So whats the reason for this crash?

[favelle75]

This section is just fucked up. This will be my last post here.

You lied.  And we all suffered for it.

[MatTheCat]

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.

I have 0 BTC. I have lots of Fiat. I would love to be shorting Bitcoin right now but a little elf told me that Bitfinex was a dangerous platform to be trading on. So instead of making money shorting, I am just sitting here absolutely relieved that I don't own any Bitcoins right now.

You on the otherhand seem a bit stressed. Long Bitcoin at much higher prices than $731? That was silly but don't worry about it. This is just evolution weeding out stupid people. Your place in god's kingdom is still secure for after you die, even if your financial well being while you live isn't.

[Ibian]

Could you dial down the pompousness, your highness? I don't think anyone needs that kind of advice from someone who had the chance to be a millionaire, and blew it.

[MatTheCat]

Could you dial down the pompousness, your highness? I don't think anyone needs that kind of advice from someone who had the chance to be a millionaire, and blew it.

ssh please.

I am trying to make the little prick pick up his laptop and bounce it off the floor.

calling me a 'piece of shit'.....the audacity!

[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.

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.

Oh yeah, care to explain this then.

http://www.forbes.com/sites/kashmirhill/2013/08/07/federal-judge-rules-bitcoin-is-real-money/

and this

In accordance with Art.27 of the Federal Law "On the Central Bank of the Russian Federation", the only allowed currency for circulation in the Russian Federation is the ruble. Introduction on the territory of Russia of other monetary units or money substitutes is illegal. Distributed anonymous payment systems and cryptocurrencies, including the most famous of them - Bitcoin are deemed money substitutes and are illegal for use by either individuals or legal entities (companies).

I'm going to sleep now so I'll find more articles tomorrow when bitcoin is consider a form of money and then you can explain them too.

Goodnight.

[Melbustus]

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.

Oh yeah, care to explain this then.

http://www.forbes.com/sites/kashmirhill/2013/08/07/federal-judge-rules-bitcoin-is-real-money/

and this

In accordance with Art.27 of the Federal Law "On the Central Bank of the Russian Federation", the only allowed currency for circulation in the Russian Federation is the ruble. Introduction on the territory of Russia of other monetary units or money substitutes is illegal. Distributed anonymous payment systems and cryptocurrencies, including the most famous of them - Bitcoin are deemed money substitutes and are illegal for use by either individuals or legal entities (companies).

I'm going to sleep now so I'll find more articles tomorrow when bitcoin is consider a form of money and then you can explain them too.

Goodnight.

It seems you have a limited understanding of how government and the US judicial system work.

Go watch the hearings, please... Both the senate hearings from November 2013, and the NYDFS hearings from Jan 2014. While various regulatory bodies (and judges) may issue their own guidance and opinions one way or another, it's going to take time for actionable consensus to emerge across most regulatory frameworks and jurisdictions.

[BitcoinAshley]

people forgot to HODL!

Yes, this is the most important step of BTCing. I myself have been HODLING proudly for quite some time now, of course with the occasional expense to support the BTC economy like a good SPEDNER (I wouldn't want to be accused of being a HOADRER, after all)

Does everyone like my "BITCOIN CRASHING" thread, by the way? Did I do it right? Go check it out and give me feedback. This whole "internet trolling" thing is new to me...

[BitcoinAshley]

