You are all dumb and got warned this would happen.

[Lethn]

https://bitspend.net/

You were saying? ^_^

[niko]

Wasn't the crash in '11 caused by MTGOX being ddos'd also?

No, they were hacked and someone sold off a ton of stolen BTC's crashing the market.  They were at the epicenter but it wasn't a DDoS.

No. The 2011 peak took place around June 9th (the bubble burst, if you prefer that term). MtGox was hacked around June 20th.

[alexh]

https://bitspend.net/

You were saying? ^_^

I wonder how this will turn out...

[Dr3AM$cAp3]

Seriously, for a long long time people have been saying "bitcoin is a bubble bought on by the greed of idiots" and now after the second major price crash caused by exactly this people might realise this.

Greed will always exist outside of gold silver or bitcoin. Bitcoin is not the problem, the centralized exchange is.

Bitcoins are fundamentally flawed for this reason. Why should anyone spend now what will be worth more tomorrow? Why should anyone invest in anything or buy anything when tomorrow you could buy twice as much?

Because it is money.

As a teacher once told me:  bears eat and bulls eat, but pigs get slaughtered. 

[Dr3AM$cAp3]

And unlike bitcoins, usd actually keeps it's value and can be spent on things.

You should stick around here. You are useful.

I know Ilol'd.  Thanks. 

[onesalt]

https://bitspend.net/

You were saying? ^_^

So what you're saying is you send them some bitcoins, they maaaaybe order stuff online for you with some extra fees added on top of it, and then send it to your home address?? All with an untraceable currency thats impossible to get backcharges with??

So tell me how this is in any way better than me doing exactly the same thing with dollars on amazon without any extra fees or risk of being scammed?

[CurbsideProphet]

Wasn't the crash in '11 caused by MTGOX being ddos'd also?

No, they were hacked and someone sold off a ton of stolen BTC's crashing the market.  They were at the epicenter but it wasn't a DDoS.

No. The 2011 peak took place around June 9th (the bubble burst, if you prefer that term). MtGox was hacked around June 20th.

And as your chart shows, there's a big gap with no trading due to the hack (which sent BTC into the ground) and was subsequently reversed when MtGox didn't honor the rogue trades.  That, however, didn't stop the fall but you conveniently clipped the chart short.

[MashRinx]

https://bitspend.net/

You were saying? ^_^

So what you're saying is you send them some bitcoins, they maaaaybe order stuff online for you with some extra fees added on top of it, and then send it to your home address?? All with an untraceable currency thats impossible to get backcharges with??

So tell me how this is in any way better than me doing exactly the same thing with dollars on amazon without any extra fees or risk of being scammed?

You don't want to get it, so stop pretending you do.  If you don't think there is anything novel with the ability to send BTC to anyone with a Bitcoin wallet anywhere in the world for almost no fees, so bit it.  Others do, and are willing to be a part of this experiment.  

Have you heard of that small, little known blog-hosting site WordPress?  What about MEGA ?  Reddit?  They all disagree with you.

[nwbitcoin]

You will always get people who say I told you so - and once in a blue moon they are right, and we conveniently forget the other 5 billion times they were wrong!

The big big elephant in the room is that bitcoin and all the other alt coins is still in beta.  We have a coin, we have a few people who support it, we have a little media coverage, and we have a few people using it as a currency.

What we don't have is what 400 years took to build - a fiat currency that is accepted world wide.

Expecting it in the 4 years that bitcoin has been around is just stupid!

What we do get is lessons in what not to do, and we get stronger every time.

We've learnt how security is a big thing.
We've learnt that changing fiat into bitcoins is a big deal
We've learnt that lots of media coverage brings lots of new users, who don't have the same incentive as early users.
We've learnt that a few big name exchanges are not a good idea.
We've learnt that people who want to make a quick profit are also very easy to spook.
We've learnt how many people might talk a free market, but when it comes to real, big money, they suddenly become very regulation focused!

We've learnt all this in a few months - imagine how good we'll be after 5 years?

The size of the market is so big that most people can't imagine it, so a single bitcoin being worth $10k is not a daft idea - its almost essential to ensure that bitcoin is able to do what it could do!

These things take time, and it will be very interesting to see if the OP's view changes as some of our lessons get put into practice!

[niko]

Wasn't the crash in '11 caused by MTGOX being ddos'd also?

No, they were hacked and someone sold off a ton of stolen BTC's crashing the market.  They were at the epicenter but it wasn't a DDoS.

No. The 2011 peak took place around June 9th (the bubble burst, if you prefer that term). MtGox was hacked around June 20th.

And as your chart shows, there's a big gap with no trading due to the hack (which sent BTC into the ground) and was subsequently reversed when MtGox didn't honor the rogue trades.  That, however, didn't stop the fall but you conveniently clipped the chart short.

I am not even sure what point you are trying to make. I was showing that June 2011 bubble burst (price dropping from >$30 to $10 in two days) long before the hack. Therefore, this huge drop in price had nothing to do with the hack. Can we agree on that? It is perfectly obvious from the chart.

