$55 - really? Really? Really?

[Luckybit]

Seriously, what the hell is going on? I feel VERY lucky. On one hand I was able to sell my main coin supply on the 9th I think it was for like $247 / each. I refresh clean once in a while and that was the time. I told myself, once I see it go over $250, sell it all. I sold them all that day and a couple days later money was deposited into my bank account. The next day coin started to drop big time. Most places ceased operations, stopped business or just suspended trading until further notice. Then I had another whole wallet which I kind of forget about and tried really hard to sell those but no such luck. I pretty much have to hang on to them for a while and see what happens. My stupid fault for not remembering. That's a bad thing to do in this business.

Sorry, just wanted to post something positive in my world for once. I rarely EVER get to do that.

So what the hell is making coin go from $250 to $55 in 2 days or less? Yes, you can respond with sarcastic, anal retentive childish remarks if it makes you feel better.

How much have you been paid in Bitcoin by the Bitcoin hacker mafia to make this post?

[1714879601]

1714879601

[1714879601]

1714879601

[1714879601]

1714879601

[Stunna]

Congrats on getting out, drop is due to a great amount of panic and I'm sure the failure of exchanges hasn't helped.

[Luckybit]

Don't mind the ponzi troll. The price drop is deliberate market manipulation, whether its an attack or just a speculator manipulating the market for his own gain is debatable but whats certain is anyone selling at these prices is playing into his hands.

It's the weak giving into the strength of the hacker elite. Why bother investing in Bitcoin if you'll just sell it back to the same hacker elite you bought it from the moment there is a DDOS?

This reminds me of the news article about the guy who lost 500k from his Bitcoin wallet which his wallet.dat file was left unencrypted. Everyone sold down to $2.

I hope that happens again so we can afford to buy thousands.

[Luckybit]

Bitcoin is a giant ponzi scheme and the only winners are the ones that get out first. After that, it crashes.

Oh yeah? What are big banks doing then? Go spread your filth elsewhere

Big banks are probably behind hiring hackers to DDOS Bitcoin and then pay or blackmail posters into spreading disinformation.

Seriously if the big boys are now involved expect a lot more of that. Expect industrial espionage as well as people will resort to trying to hack into exchanges for personal or professional gain.

[Transisto]

Simple :

The price is low because USD liquidity is much lower in these other exchanges.
because MtGox was almost always at the forefront when it was time to sell at the highest price.

MtGox is was also the best place to make big purchases (1m$+).

The real believer in bitcoin don't hold more USD in an exchange than they need.

[Adrian-x]

$38 is the new $2 

LOL

and 1 week's the new 12 months

[tripper22]

Bitcoin is a giant ponzi scheme and the only winners are the ones that get out first. After that, it crashes.

Stop calling it a ponzi jackass. Ponzi's don't recover, they go bust and that's it. Bitcoin has recovered plenty of times. Learn what a ponzi scheme is before you use the word. Nobody knows where the price of bitcoin will end up so stfu already.

[jgm_coin]

Someone is dumping hard to drive price down in order to buy a lot at low price

The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin

A non fungible commodity like gold or oil cannot drop below their price of production. I am uncertain as to why you apply this same logic to bitcoins, which are simply one of many fiat based mediums of exchange. The fact that you decide to waste CPU cycles to mine bitcoins does not somehow confer any underlying economic validity on that activity; when bitcoin crashes you can't exchange those wasted cpu cycles for something useful. When the tulip market crashed tulips fell well below their cost of production because one the speculative bubble burst their commodity value was deemed to be effectively zero.

I enjoy your comment but I disagree with the extrapolation to tulips - which are not a currency and therefore expendable. 

I suspect that the cost to mine does matter with regard to the value of bitcoin because the whole deal would come crashing down if no one was mining. 

Miners have the choice to switch to anything else, such as LTC or even something not yet invented.

[darkmule]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

[revans]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

[darkmule]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

[revans]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

[bitsalame]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

Under that definition, any company is a pyramid scheme in its beginning. (which is obviously false)
You clearly don't understand what a pyramid scheme is.
So the masseuse in Google was part of the pyramid scheme because she got paid with shares in the beginning of the company? Employees getting paid in Google with shares were risking their neck because there weren't having a salary, and there wasn't anything reassuring that it would be such a commercial success. They didn't even had a business plan.
Today everyone who lent their time to Google, they are billonaires. Even the masseuse.

