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

[defaultking]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

[Yogafan00000]

Humans are not good enough for Bitcoin.

[spazzdla]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

This, this is a solid buying chance.  Even just for day trading.. very tempted to make a large buy and sell in a week.

[pooya87]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

Today is a great day for bitcoin. Anyone selling bitcoin right now is a fool. If I had any extra money laying around I would buy everything I could. It's just like a stock, bad news about the company hits, prices fall, everyone realizes that said company is still a good company (as long as the news isn't life ending for the company) and the stock bounces right back up. Sub 400$ prices on bitcoin is just too good of a deal to pass up. People are replacable and corruption is everywhere. Doesn't mean the company "technology" isn't sound.

This, this is a solid buying chance.  Even just for day trading.. very tempted to make a large buy and sell in a week.

i agree. bitcoin is still strong enough. these sorts of news are just temporary bump on the road which will create best opportunities.
it has always been like this, a negative news will become big and spread through the internet and next thing you see is the panic sells and then shortly afterwards the rise begins.

[gravitate]

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...

Sure it IS a panic sell you are right but this is a major one.. I do regret selling my bitcoins for sure its sad as I love bitcoin. But this time tomorrow when they are 30% of the value at least I can buy a couple and not  feel too bad.

12 Bitcoin I have already lost in a major exchange. I am not losing anymore.

ps I didnt store my bitcoins in there at all I was doing a little trading and once they were there they were stuck... all the time they let suckers still deposit money.. they quite literally scammed people and continuing to take their money even after knowing that they had a big theft.

There is little bits of resistance to the price decline but its going down.

[owm123]

Well i don't think bitcoin is going anywhere, it defiantly has a purpose. The problem with bitcoin is not bitcoin its the users who are foolish enough not to protect their savings.

I agree bitcoin will stay but the price is gonna go down again and people will lose money again... I have told all my non informed friiends to sell also.. Luckily they still got a decent price.

The price will recover just as it always does

Yes, but when and to what level? $450, $400, $200?

[yohanip]

The positive side are that we could test bitcoin once more for it's stability to overcome such issue, if the coin could not overcome such small issue (if we are talking about one core developer which are backing out because the idea is not implemented to the current protocol that is)
The natural order of things are in motion, and the only thing that we could wait for other core developer breeze out some fresh news to counter-act the statement given by Mr. Mike Hearn

[Denker]

yeah, this is bad news. But hopefully bitcoin can survive despite facing various problems

Cryptsy had been known to be shady since a long time. Everyone who still was using it was just dumb!!!
So many warnings and reports and the people mostly ignored it!
Regarding Mike Hearn: YES!!!!!!! Finally we got rid of that weirdo!
The price declined to 390 at the moment. Let's see how deep we will go, or if we will bounce back soon.

[QuestionAuthority]

Turns out the biggest menace to Bitcoin aren't governments, banks or shady intelligence organizations, but from its own development.

/\

I beat your post by more than a year.

\/

I agree 100% with one thing he said, "I am not smart enough to know what will work long term or what will not." I also agree that Bitcoin has problems but don't agree they cannot be fixed and Bitcoin is doomed to fail. If I had said in 1995, "the Linux kernel is dead, it has a multitude of problems that are too difficult and costly to fix to warrant further development" at least a few developers would have agreed. In 1995 Linux had roughly 300k source lines of code. Fast forward to 2014 and the current 17 million lines of code to see that it did not die but instead continues to improve every year. Bitcoin can do the same thing if people choose to continue improving it. The only way it can die is by the hand of its developers and users. Government regulations in one region of the world won't do it.

[Altynbekova]

This day we have really some bad news for bitcoin.
But that doesn't stop me using bitcoin and having faith with.
Yes is some bad news, but we can't just stop this the year of bitcoin so let see what is going to happen.

[BellaBitBit]

we knew this would happen.  Come on!  There are major players who do NOT want Bitcoin to succeed and 2015 was a little too good.

Bitcoin had a banner year in 2015
-RECORD money invested in startups
-lots of press and more mainstream press
-low on scandals
-record volume
-healthy price
-anticipation of the 2016 halving
-banks SCRAMBLING to get in with their fabulous blockchains

Then we see tons of articles in the last month that 2016 will be the year and here comes the halving!  

So Hearn wants to abandon AND discredit something he has worked so hard on and been invaluable to??  Why not keep on truckin and work to find a solution.  I was raised NEVER to give up.  


True believers in the technology and what it can do for the world with be here after all the weak hands have left.  

If you are touting that you are selling all your coins, you didn't believe in the first place or you are invested over your head or budget.  

