Bitcoin Forum

Did something happen I haven't heard about yet?

BTC are only $11.55 right now! Almost $2 cheaper than yesterday.

Tom is selling (dumping) Bruce's bitcoins on Mt Gox

[insert reason you want people to believe bitcoins are down today here]

Simple. When people see no securities for a currency, they are likely to be in fear mode, and devalue the currency, which caused the price to decreases. Right? lol

Based on the technicals I would not be surprised to see a bottom in the market in the next 7 days before moving higher and higher.

I think it's the rampant problems with security and trojans and wallet theft and mt gox and mybitcoins and the polish site and the wired article and the twitter stuff and the hack attacks and the SQL injections and the missing bitcoin shows....care to add anything anyone?

Too much bad news all at once. Massive theft with (apparently) no legal recourse.

Valuations have been slowly dropping for weeks. I'd wager a lot of people have a number in mind that signals "time to get out". For me that number was 12USD. Lucky for me I was in a meeting when it dropped to 11.5.  ;D Now it's back over 12 again.

It was mostly the bad press for me as well as the long standing trend.  I also expected a quick dip to low 11 then a rise back to low 13, at which point I think it will slowly fall as usual.  I bet 12$ is where it will finally stabilize so the average person can use Bitcoin without too much fear for sub 10$.

Go on everybody, sell, sell, SELL!

The MyBitcoin guy is selling all of everyone's bitcoins.

And the polish exchange person who "lost" the wallet is also selling.

if you look hard enough there is win to be found here.

If that were true there would be evidence in the block chain. Finding any?  

I do not know, I did not have a Mybitcoin address that I could check through the block chain.

I think it's because the debt ceiling for the US got raised. But that's just me...

Because someone is selling all of their coins obtained from poolhopping Anusgelus pool

These things are for sure going to happen...  think about it...

all kinda of bitcoin start-ups happened all at once, some where well made and others not so much
the lack of other resources forced people into using these non-secure applications.
people get burned and so bitcoin suffers.
but "what doesn't kill you can only make you stronger"
new services will come take the place of old shitty ones.
at one point the only services that will have any change at making a buck will be top notch.

if your scared about losing money then SELL SELL SELL!!
if your scared about losing period  then BUY  BUY  BUY!!

I want to see a better system in place
I don't want to pay some bank money for simply providing money
every dolor is loaned to us by the banks, the only way to pay the loans back it to barrow more money!
THIS IS ABUSIVE, THIS IS THERE WAY OF ENSLAVING EVERYONE from 9:00am to 5:00pm 5 days a week!

We can buy back our freedom. thanks to bitcoin.

F&@! MAN wake up and smell join the revelation!.... if bitcoin was invented in the 60's we wouldn't be in so much shit today... people back then didn't put a value on there freedom.

  ;)

i only cost 16$CND / hour

What dose your "freedom" cost?

truth is everyone's freedom cost the same... it cost a life time.

I hope they catch these thieves... If Bitcoin really isn't "anonymous" can someone please PROVE IT! Please, while I am sure this will hurt the hackers crowd, this will fuel investments and give people some CONFIDENCE. Which is all the market requires...

Holy crap all this guy does is spread FUD!

The explanation is simplier as anyone is guessing here. Price is based on supply and demand.

While every week 50.400 bitcoins are generated you need ca. 605.000$ coming into the market to keep the price stable at 12$.

If this does NOT happen, (which boviously doesnt) the price falls!


I am sure the price will continue to fall!

That’s assuming 100% of the new supply is sold immediately, which is wrong.

none of the mybitcoin money has moved.

trade volume is way low. It isnt dumping causing the drop.

right now it doesnt look like too many people are willing to sell much lower.

It's the bad news, 17,000 lost in that bitcoin exchange, has got to have dishearten many and then mybitcoin as well.. thats just two kicks in the nuts. We'll survive this, but we need to quit having mega bad news. same thing would happen to any stock that had news as big and as bad as we had this week.

