Bitcoin Forum

for about a month the price of bitcoin was stable and everyone was very happy with that and people started to believe for putting all of their money in bitcoin, and it was considered that it will be the next global currency, but now a bigger dump has started, and I think that dump is dangerous for the better future of bitcoin and its continuous happening will deny bitcoin from it success.

I think we will be fine, it will come back as it always does.

of course all will be good, this dump is not the first and not the last one, in my opinion the price of it is going to go up in the future and make us big money no matter how much it drops now

 "...for about a month the price of bitcoin was stable and everyone was very happy with that and people started to believe for putting all of their money in bitcoin..."

Where did you hear this?  After one month of stability your parents are going to bet the farm?!  That's just silly.

Bitcoin is already successful and those things happen all the time.

Of course not. We have had these kind of dumps since the very beginning. And trust me, I have seen dumps far worse. Beside that, I see the current dump as a fantastic opportunity as it made me a good a profit today. I am sure more traders are thinking like this. Where others smell fear and sweath, I smell money.

no no no i do not think so, the image of bitcoin cannot be destroy so easily. you know from all over the world people are investing their money in bitcoin how can it be possible that a little dumpt can effect the image of bitcoin so badly. i think that is not so good to say like that. hope that the current dumpt will be for the time being and bitcoin will recover its position very soon.

of course it will come back, from my 3 year experience with bitcoins i can tell that the price always recover so no one should be panic selling right now

yes, again.

That near full month stable isn't even enough to build a new image for bitcoin. Bitcoin are still as volatile and unpredictable as always. More experienced users won't become depressed just because of this drop.

a dump don't matter. why it dumps matters. bitfinex screwing up once again goes to show how amateurish this stuff still is. if one good thing comes out of it, maybe people are gonna switch to exchanges run by real professionals and at least they're available now if you're in the right country.

a few people on reddit seem to be worrying about what the sec would think about this regarding approving the etf. I think it's irrelevant as long as the winklevoss's and the other applicants show they've got the right security approach.

This drop has been predicted for like a month now. Bitcoin's price cannot remain stagnate, it must go up and go down in the short term for speculators to make money. What I find suspicious however, is Bitfinex claiming a hack and taking down their service during a drop, causing a further decrease in price. Smells of manipulation to me.

I see no problem whatsoever.  We've been through bumpy times, price-wise, for years and we'll go through bumpy times again.  I see this as a buying opportunity because I believe bitcoin has a future.  It'd be interesting to know why we're having this price swing, because I haven't read any earth-shattering news lately.  Is there any good reason for the severe dip we've had?

This is a healthy consolidation dump. Long term uptrend line has not been broken. Also BTC dumped massively just before its run to 1000$ in Autumn 2013. Move along.

Those saying there's no panic, tell that to newcomers. Bitcoin will always be a joke for serious businesses and investors, that's the bottomline. Forks, fights and nonsense only hurt the project longterm. It won't die of course but I'm saying the same thing for months, BTC was never gonna pass 1k, too many people are afraid to buy at those prices, now $700-800 is the new $1k.

Honestly, I always believe in the blockchain. But bitcoin as a whole already doesn't have any good reputation anyways. This will definitely destroy the price, but not the technology.

Traders love this. I am not a trader myself, but I bought on the way down and so far I am quite happy with the results.

3 BTC bought at $530-$540.
2 BTC bought at $480.

Not bad at all. :)

fwiw.....Bitcoin needs $500 MINIMUM in order for it being worthwhile for the miners to continue mining and maintaining the network.

Hopefully then we don't see a negative effect in the morning, when the chinese wake up. They would likely not damage the price in their own interest. The price is sort of now over 500, but still can go either way.

People who are not already here (read: not bitcoin fanatics) don't even know that the price was $750 a month ago. So, no, the image will be fine.

You sir are a smart trader. I knew people buying above 600 and even 700 were making a huge mistake.

I know that you are a perma troll, but in all honesty, I seriously agree with you.