What we need right now is that guy that shows up and says "Welcome to Bitcoin Motherfuc$er"

[TeamButtcoin]

This day we have really some bad news for bitcoin.
But that doesn't stop me using bitcoin and having faith with.
Yes is some bad news, but we can't just stop this the year of bitcoin so let see what is going to happen.

that's just you though

[Scaccomatt0]

It's time to buy. This crisis is temporary.. for my opinion

[Patatas]

Quite sad. When I read the post I thought how can it even affect bitcoin prive but when I checked the prices later, it did affect extremely. It's a massive drop. I'm really confused where to go from here. Yes I'm obviously not selling my coins, no matter what.

[bitlancr]

Sad to hear you feel this way. Even with all the negativity, if bitcoin drops again, you are able to buy back for low and when bitcoin rises in value again you will be able to sell and make profits. I'm sure bitcoin can come back from this.

[hdd3go]

I believe the community is strong enough now to bear the "loss" after the Mt.gox and various hacking events. Hope the price will rise up again few days later.

[samsads]

Think positive...

such thing is not new (not atleast to bitcoin)...

Bitcoin has survived in the past and will survive this too...

as to Mike Hearns statement, It just show his frustration as to things did not go as he wanted to....

The only concern probably is the chines companies having most of the miners... that can be resolved...

there is nothing to worry much,...

(this is my personal view... I donot even have 1 BTC .... )

[n2004al]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

I think that today is a bad day for you (and for this I am really sorry) but what have to do bitcoin itself with the problems of Cryptsy, its developers and to whom of us who have losses because of the wrong "play" with it I cannot understand. I am following every moment the movements of the price and seems that bitcoin is suffering (maybe the situation happen at Cryptsy. The exchanges are preferred target of thieves/hackers and there are nothing new here. But what have to do this action especially with the crypto I again cannot understand. We hear attacks or steal of money from the banks almost every day and no one tell that the fault for this have to do with the money they have.

I really understand the situation in which is OP and repeat that I feel deep sorry about his situation (spiritual and mental) but I am sure that if he will return to this matter after a few time (or even not few) will understand that the crypto (like every kind of currency) is only a tool which have no mind to act itself. It is a tool which only is used by everyone and have any kind of responsibility about the misuse or not good use of it.

To tell the right I have invested on 2-3 crypto but I will not trade with those. Hope in their higher value in time. That's all. Then have other sources which give me money everyday in which I have invested money and bitcoin. If OP prefer I can present those to him. Maybe can satisfy its desire to find other sources of earnings.

[gravitate]

You can read that there have been big losses/ thefts in Bitcoin again from an exchange (can we ever have any real security in Crypto?) Then one of the core Devs resigned because bitcoin obviously has got some big hurdles to overcome before it dies. Well personally because of the 2 of these I am down 15 bitcoins to start today. I have sold everything now and I am contemplating knocking crypto on the head for sure. I have lost far more money that I put into it. the bitcoin priice is going to go down devaluing any remaining physical coins I have left.
I am seriously annoyed by my stupidity to play with crypto so much.
Its a massive shame and a blow for bitcoin today. I hope everyone gets a chance to sell their remaining coins for a decent price.

For me I am fulfilling my current orders on physical bitcoins and then we will see where to go from there.

I need a new business me thinks

I think that today is a bad day for you (and for this I am really sorry) but what have to do bitcoin itself with the problems of Cryptsy, its developers and to whom of us who have losses because of the wrong "play" with it I cannot understand. I am following every moment the movements of the price and seems that bitcoin is suffering (maybe the situation happen at Cryptsy. The exchanges are preferred target of thieves/hackers and there are nothing new here. But what have to do this action especially with the crypto I again cannot understand. We hear attacks or steal of money from the banks almost every day and no one tell that the fault for this have to do with the money they have.

I really understand the situation in which is OP and repeat that I feel deep sorry about his situation (spiritual and mental) but I am sure that if he will return to this matter after a few time (or even not few) will understand that the crypto (like every kind of currency) is only a tool which have no mind to act itself. It is a tool which only is used by everyone and have any kind of responsibility about the misuse or not good use of it.

thanks for the sympathy.. Cryptsy was a tool for me and not for storage. my laptop is full of alts trust me. I was simply trying out a trading technique. So one of the main exchanges failed me.

I am not bothered by the crash of price as I sold already. so now when I watch it crash thats fine but I also feel bad for everyone not luckyenough to sell already... Of course it will recover but the main news is not yet out...

It will go lower its a double whammy

[7425504]

One day, a person said some words, bitcoin to fail,
so, bitcoin is doomed to failure, because a person think it will fail, this is a big joke