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Author Topic: What just happened?  (Read 2308 times)
pandemic
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June 11, 2011, 12:21:53 PM
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What caused BTC to crash by $9 so far? With difficulty going up, the only way it'll be worth mining BTC is if it's more valuable. $21/btc is OK for now but do you expect it to go back up anytime soon or is this it for a while?
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newunit16
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June 11, 2011, 12:27:02 PM
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a) lots of people realizing they cannot do much with BTC aside from "hope other people buy it so the price rises"
b) druggies realized Silk Road closed registration

both are kind of funny though. hope it goes way down so i can invest more into long term:) this currency will be in high demand when it becomes real useful.
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June 11, 2011, 02:40:04 PM
 #3

Duke Nukem Forever was just released. People who turned their gaming rigs into mining rigs are cashing out to buy new gaming hardware.

Or, maybe I should say that when it comes to new markets, I trust an analyst as much as I trust a deck of tarot cards. I feel there's simply too many unknowns when it comes to bitcoin. The other week people flocked to sample the delights of the silk road, next week it might be porn or poker or even something that's not in a gray area.

Bitcoins: solid enough to build pyramids.
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June 11, 2011, 03:13:54 PM
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next week it might be porn or poker or even something that's not in a gray area.

That's the ticket right there.  The porn industry has lead many times in terms of technology uptake.  Lobby your favourite paid porn site (people pay for porn?) to accept btc, and next thing you know you'll be able to pay your rent with btc.  Tongue

Beware the weak hands!
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Jack of Diamonds
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June 11, 2011, 03:22:54 PM
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It drops every weekend, sometimes even drastically, because you can't really move money in during wire transfers during the weekend.

Take a look at the price graphs on every Friday evening to Sunday evening. It usually bounces up after Sunday is over.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
neptop
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June 11, 2011, 03:26:46 PM
 #6

People are using a good situation to lower the Bitcoin price, but basically nothing changed. Just some people (successfully) influencing supply and demand by spreading fear. This is a good way to make money.

You can now choose between ignoring it, join the people making money or sell everything in panic. Everyone will tell you something different.

BitCoin address: 1E25UJEbifEejpYh117APmjYSXdLiJUCAZ
restomaniac
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June 11, 2011, 03:32:01 PM
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People are using a good situation to lower the Bitcoin price, but basically nothing changed. Just some people (successfully) influencing supply and demand by spreading fear. This is a good way to make money.

You can now choose between ignoring it, join the people making money or sell everything in panic. Everyone will tell you something different.
Indeed.
It is rather funny to how many new posters are on here saying the world is about to end for bitcoin, Anyone would think they had something to gain........Oh wait.
DarkKnightNomeD
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June 11, 2011, 03:43:33 PM
 #8

MTGOX and DWOLLA Bullshit that happened, Dwolla changed its coding that accepts payments without telling its customers that they were going to do it, and what to do to get it going again, then everyone freaks out, and its the weekend, so even more panic since money cant be transferred around

so basically mtgox coudn't send money to Dwolla accounts, and that was until FRIDAY till they got things working again, and its the WEEKEND, so it wont be till monday? or Tuesday? we wont see cash in our account till then

JUST......... IMAGINE 60 to 75 % of the people in USA used the same bank, then those Banks Shutdown for 6 days, no one can pay bills, go get groceries, ect ect ect its going to piss alot of people off, they in this situation would likely stop using this bank
gres
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June 11, 2011, 10:09:06 PM
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really? anywhere where it's reported?  guess it's working http://forum.bitcoin.org/index.php?topic=14613.0
imperi
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June 11, 2011, 10:13:49 PM
 #10

What caused BTC to crash by $9 so far?

Bush did it.
parsiuk
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June 11, 2011, 10:19:14 PM
 #11

Guys,

This price change started just after publishing this information:

http://www.osnews.com/story/24837/US_France_UK_Declare_War_on_Freedom_of_the_Web

If I understand this correctly, this could be split of the internet - which means end of Bitcoin. What you think?
Bit_Happy
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June 11, 2011, 10:36:17 PM
 #12

It drops every weekend, sometimes even drastically, because you can't really move money in during wire transfers during the weekend.

Take a look at the price graphs on every Friday evening to Sunday evening. It usually bounces up after Sunday is over.

Being "addicted" to new money coming in is actually a Ponzi mentality. Right now there is plenty of cash sitting in MtGox, from all the recent selling. It is time to buy now, and/ or start projects that add to the Bitcoin economy.

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onesalt
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June 11, 2011, 10:48:33 PM
 #13

some fucking idiot on somethingawful made a suggestion to post a thread called "SELL SELL SELL", someone followed his moronic assbrain advice and the result was a mass panic that resulted in this market crash. assholes.
neptop
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June 11, 2011, 11:04:28 PM
 #14

Don't worry about it too much. We will maybe start at a price similar to a few months ago which shouldn't be a huge problem and once it's over everything will be back to normal. I mean difficulty didn't change and it's not like BC is broken or something. Some people selling at cheap prices will learn a lesson and then we're back to normal. BTC will be more currency like and next time you'll be able to say we had this and survived it!

BitCoin address: 1E25UJEbifEejpYh117APmjYSXdLiJUCAZ
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