Why Bitcoin crashed

[BitcoinGirl325]

Excellent article on why Bitcoin's price crashed (and why it will likely continue to crash):
http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html

[DobZombie]

So this guy basically caused the crash?

What a cock

[CasinoBit]

Funny that the predictors always pop up a day after it happens and not a day before.

As for Bitcoin, nothing can save people from themselves.

[BitcoinGirl325]

Funny that the predictors always pop up a day after it happens and not a day before.

As for Bitcoin, nothing can save people from themselves.

He did pop up the day before. Did you read the article?

[mootinator]

Funny that the predictors always pop up a day after it happens and not a day before.

As for Bitcoin, nothing can save people from themselves.

This crash is the first sensible thing to happen to the price all month.

Now can we resume trying to build a market where at least a small plurality of people want to own these things so they can spend them?

[thehairymob]

The price rose before then fell. This happened again and will happen in the future.

[Dalkore]

There was quite a bit of pressure before the crash started.   Weird price data of many small transaction.  Almost like it was trying to paint the ticker and see what they could do.    Massive volume.

[naphto]

Funny that the predictors always pop up a day after it happens and not a day before.

As for Bitcoin, nothing can save people from themselves.

The guy who wrote that article predicted it hours before it happened.

He just stated facts everyone knew for YEARS.
Give us a break ...

[J.Socal]

So Bernanke bought up all the coins then dumped them..Then all the lil guys followed suit.

[J.Socal]

heres another one from the same source.http://www.naturalnews.com/039850_bitcoin_bubble_crash_globalists.html

[eric7]

heres another one from the same source.http://www.naturalnews.com/039850_bitcoin_bubble_crash_globalists.html

Not to sound rude, but I'd hardly consider Natural News to be a reputable news source.

[localhost]

He just stated facts everyone knew for YEARS.
Give us a break ...

Yup, with the price increasing like mad like in the previous days, every other hour someone would say "it's going to crash soon". He just happen to post it at the right time, big deal.
Also I wouldn't call this a crash, I'd call this a correction. For the moment, at least.

[tclo]

Only about 100 other articles said the crash was coming soon, so this guy did not have an original thought.

[tclo]

Also I wouldn't call this a crash, I'd call this a correction. For the moment, at least.

You can call it a "correction"....or a "table" or a "chair" or a "puppy dog" if you really want to, but that doesn't help with communicating with the rest of the world that considers a 75% drop in value in one day to be a CRASH....LOL

And it doesn't matter if it goes to $300 by the end of the year, it still crashed the last couple of days... at least according to 99.9999% of the people out there.  You have a right to believe otherwise if you want though (and redefine common terms).

[Wingman4l7]

This crash is the first sensible thing to happen to the price all month.

Now can we resume trying to build a market where at least a small plurality of people want to own these things so they can spend them?

Seriously!  It's ironic and sad that BTC has come so far as a currency that you can actually use it to purchase goods and services -- and goddamn speculators are fucking with the market so much that it's too risky to use!

[BitcoinGirl325]

Newest article from the same author:
http://www.naturalnews.com/039880_bitcoin_bubble_panic_selling_accounts_frozen.html

[localhost]

You can call it a "correction"....or a "table" or a "chair" or a "puppy dog" if you really want to, but that doesn't help with communicating with the rest of the world that considers a 75% drop in value in one day to be a CRASH....LOL

And it doesn't matter if it goes to $300 by the end of the year, it still crashed the last couple of days... at least according to 99.9999% of the people out there.  You have a right to believe otherwise if you want though (and redefine common terms).

Well, compare the value with what it was a month before and let's see where the crash is. Maybe it crashed for day-traders, but for people who use BTC in the long run, it didn't.

Newest article from the same author:
http://www.naturalnews.com/039880_bitcoin_bubble_panic_selling_accounts_frozen.html

This one is more damaging I think. Mtgox taking the market hostage, not cool.

[BitcoinGirl325]

Yeah, Mt. Gox has got to go. It is basically the "central bank" of Bitcoin (isn't that what we were trying to avoid in the first place??), and it has ruined all credibility for Bitcoin. I guess that's what you get when you have a teenage kid putting up a server in his bedroom to handle Magic The Gathering trading cards, and then he decides to trade virtual currency instead.

I believe in the principles & philosophies of Bitcoin, but the technology infrastructure to support it just isn't there yet. If it survives (and that's a GIGANTIC if), it's at least 5-10 years away from maturing. Maybe longer. I just don't know if it will last that long, though, even with the Winkelvoss Twins putting $11 million into it!

But I think it's paved the way for something phenomenal to come in its footsteps. This was a GREAT first attempt at a decentralized currency, and everybody should pat themselves on the back for a really good stab at it. Reminds me of the early days of email, when I was the one of the only people in the world with an email address back in 1982. On CompuServe. And my address looked like this: 75423,4598
Haha... that's right... 5 digits, a comma, then 4 digits. That's what it looked like!

But yeah, Mt. Gox has ruined all credibility for non-tech geeks to get into Bitcoin at this point. Back to real life.

[ByTeCee]

Newest article from the same author:
http://www.naturalnews.com/039880_bitcoin_bubble_panic_selling_accounts_frozen.html

Its really pretty simple market behaviour. Nothing new. Its all happened before.

I will be using crypto currency for a long time to come and I suspect a lot of other people will do too.

[h4r13q1n]

If it survives (and that's a GIGANTIC if), it's at least 5-10 years away from maturing

IMHO you're pretty pessimistic. We're at "peak coin" atm. We're at the beginning of a 4 year cycle until block reward halves. This means we're still in the middle of the bitcoin gold rush. Also recent developments showed how open to influence from the fiat currency economy the bitcoin market really is and one could argue this price escapade of the last month is due to the developments there  (Cyprus etc). When the financial market is shaking, bitcoin won't stay untouched.

Not bitcoin has to mature. Its the market and the users that have to. mt.gox, the "bitcoin central bank" offers poor service, so there'll be alternative soon. The trust issue can be easily dealt with if the exchanges are real companies with clearname people behind it who are actionable in case of misconduct.  The community adapts to the changed circumstances and in this we're much more flexible than established markets. If fact, bitcoin is more etablished than ever.

as for the "ruined credibility": some new users learned their lesson of "no you won't get rich fast" the hard way. many of us did. The wiser ones don't blame it on bitcoin but on their own stupidity. I truly recommend this approach.

Bitcoin is here to stay. Not only is it widely recognized and accepted in teh interwebs, but its also accepted by the criminal community and no matter how disconcerting this might be for the regular user, its actually a stabilizing factor.

I find it a bit ludicrously to declare the death of bitcoin every time such a bubble bursts. We knew that 200 bucks was an ridiculous exchange rate for this time.

Lots of real money was burned in the recent days. A harm to the poorly informed investors? Sure. A harm to bitcoin? No way.