I hope some miners quit now, because the profitability goes down  ;D

It Will just keep going down. and expectations are below 5$ by the end of the year.

REASON:!?!?!

1) we have a lot of miners.
2) we have a lot of mining hoppers that jump in for a day with massive Giga Hash and then switch down till next difficulty.
3) we have few buyers if any.
4) Many people think BTC is overpriced right now.
5) Miners/Buyers entering the market rate is still way too high .although we have low prices and low profit margin (11$ compared to 31$ in the past) .

I like how hackers, social engineers, and/or douchfags, have made the issue of over mining a non issue lol

Does that include Social porn stars ? :)

Vegetta and Jessie Kang/King or whoever are back?!?

YEs dude! i thougth you already knew it!

17k BTC lost at the 3rd biggest exchange.

up to $1.3 million MIA with mybitcoin

gox has been acting odd, reminding us of their problems


why wouldnt it tank?

Its possible the traders are just doing this. You just have to own enough coin to drive it down and then you buy back more than you sold since you got everyone to shake. Nobody wants to be a bag holder and these traders will prey on that. Just hold your coin and keep mining. ;D

8.7, that's quite the tank and it doesn't look to be over. I can't say I'm surprised but I do feel slightly bad for all the people who were buying at 13+ recently.

Why would these have any effect at all?

Miners account for the slow systematic decline we've seen over the last few weeks.  Money supply grows daily, plus a large amount of people are guaranteed to be sellers on a daily basis.  That downwards pressure has to be met by new buyers, and that just hasn't been happening.

Also, the large orders at prices like 8,9, 10 have all been removed from the 5 exchanges I track.  There was a wall of like 3k+ bitcoin bid at MtGox that poofed, which caused this drop.  10 had an absurdly large amount of bid volume as well that canceled shortly after 11 was breached.

I think UABB has something to do with it and a new thread should be started to ferret out the why. Matthew is probably sleeping now so, by the time he wakes up, he'll never know that we were onto him because, by then, the link to that thread will well be on the second page--and hardly anybody ever goes there.

http://images.cheezburger.com/completestore/2009/7/2/128910005755848956.jpg

lots of miners has little effect on price.. it does have an effect on people wanting to mine and mining profitability(somewhat) and the difficulty... the main effect miners can have on price is new miners that insist on dumping every coin they mine to recoup costs and old miners sitting on war chests cashing out.  The actual number of miners is meaningless.

 

are you talking namecoin? otherwise you dont know how hopping works. The only time we take a break from bitcoin mining is when it is more profitable to mine namecoins which only happens a couple of days every few months, and from what I can see, it is an extreme minority of us that even bother hopping off bitcoin to namecoin. Most just say screw it and keep mining bitcoins.

Hoppers have exactly zero effect on price.

 Money supply does grow daily but dont make the common mistake in thinking the growth rate changes.. for the most part it is at 300 new coins every hour.. doesnt matter how many miners there are.. it is 300 coins every hour.

hahahaha, I can tell you exactly why and how it's happening.

give me a moment to let me find a thread I started a couple weeks ago.

here you go angelus.
https://bitcointalk.org/index.php?topic=30995.0

 guess LulzSec and Topiary need money for their legal defense fund.

Start reading at 241:  http://pastebin.com/EcNCwaEu

your number assumes that all miners immediately sell off their earnings.

If you look at the last 2-3 weeks of charts it would heavily indicate that a good portion do sell off their earnings immediately.  While certainly not all, it doesn't take much to drive price down, and until today, it's only been a slow slide.

Made my first bitcoin trades during the last week or so , Had £340.00 in MyBitcoin as I was juggling money around while i was setting up an offline wallet(lesson learned) , then I made my second mistake by not moving the rest of the bitcoins I had made (priced between £8.26 to £7.98 each) out and into the britcoin exchange to cash out immediately , spent all day chasing the price down today, finally sold them as low as £6.88 each losing a further £120.00 or so on the exchange rate , (lesson learned).  ;D

+1

+1

Did you learn anything ?  Im not sure you did..