Not going to happen over night (or at least I hope not, otherwise I am fkd along with the rest of BTCland), but this project's days are numbers.....


just so much that is wrong with BTC, that it aint even funny.


Transaction are slow as fuck
System is overly bloated, demanding so much power, that Chinese miners who get massive energy rebates, require a minimum of $500 just in order to not lose money
None of the exchanges are trustworthy.
Thefts and scams are commonplace.


Fuck having money involved with all that...quite frankly.

Quack quack, baa baa baa.

http://i664.photobucket.com/albums/vv10/JimboToronto/LambDuck.jpg

Enjoying the picnic?

http://i664.photobucket.com/albums/vv10/JimboToronto/teddybearpicnic.jpg

@OP: Don't worry about Bitcoin's image. It will be fine. Take advantage of the price dip.

This isn't bitcoins first pump/dump - and it wont be the last

Not the first dump in Bitcoin history.

One must really be dumb to believe BTC reached stability only because of a month of price stability

this is no regular dump tho;
119.756 BTC stollen in Bitfinex heist (https://twitter.com/btcWhaleclub/status/760606845908226049)
https://bitfinex.statuspage.io (https://bitfinex.statuspage.io)

still btc's image is not going to be "destroyed"!!!
personally i'm just watching waiting to see how this'll all unfold!  :-X

There is no minimum. The fittest survives. And it's a good thing.

They were lying to you. Sell your BTC.

nothing is going to change ever, this was a hack of an exchange service. and the funny thing is that it is not the first hack and it is not going to be the last.

if anything it will destroy the image of bitcoin exchanges not bitcoin itself, because the problem was not with bitcoin. and people will still continue using these services and a couple of months later another one will be hacked!

Not much for bitcoin, but bad for all centralized exchanges.

It's difficult to determine the theft is done by staff within the exchange and whatnot. My opinion is more likely by rogue employees in most cases.

Exactly. People will finally open their eyes and see that keeping your coins on some exchanger isn't a very good idea. Then they will start to use their own wallets and eventually there's no need to exchange Bitcoin any more because we can use it to pay for services directly.

Difficulty will follow price, not the other way around. There's absolutely no minimum on price. PoW is bullshit anyway, PoS is the future.

The dump is ok there is nothing wrong with it. That comes in the territory if you are actively trading. The reason of the dump is bad. Another exchange hacked and the coins are dumped. There are other stories that BitFinex was insolvent in the first place and the "hack" is just for show so that they could get out of a bad situation. Whatever the reason is BTC will be in the spotlight again with the media giving it a bad reputation again.

I don't believe in bitcoin. Never again. If you say bitcoin is better than fiat but let someone steal you without any consecuences, then bitcoin is not to me.

Yes, in my opinion this destroy the image of bitcoin. Bye bitcoin, this it's not my world.

Events like this one do serious harm to crypto's reputation in general, no doubt about that.

It didn't destroy bitcoin when the gox happened and it won't destroy bitcoin now. That is not because bitcoin is the most stable shit out there, that is because it simply has no alternatives. Don't say alternative currencies, they are joke.

How can it harm the bitcoin reputation, if it's most important selling point of bitcoin? Yes, if you lost your bitcoins it's final. However, nobody can take it from you. It's two sides of the same coin.

Yes, it's digital gold. You do not go to a corner store to buy a carton of milk and pay with bullion for it.

Depends on how much you paid for the bitcoins. Your money might be safe, but losing a lot in value if you bought at the wrong time.

Now with the price near $500 it is definitely worth considering storing some wealth in bitcoins.

 That's odd; we used to pay with bullion.  Actually, not gold bullion in my time but I distinctly remember collecting little pieces of silver from the customers on my paper route.  Those shiny little beauties had a distinctive ring.  I wonder why we stopped?  Come to think of it, milk used to come in glass bottles... then cartons and now plastic jugs and plastic bags!  Where do you buy cartons of milk now-a-days?

