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Author Topic: Reason for bitcoin market crash.  (Read 792 times)
Smarty14392
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July 18, 2017, 06:12:26 AM
 #1

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

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July 18, 2017, 06:20:32 AM
 #2

No, because not that many people use deepweb stuff, and from those who do, not that many are using bitcoin for it since bitcoin is no anonymous. and besides 1470BTC is nothing. it is like a peanut compared to the total trading volume of 1 day. not to mention nobody even heard about the news and that should be indication enough for that site not being of any significance!

the reason for this drop was very clear and simple: F.U.D.

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July 18, 2017, 06:27:52 AM
 #3

I hope personally that the deep web gets more under scrutiny as I think many dangerous things go on there like people trafficking, smuggling etc and other nasty things like child pornography. I hope they take down more ugly deepweb sites. There is a difference between privacy and out right nasty manipulation and slavery of innocent human beings.

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July 18, 2017, 06:28:33 AM
 #4

The reason for bitcoin crashing in price is not just because of one reason. It's because of multiple probable reasons. Here are some:

  • Alphabay shuts down: small effect
  • Fear, Uncertainty, and Doubt (FUD) because of the possible bitcoin hard fork
  • Increased transaction fees and time
  • Bitcoin rose too much in price in a year, therefore a price correction is to be expected
  • Too much initial coin offerings (ICOs)

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July 18, 2017, 07:53:30 AM
 #5

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

Well, that might be the reason why Bitcoin started dropping, it might not. The reason for this is because even though that site closed down and was hacked, there will be more sites like that coming up, I am pretty sure that not that much of the site users would have panic sold their bitcoin. It's only a matter of time before another one of those sites get made again. I think the real reason why Bitcoin fell was due to pre segwit fud.


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July 18, 2017, 07:54:32 AM
 #6

Reason? FUD spreaders.


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July 18, 2017, 08:00:36 AM
 #7

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

It was an exit scam, at the end of the admins is actual in jail. In my opinion crypto must start to separaye from this shady projects and characters

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July 18, 2017, 08:00:54 AM
 #8

The reason for bitcoin crashing in price is not just because of one reason. It's because of multiple probable reasons. Here are some:

  • Alphabay shuts down: small effect
  • Fear, Uncertainty, and Doubt (FUD) because of the possible bitcoin hard fork
  • Increased transaction fees and time
  • Bitcoin rose too much in price in a year, therefore a price correction is to be expected
  • Too much initial coin offerings (ICOs)

I completely agree with what you have to say. There are multiple reasons to why we saw a dip in bitcoin prices and that is not just connected to the alternate 'Silk Road' Alphabay's shut down. This only caused a small effect to the overall value of bitcoin. In the past few days, most of the effect has been caused by the increasing fear over Segwit2x's implementation at August 1. This is one of the main reasons. But we can clearly see that the price is once again climbing up to where it was.

Also, I wouldn't necessarily say "bitcoin crash". I don't think crash is really the correct term for it.
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July 18, 2017, 09:00:41 AM
 #9

The reason for bitcoin crashing in price is not just because of one reason. It's because of multiple probable reasons. Here are some:

  • Alphabay shuts down: small effect
  • Fear, Uncertainty, and Doubt (FUD) because of the possible bitcoin hard fork
  • Increased transaction fees and time
  • Bitcoin rose too much in price in a year, therefore a price correction is to be expected
  • Too much initial coin offerings (ICOs)

I completely agree with what you have to say. There are multiple reasons to why we saw a dip in bitcoin prices and that is not just connected to the alternate 'Silk Road' Alphabay's shut down. This only caused a small effect to the overall value of bitcoin. In the past few days, most of the effect has been caused by the increasing fear over Segwit2x's implementation at August 1. This is one of the main reasons. But we can clearly see that the price is once again climbing up to where it was.

Also, I wouldn't necessarily say "bitcoin crash". I don't think crash is really the correct term for it.
Yes the main reason why the price is falling means because of this segwit2xs. But I don't consider this as a big crash. Because if the price goes down below $1000 like how it happened in 2013, then we can call it Bitcoin market crash. But only $500 to $600 fluctuation we can not call it crash. It is common in the digital market.

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July 18, 2017, 09:19:42 AM
 #10

The most important reason for the market crash, was just a normal correction, after a period of growth and stagnation in price. The panic that has followed, was caused by people have some doubts about the bictoin. Those doubts were caused by the problems that bitcoin currently have. Those problems are including the high transaction fees and the risk of hard fork.

Other people were being afraid of their gains and as usual in market behaviour, people were trying not to be at loss. Some people were having a lot of gain, so they wanted to ensure their profit taking, even smaller ones.


