Bitcoin Forum

"Bad" news seems to be coming out but most of it is misinformation it seems.  Bitcoin days have seem to have been destroyed for no reason.  A lot of things just don't make sense.

This is just the nature of the Bitcoin market. It's immature. It will act like this until it doesn't.

http://www.youtube.com/watch?v=NajxJ54FAf0

And also nature of stock/commodity/currency speculation. During bull market, almost everything is a good news, during bear market, it is opposite. I guess it clearly shows which phase we are in right now :(

It's time to buy bitcoins...too bad you can't transfer them off of mt GOX it's hitting close to $400 there

Why is everyone so upset? Bitcoin has been low before , it'll skyrocket again just like it did before.
Buy while you can ;)

I think this is EXACTLY how a market should function.  I am personally quite pleased in its performance.  It sure beats market makers and manipulation.  Pump and dumps have more credibility than a market maker.  Think about it.

A free market is the only market.  Our World markets exist today to mitigate natural market swings so the collective "doesn't freak out".  It is completely unnatural but it sure makes you feel easier haha.  This game is for the big boys my friend.

LOL

The title of this thread is "Someone is trying to intentionally tank Bitcoin price".
That assertion is absolutely correct, and it has been happening for weeks.  Massive DDoS attacks on most pools, most exchanges, and now an ongoing "Transaction Malleability" attack.  It is clear that someone from the other side is not happy about the existence of Bitcoin.
This is not just the "nature of the Bitcoin market" as Holliday puts it.
This is not just the "nature of stock/commodity/currency speculation" as Bitcoin_is_here_to_stay puts it.
This is an attack, a multimillion dollar attack, lots of hardware, lots of skilled people, lots of hate.
Now the question is "what are we going to do about it?".

Clearly you haven't been involved with Bitcoin for enough time. More often than not, someone is intentionally trying to tank the Bitcoin exchange rate. Therefor, it's simply the nature of the Bitcoin market.

"Now the question is 'what are we going to do about it?'."

There aren't really any get rich systems in life that work for everyone. If there were, then EVERYONE would be rich, and rich would not be rich; it would be average.

Bitcoin is not for getting rich, although there are a few that will. Bitcoin is for using as a medium of trade, the thing that money was supposed to be used for, until we found out that the bankers had turned it into a get-rich Ponzi.

The things we can do about it are:
Spread the message about how Bitcoin is better than money;
Use Bitcoin rather than hoard it;
Continue to develop innovations that use the Bitcoin pattern.

We are the people who can do this, The fact that we are in this forum and posting or commenting shows that we are.

:)

No one is tanking BTC.  The people who stole GOX, Silk Road, BTC-e and others are just rounding up there dollars. ;)  I say kudos to them.  It will be done as soon as they get their $40 million.

This is not the nature of Bitcoin, this attack has only ever happened once, and Bitcoin has been around for years.
One single incident does not make it the nature of something.

That cannot happen while the network is suffering from a "Transaction Malleability" attack.

The attacks the very real, obviously you have no BTC to withdraw and cannot appreciate what that means.
When the movement of money is impeded, the value drops.  When the movement ceases, it usually destroys all value.
Think "Great Depression"
http://en.wikipedia.org/wiki/Great_Depression

(I really can't help you if you don't understand economics)

This attack (transaction malleability) has only ever happened once. Many other attacks have happened over and over again since the beginning of Bitcoin.

BitcoinSteve is behind this.

Yes!


Not necessarily. It could just as easily be someone who loves bitcoins, and is ready to buy a bunch at a great price. I for one am loving the price drop. It's allowing me to stock up on more bitcoins!

Whoever it is "is fully resourced".  There have been many attacks as Holliday points out, but this one is different.
This is not your usual 51% attack (attempt to double spend).  This one is designed to disrupt the network.
That requires specialist knowledge and lots of very expensive hardware.  This part is different.

BitcoinSteve has every resource imagineable at his immediate disposal.

BitcoinSteve was definitely behind this.

So you agree with the title of this thread then, that "Someone is trying to intentionally tank Bitcoin price".  I rest my case.
It is not important who, or why.  Just that they are.

Ok, who let pirateat40 out of his metal playpen with barbed wire fence?

We can do nothing as of now ,the DDOS, attack is not the problem, but MtGox/Bitstamp halting withdraw is.
People just want their money back, so they sell to withdraw fiat, the price of MtGox/Bitstamp goes down, then other exchanges have to follow because of the arbitraging.

As soon as they resume withdraw, the price will go back to at least 600. Now the question is when?
The market is panic because Mtgox and Bitcoin Foundation cannot provide a time table when to fix it, if current situation last for 1 week more, then we will see price $100...

Of course it is being manipulated! Why wouldn't it be?

sigh... my father says this about precious metals, that there are 'hidden hands' suppressing the price. No, it's called supply and demand. When 2% of the users hold 60% of the bitcoins something like this is always a possibility. Forget the fact that major exchanges aren't doing withdraws right now.

Yes it's being manipulated. I'll humor you and tell you what you want to hear. Everyone should just hold so it goes to $10,000 and we all live happily ever after. The end.

I want my $100 per coin price so I have a vested interest in watching it go down. Everyone should want it to go down... the lower it goes and the more of the coin gets out of these bitcoin millionaires the better the base we will establish.  People who got in at $1000 for the first time... sucks to be you.. that's life... you bought during a bubble. Live with it.

BitcoinSteve was behind this.  He predicted the crash on Monday:

https://bitcointalk.org/index.php?topic=457615.0

Bitcoin is a top-down system with a final boss. Good day.