Hey BobSurplus dude, I understand that the .GOV has a slightly better understanding of Bitcoin than they did a year ago, but still, my point was not that they are complete and utter numbskulls, it was that they have a MUCH better understanding of their own fiat, and FAR more legal precedent in terms of how to rule in these types of cases. If a company loses your USD, the courts know exactly what to do once that has been established. If a company loses your BTC --- there are a whole lot more questions to be asked when determining a settlement, everything from "should the settlement be paid in BTC or fiat" to "what value of BTC should be used when determining the fiat value held on the exchange." And many more. This is the kind of thing that makes court cases drag on for months or years. One more reason why people would be more likely to want USD in Gox once it's been established that $38million is missing in limbo - it's VERY EASY for Mark Karpeles or any exchange operator to make BTC just "disappear." It's MUCH harder to run away with fiat that is in electronic form - i.e. stored in the legacy banking system. Food for thought. If I had funds on an exchange and I KNEW for a FACT that it was going under, and I couldn't withdraw BTC at all (as is the case with Gox right now,) I'd feel much safer keeping it as USD - sure they could still be incorrectly reporting their USD holdings and there's still a huge risk, but it's a smaller risk than with BTC. When Bitfloor was shut down everyone was freaking out about the USD returns - I had absolutely no doubt that my USD would be returned, and it was. I'm not saying that exchanges can't run away with USD - so don't strawman me - I'm saying it's FAR easier for them to run away with BTC.

So please, think of it as a comparison in legal precedent+theft risk between loss of fiat and loss of a new-fangled quasi-commodity-currency-like-thing-that-paul-krugman-hates-and-is-used-for-terrorism (in the eyes of the .gov thug with the robe, remember.)

[mgburks77]

Hey BobSurplus dude, I understand that the .GOV has a slightly better understanding of Bitcoin than they did a year ago, but still, my point was not that they are complete and utter numbskulls, it was that they have a MUCH better understanding of their own fiat, and FAR more legal precedent in terms of how to rule in these types of cases. If a company loses your USD, the courts know exactly what to do once that has been established. If a company loses your BTC --- there are a whole lot more questions to be asked when determining a settlement, everything from "should the settlement be paid in BTC or fiat" to "what value of BTC should be used when determining the fiat value held on the exchange." And many more. One more reason why people would be more likely to want USD in Gox once it's been established that $38million is missing in limbo - it's VERY EASY for Mark Karpeles or any exchange operator to make BTC just "disappear." It's MUCH harder to run away with fiat that is in electronic form - i.e. stored in the legacy banking system. Food for thought. If I had funds on an exchange and I KNEW for a FACT that it was going under, and I couldn't withdraw BTC at all (as is the case with Gox right now,) I'd feel much safer keeping it as USD - sure they could still be incorrectly reporting their USD holdings and there's still a huge risk, but it's a smaller risk than with BTC. When Bitfloor was shut down everyone was freaking out about the USD returns - I had absolutely no doubt that my USD would be returned, and it was. I'm not saying that exchanges can't run away with USD - so don't strawman me - I'm saying it's FAR easier for them to run away with BTC.

So please, think of it as a comparison in legal precedent between loss of fiat and loss of a new-fangled quasi-commodity-currency-like-thing-that-paul-krugman-hates-and-is-used-for-terrorism (in the eyes of the .gov thug with the robe, remember.)

Astute observation...Agreed

[johnyj]

Again, centralized exchanges are the weakest point in the bitcoin ecosystem, people should learn how to use localbitcoins or similar escrow site to do P2P trading to avoid messing up with exchanges, then they will never have any problem withdrawing their money, since their money will always stay in their own bank account

[mgburks77]

Again, centralized exchanges are the weakest point in the bitcoin ecosystem, people should learn how to use localbitcoins or similar escrow site to do P2P trading to avoid messing up with exchanges, then they will never have any problem withdrawing their money, since their money will always stay in their own bank account

thats a pain in the ass though. I'd just keep only what is being traded on an exchange instead

[Bit_Happy]

People who were here in 2011 are not surprised that Gox still causes problems. I'm amazed they are/were so slow to fix things like the trade engine lag, when they still had the #1 spot among exchanges.