The same with bitcoins, in the beginning nobody gave a damn about this project and it was just experimental.
Nobody would have expected to grow so fast and to have such a relevance.
So those who put their necks and time in this project ended up being rewarded for trusting in it from the very beginning.

So please, study better your terminologies and get more life experience.

[revans]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

Under that definition, any company is a pyramid scheme in its beginning. (which is obviously false)
You clearly don't understand what a pyramid scheme is.
So the masseuse in Google was part of the pyramid scheme because she got paid with shares in the beginning of the company? Employees getting paid in Google with shares were risking their neck because there weren't having a salary, and there wasn't anything reassuring that it would be such a commercial success. They didn't even had a business plan.
Today everyone who lent their time to Google, they are billonaires. Even the masseuse.

The same with bitcoins, in the beginning nobody gave a damn about this project and it was just experimental.
Nobody would have expected to grow so fast and to have such a relevance.
So those who put their necks and time in this project ended up being rewarded for trusting in it from the very beginning.

So please, study better your terminologies and get more life experience.

There is a difference. Nobody involved with Bitcoin was ever told they were really working for Bitcoin Inc.

[jgm_coin]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

Under that definition, any company is a pyramid scheme in its beginning. (which is obviously false)
You clearly don't understand what a pyramid scheme is.
So the masseuse in Google was part of the pyramid scheme because she got paid with shares in the beginning of the company? Employees getting paid in Google with shares were risking their neck because there weren't having a salary, and there wasn't anything reassuring that it would be such a commercial success. They didn't even had a business plan.
Today everyone who lent their time to Google, they are billonaires. Even the masseuse.

The same with bitcoins, in the beginning nobody gave a damn about this project and it was just experimental.
Nobody would have expected to grow so fast and to have such a relevance.
So those who put their necks and time in this project ended up being rewarded for trusting in it from the very beginning.

So please, study better your terminologies and get more life experience.

There is a difference. Nobody involved with Bitcoin was ever told they were really working for Bitcoin Inc.

This whole discussion of pyramid vs not is useless.  Obviously not.  More explicitly, is the USD a pyramid scheme?  one that you've worked all your life to achieve?

[darkmule]

This whole discussion of pyramid vs not is useless.  Obviously not.  More explicitly, is the USD a pyramid scheme?  one that you've worked all your life to achieve?

By the "definitions" used by people who make these claims, anything that appreciates in value is a pyramid/Ponzi/whatever derogatory word they want to use.  Please, people.  Words have meanings. 

[revans]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

Under that definition, any company is a pyramid scheme in its beginning. (which is obviously false)
You clearly don't understand what a pyramid scheme is.
So the masseuse in Google was part of the pyramid scheme because she got paid with shares in the beginning of the company? Employees getting paid in Google with shares were risking their neck because there weren't having a salary, and there wasn't anything reassuring that it would be such a commercial success. They didn't even had a business plan.
Today everyone who lent their time to Google, they are billonaires. Even the masseuse.

The same with bitcoins, in the beginning nobody gave a damn about this project and it was just experimental.
Nobody would have expected to grow so fast and to have such a relevance.
So those who put their necks and time in this project ended up being rewarded for trusting in it from the very beginning.

So please, study better your terminologies and get more life experience.

There is a difference. Nobody involved with Bitcoin was ever told they were really working for Bitcoin Inc.

This whole discussion of pyramid vs not is useless.  Obviously not.  More explicitly, is the USD a pyramid scheme?  one that you've worked all your life to achieve?

State fiat is just a straight up fraud, you know that, no point bringing that up in this discussion.

[bitsalame]

It appears to be a common habit for morons and noobs to declare anything a Ponzi they don't understand or somehow lost money on (usually through their own stupidity).

It is annoying because it acts as if words don't have meanings.  A Ponzi is a very specific kind of investment scam or (more recently) a kind of gambling game open about its intentions.  BTC is simply not a Ponzi by any rational definition of the term (although arguably BTC is somewhat prone to being used in Ponzis but pretty much any currency or commodity could in theory be used in a Ponzi).

No, Bitcoin can reasonably be classified as a pyramid scheme though.