LMFAO when someone say btc and gold in the same sentence.

Sure?... when had you see a 20% dump in gold?. When a hacker can stole that huge amount of gold?.

In my opinion btc can't be a currency. Make no mistake, I love the idea of bitcoin but in my opinion the system has a really serious lack of security issues.

In that sense bitcoin lose.

How do you think people feel with no btc in their accounts after bitfinex hack?. No problems like this with gold or fiat.

To me, this is the main reason why bitoin it's not a secure way to invest. First MtGox, now Bitfinex, next?

you understood that the security issue is due to a third party and not bitcoin itself? it's like blaming gold, when the guard lets, the thief pass to steal it from the safebox....

Yes, I understood and share your point of view, off course.

But, the problem in my opinion, is that you can't go back in the blockchain, in fiat you can reverse tx, here not. That's the problem about security I'm talking about.

And at the end of the day, and at the moment, you can't use only bitcoin, in some moment you must change that for fiat, then, you must believe in those guards... that's the problem in my opinion.

 Russian missing 50 Billion dollars worth of gold
 Ukraine lost all but 1% of it's gold
 China missing 500 tonnes of gold
 Germany missing hundreds of tons of gold (apparently the US is holding it but doesn't transfer it)
 There's also the Fort Knox mystery.  The last audit done on the gold reserves there is 60 years old.  Some say it is all gone.

 You don't see the dump in gold price because it is being manipulated by these same governments with paper contracts representing gold.  This is on a scale that would dwarf bitcoin.

I don't think that it will destroy the image of bitcoin. Bitcoin is still bitcoin no matter what. I mean rise and fall of bitcoin price is just normal. As what others have mentioned, it's not the first fall of bitcoin price so I think no need to worry that much. Everything will be alright, just a matter of time, patience and trust. Just my opinion.

Ok, but you are talking about problems between governments. I don't imagine someone stolen the same amount ($70 millions) of gold in a few minutes like bitfinex hacker. For that reason, and always in my opinion, btc is comprmised.

Ok, but you are talking about China, a government. Can you move $70 millions of gold in some minutes like bitfinex hacker?. I don't think so. I said not make mistake, I love some features of bitcoin, I really believed in bitcoin, but I don't like the way this security issues happens. Always it's my opinion, I'm waiting for bitfinex solution to see how they can solve this..

 I don't know for sure the amount of dollars per minute.  I do know that there are tonnes of missing gold that Germany thought it had secured away in an exchange.  There's no difference in these two hacks.

In my opinion exist a difference in that two hacks, government, that can manipulate anything that they want, versus one hacker. :(

 German govt is not confused about the amount of gold reserves it has.  The gold is missing; the amount of time for it to disappear is debatable.  The trust-based monetary system was "hacked" and German gold was replaced with a promise.  It could have happened seconds after the US went off the gold standard.  We'll never know.

no i do not think so, to me the present down fall is not a permanent and that is just for the time being, hope that the price of bitcoin will stop falling any more and will soon recover very soon,therefore i do not think that the present down fall can effect or destroy the image of bitcoin.

What image u mean and also not the first time it's happening, so it wouldn't matter

Its always happening this is the same as last year that there is exchanging site got hack and the price of bitcoin is going down but bitcoin still alive.
So i think it can be destroy the image but it will rise again back..

no it will not because bitcoin is pretty much established and not even an earthquake can shake the image of bitcoin imao.

No is not but in the other people who didnt know about bitcoin its not a normal they think that its scam.. but for those who know about bitcoin it can not be destroy the image of bitcoin instead we are thinking that its normal because its always happening year by year..

i also think so that it will not have such a bad effect on the image of bitcoin because for this time hope that the situation are not going to be so bad as it was in previous time. hope that this time the downfall is just for the time being and will not increase too much, therefore i do not think that the present situation will have so much bad effect on the image of bitcoin and hope that the previous trend of the popularity of bitcoin will continue.

