Top 5 Largest Bitcoin Crashes in History CoinCodex
Bitcoin Price, Chart - Coinhouse
Bitcoin Records 2nd Largest Crash in History After Mt. Gox
Bitcoin price history shows this crash isn't the worst ...
I know you guys don't like TA but the RSI on the daily BTCUSD-chart is as low as August 2015 which was the last dip before the long bullrun began and the bear market of the MtGox crash ended. Just sayin' /r/Bitcoin
ETX officially announced to change the algorithm, here is a straightforward analysis about the influence
More dispersed computing power, which means that the coins will be further dispersed, and the value will be less controlled and influenced by a few people who controlled many coins. From the above examples of Monero and Monero Classic , we can see that changing the algorithm is a great positive signal for ordinary community users
According to the latest announcement on the official website of Ethereumx·NET (ETX), "Notice about the upcoming change of ETX algorithm and the opening of the testnet '', ETX will change the algorithm within the next 1-2 months. The reason is that the current large computing power miners pose a threat to ETX's long-term ecological planning in the future, because the large computing power mining has caused a very high concentration of chips. This can be seen through the blockchain browser. The future It may take time to balance the number of head coin holders and slowly digest with price space and time. https://preview.redd.it/xtfbx9wbe6b51.png?width=624&format=png&auto=webp&s=386ccbcb51a658db2db07609152406df1c0927e3 Just like Bitcoin, there were only a few people digging with a computer at the beginning. Later, as the market slowly became aware, and then derived the ASIC algorithm mining machine, as the price increased, some head currency holders slowly reduced their holdings, and slowly reduced the threat they posed to Bitcoin. But even so, there are still an unsolved 200,000 bitcoins in MtGox. Some people even predict that when MtGox closes the case, it will be the crash day of Bitcoin. It’s impossible for a new currency to go the way which Bitcoin had passed. The market competition environment today is completely different. There are endless new currencies appearing every day, so at the appropriate time to avoid the risk of expanding and taking the lead is necessary. This may be the reason why the ETX development team decided to change the algorithm. There are many currencies that have changed the algorithm, and most of the results are relatively good. For example, Monero (XMR), Monero should be the most successful currency to resist the ASIC algorithm. In the process of fighting with ASIC repeatedly, without exception, the mining machine manufacturers were expelled from the door, ensuring many communities. But Monroe Classic has retained the ASIC-friendly algorithm because it has not changed the algorithm, and almost no one is interested today. We can get a glimpse of their straightforward price performance in the chart below.
XMC’s price with no algorithm changes, data source Coinmarketcap More decentralized computing power means that the coins are further dispersed, and the value can be less controlled and influenced by a few people. From the examples of Monroe and Monroe Classic above, we can see that changing the algorithm is a great positive signal to the ordinary community users. And the announcement on the official website mentioned that the testnet will be launched before the end of this month, and anyone who’s interested can go to have a look. ETX developers take precautionary measures ahead of time, which is a manifestation of responsibility for all community users. Refer to Ethereumx·NET " Notice about the upcoming change of ETX algorithm and the opening of the testnet " Coinmarketcap Monero: GetMonero *There are risks in the market, this article is not intended as investment advice
Even If Bitcoin Was Just $1 It Would Still Function Perfectly As A Currency, Stop Worrying About The Price
https://preview.redd.it/fknwmx1w96221.jpg?width=890&format=pjpg&auto=webp&s=4adc81ddf527365d626431ea9da438b50ea4c60d http://genesisblocknews.com/even-if-bitcoin-was-just-1-it-would-still-function-perfectly-as-a-currency/ Most people in the crypto space are fascinated at the price of Bitcoin and stare at the charts all day, in the same way deer are fascinated by headlights. Crypto users, and even the mainstream media, thinks that when the price of Bitcoin goes up that somehow means Bitcoin gets bettehealthier, and when the price goes down that means Bitcoin is getting weaker or about to die. Such people do not understand the point or purpose of Bitcoin, which is to be decentralized peer to peer money. People that closely watch the price of Bitcoin think the purpose of Bitcoin is to be an investment, and while it is true that Bitcoin can be an investment, that is not the purpose of Bitcoin. The idea that Bitcoin’s sole purpose is to be an investment is a contagion in the crypto space that must be eradicated. The truth is, Bitcoin works perfectly as a decentralized form of money no matter what the price is. Bitcoin could even be $1 and the network would function perfectly fine, and people would still be able to buy goods and services instantly and securely with Bitcoin. Indeed, Bitcoin went as low as 1 cent on Mt. Gox in late 2010, and it is not like Bitcoin died; Bitcoin flourished after that point. Even if Bitcoin was worth $1 each, it would still be better than fiat currency like the USD, since Bitcoin’s price has no relevance to its true value. The value of Bitcoin stems from its decentralization, and Bitcoin’s impregnable cryptographic security ensures that decentralization will not be infringed upon. No government or entity can control or print Bitcoin, no matter how much they want to. Bitcoin exists on every computer that runs a Bitcoin node, and cannot be destroyed unless every node is destroyed at once, an impossible task. Bitcoin can only be generated via mining, and the maximum supply of Bitcoins will never exceed 21 million. This is unlike fiat currencies which can be printed at will, and printing fiat effectively steals money from everyone else in the world that holds that fiat. Money printing and the resulting fiat devaluation is a primary reason as to why most of the people in the world cannot accumulate wealth. If Bitcoin was adopted as the primary global currency, people would be able to save money without getting robbed every day by the government printing press. Ultimately, Bitcoin is a superior form of money, and will inevitably become the primary global currency. This is because the USD, the fiat currency which is the cornerstone of the entire global fiat system, will inevitably reach a state of critical hyperinflation due to the out of control United States debt which now exceeds USD 21 trillion. The government is stuck between a rock and a hard place. If they decrease the debt by slashing the budget, the economy will collapse. If they keep the budget the same, the debt issuance and money printing needed to sustain the budget will definitely cause the USD to exponentially devalue at some point in the not so distant future, which would collapse the economy. If Bitcoin somehow crashes to unimaginable numbers, like $100 or $1, it would still be the currency everyone flocks to when the USD and all other fiat currencies totally become worthless. Therefore, true Bitcoiners need not worry, Bitcoin’s day will come no matter what its price is in the near future. You can stop staring at the charts now.