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July 18, 2017, 09:28:32 AM
 #11

The most important reason for the market crash, was just a normal correction, after a period of growth and stagnation in price. The panic that has followed, was caused by people have some doubts about the bictoin. Those doubts were caused by the problems that bitcoin currently have. Those problems are including the high transaction fees and the risk of hard fork.

Other people were being afraid of their gains and as usual in market behaviour, people were trying not to be at loss. Some people were having a lot of gain, so they wanted to ensure their profit taking, even smaller ones.

Yeah. It's just a normal correction, bitcoin really is very volatile specially the issue we are currently facing, Segwit2x. Plus the FUD spreading is very likely has put a lot of doubts in the minds of investors that's why they sold off. But it's fun times though, the resistance level and support has stop and reverse the price going down further. But we may see another dip a few days before Aug 1 so we need to brace ourselves again and not panic.

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July 18, 2017, 09:39:06 AM
 #12

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

How can you compare a $3.8 million dollar heist to billion dollar worth capitalization and you expect the effect to be massive? No, it could be a reason but what it will contribute will only be marginal the real reason or major reason at this time is nothing other than the speculation around what will happen in the case of August 1 by the time we are able to put that behind us, then we can then find other reason if any price crash should happen.

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July 18, 2017, 09:48:19 AM
 #13

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

It was an exit scam, at the end of the admins is actual in jail. In my opinion crypto must start to separaye from this shady projects and characters

crypto or more accurately bitcoin in this case is a decentralized money and just like any other fiat money, you can not control how some people use it for.
if you can find a way to prevent people from USD (or generally cash) to do illegal stuff then you can use the same way to prevent them from using bitcoin, etc for the same illegal stuff.














 

 

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July 18, 2017, 09:55:40 AM
 #14

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

Could definitely have affected the market of bitcoin, but I don't think that it would have dropped bitcoin by 1000 dollars, it just doesn't seem possible. While bitcoin is involved in some illegal stuff, no doubt, I just don't think that bitcoin would drop that much just to that. A lot of the price drops would have to be related to segwit and fud of course.



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July 18, 2017, 09:56:07 AM
 #15

Yeah. It's just a normal correction, bitcoin really is very volatile specially the issue we are currently facing, Segwit2x. Plus the FUD spreading is very likely has put a lot of doubts in the minds of investors that's why they sold off. But it's fun times though, the resistance level and support has stop and reverse the price going down further. But we may see another dip a few days before Aug 1 so we need to brace ourselves again and not panic.

Those who had invested at $1,000-$1,200 levels might have booked at least partial profit now. No one is 100% sure about how the things are going to turn out on August one. It can be good, or it can be bad.

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July 18, 2017, 10:35:30 AM
 #16

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

I think that situation in deepweb does not have connection on the deflation of bitcoin. If ever there are stolen bitcoin in the black market, those stolen bitcoin would still circulate in no time.

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July 19, 2017, 02:15:41 AM
 #17

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??

It was an exit scam, at the end of the admins is actual in jail. In my opinion crypto must start to separaye from this shady projects and characters
Unfortunately that is not possible, if the criminals want to use bitcoin then there is nothing we can do to force them to not do it, no one approves of the way they are using bitcoin but I think that is going to keep going for a long time.


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July 19, 2017, 02:48:41 AM
 #18

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??
I don't really think that it is the reason why the bitcoin price crash down,
The price would only crash if the amount of bitcoin that got stolen from the site is converted into Fiat but I don't really think that it would really be the reason to crash down,
It is just a small amount of the bitcoin circulating in the internet so I guess it wouldn't really make a huge crash.

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July 19, 2017, 03:03:30 AM
 #19

I have been reading some blogs about deepweb. Many people here might be knowing the fact behind deepweb.
One pf the most known deepweb site- AlphaBay, also known as "the new Silk Road," has been shut down since Tuesday night. The site also came in the news at the beginning of this year when a hacker successfully hacked the AlphaBay site and stole over 200,000 private unencrypted messages from several users.
Nearly 1,479.03904709 Bitcoin (roughly $3.8 Million) were in use in the site.  as the site got closed, all the bitcoins were stolen by the site owner ( according to news).
Is it the reason behind bitcoin market fall as the price started falling when the site was closed??
I've heard the news But market exchangers are not affected by the news,but not Like the past happened about mtgox that has been hacked,With a very high value of approximately 150 KBTC,The incident was very influential to other markets.
I totally agree with what has been said by
No, because not that many people use deepweb stuff, and from those who do, not that many are using bitcoin for it since bitcoin is no anonymous. and besides 1470BTC is nothing. it is like a peanut compared to the total trading volume of 1 day. not to mention nobody even heard about the news and that should be indication enough for that site not being of any significance!

the reason for this drop was very clear and simple: F.U.D.

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July 19, 2017, 03:30:36 AM
 #20

Got the desired answers. The price deflation was not by the deepweb and it was just by FUD or any other cause.

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