Not really, although whereas unlike a Ponzi, which Bitcoin is nothing like, it is merely almost, but not entirely unlike a pyramid scheme.  And again, BTC can be used in a pyramid scheme, like bitcoinpyramid, but that is entirely different from being a pyramid scheme.

No, it's exactly like a pyramid scheme. The founders availed themselves for very little effort millions of bitcoins, these same coins are now only available if purchased or mined at a slow rate with expensive dedicated hardware, and as the difficult ramps up even the means to mine with dedicated harware will be beyond anyone without the means to drop 100k on dedicated hardware.

Under that definition, any company is a pyramid scheme in its beginning. (which is obviously false)
You clearly don't understand what a pyramid scheme is.
So the masseuse in Google was part of the pyramid scheme because she got paid with shares in the beginning of the company? Employees getting paid in Google with shares were risking their neck because there weren't having a salary, and there wasn't anything reassuring that it would be such a commercial success. They didn't even had a business plan.
Today everyone who lent their time to Google, they are billonaires. Even the masseuse.

The same with bitcoins, in the beginning nobody gave a damn about this project and it was just experimental.
Nobody would have expected to grow so fast and to have such a relevance.
So those who put their necks and time in this project ended up being rewarded for trusting in it from the very beginning.

So please, study better your terminologies and get more life experience.

There is a difference. Nobody involved with Bitcoin was ever told they were really working for Bitcoin Inc.

Think about that a minute and you will realize that you just shot yourself on your foot.
That very statement of yours shows how riskier was to be involved in bitcoins in its genesis and how pointless is this discussion when you lack of the most basic understandings of how the world works.
You are just wasting useless rhetoric to dissimulate your ignorance.

In short, bitcoin is not a ponzi (wtf, I am tired of hearing this crap), and it is not a pyramid.
Both terms have very specific meanings of very specific modus operandi of scams, they are not synonyms and they can't be used as blanket terms to mention anything that seems to be scam-like. IF bitcoins were ever designed to be a scam, it would still wouldn't fit either modalities.
Please, either speak with propriety or shut up.

[MatTheCat]

Think about that a minute and you will realize that you just shot yourself on your foot.
That very statement of yours shows how riskier was to be involved in bitcoins in its genesis and how pointless is this discussion when you lack of the most basic understandings of how the world works.
You are just wasting useless rhetoric to dissimulate your ignorance.

In short, bitcoin is not a ponzi (wtf, I am tired of hearing this crap), and it is not a pyramid.
Both terms have very specific meanings of very specific modus operandi of scams, they are not synonyms and they can't be used as blanket terms to mention anything that seems to be scam-like. IF bitcoins were ever designed to be a scam, it would still wouldn't fit either modalities.
Please, either speak with propriety or shut up.

Arguing over semantics or definitions of words and phrases is all very well.

What ever the case is, one thing is clear.

An entity, whoever it/they may be, has the Bitcoin market cornered and tied up like it was their bitch, and this entity has the power to both push the market extremely high and to crash it. Anyone who fails to acknowledge at least this, is a grade A fkn clown.

All this DoD attack blah blah etc etc shit is fkn bollocks and is not what is responsible for what has gone down today.

[bitsalame]

Think about that a minute and you will realize that you just shot yourself on your foot.
That very statement of yours shows how riskier was to be involved in bitcoins in its genesis and how pointless is this discussion when you lack of the most basic understandings of how the world works.
You are just wasting useless rhetoric to dissimulate your ignorance.

In short, bitcoin is not a ponzi (wtf, I am tired of hearing this crap), and it is not a pyramid.
Both terms have very specific meanings of very specific modus operandi of scams, they are not synonyms and they can't be used as blanket terms to mention anything that seems to be scam-like. IF bitcoins were ever designed to be a scam, it would still wouldn't fit either modalities.
Please, either speak with propriety or shut up.

Arguing over semantics or definitions of words and phrases is all very well.

What ever the case is, one thing is clear.

An entity, whoever it/they may be, has the Bitcoin market cornered and tied up like it was their bitch, and this entity has the power to both push the market extremely high and to crash it. Anyone who fails to acknowledge at least this, is a grade A fkn clown.

All this DoD attack blah blah etc etc shit is fkn bollocks and is not what is responsible for what has gone down today.

Semantics is everything.
If I say "MtGox is the shit!", is completely different from "MtGox is shit!"