[traderCJ]

Again, centralized exchanges are the weakest point in the bitcoin ecosystem, people should learn how to use localbitcoins or similar escrow site to do P2P trading to avoid messing up with exchanges, then they will never have any problem withdrawing their money, since their money will always stay in their own bank account

Bitcoin needs a few things:

- More ATMs and other ways for ma and pa to convert fiat to coins, making exchanges unnecessary
- Bitcoins aren't easy enough for the average guy to use yet, especially if you want tight security
- Adoption by a government (whether you like it or not, this will go a long way to making Bitcoin "legit")
- Take real steps towards addressing mining centralization

[Mythul]

Yes, BTC clearly needs more ATMs. Right now all exchanges except Bitstamp are bad.

To be honest I've learnt my lesson with the so called China ban. Lost coins only to see that 2-3 days after the crash the price was going up again. Even if Gox falls, the price will be down for 1 week max.

Its the same thing like China all over again. Sell sell sell...then people realize the coins are cheap and start buying like mad. Also remember that on Monday chinese banks will open for new btc customers.

[mgburks77]

Again, centralized exchanges are the weakest point in the bitcoin ecosystem, people should learn how to use localbitcoins or similar escrow site to do P2P trading to avoid messing up with exchanges, then they will never have any problem withdrawing their money, since their money will always stay in their own bank account

Bitcoin needs a few things:

- More ATMs and other ways for ma and pa to convert fiat to coins, making exchanges unnecessary
- Bitcoins aren't easy enough for the average guy to use yet, especially if you want tight security
- Adoption by a government (whether you like it or not, this will go a long way to making Bitcoin "legit")
- Take real steps towards addressing mining centralization

I totally agree with #1 and 2# and possibly #4 but not 3#. Legitimacy is totally due to utility, which is addressed adequately by your other criteria. If crypto is easy to use/exchange and all bottlenecks that inhibit use/exchange are removed then the utility to any given individual will be such that inhibiting the use of crypto would be equivalent to inhibiting the use of fire or any other paradigm shifting technical advance. It just wouldn't happen because it would be too useful to everyone.

Achieving utility is the key to achieving ubiquity.

[mladen00]

manipulators trying to spread fud

[traderCJ]

Again, centralized exchanges are the weakest point in the bitcoin ecosystem, people should learn how to use localbitcoins or similar escrow site to do P2P trading to avoid messing up with exchanges, then they will never have any problem withdrawing their money, since their money will always stay in their own bank account

Bitcoin needs a few things:

- More ATMs and other ways for ma and pa to convert fiat to coins, making exchanges unnecessary
- Bitcoins aren't easy enough for the average guy to use yet, especially if you want tight security
- Adoption by a government (whether you like it or not, this will go a long way to making Bitcoin "legit")
- Take real steps towards addressing mining centralization

I totally agree with #1 and 2# and possibly #4 but not 3#. Legitimacy is totally due to utility, which is addressed adequately by your other criteria. If crypto is easy to use/exchange and all bottlenecks that inhibit use/exchange are removed then the utility to any given individual will be such that inhibiting the use of crypto would be equivalent to inhibiting the use of fire or any other paradigm shifting technical advance. It just wouldn't happen because it would be too useful to everyone.

Achieving utility is the key to achieving ubiquity.

mgburks, if there were little to no government, I would agree.  Unfortunately, this is not the case.  In fact, often the best product is the one which is suppressed because it disrupts the power structure.  The only way a technology can prevail without government approval is if it somehow makes government irrelevant.  Realistically, this is impossible.

[knightcoin]

I think gox still struggled within their "margin balance" and their cleaning house ...

[knightcoin]

I think gox still struggled within their "margin balance" and their cleaning house ... others exchanges will do everything to KO

[CryptKeeper]

So much bad bitcoin news from apple, the press is quick with accusations and apple is not so quick to comment on this FUD!

Please read here, what it's all about: http://www.iphonefaq.org/archives/973146

Although not a friend of apple politics, I think this a normal and anncounced procedure to push the app developers to take advantage of iOS 7 features.

The blockchain.info app will return soon with their revamped iOS 7 app, you will see!