Lol, in fact, in the long term, BTC value against fiat is not important, Bitcoin will survive the current fiat money system, so..

I've bought and sold bitcoins at so many fiat rate, from 0.15 to 1200... This is young and very promising, watch out for a 12k U$ value within 2 years, and even at that level it will not be imoprtant.

What's important is that everyone get in control of their whealth/echange without any intermediate or central control to STEAL YOU !

Wake up world !

I'm about to get angry, the world seems so asleep and the wake up is sooo slow :/

So we had Mt. Gox, but people are still confused enough to blame Bitcoin itself when PRIVATE COMPANY(/-IES) are the ones stealing your money?

We don't even know for sure bitfinex was hacked, it might be a giant exit scam. And it sure seems that way considering how eager bitfinex and it's so-called supporters were to discourage any legal action.

Anyway - Keeping your money on an exchange is about as safe as asking a homeless guy to hold cash for you.

No matter how many exchanges go down due to "hacks", people will not learn from it and store their coins safely offline under their own control. Some are even that dumb to return to an exchange that lost plenty of users funds. Plus, it's an exchange that makes the users pay for the damage while they are the one that should be compensated, lol... Worthless BFX tokens are given to people to somewhat make them shut their mouths. Very sad.

Ignorance, naivete and the ability to forget quick is with a lot of people!!
It often seems like it doesn't concern them what is going to happen with their money on all those exchanges.The greed is just too big!
But when shit hits the fan the whining and crying is huge!
I'm sure we will see this several more times in the future.

i think the present dump cannot destroy the image of bitcoin, i think it is just a temporary downfall and hope that very soon the price of bitcoin will raise to its previous position, as we can see that now the people start buying bitcoin again because the volume is increasing from time to time.

I think it is now good the dump was just a little dump, and the image of bitcoin is still much better as people are still fan of it and are still putting their money in bitcoin, I hope that bitcoin will be the global currency of the future and no one will leave it because of these small dumps, as it is a currency and the rise and fall occurs in every currency.

yes i am agree with you the previous dump cannot effect the image if bitcoin, just after the bad news spread in the market about bitfinex and people just start panic selling, but now we can see that the people gain the confident again and now they start buying bitcoin, therefore hope that the price of bitcoin will also start raising and this time bitcoin is going to cross 1000 USD in next few months.

to me as it has effect the image of bitcoin a little bit. but still there no serious effect on the image of bitcoin, as we can see that now people got confidence of bitcoin again and they are investing their money in bitcoin again therefore hopeful that the price of bitcoin are going to increase in next few days.

The image of bitcoin has come a long way for it to be affected by a fall in price. Because there will always be demand for the coin, no matter what happens in future ;D

Yes i think the recent dump afteer bitfinex got hacked is really bad publicity for bitcoin and lots of people including some of my friends and relatives who were about to start investing into bitcoin step backwards. But i am still forcing them, and advising them to buy at the current dumped price because price have really nice space to rise now.

it's indeed bad publicity to a certain extend, but the media here was quite understanding and unbiased when they were reporting about bitfinex. they even made clear that bitcoin itself isn't hacked, but just a place where you can trade coins. so far, this is the first time i have seen the media reporting from an unbiased point of view. also, advicing people to buy bitcoin is cool, but you should never force people into buying it. that's not the way.

The recent dump doesn't make big impact over the reputation or the image that got created in a very short term of around 8years. Already at different scenario the same dump have occurred.

Boy that dump was pathetic. In past I've seen much deeper dumps that were still casual kind of dumps. This last one just confirmed the mid-term uptrend by not having been able to break the halving rally support line.

i think not, bitcoin faced much more dangerous dump like the one from gox, this is nothing against that, this is a joke lol only $100 lost, although i think the hacker did not dumped everything, so maybe there is still some dumping to happen

There have been far worse dumps that didn't destroy Bitcoin's image, so I'm not sure how something like this would really be all that different. This was a very mild, relatively mediocre dump and it definitely didn't do much to Bitcoin, and the value is already going back up. The Bitfinex hack probably hurt Bitcoin's image more than the dump, and that simply wasn't that much.

