Bitcoin down to $50 on other exchanges

[BTCisthefuture]

Wow. Things aren't looking good.  This recent crash, plus mtgox shutting, plus the heavily negative news articles coming out in the last few hours, plus all the people who bought in recently and are now losing money.  Things aren't looking good for the next few days/weeks.

Thoughts?

[1l1l11ll1l]

The second Gox opens I'm going to buy as quickly as I possibly can. It was @ $266, it will get there again, and much, much higher. Think about it, 21m BTC will ever exist, and right now you have the chance to own entire BTCs, even hundreds of them. This opportunity won't be around for long, and when it's done, it'll be gone.

[the founder]

CampBx reporting $82.00

[onesalt]

Deflationary currencies don't work and never have. There is a reason no one uses the gold standard. Bitcoin is nothing but a zero sum ponzi scheme which is powered by the greed of idiots. Thanks.

[Hawker]

So if you bought in January you have doubled your money.  While it was nice that my little pile of electrons was worth over $500k, its still by far the best investment I've ever made.

[CurbsideProphet]

Wow. Things aren't looking good.  This recent crash, plus mtgox shutting, plus the heavily negative news articles coming out in the last few hours, plus all the people who bought in recently and are now losing money.  Things aren't looking good for the next few days/weeks.

Thoughts?

My thoughts is the writing has been on the wall, people just chose not to look.  Gox has shown time and time again the inability to handle large volume.  Perhaps this will finally cause some diversification into other exchanges.  We need to decentralize away from Gox.

The "crash" is only a crash if you have a very short memory.  Speculators lost a lot of money and I don't see that as a bad thing nor do I see the bad press as inherently bad.  Bitcoin is so new that any news is good news.  I found out about Bitcoin back in 2011 after a guy got his personal computer hacked and lost hundreds of thousands of dollars.  It was a short-term tarnish, but it turned me on to Bitcoin a lot sooner than had that article never been printed.

This is not a get rich quick scheme.  For Bitcoin to succeed, it's going to take work, not pipe dreams of the price going up 10% per day to infinity while you sit on the couch eating potato chips.  Those of us that have been around for a while know this.  Those new to Bitcoin, well, you just got your first lesson.  Now those weak hands get shaken out and the strong hands help to continue to build Bitcoin to its potential.

[wtfvanity]

The second Gox opens I'm going to buy as quickly as I possibly can. It was @ $266, it will get there again, and much, much higher. Think about it, 21m BTC will ever exist, and right now you have the chance to own entire BTCs, even hundreds of them. This opportunity won't be around for long, and when it's done, it'll be gone.

I'm new to the speculation thing... but I take it you're a bull?

[Stunna]

Price seems to be $60-70


Debating whether to enter the market again.

[moni3z]

Where is this elusive $50 coin because I want some. Lowest I bought were $64 and price is back up to $111

[Equality]

There is a reason no one uses the gold standard.

why don't you say what that reason is bitch. stop talking bullshit.

[glendall]

I think the price should be around $80-120  and a correction was needed...

Still thrilled about my ASIC investment in Avalon [batch 3]... But I'm more concerned about the mining side of things now myself, for my home hobby mining units. The fiat return price has dropped, fair enough. But difficulty has increased massively in the last month. I wonder if I'll even be able to break even mining if the difficulty doesn't follow the USD/BTC price crash [for my home rigs].

[moni3z]

BTC-E it's crashing hard down to $50. I'm trying to buy up all the BTC-E vouchers on IRC lol I maxed out paymer cheque deposits.

[SuperHakka]

BTC-E it's crashing hard down to $50. I'm trying to buy up all the BTC-E vouchers on IRC lol I maxed out paymer cheque deposits.

I is glad I isn't with Mt Gox. At Bitcoin-central I buying in $50-$60 range at the moment. Lowest price I got so far was $51. This isn't fair for others though, if most money is at Mt Gox then most of the market is tied up and some people are getting a good deal in all this chaos.

[onealfa]

....This is not a get rich quick scheme.  For Bitcoin to succeed, it's going to take work, not pipe dreams of the price going up 10% per day to infinity while you sit on the couch eating potato chips.  Those of us that have been around for a while know this.  Those new to Bitcoin, well, you just got your first lesson.  Now those weak hands get shaken out and the strong hands help to continue to build Bitcoin to its potential.

Bravo CurbsideProphet.  I could not say any better.

Me:
I am so astonished.   What a crap  all over around  (all forums, portals, FB, twitter etc) ?  
A crash,,,?  Crash  A "massive crash"  ?!

What  crash ?  
Are't we simply where we all been only ONE (1!) week ago?  Just think of it !  ONE week ago.
How many days has passed since everybody was  sreaming   "look !  BTC is already $100+  today !

I deeply believe that all these events has nothing to do with trust/believe in BTC, nor with the fundamentals of BTC

From the other side - WHAT can you expect, when MtGox, the largest exchange (70-80% market share) has an operation  time lag of 4600-4800 seconds !  I have seen that .
Grab you calculator and think again of what you got - that is a HUGE 1.2 - 1.5 hours  LAG  !!!

What kind of trade (logical?) can you expect on such a crapy system???
And compare this to a advanced FOREX, NYSE automatic trading systems, where   serious contenders would not even try their chances, unless their access delay (ping, lag, what ever you call it) is less then 1-2 ms ( mili-seconds, that is)

Think of it.  
While you can ( & while exchanges are stopped for a cool-off)

[Zangelbert Bingledack]

Deflationary currencies don't work and never have. There is a reason no one uses the gold standard. Bitcoin is nothing but a zero sum ponzi scheme which is powered by the greed of idiots. Thanks.

Glad to see it's only clueless statists who are fundamentally anti-Bitcoin (uh, besides an ever more rare breed of recalcitrant Austrian economist, since most have figured it out).

[moni3z]

WTF is with canada? Even during the great Bitcoin crash of 2013 the price is still ~$100 damn our responsible banks and btc exchanges. Give me $50 coins.

All my buying jacked prices on BTC-E to $61 noo

[chrsjrcj]

The second Gox opens I'm going to buy as quickly as I possibly can. It was @ $266, it will get there again, and much, much higher. Think about it, 21m BTC will ever exist, and right now you have the chance to own entire BTCs, even hundreds of them. This opportunity won't be around for long, and when it's done, it'll be gone.

I see we're still in the "denial" phase.

Deflationary currencies don't work and never have. There is a reason no one uses the gold standard. Bitcoin is nothing but a zero sum ponzi scheme which is powered by the greed of idiots. Thanks.

LOL. The crash has nothing to do with being a deflationary standard. The reason we're not on a gold standard is because it doesn't let the banksters print all the money they want.

[Wuji]

The second Gox opens I'm going to buy as quickly as I possibly can. It was @ $266, it will get there again, and much, much higher. Think about it, 21m BTC will ever exist, and right now you have the chance to own entire BTCs, even hundreds of them. This opportunity won't be around for long, and when it's done, it'll be gone.

Hey man puff puff pass, you're hogging that thing over there.

[SuperHakka]

dudes, only reason we had crash was that we ran out of greater fools to pass the hot potato to. simples, and these burnt fools aren't coming back, we gotta climb this wall again on our own folks.

[rpietila]

Bitcoin down to $50 on other exchanges

fiat reserves are more or less gone from the exchanges so its likely to be pushed lower.

Mt.Gox is sitting on the 100 million USD that was deposited + the 50 million that was sold. There is little way to get the money out of the exchange.

It is all there. Just wait. Oh yes not everyone wants to buy, but some need to buy in order to get the value out as bitcoins. Oh irony...