Bad Day for Bitcoin. Cryptsy finally admitted theft and Mike Hearn tells truth

[Asulect]

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

This is only the first day.  The damage will probably sip in much longer than that.  But, I do want to buy more if bitcoin drop below 200 again.

it won't i see 30 as a very stable value even 350, and in any case those will be drop of few hours day, it will recover quickly

also Mike is just rage quitting because Xt was not approved that's the story

I don't see a quick recovery unless there is a new breakthrough.  In fact, we have never even recovered back to the same level before Gox failed, and that was almost 2 years ago.

[greysorc]

Well. I dont post here much, all i do is read... but this got my attention... i believe this is just a crisis, and it will be fixed... lets hope for the best.

[gravitate]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

[mayax]

Sell your Bitcoin now or you will have big losses.

[wttbs]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

I never trusted Cryptsy 100% and always looked at it as a hobby-exchange run by people who aren't experts. I traded some coins there in the past but always withdrawed my coins same hour/day. Most exchanges are always a risk, I believe BTC-E will go down in the future and some smaller exchanges too. The only one I trust is Kraken.com . Anyway, 1 golden rule (for me) never leave (many) coins at an exchange wallet, and don't trade with "money" you can't afford to loose.

[mayax]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

I never trusted Cryptsy 100% and always looked at it as a hobby-exchange run by people who aren't experts. I traded some coins there in the past but always withdrawed my coins same hour/day. Most exchanges are always a risk, I believe BTC-E will go down in the future and some smaller exchanges too. The only one I trust is Kraken.com . Anyway, 1 golden rule (for me) never leave (many) coins at an exchange wallet, and don't trade with "money" you can't afford to loose.

very good point.

now, the BTC price is going down fast. if "you" won't sell, you will regret.

[gravitate]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

I never trusted Cryptsy 100% and always looked at it as a hobby-exchange run by people who aren't experts. I traded some coins there in the past but always withdrawed my coins same hour/day. Most exchanges are always a risk, I believe BTC-E will go down in the future and some smaller exchanges too. The only one I trust is Kraken.com . Anyway, 1 golden rule (for me) never leave (many) coins at an exchange wallet, and don't trade with "money" you can't afford to loose.

I like you trust Kraken and coinbase. If you look on Kraken the Euro price is plummeting. How far nobody knows but I am still glad I sold Even www.bitbargain.co.uk is going down. I am selling my last 0.4 on Bitbargain.co.uk so anyone wants to buy it then its yours (i am just going on the exchange price which is dirt cheap).

[wttbs]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

I never trusted Cryptsy 100% and always looked at it as a hobby-exchange run by people who aren't experts. I traded some coins there in the past but always withdrawed my coins same hour/day. Most exchanges are always a risk, I believe BTC-E will go down in the future and some smaller exchanges too. The only one I trust is Kraken.com . Anyway, 1 golden rule (for me) never leave (many) coins at an exchange wallet, and don't trade with "money" you can't afford to loose.

very good point.

now, the BTC price is going down fast. if "you" won't sell, you will regret.

I won't regret I will not sell my BTC now

[Asulect]

now, the BTC price is going down fast. if "you" won't sell, you will regret.

not selling.   will buy more if it go below 200.

[mayax]

now, the BTC price is going down fast. if "you" won't sell, you will regret.

not selling.   will buy more if it go below 200.

if you won't sell your BTC now, what will you earn when it will go below 200?

So, sell now, take the profit and wait until BTC will be near 200.

[gravitate]

now, the BTC price is going down fast. if "you" won't sell, you will regret.

not selling.   will buy more if it go below 200.

if you won't sell your BTC now, what will you earn when it will go below 200?

So, sell now, take the profit and wait until BTC will be near 200.

 Wow dropped 15 euros in 10 minutes on Kraken.  Now at 352 Euros. That is 1/4 of everyones money gone so far today. Now just wait until Cryptsy hits the main media... Or is america just waking up to this....

[eternalgloom]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

In terms of volume, what kind of marketshare did they have? I don't personally know that many people who were still using Cryptsy to be completely honest, I really though most people had switched to an exchange with less issues.

Having said that, I never liked Cryptsy, even before the scam accusations. I always thought their UI was crap and using their website wasn't a good experience.