Bitcoin detractors will always have a negative image/outlook on bitcoin.  Events like this (bitfinex hacking) and the subsequent dumps, they just use as ammo.

Bitcoiners for the most part understand what happens when things like this occur and the reasons for the dumpage. Their image of bitcoin doesn't change, at least not significantly because of the dump.

Those who had their bitcoin/money on bitfinex and were affected directly by all this... well, I imagine that's a different story as to what their image of bitcoin would be.

Yeah it can not be destroy the image because if you notice the bitcoin before or even last year its happening to that the price is crash 35% in the current price last year..  but bitcoin still alive and the price is increase more this year.. and i think more people are invest and buying bitcoin to use it in their service or business.

I agree at 100%, at the end someone that understand the point of view of affected users.

Don't make a mistake, I mean, I'm still a bitcoiner, in fact, I know that this it is not related with bitcoin itself. It's a problem of exchanges, but in my opionion it's not good for bitcoin enviroment.

I don't like the point of view that any exchange can delegate their losses to the users and create a coin as a bank. That's not good for anyone, but up today I think was the more acceptable decission intead of years of lawyers and so, wasting time, the most valuable coin.

I think that bitcoin can afford this, no doubt about it!, but at the moment exist a feeling of luck of trust..., at least in exchanges!. Like anyone told me: "Problem is yours, because you believe in them!".. and that's no good for bitcoin exchanges.

obviously not because even though bitcoin has been down $200 at 2015 early but many people has decide to be bitcoin users and not leave bitcoin and still using bitcoin until now and i think the current price approximately $575-$585 is not so low and still good for me

To answer this back when the recent dump happen, well it's not really a big deal after all if we are to linked it with the current price.

Now 23 days since the thread is created, the price is steadily sitting at above $500 which is a good sign of support from the community even with the recent bad news happened.

Any dump that happens in the cryptoworld will not destroy the image of bitcoin.

Because because bitcoin is used by a large community even though the price increases or decreases.

But for traders and for alternate coins is not good because the exchange rate changes which can bring sometimes profit.

We've seen a lot of dumps and though it brought the price of bitcoin for a while, it was able to recover again and again. Add to that that this dumps are rather common to something that's in its early stages of existence. Once bitcoin becomes a well-known and widely accepted digital currency, stability shall follow.

not necessarily. especially with huge holders as chinese mining farms and current bitcoin whales. their coin count will only increase in the coming years. the volatility is something we will keep seeing for as long as bitcoin exists. i think it's great since volatility is what attracts fresh money. and fresh money coming in is needed to keep the market healthy and liquid.

I agree that we will see that volatility for more years.But when more and more comes in and Bitcoin rises in value, the big whales will start to spend parts of their stash for houses, cars, yachts and other stuff.So a bigger distribution of the coins will happen.
And when marketcap will be in the 3 figure billions, due to ETFs and other new financial vehicles the waves of volatility will become slower andf slower. But this won't happen before 2028 to 2032 imo.

Ya it is true that the main mining holders are Chinese but it is due to the low cost of electricity but even then the holders of the mainners are from outside of Chinese even then they are going to get much more profit as they are the real miners of bitcoins. until they dont dump high their wont be much volatility and now more peoples are getting confident on bitcoins so due to that even on market crash their are so many who are ready to buy back bitcoins on low value , so their is always support on selling side.

I think bitcoin will recover it soon. Last some day's it's very bad time for us.I think it will take no more longer to recover.Actually scamming, hacking is a very big issue and biggest problem of bitcoin.

no big dump, the price remains above $500, even after the news about hackers bitfinex, bitcoin prices recover quickly enough, although not completely. so I think this is all going to be fine :)

Sorry but I think that the problem is deeper than a "dump" of people... on the contrary, if people believe on the Bitcoin normally it should rise up.... I am sure there's an economic explanation  (experts can confirm it)...

