I love Paul's attitude. His blog post is amazing.
With sentences like:
- "Cryptsy has had problems for some time now and it’s time to let everybody know exactly why." (Cryptsy has problems. ie. not taking responsibility)
- "These problems were NOT because of any recent phishing attacks, or even a ddos attack, nor does it have anything to do with me personally." (nothing to do with me personally. I swear...)
- "About a year and a half ago, we were alerted in the early AM of a reduction in our safe/cold wallet balances of Bitcoin and Litecoin, as well as a couple other smaller cryptocurrencies." (why the word choice of "reduction"? Why use that instead of "theft"? Next time I get robbed at gun point, I'll tell the cop that I was alerted to a reduction in money stored in my leather wallet and see what they say.)
- The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time. (Oh a decision was made... By who Paul? You can't take responsibility for making the decision?)
- It wasn’t until an article from Coinfire came out that contained many false accusations that things began to crumble. The article basically caused a bank-run, and since we only had so much in reserves for those currencies problems began. (So, it's coinfire's fault... Ok. Starting to get it I think...)
- As you can see, 2014-07-29 13:17:36 is when the event occurred. (Ok so now we call it: "the event"?!? Again, why not "theft"?)
- In fact, I’m offering a bounty of 1000 BTC for information which leads to the recovery of the stolen coins. (Ok, so you can offer bounties, but you can't talk about anything negative in reference to yourself?)
The way this guy writes is amazing. He just can't take any ownership or responsibility at all, and he wants the community to do all the work to get him his coins back and save his business. This guy has real balls.
I don't know the guy, but it really does seem like he's trying to point the responsability at somebody else. But he's the one having the best position to steal everything or at least to organize the theft. And offering a bounty is jsut a way to say "you see? I'm like you, I don't want to let you down" but his promise is full of wind. He's just trying to win time! |
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BTC will dead only if bank will came in Bitcoin Market, till this doesn't happen, BTC continue to expand around the word as alternative currency.
It does expand. But I bet banks are already a bit in it you know. Or at least the investment funds, which is basically the same in my opinion. And it does expand but think about all those that are dying on the side of the road. Btc rises, but hurts lots of people on its way to the top  |
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The craziest shit you can buy with bitcoins right now? the dollars
You, sir, made me laugh. Though I'd say at current price you're perfectly right. It's crazy to sell btc right now, you got to buy on the contrary!!! |
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I'd say it's a rather easy question to answer.
Overs last decades, government became less and less powerful, they stopped taxing the rich, let the companies more and more freedom.
What's the result? Well the inequalities rised again and again. We just reached the cap where 88 people possess more than half of the earth population. I don't see why it happens. For me government could fix this, but they'd have to want it!
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None said we want zero fees. You can not want to have mutually exclusive things like no fees and security at the same time. Any reasonable person knows this. So this argument is flawed.
I use banks because i HAVE to. Am legally forced, i can not get my salary in cash, or travel with cash, or buy a house. Legal tender is the logical opposite of free market currency.
IF bitcoin gets mainstream, integrated into world commerce you seriously think multinationals/tech companies/universities etc. won't run databases, mining centers, with their own copy of the blockchain, and can not organize or pay gladly for the upkeep of the network in change to the reduced overhead and increased (global) market reach thanks to bitcoin?
You guys a bit naive, if you want to go mainstream (read, billion users, total industries), and keep the scoutboy level system structure at the same time. One is not going to happen.
I totally agree. It seems some bitcoiners forget we have some duties outside here. We can't live with just btc. I'm paid through a bank, I pay my taxes through banks... There is no other way. Even the people saying "you can use a debit card working with btc" well yeah maybe but whatever. I won't put my salary on it without going through a bank first. And I'll not be able to pay my taxe in cash! |
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No because the discussion has no mention of positive difficulty and or negative difficulty adjustments.
