Yeah, except that Bitcoin cannot be shut down because it is decentralized - big difference from eGold.
True. But lots of people can stop using and those that aren't yet can be motivated to avoid it if it's continually associated with scams and is a pain in the ass to use. |
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We're finally getting to see just how tiny demand is compared to supply.
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For bitcoin's sake- I hope Pirate Returns the money, and the community stays away from such "financial innovation" in the future, even if it's not a ponzi.
For bitcoin's sake, I hope Pirate doesn't return the money. Even if he pays out in full, anyone giving Pirate money took a huge risk. If that risk is rewarded, imagine how eager people will be to get in on the next big thing completely indistinguishable from a scam. It can only get worse if he pays out. It's bad either way. If he returns the money, the market gets flooded and the price plummets again like it did in 2011, and potential bitcoin users are turned off for a long time. If he doesn't return the money then you've got a thief running around with 500k bitcoins which he could drop at any moment. |
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Funny tweet from Enky Nakamura this morning: It's hard for me to forecast the price range when there's an ignorant investor with 400k bitcoins in the bag,he is like a baby with a gun:)
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Or put another way: These numbers have nothing to do with the technology of the devices; they are the maximums that thermodynamics will allow. And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space. http://www.schneier.com/blog/archives/2009/09/the_doghouse_cr.htmluntil computers are built from something other than matter and occupy something other than space until computers are built from something other than matter and occupy something other than space  well, if you believe him then you should become a bull like your avatar.  I am a bull.  |
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200 btc sent.
Oh no! I think you might have sent it to the wrong address. |
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 Hi! I have a great new idea for the bitcoin world. Do you have some bitcoins? Do you like to invest them? Is it stressful wondering whether you'll get your bitcoins back from various investment projects? If you answered in any way to any of those questions then you should invest in PMMBPB! I promise to remove your anxiety by guaranteeing that you will never get your money back. That's right! Once you donate you can sleep soundly knowing that you will never get it back. Send your bitcoins to this address to be part of Proudhon's Money Making Bitcoin Pirate Boat. 1B8dJMqVbBiPSEMDV283xuwGiCCuS7CV6j |
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I agree with proudhon. People were no doubt holding during the rally (miners, bitpay, etc.), coins are going to be coming out of the woodwork.
And that's just the people who were holding (like, had them in their own wallet, or just sitting in MtGox). Now, in addition to all those holders getting their coins ready to sell, we've got the hundreds of thousands of coins coming out of the pirate ship and a good portion of those a likely to end up on MtGox. I hope everyone is well stocked on popcorn and beer, because this week is going to be epic. What we've already seen is the tip of the iceberg, so to speak. This is going to be bad. |
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Depth still isn't there. People calling rally already are being uber bulls.
This. |
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i was able to get ~440 BTC @ $8. wanted to get more at that price, but the market rose too fast....
Same  Good Price I'm being totally serious. If this isn't making you worried, then you haven't payed enough attention to the way this market behaves.  Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2. what if a big holder of BTC's, i know some, decide they want even more BTC. they put up huge ask walls they never intend to sell just to scare the living bejeezus out of guys like you then scoop them up at prices like $7-10? that's what i'd call accumulation. The odds of that happening seem quite a bit lower to me than the odds of the price going down much, much further since, unlike your hypothetical case, the number of bitcoins being thrown up for sale on MtGox has in fact gone up by almost 4x in the past few days and the odds are pretty good that hundreds of thousands more will make their way into the market throughout the week. Maybe there are a few deep pockets out there who want to own a lot of bitcoins, but you'd need some pretty deep pockets to buy right now in the face of what's likely headed this way. well, all i can say is RALLY TIME! price back over $10 and heading higher! It's going to bounce around as people who sold buy back thinking they're doing it at the bottom. I'm saying, I don't think most of people playing in the market realize that there's a storm headed this way and it's even bigger than the one that already passed through. |
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i was able to get ~440 BTC @ $8. wanted to get more at that price, but the market rose too fast....
