Bitcoin Forum

not sure any1 heard of this.

http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

People have heard and, yes, I think you are right.  This is what's causing the sell off.  Good time to buy up cheap coins.  A suit against MT Gox doesn't mean anything.  You can still get bitcoins from other sources and the coins aren't going to disappear.

Smart investors buy low, sell high.  IMHO, if you are in the fiat-to-btc game, this is probably the time to buy.

On the comments area:
"I know, right? Never trust a currency that isn't backed by nuclear weapons."
hahaha

I'd say the sell off related to that news is already priced into the market (I watched it happen today)

Pretty sure it's on the rebound now.

BTC @100, ah it must be Wednesday already...

Why would that drop the price of bitcoins?

Can't really bother, more cheap BTC for me  :)

I'm sure both MtGox and Coinlabs will settle this.

I hope Coinlabs has a lot of BTC and now see their value drop  ;D

Well, another possibility is the gox could have been hoarding BTC and selling off their profits only when they needed to.

If they are preparing for an ugly lawsuit, they could be selling of BTC... a lot of BTC.

There was a steady downtrend for the last 3 days. I think we haven't seen the short term bottom yet.

This is just a conspiracy act between 2 companies to lower the BTC price , so big people with big money can get it while its cheap.

Coinlab can retract their law suit anytime. you just got GOX-ed if you believe everything the news said.

So, your analysis is: The price will go down because the price has been going down? That seems like a pretty useless prediction to me, since it will never predict the end to a movement.

 How do you know that?

the price of btc lies in its relative liquidity compared to other alt-coin (read: mtgox). originality really has no value. when coinlab and mtgox joined force, price hiked to $250.

this is not to say btc will keep dropping, but i'd keep an eye.

think of bitcoins like a river.  When the water is flowing it feeds all the plants on it's banks.  But the out regions of land are dry and not fertile.  Think of mtGox, Coinlab and other exchanges as irrigation systems.  Thy help the water flow to places where it normally down not.  The more irrigation you have the more land the water can make fertile.  When there is a risk of an irrigation system being damaged or being removed all the crops in that area will die.  That hurts the livelihood of the farmers there.  It also hurts the trust that the irrigation system builders can keep the water flowing or in being able to repair.

In the end it just spooked traders and investors.  In reality its a short term drop as it provides an opportunity for other exchanges to appear and take market share if Gox disappears.  I'm not saying they will, I doubt it will happen, but there is a risk of it.

I actually believe I know what that reason is , and I'd like to talk about it at a later date.

GOX has too much power. Maybe would be better the lawsuit to prosper and Gox disappear so we get a better balance with more/better exchangers. The value of a coin cannot depend on one exchanger, indeed it shouldn't depend on any at all.

I'm inclined to agree with this. There's a lot of new VC interest in bitcoin but the price has been too high to buy in bulk. Much easier to tank the price with some bad news, but a ton of coins, then start announcing new projects to bring the price right back up.

A bogus lawsuit is a great way to drive the price down legally. I suspect the DDOS on Silk Road is part of the same strategy.

I suspect some ppl like the one by Avalon asic have looots of BTC (they sell asic for it) can dump and control market to their need, also they have need to sell a lot to pay the TSMC production...

I agree on this one.

If gox loses the 75m lawsuite they will go bankrupt and btc will crash.

They're only making $250k a day profit..

yokosan, is that you?

Feels good man!

The trend showed that the crash MAY not have been solely due to the lawsuit.

The short term floor is just my opinion (probably coloured by greed) - lets see.

gawker dot com -_-  I'm surprised they didn't try to pin the blame on endemic patriarchal racism.

mtgox is pice of shit that is worthless and outdated btc-e is way better they dont hold your money like many people have lost it there what they say is due to security reasons and after you send all the paper work they still dont get back to you support is shit so viva la trollbox

pedo allegations, 75 million courtcase, silkroad mia, alternative crypto currencies, late comers pissed off it's so expensive and thinking they've missed the boat so crying into their blogs and talking up acmecoin, every site to do with bitcoin or with bit in the url constantly ddosed etc etc


i bet all my bitcoins it doen't go under $50 in 2013 and it'll hit 150 probably at least 3 times. I doubt it'll hit 200 in 2013 but it might

Everybody withdraw your money from gox just in case. It is easiest to move bitcoins to another exchange. Buy some bitcoins to get your money out before everybody else starts buying and the price skyrockets!

its hard to panic buy if you dont have any fiat sitting on standby. i feel we wouldnt see such drastic swings if there were easier/faster ways to get fiat into the market.

So many retards in that comments section , its great to see !

More tards = more opportunities.

When that comments section starts to look like this forum , start to worry .