No, it is not first time, when bitcoin going to down, the last year, bitcoin was down very low, but you see now bitcoin has a good position instead of down the price.
And so far as the talk about bitcoin future, so doesn't wrong anything with bitcoin, it is just price down and nothing more wrong.     

It happens at that time that bitcoin halving are near to come and some big whales of bitcoin dumps there coin they've have so they can buy at the cheapest price and that actually range at that time at 390$, and i think the dump and pump scheme of bitcoins are very nornal since some people are earning from its flactuation and maybe if we can see some down yet we can see some pump to, but the wrong there mate if we can se more down and nothing goes up.

The price did go below the $500 level for a very short time as it touched $465 on Bitstamp. The price would need to come close to $650 in order to be at pre-hack levels.

Actually even price is above 500$ there is still fear of those all hacked bitcoins coming to market. So price may keep on swinging below 600$ level before any update regarding a nice deal between bitfinex and hackers comes out.

yes every thing is going to be fine. the news about bitfinex effect the price of bitcoin a little. but it does not effect the image of bitcoin. you can see that the market has recovered itself and is not trading in a a stable manner. hope in next few months its price will increase to all time high value.

as for as the news about bitfinex spread about hacking, it really effect all the other exchages inclusing yobit, and the price of bitcoin fell down to 500$ but at that price bitcoin found a strong support and now it is trading round about in 580 $. i think the news about bitfinex is over and there is no effect of bitfinex on the image of bitcoin.

Yeah I think trading has just halted in bitfinex for awhile but people saying bitcoin is going to drop are insane. It’s just slow because of current events and things like that. But every day we are seeing some new merchants adopting bitcoin and spreading across new people are happening rapidly.

Dumps are lovely. They make me money as I can just buy in a quick batch of cheap coins and sit on them for a while, btc are always bound to rise up again after a dump they wont die out that quickly my friend.

Yes next dump will destroy a little bit of reputation again like everytime cause investors dont like these big circle dumps.
We shouldnt dump all the coins if you keep it it will grow and the name will grow too, this will be more profitable for everyone.

all those dump for bad news are actually making bitcoin much stronger, you can tell it by how quickly the recover after one those went in, perhaps the first one was hard to beat and caused a big of trouble for bitcoin confidence, but those dump lately are no match for bitcoin imho

Previous $670 mark price  dump to $540 max  because of the finex incident but still its not  considered as a big dump, its just a $100+  price drop and as we can see now  as of today  that bitcoins price is  already recovering up  and going  to $600+  ongoing. Price dumps are just normal because of some circumstance but still  bitcoin would probably  recovers.

I also believe bitcoin prices will be stable and will probably rise until next month, I hope bitcoin prices could reach $ 700

We are believing on the same thing all of us here in this forum, we would like to see bitcoins price to go up further more because we are all investing on bitcoin for sure. Dumps are just part on bitcoins ecosystem because there are  things that affect why the price is going up and down.

I think the slight decrease of bitcoin will not destroy the image of bitcoin. Perhaps it just takes the timing for the highest price of bitcoin and it will come to pass . The bitcoin is the best you can invest your money due time rise in the price of bitcoin had secured the money to open up a huge profit . So good to accumulate because bitcoin is not drop.

yes it is a fact i think it was not a git dump as the price got a strong support at 500$ and after that the price of bitcoin start recovering its previous position, and now it is again trading above 620$, hope that bitcoin will cover its previous position very soon.

No I do not think the dump of the bitcoin will destroy its image, the bitcoin is getting bigger and bigger and it will stays like this.
The bitcoin is popular and still good, I'm hoping on better things for the bitcoin in the nearby future.

yes it is right but some time the dump become so deep that it really effect the price too much and then it take moths or even year to recover to its previous position, therefore we should pray for that the price of bitcoin should remain stable and do not fell down too much.