Core/Blockstream is *not* Bitcoin. In many ways, Core/Blockstream is actually similar to MtGox. Trusted & centralized... until they were totally exposed as incompetent & corrupt - and Bitcoin routed around the damage which they had caused.
Just click on these historical blocksize graphs - all trending dangerously close to the 1 MB (1000KB) artificial limit. And then ask yourself: Would you hire a CTO / team whose Capacity Planning Roadmap from December 2015 officially stated: "The current capacity situation is no emergency" ?
Be patient about Classic. It's already a "success" - in the sense that it has been tested, released, and deployed, with 1/6 nodes already accepting 2MB+ blocks. Now it can quietly wait in the wings, ready to be called into action on a moment's notice. And it probably will be - in 2016 (or 2017).
"Bitcoin" isn't dying. "Core/Blockstream" is dying.
That's all that's happening here. Yes it could get ugly for a while. The death of Core/Blockstream could get as ugly as the death of MtGox. In both cases, people trusted a centralized institution which thought that it could control Bitcoin forever. And then that centralized institution was revealed to everybody as incompetent and corrupt and rotten to the core. People who had placed their trust in that centralized institution got hurt bad - but the people who hadn't trusted that institution, came out fine. If you're part of the crowd that's been complaining about Core/Blockstream for these many months - that's the same as being part of the crowd that was complaining about about MtGox for many months. Consider yourself one of the informed. Just like the people who didn't trust MtGox, the people who don't trust Core/Blockstream will emerge unscathed after this crisis is past. But people who trust Core/Blockstream are gonna get hurt:
The Nine Miners of China: "Core is a red herring. Miners have alternative code they can run today that will solve the problem. Choosing not to run it is their fault, and could leave them with warehouses full of expensive heating units and income paid in worthless coins." – tsontar
https://np.reddit.com/btc/comments/3xhejm/the_nine_miners_of_china_core_is_a_red_herring/ As long as people continue to trust Core/Blockstream, the network will start to get clogged, and the price could crash - or just stay flat, as Bitcoin's expected price rise due to the halving, collapsing fiat financial markets, NIRP (negative interest rate policy from governments and banks) etc. gets cancelled out by Core/Blockstream's stalling and incompetence.
3 months performance of Dow Jones, NASDAQ, S&P500, FTSE 100 (UK), DAX (Germany), Nikkei (Japan), Shangai Composite (China), Gold, and Bitcoin (cross-post from /BitcoinMarkets - original post by brg444)
https://np.reddit.com/btc/comments/45u8cf/3_months_performance_of_dow_jones_nasdaq_sp500/ Once Core/Blockstream's failure/refusal to scale causes enough damage to make the majority of people understand that Core/Blockstream is not Bitcoin - then people will wake up and reject Core/Blockstream's failure/refusal to scale. And remember, scaling for the next few years is easy: just change a 1 to a 2 in the code. Or set it to some average or median based on the previous blocks.
BitPay's Adaptive Block Size Limit is my favorite proposal. It's easy to explain, makes it easy for the miners to see that they have ultimate control over the size (as they always have), and takes control away from the developers. – Gavin Andresen
https://np.reddit.com/btc/comments/40kmny/bitpays_adaptive_block_size_limit_is_my_favorite/ There are plenty of simple scaling solutions solutions like this available (Classic, BitPay's Adaptive Block Size Limit). Core/Blockstream thinks it can dominate Bitcoin by throwing around money and lies while they ignore users' needs - and certain people appear to be gullible enough to actually trust them (e.g. Chinese miners signing meaningless loyalty statements at 3 AM at some roundtable in Hong Kong). But Satoshi carefully designed the incentives of Bitcoin so that it will always route around that kind of centralization and corruption. As an investor, you're the one in control. The miners only provide a commodity (timestamping of transactions), and the devs only provide code (which is open-source, so it can easily be modified to suit our needs).
Forkology 301: The Three Tiers of Investor Control over Bitcoin
Erowid, a non-profit drug educational organization, gives a detailed look at how they used Bitcoin as a source of donations since March 2011
I recently sent Erowid a question about their Bitcoin donations (the quoted parts) and I got an extremely detailed reply about their history with Bitcoin donations. Thought I would share. But first, here is a link for donating with a wide range of crypto-currencies.
Thanks! We really appreciate it. Bitcoin is one of the most useful and interesting new payment systems since zero-fee paypal in 1999, which has ended up nothing at all like it started. It's now a very useful email-address-based gateway to the giant international VISA/MC conglomerate. It's a handy system, but that whole transaction skimming conspiracy is a little disturbing, costly, and monopolistic.
