BTC Price FLASH CRASH!

[timtowner]

All the other Crypto Currency's are being murdered.
http://coinmarketcap.com/#USD      WTF is going on???

That's just because BTC had a flash crash.  It spooked all other currency's.

[1714919844]

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[1714919844]

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[QuintLeo]

Dump and pump perhaps?

[leipebarry]

All the other Crypto Currency's are being murdered.
http://coinmarketcap.com/#USD      WTF is going on???

It is because those coins are connected to bitcoin.
Bitcoin price goes down automaticly the altcoin market goes down.
You buy 1 LTC for a certain amount of sats get  it?

[Blawpaw]

All the other Crypto Currency's are being murdered.
http://coinmarketcap.com/#USD      WTF is going on???

yep, probably with all this panic sell, people are trying to get rid of the alts, trade them for BTC and then for FIAT...

[gurbar_nakub]

All the other Crypto Currency's are being murdered.
http://coinmarketcap.com/#USD      WTF is going on???

yep, probably with all this panic sell, people are trying to get rid of the alts, trade them for BTC and then for FIAT...

Ethereum still green 

[galbros]

If I have 20 coins in coinbase and an account at bitfinex.

I buy 20 from bitfinex  and just sell the 20 coins I have at coinbase I end up with 20 coins and 800 in cash.

At least until Conbase says your transaction was suspecious and voids your trade if the price moves against them.

Seriously, I think panics are a great time to arbitrage between exchanges, I'm just not sure coinbase is the best one to use.  Good luck all the same.

And yes, I do think this is an XT event.  It adds a lot of uncertainty and weakens the ecosystem, both good reasons to sell and not buy.

[leopard2]

I dont think it is XT related; if someone decided to exit due to XT (or the first Xt block or whatever) he would not sell all at once.

Surely it was a fatfinger trade or a hack or technical issue (bot?) on Bitfinex

[Snorek]

I think this is good explanation what is happening:

Who cares?

Bitcoin price.

Because of this stupid war between XT and Core, Gavin way vs. classic Satoshi way, progress vs. keepin what is fine atm, fake nodes vs. real xt nodes. All this nonsense is bad.
We all are losing. Bitcoin is losing, media have another idiotic topic just to talk about how bitcoin is torn by war and future is grim.

Go altcoins. Bitcoin is done. It'll be downgraded to "Gavincoin/Bitcoin maybe inbetween situation for next 5 years"-price. Markets don't wait for anyone and are only so patient. Market will give bitcoin time to figure its issues out and by the time it has done that an alt has already taken over #1 spot hopefully and that alt has also much higher tps of course which is no biggy as parctically any altcoin on the market has higher tps than btc.

This war between XT and core is the culprit. Market is starting to get allergic hence price drop. If this continues I maybe sell my bitcoins... before it will be too late.

[leopard2]

no one sells without a limit like that just because of XT
why would someone do that and lose a lot of $$ by emptying the orderbook.

NOT XT RELATED, methinks...but I may be wrong

[Liquid71]

If you had a Bitfinex account and a Coinbase account, you couldve made some easy money.  Coinbase went under $200 for a split second but Bitfinex stayed under $200 for 10 minutes, hitting $162.

The spread was huge for those 5 minutes  

And how would you get the coins transferred in 5 minutes? No wonder you think winkle fruits are the spokesmen of BTC 

[chek2fire]

the people didnt understand that the prices is connected to the "trust" If this trust break in the bitcoin ecosystem then and the price will crash. And this trust is breaking from Gavin and  hearn with BitcoinXT. I am sure now that someone pay them to do all of this. I dont know how much they get..but i can imagine from where they get the money..

[aso118]

This sort of price instability is what scares new adopters.
Bitcoin XT is finally having an impact. 

[Snorek]

This sort of price instability is what scares new adopters.
Bitcoin XT is finally having an impact.  

This dissonance just started. Imagine what it will bring in the long run. Bitcoin price is the first factor it will be followed by mass panic.
I don't want to be prophet of the doom but this xt vs. core war may be the end of bitcoin as we know it.
And then banks in cooperation with government will introduce something like BetterCoin and our dream of free money will be gone.

[TibanneCat]

While some are panicking, others are taking the opportunity to buy 

[Za1n]

Yeah, it is indeed bargain prices. Might get even cheaper until this XT thing comes to pass.

[keepdoing]

LOL - watching this discussion panic is amusing.   You've got conspiracy theorists, bitcoin haters, panicky investor types, technical theorists, and general hand wringers coming out of the woodwork  And a few good comments also.

I can think of several reasons for what is going on.

1)  It could be related to the news coming out about the ItBit Bankchain Project.
ref: < http://www.newsbtc.com/2015/08/14/itbit-bankchain-project-based-on-distributed-ledger-not-bitcoin/ >

Let's face it - the Powers that Be are investing and focusing on the Blockchain.  Maybe there is behind the scenes knowledge that this is the breakout of a "Fiat Version Bitcoin" and people are dumping.   I mean - the story does imply that BIG financial institutions are committing to this "Non-Bitcoin Blockchain".  I think that is one scenario that is the scariest.  It's the elephant in the room that no one really talks about - the fact that it could happen.  It could happen repeatedly actually - several versions "Fiat Like Bitcoins" popping up in global regions.  Question is - would Bitcoin remain as the central Coin that binds them all?

2) Maybe "Satoshi" is dumping.   I mean, this is Satoshi's baby.  Let's face it - one of the biggest threats to the endgame Global Success of Bitcoin - would be too few controlling too much of the Bitcoin Supply.  Up and Down Waves where Bitcoin becomes more distributed amongst the masses makes for greater long term stability and strength of the Bitcoin System.  So maybe this was seen as simply an opportune moment to coincide and shake things up.  I mean - do you see the Spike Selling that is continual?  All it is is the broader expansion of Bitcoin into the global human community.  All part of the plan.  Do you really think "Satoshi's" great plan was to get a few of you rich.  

3) And as far as the Bitcoin vs Bitcoin XT thing goes - it'll get worked out.  And Bitcoin XT will prevail for the simple reason that for Bitcoin to survice to it's potential - it must.   As a matter of fact - if Bitcoin doesn't evolve to be able to handle all the blockchain ledger transactions that the big fiat guys are drooling over - then they REALLY WILL WIN, and ultimately develop their own "Fiat Bitcoin.

My guess is it's all good - unless you are in for the short run.

Peace, - d

[keepdoing]

His disappearance was extremely unusual and now quite suspicious.

<grin>  "His" disappearance is rather an amusing concept..... sort of like stating that you saw a ghost that was vaporous.  LOL

[harrymmmm]

Cheap bitcoins everywhere! 

Create panic make people sell their bitcoins at a lowerprice buy the cheap bitcoins wait a year for the blockhalving get rich

No. That's the funny thing. they weren't cheap everywhere at all, just on bitfinex. The other exchanges hardly moved.

Noone sensible would have sold on bitfinex at those low prices.
That's why it was clear it was a costly attack to margin call the longs (and yes, to buy them back at a low price).

[harrymmmm]

woohoo I just bought me some cheap bitcoin! how bout you??   

I wait before buying, if there is a panic selling it can goes below $100

How did that work out for you? Missed the flash rise again? Bad idea I bet.

[harrymmmm]

no one sells without a limit like that just because of XT
why would someone do that and lose a lot of $$ by emptying the orderbook.

NOT XT RELATED, methinks...but I may be wrong

Something like this happens whenever there is doubt in the bitcoin community.
Once upon a time it used to happen in the upwards direction too