So whats the reason for this crash?

[metstijl]

I saw allot of crashes , the first few where entertaiment but this is just sad.
All those 18 year old poor manipulators trying to spread fud. Go seek a life.
This section is just fucked up. This will be my last post here.
As I dont want to read true 5 troll topics I still want to know what the reason is for this 'crash'? (not really..)

[fonzie]

1+1=2

[JimboToronto]

I still want to know what the reason is for this 'crash'?

Unfounded panic amongst lemming bears.

[the_sunship]

I'm going to say that it maybe the move by Apple. Mostly techies are into bitcoin and they know what happened. Some think it's terrible news, others are angry about it and smashing Iphones on youtube. Either way, it gives the Apple move more publicity and could have scared new investors. Just a theory.  

[Bobsurplus]

Russia obviously.

[intense]

Apple have been banning bitcoin based wallet apps for ages, nothing new there so that's not the reason.

[MatTheCat]

Unfounded panic amongst lemming bears.

You have been posting shite like this all the way down from $990.

Do you not feel a bit ridiculous by now?

[Edward50]

I knew bitcoin would be going lower for a while. $800 is just ridiculously high for a bitcoin. Market simply can not sustain this high prices as nobody is basically buying.

Most of the bitcoin community own bitcoins from single or double digits, they surely are not going to buy a bitcion now for a whopping $800. They are more concerned about selling the ones they have.

I honestly am surprised it was able to stay as high as it has for so long.

[BitcoinAshley]

This should be obvious...

If an exchange goes under, it is easier to get USD, JPY, etc back than BTC.

Gox traders are slowly realizing this and it is a mad rush to sell their BTC... they KNOW btc deposits are held up, and they think that if they convert it to fiat, at least they will have a chance of recovering some of their fiat via legal action after the fact. Remember, some folks have hundreds of thousands, even millions, of dollars there. If they keep it in bitcoin and Gox does not have the bitcoin, they're more screwed than if they keep it in USD and Gox does not have the USD (in which case it'd be far easier for a court to litigate regarding a known, accepted currency.)

WTF is a court to do if Richy McRichPants sues Gox for a million bucks because he had hundreds of "bitcoins" stored there? First the court needs to figure out what the fuck a "bitcoin" is in the first place, with almost ZERO legal precedent anywhere in the world... meanwhile, the USD cases will get settled in half the time.

Don't bite me, this is not 100% truth, it just seems to make sense that if Gox were fuxxed, you'd at least have a SLIGHTLY higher chance getting fiat currency back from them than BTC... since if it really did get down to litigation, courts at least know what USD and JPY are...

[Bobsurplus]

WTF is a court to do if Richy McRichPants sues Gox for a million bucks because he had hundreds of "bitcoins" stored there? First the court needs to figure out what the fuck a "bitcoin" is in the first place, with almost ZERO legal precedent anywhere in the world... meanwhile, the USD cases will get settled in half the time.

I think you have it all wrong, but I'll only pick apart one section.

Firstly, Any Judge worth his weight in salt will know "what the fuck a bitcoin" is. A Texas judge already ruled that Bitcoin is a form of money.

US senate hearing on BTC. Bitcoin investment funds, soon to be ETF's.

Bitcoin is covered in every major news venue on a daily basis.

Russia making it illegal, calling it it a form of money.

I Think its clear to say that were way past the time when bitcoin is not considered money.

[Dalmar]

1W MACD, Apple, Gox, Russia mainly...

[Melbustus]

MtGox has been $100+ higher than other exchanges for months, due to the problems withdrawing fiat from Gox (ie, there was nothing to do with fiat on Gox besides buy btc, really).

In the past day or so, btc withdrawal issues have materialized. That does two things:
1) Spooks people that Gox may be insolvent. The issues appears to be technical (which does indicate severe incompetence), but until resolved, insolvency can't be ruled out.
2) People with funds on Gox are no longer incented to buy bitcoin with their fiat in order to withdraw.

#1 causes some mild panic within the ecosystem in general and the price falls. #2 causes the price on Gox to fall disproportionately hard, towards the price on other exchanges. That resultant fairly deep fall on Gox also spooks people in and of itself.

All short-term issues. Even in the worst case where Gox is totally insolvent, it just ultimately breeds a better exchange infrastructure, and gives more credence to the argument that regulators in the US should tread lightly and incentivize creation of a proper exchange in the US (purely from a consumer-protection standpoint, if nothing else).

But in the near-term... #goxed, as usual.

[metstijl]

WTF is a court to do if Richy McRichPants sues Gox for a million bucks because he had hundreds of "bitcoins" stored there? First the court needs to figure out what the fuck a "bitcoin" is in the first place, with almost ZERO legal precedent anywhere in the world... meanwhile, the USD cases will get settled in half the time.

I think you have it all wrong, but I'll only pick apart one section.

Firstly, Any Judge worth his weight in salt will know "what the fuck a bitcoin" is. A Texas judge already ruled that Bitcoin is a form of money.

US senate hearing on BTC. Bitcoin investment funds, soon to be ETF's.

Bitcoin is covered in every major news venue on a daily basis.

Russia making it illegal, calling it it a form of money.

I Think its clear to say that were way past the time when bitcoin is not considered money.

-gox :so they are scared off losing btc or fiat?
Thats really pathetic. Who needs gox? All coins will go the other exchanges.

-rushia: who cares really..

-apple: nothing new by banning wallets. they where already banned when btc was 1000 dollar.
-apple coin: are you guys retarded? Who wants a centralized coin? O common thats like ripple.

This is really the last time I come to this section of this fucked up forum.
Maybe I start 'panicking' if 'we' hit 300.
And then I really dont care much. Already made 100k dollar.