I was looking at your address and see that it is only a month old, yet you have been accepting Bitcoin since Mar 2011. In the spirit of openness I'm curious about why you changed addresses and
Many Bitcoin advocates and technologists state that a new address for every transaction is actually the right way to improve privacy and to firewall tracking of payments and transactions. I believe that viewpoint is kind of the opposite of openness, it is based on trying to keep people's transactions more private, despite the entire BTC blockchain database being fully public and exposed. I spent some time a couple years ago trying to get a server-based wallet set up that would generate a new address for each transaction and it wound up being a lot harder than I could get working reliably. The more unique addresses, the less erowid donors are tied together, thus a little more privacy. We will try again at some point. Currently, we keep a local bitcoin wallet and backups and rotate the BTC addresses every month or three, depending on a variety of factors.
and how much you received on your previous ones. Also I would like to know if you hold a fraction of Bitcoin or convert all to fiat directly.
At the moment, I can give you a rough outline of how we choose when to sell bitcoins. It different than people who are on the buying end. We have always conceived of BTC as 'micro donations', but some number of people over the years (let's say 30) have asked directly to pay for a membership with BTC instead of other methods. In order for that to make sense as an organization, we need to convert those bitcoins around the time of the donation so that the donation in bitcoin results in the amount near the dollar value that the donor was offering. So, for a t-shirt that might be a $45 donation. If/when that happens, we transfer the appropriate number of bitcoins out on or near that day to convert BTC into USD. Then we can enter that person's donation into our donation system and the accounting matches up: person gets a $45 membership, we get $45 into our bank account. Accounting is fun! :\ Further, because we are entirely a donation-based non-profit, we are always in the position of trying to have BTC donations be of non-zero USD value to the organization. That means selling them at some point. The question of when to sell them is obviously complicated. One can view BTC as a deflating currency or an investment or a security or maybe a commodity. We are generally conservative about them and have mostly sold the BTC we've received within a few months of their donation in order to generate USD for the organization. So, say we got 1 bitcoin 2 years ago when they were worth $30 each. If it wasn't tied directly to getting a sweatshirt or otherwise needed to wind up as a row in our banking records, I would hold onto to the coin and wait for a time when the value of BTC was going upwards and sell that bitcoin for more than it was worth when we received it. But I did not hold onto them for years, since that defeats the purpose of supporting the organization and it locks up the bitcoin trading market if everyone holds and never sells. However, the goal is always to wind up with money in the bank sooner rather than later, since we run a business. As far as previous addresses go, I believe that the reasoning behind the privacy concept is NOT to give out previous addresses, though obviously it's a tiny figleaf. We sold 1 BTC last week when the value hit $500 and another this week when the value hit $600 and will probably sell again if the price continues to rise. If I had a completely configurable trading system, I would likely set a sell order for 1BTC at $675 OR sell 0.5 BTC in 14 days if the price is >= $600. My reality is that I have to make the sales manually, because I don't have a reliable trading site that delivers to my US bank. The vast majority of total bitcoins we've sold were sold for under $30 a piece. When we opened our first bitcoin address to check out the system, The Faucet gave me 1 BTC just to help get the ball rolling. Obviously such things no longer exist and we're in a period where bitcoins are both volatile AND valuable. We had one donor give us some bitcoin back in early December and requested we wait to sell it until it hit $1200, but ALSO required that we open a separate account at a bitcoin trading company that took two weeks to complete as the company confirmed our banking information and identity, etc. By the time we'd gotten the new account set up, we were well into the price crash and so we are holding onto that bitcoin for some future price that is closer to what the person donated it at. On the other hand, we received several BTC last september when they were in the 100-200$ range and we sold all of those at between $800 and $1200 each in late november and early december as the price was running up. That was actually during the fall of MtGox who was our only trade location until October, 2013. I had initiated a sale of two bitcoins in early September and six weeks later, MtGox had not deposited the money in our account and had no estimate for when they would do it. Happily, they credited my account the USD, I bought BTC, and moved them back to an offline wallet. I'm not sure how to be both transparent AND private, but I can tell you the current address is typical of better months from the last year. We currently get a few hundred dollars a month in BTC, unless we're doing a big fundraising push, in which case we get double or triple that. With the price increase in the last 14 days, May was a good month. Happy to answer more questions and chat about how we manage bitcoin, but the main concepts to keep in mind are : trying to limit the exposure of blockchains for privacy reasons, trying to optimize for USD coming into our budget, generally being conservative so we will choose to sell rather than hold bitcoins, and having a rule of never selling all our bitcoins but selling off parts of what we receive over time to reduce risks and exposure. We currently use coinbase and bitpay, after having gone through 10 or so different BTC->USD systems. What we need is reliable and stable and most of the others have run afoul of the federal money cops in the US and have been shut down or had their banking connection shut down. I'm always interested in recommendations for other trading / sales sites, but we need one that can deposit into a US bank for it to be useful for erowid center. And we need one that is stable, represents a real business, and is unlikely to poof into a cloud of oily smoke. I see today we got a .01 and a .05 bitcoin donation to the current address, bringing our total for the last month up to .654 ish, which is great! With the price heading upwards (rather than hovering at $400), that's actually a useful amount of money. Thanks! Looking at the charts today, it seems like a lot of people decided to start selling as the price hit 650+ and so the price had a small crash today while I wasn't paying attention. Anyway, hope some of that is useful. Erowid Center's budget (income and expenditures) are all public information, but our list of donors is not and we do what we can to protect the privacy of the people who choose to support our controversial project. Thanks again for your contribution! Hurray that you didn't have to pay VISA 0.35 + 2% to do it. earth
LTC is fine and Jihan Wu will get what he deserves one day!
