2014-06-04 Crash

[Gingermod]

Bitcoin is a project created by the NSA

Very possibly true.  Or some other govt agency, or combination of agencies.

...in order to take money from the crazy anti-government libertarian movement, by getting them to invest all of their money into the project and then pulling the plug.

Aaaaaand now you're talking nonsense.   Didn't even make it through 1 full sentence.  What motivation would they have for that stupidity?   How about the first fully trackable financial system?  Isnt that a wee bit more feasible?  Or maybe some elites got sick of bailing out banks and they actually created this thing to accomplish that.  There are a thousand possible reasons why even a government might invent Bitcoin.  And its no coincidence to me that the US Govt - whom we all expected to ban bitcoin, has welcomed it with open arms.  Think about that a little bit.  Not to mention Dorian working on secret govt projects ...

If you're going to have conspiracy theories - use viable feasible logic.  Its way more fun

-B-

No it's not.

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[MatTheCat]

If there's this much panic and conspiracy theorization over the tiny drop from $680 to $630, I wonder what will happen in here when it retraces further to $560, which will still be a perfectly normal retracement in my eyes?

Next support target, $580. I would say that it was overall too bullish to go lower than that. Or at least, there should be a strong bounce around this point before the market decides whether  it needs to retest it or hit the level below.

Worst case scenario, Bitcoin could go to around $520 with Bull market still being intact, although this would likely be testing the Jan 2013 support line, which has already been tested twice in the past 2 months, a third test so soon, may prove a little ominous.

[RodeoX]

Bitcoin is a project created by the NSA

Very possibly true.

No it's not.

+1

How do you get to "very possibly true" when not a single shred of evidence points in that direction?

[CEG5952]

Blockchain and Blockexplorer having difficulties very recently. Something apparently wrong with both of their dbs and they appear out of sync. They display normally at first (outside of last block being over an hour and a half ago), but are showing 0 balances and searches aren't functioning properly.

Whether or not that's even relevant is arguable. It's Bitcoin and the price has been bouncing around a lot lately. It happens.

I noticed this yesterday as well. Was trying to pay for a few things in coins and was frustrated not being able to search for anything. Then I realized blockr.io was functioning fine.

[bitsmichel]

There hasnt been a crash, its just the fluctuations. If you look at the long term chart its just a detail;
https://blockchain.info/charts/market-price?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Bitcoin is a project created by the NSA

Very possibly true.  Or some other govt agency, or combination of agencies.

Satoshi originally wrote

I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party.

Clearly mentioned "I" as opposed to "we".  The first bitcoin version 0.0.1 had 51 files, of which about 31 files are code.  The c++ files contained a total of 11901 lines of code, c++ header files (definition files) about 7919 lines. A total of 19820 lines of code, it is not impossible as a one man project; I found an older version with about 5 files, which date from 15 nov 2008. Earliest message was on 2008-10-31. The paper has about 9 pages. Id say this is not impossible to do in about a month or two month period.

Al tough lines of code are a bad measure for productivity, lets do it anyway; Say you write 500 lines a day, you'd have 30.000 in 2 months. If you are working with 10 guys 500 lines of code per day seems feasible, it would be 300.000 lines in 2 months. If it was a team of 10 guys.. then what were they doing in all this time?   In addition, when you put a lot of people together you get a lot of discussion about how things should be done, developers have strong opinions. So a time larger of 10 or larger is very very unlikely.
There are a lot of clever people not working for the NSA, dont be mistaking, it is possible it was not developed there.

[MatTheCat]

How do you get to "very possibly true" when not a single shred of evidence points in that direction?

Educated imagination?

And of course we have Dorian Nakamoto who seemed to tacitly admit that he created Bitcoin, before denying it whilst reminding us all that he signed non-disclosure agreements with military intelligence arms of Uncle Sam.

But then that isn't 'evidence', cos he denied it. OJ Simpson denied killing his wife, guess that means it never happened then. Found Not Guilty in a US court of law! What more 'evidence' do we need to prove his innocence? Michael Jackson sez he never touched little boys! Well, I guess if he sez he never done it then he never done it.

My educated/intuitive guess, is that Dorian is thee Satoshi Nakamoto who headed up a team of well paid cryptologists and coders, working on a classified project for an arm of the US military intelligence. He doesn't hold the keys with the 1.5 MBTC. US military intelligence do. Which leads me back to my theory that once Bitcoin has established a liquid market in the West, it could be used as a tool to undermine national economies of countries who are non-compliant with the USD hegemony in that it would provide a practically unstoppable means of capital flight. Perhaps China and Russia, and some developing nations have clamped down on Bitcoin for now, but if Bitcoin's value continues to grow and it's market cap becomes larger and larger, black markets in Bitcoin will open up in countries where it is banned for sure with huge premiums being paid by those eager to evade their governments fiscal controls. Probably it's main targets are Russia and China, which will be precisely why those two countries were the first to ban it. They recognised immediately the threat that Bitcoin poses for them.

Bitcoin can never threaten the USD unless the US military want it to. After all, they hold the kill switch.......Satoshi's 1.5MBTC!

[Raystonn]

Do you realize how easy it would be to make those coins unspendable like the genesis block?  If abuse is seen, it can be countered with consensus.
 

[bitcoinsrus]

Do you realize how easy it would be to make those coins unspendable like the genesis block?  If abuse is seen, it can be countered with consensus.
 

Just curious, how can that happen (make coins unspendable). Would it be like a group of miners coming together (to counteract transactions or something)?

[Raystonn]

A new version of the protocol would be introduced and we would fork to it.  Clients would move to that new fork if 51% of hashing power agreed with the change.

[CoinDiver]

'tis but a scratch.