Same Good Price I'm being totally serious. If this isn't making you worried, then you haven't payed enough attention to the way this market behaves. Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2. what if a big holder of BTC's, i know some, decide they want even more BTC. they put up huge ask walls they never intend to sell just to scare the living bejeezus out of guys like you then scoop them up at prices like $7-10? that's what i'd call accumulation. The odds of that happening seem quite a bit lower to me than the odds of the price going down much, much further since, unlike your hypothetical case, the number of bitcoins being thrown up for sale on MtGox has in fact gone up by almost 4x in the past few days and the odds are pretty good that hundreds of thousands more will make their way into the market throughout the week. Maybe there are a few deep pockets out there who want to own a lot of bitcoins, but you'd need some pretty deep pockets to buy right now in the face of what's likely headed this way. |
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i was able to get ~440 BTC @ $8. wanted to get more at that price, but the market rose too fast....
Same Good Price I'm being totally serious. If this isn't making you worried, then you haven't payed enough attention to the way this market behaves. Just days ago there was a little over 60,000 BTCs on the sell side. Total. Now there are ~200,000 BTCs to $15. It would take almost 2.5 million dollars to get back to where we just were days ago, assuming a single giant buy. AND, the number of bitcoins that has suddenly appeared on MtGox doesn't represent the additional hundreds of thousands that will be entering the market throughout the week, assuming pirate actually makes good on his claim to cover everyone's deposits. In a odd twist of fate, it'd be better for the market for pirate to just run off with all those bitcoins. To say that supply has increased a lot is a laughable understatement, even now, and considering what's coming this looks worse than it did in the lead up to the crash to $2. |
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There are more bitcoins than ever piling up on the sell side. Things are going to fun this week as all of pirate's mates move their bitcoins to MtGox. Hopefully we can get down to at least $5, and if we're lucky, even lower.
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Maybe the network is getting really, really, really lucky.
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This looks like a good bet to go against.
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This just tells me that the 2011 bubble hasn't fully deflated yet.
I've been wondering when you'd start making nonsensical noises again. </troll> I'm just doing my part to help this thing along.  |
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Here is the big picture so far. The volume really only picked up in April last year, so that's where the plot starts. What do you think? EDIT: updated chart (Aug 19, UTC 19:00)  This just tells me that the 2011 bubble hasn't fully deflated yet. |
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A year from now, ya'll will be complaining about 25 cent price swings on $100 BTC.
That will most definitely not be the case. I doubt the price will be out of the $2 to $15 range a year from now. |
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No matter who started it (that piratesomething), and why, but we're facing the end of Bitcoin. I see no way that this crash would stop. It'll go down, below 1$ and no-one will have any interest on mining, or using Bitcoins anymore. So I want to thank you all for these years, we had a good run, but maybe the world was not ready for this yet. Later we can find out what went wrong and maybe some day try again. Thank you, horgh is out.
It won't end just like that. In summer of 2013 the price will rally all the way back up to $7.50 or so and then crash. In 2014 the price will rally all the way back to $3.75 and then crash. 2015 will see a strong rally back to $1.87 followed by a crash and a healthy 2016 rally back to $0.93. In 2017 LTC will rally to $100 and bitcoin will be done. You heard it hear first folks. We're still above $7.2, the price you said was going to be the high for 2012 (old high becomes new support). At least the market is interesting again. Anyone's call where the trend goes from here.. The trend is to go below January's high and then stay in the single digits into 2013. |
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No matter who started it (that piratesomething), and why, but we're facing the end of Bitcoin. I see no way that this crash would stop. It'll go down, below 1$ and no-one will have any interest on mining, or using Bitcoins anymore. So I want to thank you all for these years, we had a good run, but maybe the world was not ready for this yet. Later we can find out what went wrong and maybe some day try again. Thank you, horgh is out.
It won't end just like that. In summer of 2013 the price will rally all the way back up to $7.50 or so and then crash. In 2014 the price will rally all the way back to $3.75 and then crash. 2015 will see a strong rally back to $1.87 followed by a crash and a healthy 2016 rally back to $0.93. In 2017 LTC will rally to $100 and bitcoin will be done. You heard it hear first folks. lol, not a single currency is safe from manipulation. LTC is actually even in more danger. You can buy all ltc today with a fraction of money it costs to buy all btc....tiny fraction, and then do whatever you like with it. bitcoin has a real market tied to it and wont fall like in 2011 anymore....which reminds me of betting website =) should check it out. Wait, sorry, have you not been watching the price this weekend? |
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