It's time to stop looking at the charts for a while and come back in a few weeks! It's important to see the positives: -BTC is currently over 1200$ and holding strong. (probably getting ready for another huge bullrun) -LTC hast close to 4 Million $ buy orders on Btc-e. (Yes it's 3.6 to be precise) -LTC/BTC has 600 BTC buy support compared to 100 a few weeks ago... (Keep in mind these values change but it's def. looking good. -Anyone who is comparing this to the crash from 8$ a Year ago to 4$ is tripping hard. LTC is a very different spot today and if you think it will crash back down to 4$ think again. -Half of the Bitcoin community wants to see Segwit on LTC (maybe more than half). If you just go to Bitcoin you will see that there are a lot of discussions regarding segwit and Litecoin. -Anyone who has been around since 2012-2013 knows something is going on. The signs are all there. So stop looking at the charts and just relax. Sigwit is going to happen sooner or later. Remember folks, the miners have been around since 2013 for the most part... They know its probably a good idea to scoop up as MANY cheap LTC as possible. (Remember back in the day when mtgox got ddodsed so that the BTC price would fall? Well look where we are now...Jihan can't stop Segwit on LTC, all he can do is delay it and scoop up more coins) -Relax and enjoy the rollercoaster. Shit is probably going to go nuts. To the m00n :)
Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having. This has caused much drama. Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much. /rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time. What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo. *Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Karppoopels. Heh.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected. You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards. So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins" Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash. Meanwhile MTgox sets up its orders on BTC-E around 200.
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up. In the mean time, I'm enjoying the cheap coins. Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups. Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore. Even those outside of gox managed to get goxxed today. Gox has done the greatest service & disservice to Bitcoin. Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation. I guess most of the other players fear legal problems if they say anything bad about Gox...
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here! I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business. We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
11-23 05:03 - 'Congratulations!' (self.Bitcoin) by /u/penguingspe removed from /r/Bitcoin within 1069-1079min
''' I've been on /bitcoin since bitcoin was under $1. I started watching at $4 and started buying at $32 (it went up 8x in the amount of time it took to fund my coinbase account via ACH). Back then this community was awesome. One of the best, I thought "how could I have missed this great reddit community all these years?!". Fast forward to today. It seems after the mtgox crash shit changed. I don't know if it was bitcoin getting all the media attention or what, but when Gavin stepped down it basically went to shit. He was keeping afloat the dingy that satoshi had left us. Back then we had soft forks and the community was still small enough where we could recover from fatal errors. Today, I feel as though I am completely lost, as soon as the wallets get good enough for the layman to use, there's another contentious fork and then we're all left waiting for 6 months to find out where we stand. And this is coming from a guy who had $600k+ worth of btc at the top last december, only to have it stolen last June. I still gots me 33 BCH though, and now all the charts are dead. I don't give a fuck anymore. The original 33 btc I paid $4k for back in 2012 is now only worth $130k. That's less than a year's salary for me, even though its a lot of money, its not even enough to buy a house in the bay area. I've decided to stop giving a fuck. I started consulting for crypto companies the past 6 months to get a better read on where things were headed since this place is worse than The_Donald now. All the tokens I got paid and held are in the shitter, which is my own fault, I know I took the risk, but I'm done throwing away money. I'm running out of monopoly money. Hopefully 2019 brings us something new, but with APH closing their DEX due to regulations I feel this is only going to continue unless we go with privacy coins which are untraceable. And before one of you hooligans shouts "Oh yeah sure, 2 month old account" I use tor and create new accounts every 6 months to remain anonymous. But I've been on reddit for 13 years and first heard about bitcoin from /libertarian. Back then I thought for sure it was a scam, because all the websites were built with Netscape Gold seemingly. Anyway, piece out! or peace out. Get a cooler full of something cold and enjoy life, I've lost years due to this nonsense. Happy Thanksgiving! ''' Congratulations! Go1dfish undelete link unreddit undelete link Author: penguingspe
I'm donating 5057 BTC to charitable causes! Introducing The Pineapple Fund (20020 points, 2927 comments)
Farewell from the Pineapple Fund (10944 points, 610 comments)
🍍 $4mil will fund MDMA trials for PTSD; marked 'Breakthrough Therapy' by FDA. Pineapple Fund is matching MAPS donations 1:1. Reddit, let's make history by crowdfunding an incredible treatment for PTSD, in bitcoin! (10650 points, 558 comments)
Just a few months ago Bitcoin going to $10,000 was a huge celebration Now Bitcoin is at $10,000 and its like the end of the world. What an irony!! (2479 points, 1016 comments)
Day 2: I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today (5145 points, 766 comments)
Day 9: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. Have you done your part? (2070 points, 190 comments)
Day 5: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. User demand from this community can help lead to some big changes. Have you joined the /Bitcoin SegWit effort? (2017 points, 268 comments)
Day 7: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Do you want low tx fees, because this is how you get low tx fees (1959 points, 166 comments)
Day 3: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges adding SegWit, Core prioritizes SegWit GUI (1758 points, 220 comments)
Day 8: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. BTC Core SegWit GUI coming May 1, Coinbase incompetence exposed, more exchanges deploy SegWit (1454 points, 177 comments)
Day 6: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Refer a friend to SegWit today. There's no $10 referral offer, but you'll both get lower fees and help strengthen the BTC protocol (1193 points, 99 comments)
Sixty free lectures from Princeton on bitcoin and cryptocurrencies. Total time 13hr 20min. Links in post. (12259 points, 206 comments)
Don't panic, just learn. Sixty free lectures from Princeton on bitcoin and cryptocurrencies. Total time 13hr 20min. Links in post. (1034 points, 97 comments)
https://blockchain.info/charts/bitcoin-days-destroyed Last time this happened, there was speculation about bitstamp moving his cold wallet. Today this may be related to MtGox moving his cold wallet to his hot wallet to solve the insolvency problem with their bitcoin withdraws (or at least that's my best guess). On the other hand, last time this happened, there was also speculation about a incoming price crash due to the owner of the bitcoins selling them on the market, so i guess this HIGHLY SPECULATIVE post may be useful here.
