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Author Topic: Reasons of Price Drop  (Read 751 times)
newIndia
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June 09, 2014, 04:22:53 PM
 #1

I've been fed up of seeing reasons that may cause price drop. So I'm trying to list them out. Please add your reason...

1. China banned Bitcoin (worked for 3-4 time)

2. Ghash.io is nearing 51% (worked twice)

3. Mt. Gox fall is fall of Bitcoin (upcoming ones => Bitstamp is insolvent & BTC-e is run by anonymous people)

I'll try to update the list occasionally...

Latest Update: Point 3 added Smiley

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blatchcorn
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June 09, 2014, 04:28:41 PM
 #2

I've been fed up of seeing reasons that may cause price drop. So I'm trying to list them out. Please add your reason...

1. China banned Bitcoin (worked for 3-4 time)

2. Ghash.io is nearing 51% (worked twice)

I'll try to update the list occasionally...


Not sure that will cheer you up


 
 
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celestio
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June 09, 2014, 04:29:26 PM
 #3

MtGox bankruptcy is definitely one of the major reasons for the recent price drop.

"The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime" - Satoshi Nakamoto, June 17, 2010
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June 09, 2014, 05:17:56 PM
 #4

Butterfly labs reveals the Monarch.

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June 09, 2014, 05:22:16 PM
 #5

About ghash.io:

Quote
The news prompted Ghash.io to issue a statement on the matter at the time, in which the pool said:

“GHash.IO will take all necessary precautions to prevent reaching 51% of all hashing power, in order to maintain stability of the bitcoin network.”

They added that, “[their] plans are to expand the bitcoin community as well as utilise the hashing power to develop a greater bitcoin economic structure.”

“If something happened to Bitcoin as a whole it could risk our investments in physical hardware, damage to those who love Bitcoin and we see no benefit from having [a] 51% stake in mining.”

bryant.coleman
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June 09, 2014, 05:38:44 PM
 #6

I don't know why people get so nervous with GHash.io. They have made it clear multiple times that they will never ever use the 51% attack. In case they execute such an attack, it will affect them more than anyone else.

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RandomPedestrianN9
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June 09, 2014, 05:40:08 PM
 #7

I don't know why people get so nervous with GHash.io. They have made it clear multiple times that they will never ever use the 51% attack. In case they execute such an attack, it will affect them more than anyone else.

And i should totally trust to some mysterious entity on the internet.
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June 09, 2014, 05:40:34 PM
 #8

I don't know why people get so nervous with GHash.io. They have made it clear multiple times that they will never ever use the 51% attack. In case they execute such an attack, it will affect them more than anyone else.

What if NSA gives an immoral offer?
Bitcoins101
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June 09, 2014, 06:36:01 PM
 #9

I don't know why people get so nervous with GHash.io. They have made it clear multiple times that they will never ever use the 51% attack. In case they execute such an attack, it will affect them more than anyone else.

And i should totally trust to some mysterious entity on the internet.
I have no problem trusting someone to not purposefully lose money. They're making a fortune - why would they ruin that for a few dollars?

That being said, there is always the risk that control of ghash.io could be compromised, so it definitely is better that they stay below 51%. Miners will make sure of that though and just switch when they near 51%.
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