Someone's unwinding a massive position. Could as well be one of the thieves as Satoshi himself.

WE, at the moment, are trying very hard to be the reason to buy BTC -- basically as a transaction-cost-free way to play online games. The more legitimate casinos like us that start accepting Bitcoin, the stronger the currency will be, because the market for moving money on- and offline for gaming is thousands of times larger than the current pool of Bitcoin users. All this requires a (more) stable exchange rate, and established, not fly-by-night trading houses; because even if you can by porn, gambling and drugs with BTC, it's still not going to be accepted at Walmart next week (except in the used hooker pavilion, behind aisle six).

Ease of trade in and out is part of what's dragging this down right now, but the bigger part is that someone with a vast quantity of this shit is unwinding it in a meticulously planned fashion and taking everyone's money here. Including ours.

SO...COME SUPPORT YOUR LEGITIMATE BTC BUSINESS. We've been running $10 freerolls on the hour for the last six hours and ONLY FIVE PEOPLE HAVE SHOWN UP FOR FREE COINS. We have one more tonight, at Midnight GMT, and that's it. I can't tell you how seriously dismayed the players are that no one even wants free BTC right now, and so few people have shown up to play. Bit bummed about it myself. So stop gambling on f*cking mtgox and come play poker on our website while we're giving away free money dammit!

read the post toward the bottom of the last page.
hint* it has a pastebin link. :/

That seems VERY disturbing.  Do you have any additional details about what they are doing?

If that were true, surely one of the many people here in the forums that regularly examine the blockchain would have noticed this?

http://pastebin.com/MmguJm3Z

I didn't crack the hash, but I can only assume this is true.

OK so you are skipping over the whole part about project inception and the bitcoin gobbler?  Is this for real, what is the source... is someone really claiming to have a worm inside the client or is this another SA prank?

http://pastebin.com/MmguJm3Z (http://pastebin.com/MmguJm3Z)

Fake

I bow low to your superior knowledge as to wether I learnt anything or not. Clearly if I had any sense I wouldn't of had my money in MyBitcoin. I maybe wrong but for bitcoin to take off it needs to be widely accepted so it needs to move out from the realms of the super - tech guy to the likes of me who has no real computer, or Exchange trading skills to speak of .  I'm pretty sure I won't be using an online wallet (admittedly this was obvious to everybody but me)  , I'm pretty sure sellers accepting bitcoins, don't want to be spending all day staring at Britcoins exchange with there pulse racing in order to see wether there going to make a profit or a loss on the goods they've sold .

To sell bitcoins on the uk exchange , there's one set price , you make the order ,when the price drops , to catch the next price down  I had to cancel the order , make a new order, sell a couple more bitcoins, cancel the order , make a new order , sell a few more bitcoins , cancel order , make a new order , etc etc.

Basically I've gone from paypal being a seller to bitcoin being a trader/speculator . Is there a route around this for uk sellers accepting bitcoin ? I'm not clear how other exchanges operate do they allow you to set your bitcoin sell price slightly under the current price ?

Looks like it's true.

So they knew that the conversation would be leaked, so all they said is BS........

man, I've been thinking about this all day.

If this was true and if they did have something like that in the client.

all they would have to do is transfer everything they have in small increments a few thousand times, and they would have successfully disappeared their footprints in less than a day.

and I'm pretty sure the worm they were talking about was in office space not hackers.
maybe that's the humor. xD capsizing a tanker boat.
it makes sense now. crazy bastards.

well yeah, but the funny thing is if you trace the mybitcoin transfers there were 0.01 transfers being made on every transaction.  So if lulz hacked the SCI for mybitcoin, as the website claims was hacked, then made it steal a bit little by little, and it wasn't noticed until weeks/months later.  It could be part truth part fiction.  True they were taking .01 per transaction ala hackers/superman/office space.  Fake that they were doing it from the client itself, it was from mybitcoin trades.