look at the negative adjustments
Difficulty History
Date Difficulty Change Hash Rate
Jan 13 2016-----113,354,299,801------9.12%-----811,421,684 GH/s
Dec 31 2015-----103,880,340,815-----11.16%----743,604,444 GH/s
Dec 18 2015 93,448,670,796 18.14% 668,931,642 GH/s
Dec 06 2015 79,102,380,900 8.77% 566,236,898 GH/s
Nov 24 2015 72,722,780,643 10.44% 520,569,941 GH/s
Nov 11 2015 65,848,255,180 5.77% 471,360,171 GH/s
Oct 29 2015 62,253,982,450 2.25% 445,631,364 GH/s
Oct 15 2015 60,883,825,480 0.12% 435,823,399 GH/s
Oct 01 2015 60,813,224,039 2.49% 435,318,014 GH/s
Sep 17 2015 59,335,351,234 4.17% 424,738,988 GH/s
Sep 04 2015 56,957,648,455 4.98% 407,718,729 GH/s
Aug 22 2015 54,256,630,328 2.95% 388,384,088 GH/s
Aug 08 2015 52,699,842,409 0.81% 377,240,166 GH/s
Jul 25 2015 52,278,304,846 2.35% 374,222,683 GH/s
Jul 11 2015 51,076,366,303 3.39% 365,618,871 GH/s
Jun 28 2015 49,402,014,931 -0.58% 353,633,397 GH/s ---- negative 1
Jun 14 2015 49,692,386,355 4.42% 355,711,957 GH/s
May 31 2015 47,589,591,154 -2.50% 340,659,563 GH/s---- negative 2
May 17 2015 48,807,487,245 2.44% 349,377,603 GH/s
May 03 2015 47,643,398,018 0.07% 341,044,727 GH/s
Apr 19 2015 47,610,564,513 -3.71% 340,809,696 GH/s---- negative 3
Apr 05 2015 49,446,390,688 5.84% 353,951,052 GH/s
Mar 22 2015 46,717,549,645 -1.50% 334,417,246 GH/s---- negative 4
Mar 08 2015 47,427,554,951 1.59% 339,499,662 GH/s
Feb 22 2015 46,684,376,317 5.01% 334,179,783 GH/s
Feb 09 2015 44,455,415,962 7.71% 318,224,263 GH/s
Jan 27 2015 41,272,873,895 -6.14% 295,442,739 GH/s ---- negative 5 on my birthday and a nice big drop
Jan 12 2015 43,971,662,056 8.20% 314,761,417 GH/s
Dec 30 2014 40,640,955,017 3.00% 290,919,288 GH/s
Dec 17 2014 39,457,671,307 -1.37% 282,449,013 GH/s---- negative 6
Dec 02 2014 40,007,470,271 -0.73% 286,384,627 GH/s---- negative 7 back to back
Nov 18 2014 40,300,030,328 1.76% 288,478,854 GH/s
Nov 05 2014 39,603,666,252 10.05% 283,494,086 GH/s
Oct 23 2014 35,985,640,265 2.81% 257,595,247 GH/s
Oct 09 2014 35,002,482,026 0.98% 250,557,526 GH/s
Sep 25 2014 34,661,425,924 16.20% 248,116,151 GH/s
Sep 13 2014 29,829,733,124 8.75% 213,529,547 GH/s
Aug 31 2014 27,428,630,902 15.03% 196,341,788 GH/s
I don't really understand what you're talking about. Is the difficulty adjusting itself with the lowering price? If yes, why does it do this? I thought difficulty could only go up! |
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I dont panic to buy bitcoin at current prices, I am still waiting for down in price of bitcoin atleast $200 per BTC
Might be a good idea to wait a bit i agree, but waiting for 200 is illusional. As another topix explained, miners wil start dumping coins to compensate the cost when price reach the 300 dollars, so if price reaches 200 it means it's the end of bitcoin! |
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The run-up from 360 to 380 looked somewhat weird, have a feeling its not going to last that long and 350 will be retested again. Just seems way to easy for now.
You may be right. The down trend had some facts to back it up. No reason to see it stop quick. Just wait for a few days we'll reach 350 then, and we'll buy everything we can! |
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I do not believe it, but it is likely to happen, bitcoin prices now starting to fall in the $ 394, but I hope it will not be diminished, I needed BTC at a great price  Dude we had been below 390 already are rehabilitating now. Don't be sad.There's no reason to.We're again on the way up.You will get your great Bitcoin price.I'm pretty sure about that!  The big crash has happened. It has survived the crash nicely. The price did not drop below $300. This is good for the bitcoin. It may drop a bit more but yeah I agree btc will survive for sure. It's just sad that I don't have any money to invest and buy coins right now xD Cause I would, without a doubt! It's the right moment to make a 60$ profit for every coin bought right now. |
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Yeah vegan poo is definitely nicer than omnivore poo. Thats a nice touch.
I just came on this thread. I hoped to read something rather funny. And now I'm dead inside. Thanks mister. |
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Because people panic sell when certain bad events happen. Bitcoin has been thought to have died off many times right now, still hasn't. The technology behind it is still solid, the only thing that can make bitcoin die is the community, by no longer supporting it and selling all coins.
Exactly, and that's why panic selling is dangerous and happen and why lots of people yell that btc is dead. Because yelling the FUD is part of the btc dropping price! It can be easily prepared by some communication. It helps stocking coins at low price! |
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Hey people,
I'm looking for a plateform to trade on btc. I currently hold some coins in exchange, but that's rather different cause you can only buy or sell btc here. There is no possibility of leverage for example.