Amid a deafening market bubble implosion and repeated exchange crashes, u/smurfmaster over at r/bitcoin suggests adding suicide hotline info to the sidebar
smurfmaster's suggestion for a hotline Background After going parabolic for three months, the Bitcoin cryptocurrency speculation bubble worth almost $2 billion popped at $265 Wednesday going as low as $65 ($55 dip this morning) on some exchanges amid extreme volatility. MTGOX, the online exchange handling 80% of transactions (which also claims to have been adding 20,000 accounts a day recently) crashed yesterday due to the huge trading load, was abruptly turned off for 12 hours today to let the market cool down. It again appears to be crashing repeatedly as it tries to reopen. Conspiracies and anger fly as users alternately blame the MTGOX's incompetence, trade volume, DDoS, and occasionally the community itself 12 Despite all this, bitcoinbillionaire has pranced about the community, sprinkling btc on unsuspecting users. According to stattit, the subreddit is the 20th most active in terms of online users (as a comparison, trees is 19th), and was at least 16th most active during the crisis yesterday. Its subscriber rate has also gone parabolic as of late. Market chart for the last 60 days Wednesday's crash initially, illustrated Several of the more extreme speculators 12 Previously on SRD
So I have this chart on which I've been tracking all major news that seemed to have any effect (or surprisingly small effect) on the Bitcoin price. I tried to stay away from any kind of technical analysis and focus on the news alone, with the exception of upward channel first identified by AF Bitcoins since I like how it's been spot-on for almost four months. Anyway, here's the chart. Use it, abuse it, copy it and make it yours if you will. Is there any event I missed that moved the price? And looking at 2013 and further back, what's your takeaway, how much does the Bitcoin rise and fall by the news? EDIT: Some highlights:
Blockchain fork - first and only blockchain fork due to software bug, fixed in a few hours, caused 25% crash and immediate rebound with no long-term effect
Suspension of MtGox withdrawals - interesting, CoinLab lawsuit, Department of Homeland Security seizure etc. didn't have any effect on the price until the withdrawals were suspended, and as soon as withdrawals were resumed, we saw a first real uptrend after April 2013 crash
Bitcoin Price Explodes to $7,500 as Tether Loses USD Peg
Bitcoin price surged 9 percent within hours as Tether started losing its grip on the USD-peg. The BTC/USD pair closed yesterday on a modest 2 percent gain in pennant formation action following the recent drop. Nevertheless, the couple started picking momentum during the early Asian trading session and jumped to as high as 7800-fiat from its previous low near 6300-fiat. https://preview.redd.it/lkp04k2u5bs11.png?width=751&format=png&auto=webp&s=c73509931138d2af8433931e596ae75291f9c359 At the same time, Tether’s USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. It eventually formed lower lows towards 0.85-fiat, before correcting higher towards 0.90-fiat. The pair, however, continues to be far from its $1-peg that is creating a negative sentiment about its future in the crypto space.
Bank Insolvency, FUD
Tether is closely tied to BitFinex, a global crypto exchange which lately has dropped Noble Bank as its banking partner. The amount of US dollars required to back the Tether’s USDT token supply were reportedly deposited in the same bank, which caused the stablecoin temporary hassles. Later, reports started to surface that Tether had no money to back its total supply, with many of them calling the stablecoin project a scam. They also found a strong connection between the chiefs of BitFinex, Tether and Noble Bank, especially at the time when the Noble bank became a strong point of concern for the Puerto Rican regulators. Reportedly, the authorities issued a warning to the firm, the details of which couldn’t make to the press. The needle then points to one thing: whether Tether has funds to support its USDT supply or not? It can only be found out with a clear and transparent audit. But, even on that front, the project has not come reasonably well. Against the promises made in their original whitepaper, the Tether team has not conducted a proper financial audit. It had however hired a legal firm, which already had a business relationship with Tether and Noble Bank, to perform an inspection. All stories collectively have created a negative community sentiment for USDT. Retail investors are already exchanging their Tether holdings for Bitcoin and other top coins, which have also seen an impressive rally in the past 24 hours. “There is no guarantee that you can redeem your tethers. There should be a way for Tether to repurchase them from you for 1 dollar. There is not. For me, this whole thing smells very like when mtGox went belly up. You want to hold your bags, will that is your decision. It is not why I am in crypto.” – one of the crypto users commented on Reddit. Tether social media handles posted nothing during the crash. Featured Image from Shutterstock. Charts fromTradingView. https://www.ccn.com/bitcoin-price-explodes-to-7500-as-tether-loses-usd-peg/
bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
Ladies and Gentlemen I have an innovative idea that will change the landscape of cryptospace forever. I present you the infinite reverse Ponzi scheme. (355 points, 237 comments)
TIL bitcoin is called the currency of the future because all currency transactions are confirmed in the distant future. by Thief_1 (720 points, 37 comments)
1874 points: AlbertRammstein's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
1263 points: Mike_Prowe's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
820 points: Slayer706's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
577 points: deleted's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
571 points: cloud3514's comment in And the returns have already begun. One person and a known reseller we get regularly.
496 points: SnapshillBot's comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
382 points: vytah's comment in Holy Satoshi! Butter pays 85Btc transaction fees for a 16Btc transaction. Is this the largest fee ever paid?
380 points: Tomatoshi's comment in It's already happening. GPU market is about to get really hot.
361 points: ShiteFlaps's comment in Why are you guys such salty fks?
