BTC Price FLASH CRASH!

[Blawpaw]

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

Interesting point of view; and the only one making some sense to begin with.
Even though it draws a really scary scenario, it might be what's truly at stake...

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[TibanneCat]

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).

https://soundcloud.com/whaleclub-bitcoin/bitfinex-ceo-recording-after-18082015-flash-crash

[tadakaluri]

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

Because, without BTC there are no Crypto Currencies.

Can we imagine Crypto Currencies without Bitcoin?

[johnyj]

I don't understand, why selling pre-fork coins now? I just bought some cheap coins. Even there is a fork in near future, I would reserve the right to sell the coins on the chain that I don't like

[Snorek]

I don't understand, why selling pre-fork coins now? I just bought some cheap coins. Even there is a fork in near future, I would reserve the right to sell the coins on the chain that I don't like

Let's be frank, only some percent of bitcoin users know the situation to the point that they are know exactly what is going on.
While majority don't know the situation and are afraid that their bitcoins will be useless in the future when fork will be split or some bullshit like that happen.

[Luqman]

Bitcoin is over after Bitcoin XT ? I'm confusing BTC now 

[Gleb Gamow]

The bitcoin price is free falling.

So, this is the right to start a discussion. Where will it stop?

What are the possible causes for the Flash CrasH?

My guess is, the Fork issue is one of the major causes...

what do you think?

Made me look at the price and sure enough... Now, I guess I have to read this thread. Thanks, bud.  

[cbeast]

Bitcoin is over after Bitcoin XT ? I'm confusing BTC now 

They both use same blockchain. There is no difference. The drama is meant to confuse you.

[Gleb Gamow]

I wish the Winklevoss twins would make a statement about this to calm stuff down.   

Yes of course, The Winkies.... explain why them making a statement would calm this down.

I have more faith in them then anyone with Bitcoin.  They have over $1 billion in BTC and worked their asses off in getting their Gemini through U.S. regulations to launch.  They literally are putting everything behind BTC.  Most of these other experts don't have much skin in the game.

lol winklevii own about 30k bitcoin
even if bitcoin were worth 1k each, thats 30 million$, so a fifth of that right now
they have done very little up til now but talk
yes, gemini may be great 'when ' it comes out but others have beaten them to punch in many ways

karl gray owns vast quantities more btc, produced life on bitcoin movie and much more, prolific speaker, mover and shaker
he is more bullish on startcoin now

check his twitter @paradimeshift

https://twitter.com/paradimeshift



Wow! You're right! That dude could spot orange light years away.

[balu2]

Gavincoin into your anus

The rekt is real.
Shit's going to be sold down very far imo. No buyers, just sellers.

You cult follwers going to learn the hard way that blockspace isn't scarce at all...

[balu2]

Can we imagine Crypto Currencies without Bitcoin?

I absolutely can.

I don't understand, why selling pre-fork coins now? I just bought some cheap coins. Even there is a fork in near future, I would reserve the right to sell the coins on the chain that I don't like

selling pre-fork coins now because people going to panic later and once fork occures the coins are worthless already of course - not after the fact but beforehand.
You might find it strange that people prefer their money over having "twice as many coins"

[n2004al]

The bitcoin price is not crashed. The actual value is the value that it has until 7 months (with the normal ups and downs). Never in his story the bitcoin price it was so stabilized. So I don't think your that your fear is justified.

[balu2]

The bitcoin price is not crashed. The actual value is the value that it has until 7 months (with the normal ups and downs). Never in his story the bitcoin price it was so stabilized. So I don't think your that your fear is justified.

Yes, everyone keep calm and watch your bankroll shrink. Good advice! Everyone keep calm while i be panicselling over here!

[tadakaluri]

I don't understand, why selling pre-fork coins now? I just bought some cheap coins. Even there is a fork in near future, I would reserve the right to sell the coins on the chain that I don't like

At that time if you are in wrong fork, your coins may disappear. That is the main reason for panic selling.

[cryptothreads]

The bitcoin price is not crashed. The actual value is the value that it has until 7 months (with the normal ups and downs). Never in his story the bitcoin price it was so stabilized. So I don't think your that your fear is justified.

Yes, everyone keep calm and watch your bankroll shrink. Good advice! Everyone keep calm while i be panicselling over here!

Time for some cheap bitcoins baby!

[monsanto]

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

This kind of price instability attracts volatility traders and degenerate gambler types though 

[iGotSpots]

I wish the Winklevoss twins would make a statement about this to calm stuff down.   

Lol who gives a shit what they think

[balu2]

I wish the Winklevoss twins would make a statement about this to calm stuff down.   

Lol who gives a shit what they think

They are probably too busy dumping on finex to make statements right now ...

[johnyj]

I don't understand, why selling pre-fork coins now? I just bought some cheap coins. Even there is a fork in near future, I would reserve the right to sell the coins on the chain that I don't like

At that time if you are in wrong fork, your coins may disappear. That is the main reason for panic selling.

Where did you get that information? How is that possible?

[str4wm4n]