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Author Topic: Effect of scams, hacks and other scandals on price  (Read 1336 times)
ineededausername
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October 09, 2011, 12:12:47 AM
 #1

How much of the decrease from $30 is due to scams, hacks, etc.?  It strikes me that most of the price decreases are because of these, not people losing faith in bitcoin's concept itself.

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October 09, 2011, 12:15:28 AM
 #2

How much of the decrease from $30 is due to scams, hacks, etc.?  It strikes me that most of the price decreases are because of these, not people losing faith in bitcoin's concept itself.

Would you refrain from buying a commodity... say gold from which you believe that it will be worth much more tomorrow just because a bank in your area has recently been robbed? I guess not Smiley Its just a depressive phase which will end sooner or later. The "fundamentals" of the project have not changed at all Smiley
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October 09, 2011, 12:18:21 AM
 #3

How much of the decrease from $30 is due to scams, hacks, etc.?  It strikes me that most of the price decreases are because of these, not people losing faith in bitcoin's concept itself.

Would you refrain from buying a commodity... say gold from which you believe that it will be worth much more tomorrow just because a bank in your area has recently been robbed? I guess not Smiley Its just a depressive phase which will end sooner or later. The "fundamentals" of the project have not changed at all Smiley

Of course the fundamentals have not changed... bitcoin retains its advantages.  But when hackers sell tons of stolen bitcoins on mtgox what would that do to the price?

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October 09, 2011, 12:22:35 AM
 #4

Quote from: ineededausername
Of course the fundamentals have not changed... bitcoin retains its advantages.  But when hackers sell tons of stolen bitcoins on mtgox what would that do to the price?

This transaction has been reversed. Even if it would have not: The price would have skyrocketed up again because many lower orders would have been filled. It would have been a one time effect. This has nothing to do with the general trust of people in bitcoin overall. If it was just hack related then people would just have moved to a different marketplace and invested there (= make prices go up). Thats obviously not the case. The price is dropping because people tend to overreact - also alot of early adopters seriously consider pulling the plug before their digital fortune is gone Wink
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October 09, 2011, 01:09:00 AM
 #5

Price will fall as the cat is out of the bag. Satoshi = ArtForz = kano = lolcust = BitcoinExpress = MtGox = SAC which are one and the same person or a group of Japanese scammers / hackers who got us screwed with this scheme. Enjoy holding the bag after <$1 prices ! There is only one route from here and that is DOWN.
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October 09, 2011, 01:18:52 AM
 #6

Price will fall as the cat is out of the bag. Satoshi = ArtForz = kano = lolcust = BitcoinExpress = MtGox = SAC which are one and the same person or a group of Japanese scammers / hackers who got us screwed with this scheme. Enjoy holding the bag after <$1 prices ! There is only one route from here and that is DOWN.
Please donate to 1Eq1u2NzwHWqFzj5ksD5D3Bc5iVwzFmYZS to help orphaned children in need.

Your donation is APPRECIATED VERY MUCH by the little ones !

Think of the children !

LOL
ineededausername
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October 09, 2011, 02:43:03 AM
 #7

Price will fall as the cat is out of the bag. Satoshi = ArtForz = kano = lolcust = BitcoinExpress = MtGox = SAC which are one and the same person or a group of Japanese scammers / hackers who got us screwed with this scheme. Enjoy holding the bag after <$1 prices ! There is only one route from here and that is DOWN.
Please donate to 1Eq1u2NzwHWqFzj5ksD5D3Bc5iVwzFmYZS to help orphaned children in need.

Your donation is APPRECIATED VERY MUCH by the little ones !

Think of the children !

LOL

+1.

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October 09, 2011, 02:45:47 AM
 #8

Please fill me in. What is so funneh !?  Roll Eyes
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October 09, 2011, 03:40:53 AM
 #9

how many needy children do you have?

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bulanula
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October 09, 2011, 04:44:31 PM
 #10

how many needy children do you have?

21 000 000.

Please donate one coin for each one. Thanks !
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October 09, 2011, 05:34:08 PM
 #11

Of course fraud has an impact on the price. Not much, and short-term but accumulative.

It is important that we keep it to a minimum since it it lethal for any system. Think of it like wasp stings. If you are stung by one or two of them it hurts, by a few it gets dangerous but by dozens and you die.

If there is a incident every few weeks it cannot harm bitcoin but if there were several in one week it would get pretty damn dangerous.
But the season for fraudsters (and wasps) is almost over, we are at the middle of the hype cycle on the road down from the peak of inflated expectation.

Once we reach the trough of disillusionment they will go away and we can head towards mainstream adaption.
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