its utility value. That is good for Bitcoin.

Then a year or so from now the true believers will be able to profit again.
Next time I ask that you hold off until I can sell out at 3000% return instead of just 300% by jumping early.

What is so interesting about the current price is despite the sell-off we are still higher than the 2011 high.If Gox is 80% of trade concerning BTC and fiat the current price is accurate.It might also give Mt.gox the time to get rid of those backlogged accounts.

translation: > $300 next week, probably hit $500

I don't think there's anything meaningful about that.  The other exchanges do volume so much lower than MtGox that I don't think you can make a very reliable price assessment as long as there's people out there holding thousands and tens of thousands.  Besides, the other exchanges are, what, $60ish right now.  That's hardly something to be excited about as this is only one day out from what is so far the worst market event in bitcoin's history.  The events of yesterday and today are going to change the entire mood of the market for years.  Eventually, we're going to single digits again.

Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.

And it was a DDOS that caused this failure. Even Bitcointalk was down. I guess that means Bitcoin was a complete failure along with Bitcointalk and all the people at this site will just suddenly stop coming here and traffic will drop to nothing?

Goddamn emotional investors.

yes and sheeps are sheeps :D

And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going...

Oanda et al will move in now problem solved
Still holding at 67$ on BTCe.

And this is still not a "crash" due to the currency but the failure of the exchange

And exchanges are a necessary part of pricing a new currency, and make up a part of its necessary infrastructure, and because of the nature of bitcoin parts of its necessary infrastructure, like exchanges, cannot be regulated like traditional mature markets in such a way to prevent the kind of crippling volatility we've seen with bitcoin. 

It very well may be the case that what the bitcoin experiment ultimately proves is that as imperfect and problematic typical financial markets are, with all their government regulation, they're better, safer, and more stable than other alternatives thought up, like bitcoin.

I put some orders in at $50 or so a few days ago, I expect them to get filled.  History tells us that all bubbles pop.  There are various reasons but all bubbles pop, always.

All bubbles pop, I just thought it would pop at $15, I should be so lucky to sell out at $50.

no, the market will provide new safer more efficent and better exchanges than govt ever will

Its not/was not a bubble, nor is this a "pop" whatever than means....Thats why most people are holding BTC and not selling

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http://s9.postimg.org/v9kx2y4nj/bubblepsy.gif

Just a snow ball, and its melting, right?

Yeah, see, no bubble, no selling here...

http://i50.tinypic.com/32zjg44.jpg

http://i46.tinypic.com/13zqzqs.jpg

There are fundamental reasons why BTC/USD could trade in the single digits in the not so distant future.
I'm hoping it hits +$300 first but ... meh.

What do you make of the 20K new users a day, media hype and big names entering bitcoin? Wouldn't a crash mean people are abandoning it, not flocking to it?

That was before the crash, and would be exactly what you would expect from a bubble.

Why.. why do you do it proudhon? Why get up? Why keep fighting?

Do you believe you're fighting for something, for more than your survival? Can you tell me what it is, do you even know? Is it slavery? Or lies? Perhaps war, could it be for death? Not gonna happen, Mr. Proudhon.

Arithmetic charts are fo' suckas:

http://i48.tinypic.com/bindol.jpg

Where's the crash? I can't find it.

What I find funny about proudhon is that not two weeks ago he lost a bitcoin to me because the price went through $100. So naturally now that the price fell from high level to higher than when he had to send me 1 BTC he claims "crash". lol

No? look for the large red candles, or the insanely large red volume bar...... ;)


Yeah, a 75%+ loss in value is a crash. Period.

Looks like a minor correction to me, that doesn't even break the crazy uptrend from January.

Losing two weeks of gains is not a crash, sorry.

Hahahahahahaha yeah, 75%+ loss, no big deal... ::)

It's a big deal if you bought at the top, but most people didn't.

No, its a big deal whether you lost money or not.

BTC will not be taken seriously as a currency with 75% swings in value, much less when those swings occur in a couple of days.

Proudhon has proved that:

1) No single digits
2) No balls

Ignore this troll

BTC will not be taken seriously as a currency for a long time, nor should it be, as it is still experimental.

I am taking exception with the claim that BTC was in a "bubble" that "popped." So far the price action is consistent with a technical correction in a strong uptrend. That could change, but so far it has not. The bears' endzone dance is premature.

Proudhon I have a few questions for you:

Do you think BTC is enough of a threat to the mainstream fractional usury currencies that the centralbanks would bankroll (pay) people to go on BTC forums and give consistently negative opinions about everything to do with BTC?

Do you believe the 266 to 55 crash was orchestrated by a handful of operators trying to crash BTC completely?

For the record, do you yourself own any BTC? Tens, hundreds or thousands?

Okay one more time for the its a currecny so use it as one crowd


THE WHOLE POINT OF THE SPECULATIVE/INVESTMENT NATURE OF BTC IS THE SUREST WAY TO GET IT ADOPTED

WHEN IT MEETS ITS MARKET PENETRATION IT WILL STABILIZE AND BE A CURRENCY

can you think of a better way to get something adopted then a means of making money????

nope.jpg



Even the friecoiners reconise this.

I doubt that matters. What matters is if there is a need for it. Do an appreciable number of people really need to anonymously spend (large amounts of) money, and/or really need to cure themselves of exposure to fiat?

Time will tell.

Ultimately CC's will have tax and efficiency and security advantages that will out compete FIAT. The distributed exchange will be solved

Everything proudhon has said will come true given a long enough time frame.

the sun will expand and burn out and the Universe go to heat death and then the post Nucleons start to decay


so yeah in that timeframe proundhon will be right though even then there is some quantum theory results that say otherwise