Like Apple?

Bitcoin will rise like the Phoenix in the coming weeks.   The new bottom has been found and now people will be ready to invest in it.  so many of the people I know, that trade commodities, say this needed to happen before they got in.  I think we will be stronger because of this and see it back to $1k in a few months.  May have to adjust my guess of $1650 year end price that I made on New Years Day.  

time to load up boys!!

where the fuck can I buy bitcoins when they drop so low? Someone please PM me!!!

The answer is way to obvious.... OP....

That someone is a fat fuck that slaughtered all the greedy pigs.

This is exactly why btc are almost $200 cheaper at Mt Gox than everywhere else

If that's the case, just take advantage of this situation as a buying opportunity!

 :D

You CAN still buy them there, if you want to trust them with your $!! and don't want to be able to widthdraw your BTC any time soon (or ever IMHO!).

What's this?  The "Transaction Malleability" attack stops and the price jumps 100 USD instantly.  It just shows I was right!
The assertions made by the OP have been proved correct "Someone is was trying to intentionally tank Bitcoin price".

It is not going to be like that .

So dont worry.

Price will not drop to 100$
and attacks will never stops too.


There is always a war between hackers and programmers.

sell orders can't destroy bitcoin is just lowers the price. So what.

That "someone" is the 12 year old script kiddies who think they're baddass by launching these TX malleability "attacks" and DDOS's... Nothing more...

Its difficult, its an immature market that had high growth due to speculation. Now btc will find its market vale price. My prediction 150usf

I was going to say this but now I don't have to. Quoted for truth!

I nicked your post for my sig Coin_Master

The market isn't free if your cash is in prison.

hahahhaaaa 

if you buy at $100 and it goes to $0.00001, how will you feel?


BTC, has true value at this stage in it's development at about $400, everything else is diversified hype, so I agree $100 would be a steal, but if it goes below $400 I will have my shopping care ready to fill it long before it reaches $100 (of course hoping it does a Uie before it gets there.

Well bitcoin market is not backed by anything, so then only thing giving it value are people. They decided that it is worth something. Someone is trying to use that by giving out false information, lowering the price and probably earning something from it. Doubt someone would do it just for fun.

How are you calculating this bold claim?

The time to buy is now

No way. BitcoinSteve probably been lurking on some obscure darknet forums and got wind that something big was in the pipelines and tried to cash in on it with a Medicine Man Joe act. If BitcoinSteve was behind or in anyway involved with these sustained and ongoing attacks on the Bitcoin system, then he would be risking a lot by coming on and bragging about it on clear net websites.....and as for trying to squeeze a few fraction of a Bitcoin from forum regulars when he is behind the pilfering of millions of USD worth......!? Auf gar keinen Fall man!


Funny, I had the following dream a few nights back and posted it on this forum to much ridicule a mixed response:

My main Bitcoin dream however, was being in a barn full of cattle, that was invaded by a load of Chinese cow-boys. They were hacking the cattle to bits, with powered saws and the like, and cutting off bull horns, and then betting against each other with lumps of prime steak. I twigged on that when one of the main cowboys was piling his steak up high, that I knew this was a trick and that I should lay out my strips of bacon low, which I did. As it turned out, I was right and my bacon was saved, except I laid it out so low that I didn't win any steak.

https://bitcointalk.org/index.php?topic=465422.msg5144467#msg5144467

If it turns out some time in the future that these Bitcoin attacks/frauds/manipulation were largely the handiwork of Chinese criminal organisations or even sponsored by the Chinese state, do I win £10?

You seriously underestimate BitcoinSteve, MatTheCat.

You DaFockBro, are BitcoinSteve!

Do I win £10?

I'm predicting your £10 will be worth less than $1 by Friday.

Is the UK government about to default?

Has BitcoinSteve hacked and defrauded the Bank of England?

You don't need to preach to the already converted. I have had a bad feeling in my gut about Bitcoin for quite some time. I have made posts in this forum stating that I believed that Bitcoin may have some kind of 'death' event on it's diary long before BitcoinSteve popped up on the eve of the 'attacks n hacks' week. I was on the verge of turning bullish on the price surge from $538 to over $700, my emotions wanted to buy-in, my head told me to wait until $700 had been tested and confirmed as a support, but my intuition told me that Bitcoin was going down a whole lot more.

I don't trust neither of the shorting exchanges. The crash to $100 wasn't a dumb whale hitting wrong buttons, that was a hack imo where real Bitcoins were stolen/fraudulently bought and sold, so since I can't short Bitcoin, I am well out for now. I think people will be just as shocked by the Bitstamp price in the near future as they are by the Gox price today.

The media is controlled by the same people who have a heavy interest in fiat currencies. Of course they will jump on any bit of news they can to try and destroy bitcoin. But bitcoin is being used by more people every day. It is here to stay.

Reptilians? :o

lol @ Coin_Master. excellent trolling. idiots across the internet should look to you for guidance in their hour of need.

What's with all the name calling?  Everyone needs guidance, even you Troll Toll :)
Mt.Gox will close because an attacker will siphon all their bitcoins, oh wait that already happened 2 days ago.
Except I have been saying that for over 2 weeks, guess some people weren't listening.  There are 2 kinds of posts on this forum, ones full of opinion, like yours, and ones full of facts, like mine :)
The attack was very real, over 750,000 bitcoins were taken, that's more than 350 million dollars worth.  What do you think they are going to do with all those coins?  Look at them?  :)