[Melbustus]

WTF is a court to do if Richy McRichPants sues Gox for a million bucks because he had hundreds of "bitcoins" stored there? First the court needs to figure out what the fuck a "bitcoin" is in the first place, with almost ZERO legal precedent anywhere in the world... meanwhile, the USD cases will get settled in half the time.

I think you have it all wrong, but I'll only pick apart one section.

Firstly, Any Judge worth his weight in salt will know "what the fuck a bitcoin" is. A Texas judge already ruled that Bitcoin is a form of money.

US senate hearing on BTC. Bitcoin investment funds, soon to be ETF's.

Bitcoin is covered in every major news venue on a daily basis.

Russia making it illegal, calling it it a form of money.

I Think its clear to say that were way past the time when bitcoin is not considered money.

Umm..no. There is NO consensus on what bitcoin is, legally. In the November hearings, and then again last week with the NYDFS hearings, regulators have all made it clear that they have no idea if bitcoin should be treated as a commodity, currency, capital asset, etc... Not to mention tax treatment...

Yes, people are aware of bitcoin's existence. K, great. What does that mean legally? That's the problem, and it's going to take a while for actionable legal clarity to emerge.

Everything BitcoinAshley said is spot-on.

[JimboToronto]

You have been posting shite like this all the way down from $990.

And all the way down from $130 last June.

Do you not feel a bit ridiculous by now?

Why would stating the truth make me feel ridiculous?

Ever notice that the biggest volume spikes happen during sell-offs? That's a sure sign of lemming-style panic: slower, more thought-out, spread-out buys on the way up, and more concentrated, me-too panic sells on the way down.

[pungopete468]

This is just the market shaking off those with the weakest hands...

Pull your coins off the exchanges, buy more when it hits the bottom, then ride the wave back up...

I'm resisting the urge to buy more right now... I'll let the market do what it needs to do and then I'll buy more...

[EvilPanda]

You have been posting shite like this all the way down from $990.

And all the way down from $130 last June.

Do you not feel a bit ridiculous by now?

Why would stating the truth make me feel ridiculous?

Ever notice that the biggest volume spikes happen during sell-offs? That's a sure sign of lemming-style panic: slower, more thought-out, spread-out buys on the way up, and more concentrated, me-too panic sells on the way down.

shut up you peace of shit!
What will you guys do if USA BAN BITCOIN??? then there is gonna be a huge crash and a comeback.
Fucking cocksuckers I'm really tired of you fucking nolife poor poor retarded trollers.
If you dont believe in btc just buy wow gold.
I bet you only have 1 btc.

You know this is going to be deleted, act like that and you won't stay here long.

[favelle75]

This should be obvious...

If an exchange goes under, it is easier to get USD, JPY, etc back than BTC.

Gox traders are slowly realizing this and it is a mad rush to sell their BTC... they KNOW btc deposits are held up, and they think that if they convert it to fiat, at least they will have a chance of recovering some of their fiat via legal action after the fact. Remember, some folks have hundreds of thousands, even millions, of dollars there. If they keep it in bitcoin and Gox does not have the bitcoin, they're more screwed than if they keep it in USD and Gox does not have the USD (in which case it'd be far easier for a court to litigate regarding a known, accepted currency.)

WTF is a court to do if Richy McRichPants sues Gox for a million bucks because he had hundreds of "bitcoins" stored there? First the court needs to figure out what the fuck a "bitcoin" is in the first place, with almost ZERO legal precedent anywhere in the world... meanwhile, the USD cases will get settled in half the time.

Don't bite me, this is not 100% truth, it just seems to make sense that if Gox were fuxxed, you'd at least have a SLIGHTLY higher chance getting fiat currency back from them than BTC... since if it really did get down to litigation, courts at least know what USD and JPY are...

Transferring coins from your wallet to an exchange takes mere minutes.  Why anyone would "store" millions of USD or BTC on an exchange is beyond me.  They deserve to lose their coins.

[metstijl]

You have been posting shite like this all the way down from $990.

And all the way down from $130 last June.

Do you not feel a bit ridiculous by now?

Why would stating the truth make me feel ridiculous?

Ever notice that the biggest volume spikes happen during sell-offs? That's a sure sign of lemming-style panic: slower, more thought-out, spread-out buys on the way up, and more concentrated, me-too panic sells on the way down.

shut up you peace of shit!
What will you guys do if USA BAN BITCOIN??? then there is gonna be a huge crash and a comeback.
Fucking cocksuckers I'm really tired of you fucking nolife poor poor retarded trollers.
If you dont believe in btc just buy wow gold.
I bet you only have 1 btc.

You know this is going to be deleted, act like that and you won't stay here long.

I dont care , this is just a promoting tor account. IP ban doesnt stop me.

[pungopete468]

You have been posting shite like this all the way down from $990.

And all the way down from $130 last June.

Do you not feel a bit ridiculous by now?

Why would stating the truth make me feel ridiculous?

Ever notice that the biggest volume spikes happen during sell-offs? That's a sure sign of lemming-style panic: slower, more thought-out, spread-out buys on the way up, and more concentrated, me-too panic sells on the way down.

shut up you peace of shit!
What will you guys do if USA BAN BITCOIN??? then there is gonna be a huge crash and a comeback.
Fucking cocksuckers I'm really tired of you fucking nolife poor poor retarded trollers.
If you dont believe in btc just buy wow gold.
I bet you only have 1 btc.

Since when has legality stopped Americans from doing what they want after they've decided what they want?

If the USA bans Bitcoin then it'll just go underground in America... There's plenty of utility to keep it going with or without the government supporting it. America is not going to ban Bitcoin... They just won't. If they wanted to control it they would simply buy it...