331 points: -charlie-kelly-'s comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
Estimating DPR's income after expenses & exchange rate
The FBI indictment states that SDPR earned ฿614,305 in commissions. It's been suggested that the expense of running SR, and the large changes in the exchange rate, may substantially reduce how many bitcoins DPR actually could have saved up, possibly to as low as ฿"150-200k". (The logic here is that if SR earns commissions of ฿100 in 2011 but needs to pay $100 of hosting bills, it needs to sell all ฿100 but in 2013, it would need to sell only ฿1.) DPR surely spent some of the commissions on running SR & himself, but running a website isn't that expensive, and how badly the exchange rate bites will depend on details like how it fluctuated over time, how sales grew over time, and how big the expenses really are. The reduction could be tiny, or it could be huge. It's hard to tell based just on a gut estimate. So: below, I take estimates of SR growth from Christin 2013's crawl and the FBI indictment, infer linear growth of SR sales, estimate daily expenses, and combine it with historical Bitcoin exchange rates to show that DPR probably has most of his bitcoins and 200k or lower is right out.
Model
My strategy is to model Silk Road's growth as linear in dollar amounts, but with different amounts of bitcoins each day depending on the exchange rate, subtract a daily operating cost, and then sum the commissions. So say that on 1 January 2012, SR did $10k of business, and the exchange rate was 1:100, so ฿100 in turnover, and SR gets an average commission of 7.4%, so it would get ฿7.4. To do this, I need to estimate the revenue each day, the expenses each day, the commission each day, and the exchange rate each day. Then I can multiply revenue by commission, subtract the expense, and sum the left overs to get an estimate of the total bitcoins available to DPR which he could (or could not) have spent.
Expenses
Employees: we know that Libertas and one or two others were employed at salaries of $1-2k per week. I'll assume there were 2 others, and each was paid the max of $2k per week, which means total daily employee expenses is (2 * 2000) / 7 = $571 per day. (Unfortunately, the indictment doesn't give any clear indication of their numbers, just referring to them as 'they'.) This is a conservative estimate since I'm pretty sure that SR was a one-man operation until probably in 2012.
The servers: we know there were at least 2 servers (the main site, and the forums). The task of hosting the sites does not seem to be too bandwidth or disk-space intensive, and servers are extremely cheap these days. The use of DataClub.biz and GigaTux suggest DPR was using cheap VPSes. I'll estimate a monthly expense of $500 ($250 a piece) which per day is $16. This is also very conservative.
DPR: his rent of $1000/month has been widely bruited about, and in general he reportedly spent little. Makes sense to me, I've met and seen the rooms of a few well-paid geeks in SF like DPR, and I would believe them if they said they didn't spend much money on anything but rent & food. I'll bump this up by $1000 for food and all expenses, since he apparently didn't even eat out very much. So $2000/31=$65. Doubling his rent for total expenses is probably also conservative; for most people, rent is not >50% of income, but SF is incredibly expensive to live in.
This gives a daily expense of $652 (or a monthly total of $19.1k in expenses). As you can see, the employees are by far the most expensive part of running SR in my estimate, which makes me wonder if maybe Libertas was the only employee.
Hitmen
Assuming the details about DPR hiring hitmen in the indictments are reasonably accurate, we can throw in two large expenses:
an $80k expenditure for killing his Maryland employee. The first payment of $40k was made on 4 February 2013 and the second/final payment of $40k was made on 1 March 2013 (pg9). If we use the exchange rate of those two days, then the hit cost DPR (40000 / 20.42) + (40000 / 34.24) = ฿3127
the second hit was priced in bitcoins (pg23):
Through further messages exchanged on March 31, 2013, DPR and redandwhite agreed upon a price of 1,670 Bitcoins
So the hits cost DPR somewhere around ฿4797. An extremely large and painful amount, by most standards, but still nowhere near ฿10k - much less higher.
Revenue over time: first and last days
Christin:
Table 3 provides a breakdown of the feedback ratings from 184,804 feedback instances we collected...In Figure 12, we plot an estimate of the daily commissions collected by Silk Road operators as a function of time. We simply reuse the previous estimates, and apply both the fixed 6.23% rate, and the schedule of Table 4 to each item. We find that the new schedule turns out to yield on average a commission corresponding to approximately 7.4% of the item price.
The FBI:
From February 6, 2011 to July 23, 2013 there were approximately 1,229,465 transactions completed on the site...$79.8 million (USD) in commissions.
According to Bitcoin Charts, on 23 July 2013, the MtGox price was $91. (As the most famous exchange, any FBI estimate almost certainly used it.) So that implies $79,800,000/91=฿876,923. Or to put it the other way, at $79.8m in transactions, then using Christin's 7.4% estimate, total sales were $1,078,000,000 or ฿10,780,000. Wikipedia says "These transactions involved 146,946 unique buyer accounts, and 3,877 unique vendor accounts.", and "The total revenue generated from transactions was 9,519,664 bitcoins. Commissions collected from the sales by Silk Road amounted to 614,305 bitcoins." (So the numbers aren't too different: 614k vs 876k and 10.8m vs 9.5m.) We'll set 6 February 2011 to $10 in sales (probably not too far from the truth). But what about 23 July 2013? pg20 of the indictment says:
For example, on July 21, 2013 alone, DPR received approximately 3,237 separate transfers of Bitcoins into his account, totaling approximately $19,459. Virtually all of these transactions are labeled "commission".
19459 / 0.074 = $262,959 that day. $20k in commissions is extremely impressive, since Christin estimates only $4k/day commissions as late as the end of July 2012 - so SR must have grown by 500% from 2012 to 2013. We use this revenue estimate as our endpoint and interpolate from $10 to $262,959 over the ~900 days SR existed. This is a conservative way of modeling SR, since the graphs in Christin indicate that SR saw sigmoid growth in 2012, and 2013 would've seen even more growth (to be consistent with the 2013 July commission datapoint being 5x the 2012 July commission datapoint).
