So whats the reason for this crash?

[anu]

That picture again. You do realize that we're just in the "Media Attention" phase? And that this is bear trap #3?

[DPoS]

looks more like right above FEAR

[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.

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.

Wow. Just got back from enjoying live music at the local, checked to see what I missed and found this. Thank you for quoting this deleted post. 

@metstijl: Your incoherent rambling suggests that perhaps you've been drinking too much, and to your credit, you deleted your post. No problem.

You can call me a piece of shit, a fucking cocksucker and a fucking nolife poor poor retarded troller to your heart's content, but don't ever suggest I don't believe in Bitcoin. Rest assured I own more than BTC1. I've probably mined more coins than you own.

We all drink too much sometimes (or at least some of us) and in fact at the moment I'm not completely cold sober, but you should perhaps think before posting.

Sure, I like to poke fun at the bears because they take themselves so seriously, but ultimately we have to respect the fact that we may have differing opinions.

Cheers.

[LouReed]

people forgot to HODL!

LOL!! Love it! ;-)

[cosmofly]

The reason is ass talk: https://bitcointalk.org/index.php?topic=453377.0

[Mk2vr6]

http://forums.silverstackers.com/topic-47808-fontas-fontase-next-pump-and-dump-alt-coins-bitcoin-page-5.html

And I quote -

If you think the $1200-$375 crash was bad just wait until Fincen releases their statement of total BTC ban as well as pressure on other nations. We will see the pits of hell

fontas            2 Weeks Ago    I cannot tell you the exact date and time, but the 400k BTC dump will happen within the next month. Korporal, when you see the 400k coins move to exchange accounts it will be already too late. Price will already be off a cliff heading straight for $130

fontas            2 Weeks Ago    I suggest you hold fiat for the next month, This dump will crash BTC to and our group has 400k BTC of selling power to hold the price down.

fontas            2 Weeks Ago    Unfortunately it is real. As much as I wish for it to be false, BTC is coming to an end pending the official release of FINCEN regulation banning the ownership of BTC in the US. Soon international pressure using the american military. FED does not want debasement of the US fiat monetary base.

fontas            2 Weeks Ago    Thank you bitcoin thank you fed thank you trollbox I have achieved more financial gain than my wildest dreams. Now I sell all my crypto, buy some bonds and metals, and live in peace. Enjoy the dump

fontas            2 Weeks Ago    Winklevoss twins are in the secret group, they told us ETF application has been denied and secondmarket's will soon be shut down, BTC to be banned in the US following China's actions. Thus the reasoning for the orchestration of the 400kBTC dump to happen soon.

fontas            2 Weeks Ago    It really doesn't matter whether you believe it or not, it has already been planned. It will happen. Coins have already been moved. Have a nice day, enjoy bagholding to $130

fontas            2 Weeks Ago    btczen we'll first pump up the price a bit, get everyone giddy with a rally so we can sell off, and then when nobody expects it we use the 400k BTC dump + a DDOS across exchanges to kill bitcoin once and for all... enjoy

fontas            2 Weeks Ago    Yeah all you smaller investors (<10M in cryptos) better sell now before the 400k BTC dump comes and wrecks your day. Our manipulating clan's planning the biggest dump of btc's history, target price $130 https://bitcointalk.org/index.php?topic=381045.0;all

fontas            2 Weeks Ago    Simran: Yeah you are already in this secret group, you're considered a whale since you hold from 2012 wink

fontas            2 Weeks Ago    In fact we are planning to crash the exchanges soon, one of our members from 2010 is moving in 400k BTC to dump on all exchanges. At the same time we DDOS and it'll be april's $266-50 crash all over again. Refer to -- https://bitcointalk.org/index.php?topic=381045.0;all

[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

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

Of course it still need to improve a lot:

1. It need deeper market depth with 10+ trust worthy traders making the both bid side wall and ask side wall

2. The pricing mechanism should be more rely on the supply and demand on the site, not following other exchanges

If we build a good functional P2P exchange, then the exchange rate will be much more robust. In bitcoin's history, every time an exchange had some problem, the price crashes

[igorr]

Now official: using Bitcoins is completely illegal in Russia ,  

https://bitcointalk.org/index.php?topic=452118.0

Check this:   https://bitcointalk.org/index.php?topic=453230.0

[Bobsurplus]

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.

It may seem like my understanding of the law is limited, and it may seem like you're accusing me of not watching the hearings live on c-span. I'm on top of  BTC news before most people on here are. I know what's happening and have a firm grasp on what's coming next. I understand law and I understand the legal mind.

You however seem not to. "We" the people dont need uncle sam to declare bitcoin a form of money to understand that thats what it is.

The Judge said it best “It is clear that Bitcoin can be used as money,” writes Judge Mazzant in a ruling on Tuesday. “It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses.”

Yup.

“The only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan,” writes Mazzant. “Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.”



Anyways, I dont want to argue with you, I know where I stand and I think I understand where you stand.

Lets agree to disagree.

[cosmofly]

Now official: using Bitcoins is completely illegal in Russia ,  

https://bitcointalk.org/index.php?topic=452118.0

Check this:   https://bitcointalk.org/index.php?topic=453230.0

more ass talk, show me link to a major news media it doesnt say illegal anywhere just meetings and considerations

[Bobsurplus]

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.)

Its simple, Bitcoin is money, and its worth what is was worth when you traded it to someone one else for a product pegged to fiat.

Precedent:

In common law legal systems, a precedent or authority is a principle or rule established in a previous legal case that is either binding on or persuasive for a court or other tribunal when deciding subsequent cases with similar issues or facts.

any act, decision, or case that serves as a guide or justification for subsequent situations. Synonyms: example, model, pattern, standard.

Precedent has been set by the judge in Texas, we don't need more judges  or the New York Department of Financial Services to rule on the matter as a Judge already has.


All I wanted to say is that the price drop had nothing to do with your earlier comment, its not because people feel safer holding fiat on gox then btc. if gox goes under, then everyone will lose everything.

The drop was more likely caused by the news out of Russia and a few big holders selling some coin. Its a tiny market and a 1000 coins sell off (which is peanuts for most early adopters) will send the markets into a downward trend

[igorr]

View Screen Capture

[magicmexican]

lold @fontas quotes and everyone believing even in 1% what he says.

Especially part that involves him belonging to some "group" that can move the price

[MatTheCat]

The drop was more likely caused by the news out of Russia and a few big holders selling some coin. Its a tiny market and a 1000 coins sell off (which is peanuts for most early adopters) will send the markets into a downward trend

Why then was the sell of totally driven by Bitstamp which reached 619 with a huge amount of trade volume.

The go to exchange for bearers of Russian Rubles is surely BTC-E which only reached 676, with a relatively small trade volume.

[magicmexican]

The market reacted almost 30 hours after the "Russia news", so its a pretty safe bet that they were irrelevant

[erre]

The market reacted almost 30 hours after the "Russia news", so its a pretty safe bet that they were irrelevant

i thought that too. But so WTF is causing this?

[MatTheCat]

The market reacted almost 30 hours after the "Russia news", so its a pretty safe bet that they were irrelevant

i thought that too. But so WTF is causing this?

Willy Killer Whale and his Magic Dumping Whale Circus.

[igorr]

Game is over, it's time to go home.

[elewton]

Sorry, guys.  I knocked my money plant off the window sill.  It's a little beat up, but back in the pot and should recover over the next couple of weeks.  If not, I'll break into the special nutes (they're what caused all the growth last year).

Keep on Bitcoinin'!

[favelle75]

So whats the reason for this crash?

Ummm...what crash?