PROUDHON was NOT RIGHT

[jubalix]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

[1715632440]

1715632440

[Crazy]

Or it was sliding and MtGox closed for a cool down (their words, not mine). Guess you just have to believe what you want.

[klaus]

OP so true ! After month time and counted ~277 times predicted he finally can say the words. 'I told you so'

ROFL

[Maged]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

I bet you also think that the drop from $30 in 2011 was because of the MtGox hack... (it wasn't, since the hack actually happened after the 2011 bubble popped and, in hindsight, was already clearly in decline)

No, this was entirely due to speculation. The fact that some kind of bad news happened around the time was just a coincidence. For instance, what if the forking incident had occurred last night instead of when it did? I guarantee that you would be blaming that instead. But, because that happened in the early stages of a bubble, people psychologically framed it as good news.

[piramida]

The fact that MtGox crapped out at any volume for the last several days did not help much.

[proudhon]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

[bitcon]

yawn, come back next week after the correction up to $200..........

[jubalix]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

yeah nah....you gave the impression "bitcoin would drop"

if the exchange was smoothly running and it dropped then sure props to you. But this is not what happened, in any event it still has circa $80 -$100 support over at BTCe...and that's with a trollbox, if that tells you anything, your still not right. Even if it is not BTC the Concept of CC's are an adoption tech

[XXthetimeisnowXX]

please tell everyone to get out of gox! for fucks sakes.

[bitcon]

please tell everyone to get out of gox! for fucks sakes.

but i like cheap coinz...

[Adrian-x]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

wow, I agree with everything you say except "This will be worse for bitcoin than 2011" If the correction is as bad as you say, it will dissuade speculators and the more Bitcoin will be evaluated on its utility value. That is good for Bitcoin.

Then a year or so from now the true believers will be able to profit again.
Next time I ask that you hold off until I can sell out at 3000% return instead of just 300% by jumping early.

[Beta-coiner1]

What is so interesting about the current price is despite the sell-off we are still higher than the 2011 high.If Gox is 80% of trade concerning BTC and fiat the current price is accurate.It might also give Mt.gox the time to get rid of those backlogged accounts.

[Crypt_Current]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

Bitcoin would drop by itself?  I don't even know what that means.  My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins.

That isn't something you can seperate from the protocol, because its tied to the nature of its design.  If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it.  That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible.

Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely.  This will be worse for bitcoin than 2011.

translation: > $300 next week, probably hit $500

[proudhon]

What is so interesting about the current price is despite the sell-off we are still higher than the 2011 high.If Gox is 80% of trade concerning BTC and fiat the current price is accurate.It might also give Mt.gox the time to get rid of those backlogged accounts.

I don't think there's anything meaningful about that.  The other exchanges do volume so much lower than MtGox that I don't think you can make a very reliable price assessment as long as there's people out there holding thousands and tens of thousands.  Besides, the other exchanges are, what, $60ish right now.  That's hardly something to be excited about as this is only one day out from what is so far the worst market event in bitcoin's history.  The events of yesterday and today are going to change the entire mood of the market for years.  Eventually, we're going to single digits again.

[rpietila]

Eventually, we're going to single digits again.

Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.

[Luckybit]

PROUDHON's thesis was BTC would drop by itslef

this was an exchange failure not a BTC failure....

And it was a DDOS that caused this failure. Even Bitcointalk was down. I guess that means Bitcoin was a complete failure along with Bitcointalk and all the people at this site will just suddenly stop coming here and traffic will drop to nothing?

Goddamn emotional investors.

[whisper]

yes and sheeps are sheeps

[proudhon]

Eventually, we're going to single digits again.

Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.

Proudhon did not want to hear this lol...

There are some big players coming into the market. Most of them are doing cash for btc off exchange purchases.

And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going...

[jubalix]

Eventually, we're going to single digits again.

Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.

Proudhon did not want to hear this lol...

There are some big players coming into the market. Most of them are doing cash for btc off exchange purchases.

And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going...

Oanda et al will move in now problem solved
Still holding at 67$ on BTCe.

And this is still not a "crash" due to the currency but the failure of the exchange

[proudhon]

Eventually, we're going to single digits again.

Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations.

Proudhon did not want to hear this lol...

There are some big players coming into the market. Most of them are doing cash for btc off exchange purchases.

And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going...

Oanda et al will move in now problem solved
Still holding at 67$ on BTCe.

And this is still not a "crash" due to the currency but the failure of the exchange

And exchanges are a necessary part of pricing a new currency, and make up a part of its necessary infrastructure, and because of the nature of bitcoin parts of its necessary infrastructure, like exchanges, cannot be regulated like traditional mature markets in such a way to prevent the kind of crippling volatility we've seen with bitcoin. 

It very well may be the case that what the bitcoin experiment ultimately proves is that as imperfect and problematic typical financial markets are, with all their government regulation, they're better, safer, and more stable than other alternatives thought up, like bitcoin.