Next, the hacker was able to mess with the internal mtgox database, assigning non-existent coins to accounts, and selling them as much as they wanted. These are not real trades, as no real bitcoins were traded. Just funny numbers in the compromised internal mtgox database. That is why it does not even show in the bitcoincharts.com history.

Again, I was trying to dispell obvious falsehood of "hack" being responsible for the crash of 2011. The crash took place before the hack, after the ridiculous increase over several days. Period.

What is your point? That price kept dropping for several months after all this happened? Or something else?

[cryptoanarchist]

Seriously, for a long long time people have been saying "bitcoin is a bubble bought on by the greed of idiots" and now after the second major price crash caused by exactly this people might realise this. Deflationary currencies like gold and silver (and bitcoin!) do not work for this very reason. There is a reason that most government issued currency has an inflation rate and it is specifically to stop people just collecting a ton of it and hoarding it and waiting for it to go up in value and thus encourage people to actually use their money or invest it.

Bitcoins are fundamentally flawed for this reason. Why should anyone spend now what will be worth more tomorrow? Why should anyone invest in anything or buy anything when tomorrow you could buy twice as much?

Retarded thinking. Sell me all your bitcoins then.

[Geddi]

The part that hasn't been solved (yet) is how do you "put the fiat into the network" without some form of authentication/centralization.

Solving that part might also solve the whole "it's a collectable, lets go bull/bear whoooaaa bubble i'm holding" thingy.

[CurbsideProphet]

What is your point? That price kept dropping for several months after all this happened? Or something else?

Yes, that's my point.  The Gox fiasco was a catalyst that led to the continued decline. 

[blockbet.net]

The OP mentioned on an other thread that he lost "a lot" in 2011, which would at least explain why he's pissed. But him having made poor decisions then does not mean that there's anything wrong with Bitcoin.

[threeip]

Bitcoins are fundamentally flawed for this reason. Why should anyone spend now what will be worth more tomorrow? Why should anyone invest in anything or buy anything when tomorrow you could buy twice as much?

Well, yeah. I bought a frozen pizza today and it was $1 more than usual.

Panic? Run on Papa Johns?

What if next week its $2 less? Was i a fool to buy one today? Should i wait and buy my pizza then?

The OP mentioned on an other thread that he lost "a lot" in 2011, which would at least explain why he's pissed.

I wondered where so much hurpderp was coming from.

[Luckybit]

Seriously, for a long long time people have been saying "bitcoin is a bubble bought on by the greed of idiots" and now after the second major price crash caused by exactly this people might realise this. Deflationary currencies like gold and silver (and bitcoin!) do not work for this very reason. There is a reason that most government issued currency has an inflation rate and it is specifically to stop people just collecting a ton of it and hoarding it and waiting for it to go up in value and thus encourage people to actually use their money or invest it.

Bitcoins are fundamentally flawed for this reason. Why should anyone spend now what will be worth more tomorrow? Why should anyone invest in anything or buy anything when tomorrow you could buy twice as much?

Who is paying you to make these posts? You're trolling posting over and over the same stuff.
Are you an investment banker from Wallstreet trying to cash in?

[Luckybit]

makes me sick to think about the whales who sold thousands of BTC at 250usd ea...
we all know its only a matter of time before BTC surges back up past 266 this time
When will the next 'bubble' (holds back laughter) be? 350? 500? 750?

Well lets see, they made 250 grand in actual dollars while you are assumedly still holding bitcoins of unknown and dubious value. And unlike bitcoins, usd actually keeps it's value and can be spent on things.

And these "surges"? Yeah, that's a bubble caused by the greed of idiots in a deflationary currency. It's a self repeating cycle of idiocy and posts like yours here just propagate it.

USD loses it's value through inflation/QE. You don't know what you're talking about and are spreading stinking buckets of propaganda!

[Luckybit]

A real weakness of BTC is that it can be pumped and dumped easily by a powerful enemy: the FED. They may not be able to destroy or effectively attack the p2p network, but being the true owners of fiat money they can ruin millions of people pumping and dumping BTC.

I think that's the weakest point of BTC (which is connected to one of his strength, limited supply commodity-like), and that a future attack on it will have that form and not some science-fiction quantum computer attack.

Only panic selling types. If you're the type to hold for months or years what is the crash going to do? You'll profit even more from the recovery and you'll welcome each crash as a profit opportunity.

[niko]

What is your point? That price kept dropping for several months after all this happened? Or something else?

Yes, that's my point.  The Gox fiasco was a catalyst that led to the continued decline. 

I see. You are looking at the downward trend until ~Dec 2011. But didn't it start with the crash before the hack? What makes you attribute the downward trend to MtGox hack, as opposed to something else? Or to many other things? Or to typical random fluctuations in markets with lots of players and little rules? Most importantly, there were other major hacks and thefts that did not trigger similar months-long downtrends. Doesn't this prove your hypothesis false?

[cypherdoc]

onesalt only shows up when things are going well for Bitcoin.  must be a paid shill.