I don't really know a lot about the different possible website, but I know that lot of trading plateform have... Dubious method or security. So I'd like to have the opinion of some of view before trying it.
Thanks in advance!
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Depends on efficiency and power cost. Play with my calculator: https://cryptominer.ca/bitcoin-mining-calculator and you'll be able to see when power cost is greater than revenue. Please note that default parameters are in CAD and not in USD. We can see that for a S7 owner paying 52 USD / kWm will have to power off is miner if the Bitcoin price drop to 105 USD. A S5 owner (.51 J / GH) will turn it off at 200 USD. A S3 owner (.78 J / GH) will turn it off at 305 USD. You can also compute it analytically instead of going through trial/error. Just solve the inequation: (Btc price) * (BTC/TH/mthly rate) > (kWm cost) * (Hardware efficiency) (Btc price) > (kWm cost) * (Hardware efficiency) / (BTC/TH/mthly rate) The current BTC/TH/mthly rate is .1331. Then (Btc price) > (kWm cost) * (Hardware efficiency) / .1331 If we input the kWm cost of 52 USD and hardware efficiency of .78 to verify our previous S3 profitability calculation (Btc price) > 52 * .78 / .1331 --> 304.73 USD Thanks for this awesome answer! That means that if the price reaches something like 320/350 dollars, the price will have to rise again. Or miners will dump coins and btc will fall again and it will mean the end of btc... Which is still higly unlikely to happen! |
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LOL @ TA being the primary motivator for the drop.
Yeah, a near arbitrary line was crossed so everyone just said fuck it and threw the towel in causing rates to drop $75.
IMO the stars aligned and some big fish took an opportunity to shake the market.
I agree totally, it's like "Shazam, now IS THE TIME" But it's an important aspect of bitcoin. The volatility is strong with this currency.  No need of a true reason, just a panic sell. |
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I feel petty too but everyone has the freedom to leave, i don't know which other coin is more professional than bitcoin.
I don't know if I should feel pitty. You can't know if he's not deep in some affairs. He might have been bought to provoke this gigantisc lowering trend! |
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That does not check HTTPS URL's ..only HTTP HTTP redirects to HTTPS so it will show you if it's up no i checked when Cryptsy got DDOS'd before.. i too posted that link but it don't work (isup.me) Don't believe me ? easy way to test it.. wait till Cryptsy is back up and check again using HTTPS and HTTP maybe the databases get currrently downloaded? hopefully we will see leaked dumps soon and remember don't start executeables included in the leaked files, like in the good old mt gox leak days still works and now redirects to the main site. not true, Crytsy API is still up and i can still access the "trading" API from here, plcaing trades isn't possible but they still provide the user balances Well it's not that useful to see your balance and just think "yeah, that's a lot of money, I wish I could have it back"... |
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Canceled my $354 buy and put it at $345 instead, dammit...
You know what? I bet you might even put it in the 300's cause I'm pretty sure it will hit it. In the same way that the rise was slow but inevitable, it's the same for this low trend. Well, from a fully objective standpoint, I'd say this is just a FUD-storm but you never know of course FUD storm, that's right, but backed with some serious facts. And the stronger the storm, the fuller the block, the slower the transactions, the more legitimate the problem given by the article become. |
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I do not panic to buy bitcoin at current prices, I am still waiting for the price drop to $300  Agreed. There is no way the price won't get lower and lower in the following week. It would be pretty stupid to buy right now. Just wait a bit more. |
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Canceled my $354 buy and put it at $345 instead, dammit...
You know what? I bet you might even put it in the 300's cause I'm pretty sure it will hit it. In the same way that the rise was slow but inevitable, it's the same for this low trend. |
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The volatility IMO is due entirely to the hard fork. A big player (likely miner) sold at 450 because they know what is coming.
The most obvious explanation is Mike's ragequit, which got wide exposure in the media (NYT, Motherboard, TechCrunch, Reuters, ...) It was also commented in Chinese forums. I can't think of any other suiltable explanation for the sudden drop.That's because of your astounding ignorance of economics. If you ever looked up from your Buttcoin forums, and glanced at say Bloomberg TV, you'd notice there has been an ongoing meltdown in world financial markets since New Years Day. The Big Money that moves the BTC price is selling to cover losses, and/or take advantage of opportunities in other oversold sectors. Last time i checked btc had a marketcap of 6.5 billion. Stocks, commodities etc are in triple digit trillions. ( trillions!) Covering losses what? Imho Mike ragequit is much more likely I agree, it's not a question of covering losses. Covering losses with btc is not even possible. The global meltdown could explain the stop but not a lowering trend. |
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