R> sr <- read.csv("http://dl.dropboxusercontent.com182368464/dpr-exchangerate.csv") R> sr$Sales <- c(10, rep(NA, 890), 262959, NA, NA) R> # revenue increased by $300 a day: R> l <- lm(Sales ~ as.numeric(Date), data=sr); l Coefficients: (Intercept) as.numeric(Date) -285 295 R> sr$Sales <- predict(l, newdata=sr) R> sum(with(sr, (Sales * 0.074 - 652) / ExchangeRate)) [1] 803397
Or we can run the estimate the other way: if DPR had to spend $652 a day and converted at that day's exchange rate, and we took into account the hitmen, how many bitcoins would he have spent in total?
Obviously ฿803k > ฿614k, which implies that the linear model overestimates sales in the early life of SR; but going the other direction and estimating just from costs & hitmen & total commission, we still wind up with nearly ฿500k (and that was after making a bunch of highly conservative assumptions). The fewer sales (and commissions) early on, the less of a fixed number of bitcoins will be sold. So, while it may initially sound plausible that DPR could have been forced to part with say ฿400k to pay for SR and sundry expenses, the distribution of sales and fluctuations of Bitcoin value mean that this simply does not seem to be the case. Unless there are some abandoned yachts floating around the SF Bay Area, DPRoss Ulbricht probably has ฿500k-614k.
A reasuring selection of my favourite charts and data
A friend of mine invested big near the high point recently, I created a bunch of info to help him feel reassured, thought I'd share it with all ya'll - would like to know what you think Chart 1: This shows 2 years of bitcoin price on a log scale with a moving average, plus a Stoch RSI indicator. http://bitcoincharts.com/charts/mtgoxUSD#rg730ztgSza1gSMAzm1g500zm2g25zi1gStochRSIzcvzl This shows we're still in an upward trend, despite recent very bad news, and also that the market looks due for an upwards correction soon - as it's so rare for the Stoch RSI to stay low for so long. Compare with previous major crash. Thing 2: http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2013-12-09%20to%202013-12-17 This shows by-country download statistics for the official bitcoin client - it can be used as a crude indicator of adoption I guess. It's pretty clear from this that many major world population zones are still asleep to the entire idea, India and South Korea look set for rapid adoption soon. Chart 3: http://coinsight.org/graphs/reddit_flairs_weighted_30d.png This guy shows both the number of bulls and bears on the bitcoin subreddit. Both are increasing, so more people are gathering more info about trading, together with a huge weight towards the side of a price increase. These guys know far more about market analysis then I do. Chart 4: https://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= This guy shows the number of bitcoin transactions happening since the beginning of time. It gives a good indication of how many people are actually using bitcoin as a currency, rather than as magical gold bars of speculation. The higher this goes the better it is.
Technical analysis of post-950 crash, 440 bottom, and where we're headed next(?)
Destination Just my naive, simple analysis of what's happened so far. Warning I am insanely new to this, like, virgin-grade new. Like, two weeks ago I knew zero about trading, but over the past two weeks I've been talking to trading friends and digesting a ton of information. As a result of this, my analysis is going to be A) incredibly basic, and B) prone to incredible error, and C) possibly incredibly ignorant. I'd love to read any generated discussion and any feedback/criticisms you have of any of the analysis so far. I came into possession of ~.92 BTC around the 9th of December. I'd briefly followed the BTC charts in the past, but never with extreme interests as I was never holding. Since I came into possession of the .92 BTC I'd decided I'd have fun trying to gamble with it in the mtgox exchange, and here's my findings/analysis/progress/etc...over the past couple of weeks.
I came into the market off the tail of the huge crash on the 5th-7th. I had the ability to trade my BTC from the 9th onward, so that's what I was primarily concerned with.
From the 9th-10th, there was a lot of sideways movement without very much variance, which had me incredibly nervous cautious (I had nervous here, but I don't want to give off the impression that I was scared of losing the money and prone to panic selling, I was just anticipating a large down-trend in the market, following the negative news from China and the double peaks of resistance we experienced at the 1250 mark). It met resistance twice at 980, which pointed towards a possible second fall. Given the recent news with China and the failure to pass the resistance, I think selling mid-way through the 10th would have been the most responsible/logical decision.
On the 11th it appeared like it was going to rebound, but without support from China it seemed highly unsustainable. I was feeling nervous cautious about another sharp crash here and the trend reversed itself very quickly. After more sideways action, I dumped on the 12th, expecting a sharp decline in the coming days. I think the dump here was a reasonable choice, given the information available to the market and where we'd just come from. I saw no rationale for expecting us to climb back to previous levels and the sideways movement seemed like it could only reasonably move in one direction. Do you think that was a fair assessment?
After selling at 915, a clear downward trend starts to form that's very obvious by the 15th. I think any reasonable person who was interested in dumping their holdings to avoid anything lower should have exited the market on the 15th, when the previously established support at 836 gets tested again and eventually fails the day after. Even though we bounced from the established support (on the night of the 12th) on the 15th, the peaks were getting progressively lower. In combination with the news, I think it's fairly obvious that it's a downtrend from there. This could be hindsight speaking, of course, which is something you always have to be aware of.
Once we lose that strong support at 835, the next support seems to come at around 680, but that wasn't a very strong support. Neither was 650. The strong support we bounced back from was at 575, so I put a buy order in at 585.5 and waited, with a stop loss at 556 if the support failed (so I could cut losses and prepare for the next support).
