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Author Topic: Bitcoin resistance because of the hacks?  (Read 577 times)
chunkyjunkie
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July 09, 2011, 03:53:05 PM
 #1

With a substantial amount of bitcoin being hacked and accumulated by a few individuals do people think the latest price resistance is from that extra supply?  I would think the hackers are probably dumping decent sized blocks and the price is slowly absorbing it.

In my opinion price will start to gather strength when all the hacked bitcoin gets absorbed by normal market conditions and disperses into the hands of regular users ( regular as in people without huge supply spikes due to hacks, can be traders, buyers, sellers, companies whoever... just not hackers )

I do think it is silly for anyone to say prices are going to rocket or crash as there is just too many factors and unforeseeable events ( such as major hacks, or maybe big business endorsements etc ).  

I do agree with people saying apps such as the new android app and anything to make bitcoin mainstream will have the biggest price affect.

Anyways, new to bitcoin... not trolling... but trying to get some other opinions that can be backed by facts.  Example, android app... or new huge hack just hit etc....

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nmat
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July 09, 2011, 06:49:52 PM
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What hacks? If you're talking about that hack at mt gox, the stolen money wasn't much I think.
paper183
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July 09, 2011, 06:54:55 PM
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What hacks? If you're talking about that hack at mt gox, the stolen money wasn't much I think.
Wasn't it rolled back to how it was before the hack anyway ?
chunkyjunkie
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July 09, 2011, 07:06:24 PM
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It could never be rolled back as the bitcoin that was removed can't be reversed.  That is something about bitcoin that is great and scary.  You send bitcoin to an address and that is it, there is zero way you will ever get it back unless that person wants to send it back.

So the hackers sent back tons of bitcoin and are flooding the market with it?  Or could be....

Maybe they didn't get any bitcoin?  I would love if someone that knows could explain what they got away with.... was it just cash up to the 1,000 limits?  Was it 100's of bitcoin?  was it thousands potentially?  or was there a limit on the bitcoin withdraws also?

Would love to know.

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