[owm123]

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

[BellaBitBit]

For everyone who holds bitcoin well done I take my hat off to you. But I am afraid the same will happen as when all the other major exchanges were hacked. Its not exactly in the news yet. Probably the big boys are getting rid of their stash until they start with the big announcement. Cryptsy was one of the main exchanges whether you like it or not and they do not even know how they were hacked. Its scary for everyone. I will come back on this thread to tomorrow and I can bet you any money it has gone down at least by 20%.. Hopefully it will recover as people say but it wont be unaffected by such a big exchange going down. Sorry ANOTHER big exchange going down.

Anyway its all speculation but when this has happened time and time again that's just the way it goes.

It IS all over the news as we speak.  This is just another bump in the road and all I see are cheap coins - it will work itself out.  The technology cannot be controlled by one person.  I try to avoid telling people when to buy or sell because it is volatile and I am not an expert.

[pedrog]

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

I don't think the price drop is related to Mike's decision, price was already inflated and less than 2 months ago sub 300 USD.

You're giving too much credit to Mike, the vast majority of people are completely unaware about bitcoin's development and internal structure.

[gravitate]

i'm sure nothing will really, happen, the usual dump becuse of this new drama, and then again the value will surge for the umpteenth time

there were other bad days of bitcoin, and nothing happened, all were depicting, as a catastrophic scenario, yet bitcoin is still here, there is no real competitor for bitcoin

the tech behind it is unprecedent, at best it will remain a niche market, surely it will not die

The bad news have already impacted BTC price...

$30 loss, come on, people are afraid for such thing really? they have not the right to hold then

Maybe, but the damage is done and the press is already eating Mike's crap nicely and spreading more and more fear and uncertanity:

https://uk.finance.yahoo.com/news/bitcoin-failed-says-one-most-111408745.html
http://fusion.net/story/255949/bitcoin-failed-says-mike-hearn/
http://fortune.com/2016/01/14/bitcoin-developer-quits/

and so on. People are just scared.

But it also shows how one person can make so much damage to Bitcoin. And that is why general public cant treat bitcoin seriously for replacing fiat and banks. Its a shame

Well when its one of the Core Dev's with all the inside info then yeah he can cause all the stir he likes lol.

[xdrpx]

From the trend of previous Bitcoin/cryptocurrency exchanges being hacked, it has always had a direct impact on the price of Bitcoin. Also considering that Cryptsy and the bad news about Mike Hearn no longer willing to take part in Bitcoin and having his Bitcoins sold (Probably a large amount?? I'm not so sure), all of these have a downward pressure on the price. But I always remember one thing, nothing's permanent in its state, everything does change for the better over time. I feel the bitcoin price is just correcting itself, it's never always falling. Also the benefit of it reducing in price does induce a lot of buyers to pitch in.

[gravitate]

From the trend of previous Bitcoin/cryptocurrency exchanges being hacked, it has always had a direct impact on the price of Bitcoin. Also considering that Cryptsy and the bad news about Mike Hearn no longer willing to take part in Bitcoin and having his Bitcoins sold (Probably a large amount?? I'm not so sure), all of these have a downward pressure on the price. But I always remember one thing, nothing's permanent in its state, everything does change for the better over time. I feel the bitcoin price is just correcting itself, it's never always falling. Also the benefit of it reducing in price does induce a lot of buyers to pitch in.

I agree on this Bitcoin always recovers but I predict it will go a lot lower which is why I sold   I didnt want to I just got the feeling I was going to lose even more money... As it was down nearly 25% today already then I am glad.. It may go back to below the 200 usd mark where it was very stable.. Yeah it is a price correction but people still lose their hard earned money.. Thats why I sold first thing this morning when I read both bits of news.. I missed my break time to do so.

[fuathan]

I think it is just a temporary crisis. Maybe there will be maximum 60-70 dolar fall then rising will continue.

Posted From bitcointalk.org Android App

[maku]

This news is seriously overemphasized bullshit. I read more about it and it seems that people think Hearn=Bitcoin or something - and if he leave then bitcoin is doomed, this is not true at all.
What is worrying is he is right about one thing:

"The block chain is controlled by Chinese miners, just two of whom control more than 50% of the hash power.
At a recent conference over 95% of hashing power was controlled by a handful of guys sitting on a single stage."

And here we have just another panic sell...