Once my stop loss kicked in (I say stop loss but I'm doing the orders manually since I'm too dumb to have a bot set up) I dumped at 556 and waited for the next major support to be tested. This support was 450-475, all the way back on November 20th. I wasn't sure if the market would even still have support at this level, but there's not much other information to go off of. I had a buy order set at 478 and was ready to dump at 440. If we fail this support, we're falling below 400, and previous supports didn't look very strong.
My buy order was executed at 478, and I waited for the support to fail below 440. Thankfully it didn't, and it seems as though the market bounced up at around 452, which is where our expected support should have kicked in. I think that the order here at 478 was good, based on the previously available information, but I'm exposed to hindsight bias here.
So where are we now? I think from that point on I was trying to figure out where the next major resistance would be, but we moved so much volume and we dropped so much that it's hard to tell. As of right at this very moment, the market -appears- to be trending upward, depending on the formation of this next peak, and my current sell order is at 780. I know it's a bit optimistic, and I might change my sell order based on how these next few peaks look, but surviving the bounce back at 475 was important (in my uneducated!! opinion) and I feel like it's possible we could trend back up there, as our drop from 720->480 was incredibly sharp, with a few large dumps on the way there. Do you think there's any merit to this form of analysis in this market? Do you think any of the trades I made were ill-advised, and do you think my current hope/prediction(I use this term LIGHTLY) will hold true? If yes, why, if not, why, etc...etc... I know some people don't like to share specific numbers, but this money is just fun money for me so I don't mind - I began with .92BTC and am currently holding a little over 1.6BTC on mtgox. My starting USD in this exchange was around $820, and if I'm able to dump at 771 (current sell order) I will have $1233.71. My current BTC worth is ~$992 For beginners/newbies looking for easy "buy now/sell now" guides: I am 2 for 2 on trades so far so it might be tempting to simply dump 100% of your holdings into the analysis I'm using, but my sample size for successful trading is far, far too low to be something you should base you own investments on. It's very possible that I am trading incredibly EV- and simply got lucky in my first few trades. Would love any criticism/suggestion/feedback on this analysis so far! Reading materials etc...are all welcome.
Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having. This has caused much drama. Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much. /rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time. What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo. *Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Karppoopels. Heh.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected. You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards. So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins" Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash. Meanwhile MTgox sets up its orders on BTC-E around 200.
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up. In the mean time, I'm enjoying the cheap coins. Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups. Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore. Even those outside of gox managed to get goxxed today. Gox has done the greatest service & disservice to Bitcoin. Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation. I guess most of the other players fear legal problems if they say anything bad about Gox...
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here! I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business. We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
The "are we in a bubble?" question seems to be popping up a lot. I have no idea. You don't usually know these things until they end do ya. However, I thought I'd post the chart below comparing the first Bitcoin bubble to the move into the current high using a little bit of Elliott Wave notation for the sake of comparison. http://imgur.com/ZeQxsBv The first chart shows the first 4 waves (of 5) of price action from the launch of MtGox (around $0.1) into the build up to the first Bitcoin bubble in spring 2011. Wave 5 in that case was extreme and parabolic and could be genuinely classed as a bubble. It then gave back most of it's gains which has been commonly seen in previous asset bubbles - the dotcom boom being just one example http://uk.finance.yahoo.com/echarts?s=%5EIXIC#symbol=%5EIXIC;range=my The rise here from start to peak was a 319 fold increase. The rise from the end of wave 4 to peak was a 39 fold increase. From the post bubble crash low at $2.04 the price action into the end of the 4th wave (of 5) advance that ended at around $11 in the first week of November 2012 is rather analogous with first 4 waves of the 2011 advance albeit at a greater order of magnitude that reflects the far greater awareness of Bitcoin this time round. However, by comparison, the move from the $2.04 low to the current high of $31 is a 15 fold increase and the move from the end of wave 4 to the current price is a 2.8 fold increase. I am not offering advice as to where this current move may end, nor am I predicting that we are about to enter a similar rate of increase. Just wanted to point out the similarities and differences. You're all big boys and girls - I'll let you decide for yourself whether we are currently in a bubble or not. Happy trading
The following post by mrredditor79 is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ BitcoinMarkets/comments/7j20jo The original post's content was as follows:
Can We Contact Media Sources And Ask Them To Stop Using MTGox Charts?
I'm not intending to circlejerk about how much I hate mtgox, I just say this because it is a serious issue that misleads the public. As of right now, nearly every television station uses MTGox's information when displaying graphics regarding Bitcoin's value. Mtgox for the past year or so has never been a good indicator of Bitcoin's value, as its prices are always higher due to it being it extremely difficult to get fiat currency out of the exchange. Just recently, they halted Bitcoin withdrawals, which had the opposite effect- Bitcoin is now worth significantly less on that exchange than others. When news sources use MTGox charts in displaying Bitcoin's price, it makes the crash seem much worse than it really is. Bitcoin's price appears to drop from $900 to $300 through MTGox(66% drop), but its real value and purchasing power really only dropped from about $800 to $600(25% drop). Can everyone please contact their local media sources and request that they use other charts such as Bitstamp or BTC-e? it provides a much more accurate representation of Bitcoin's value than MTGox, and many news reporters are not aware of this. I really hope this change can be made. I'm a bit worried that they wont be willing to since MTGox values make their reports far more interesting, but hopefully some will prefer to be honest and use a more accurate graphic.
Bitcoiners are pointing out that volume is falling, and this is the reason the price isn't changing. This is correct! But I suspect they do not understand why this is happening or of what consequence it is. Volume is low not because of HODLers - who wouldn't sell at $1000? - it's because there are no buyers. The HODLers don't want to sell for less, but no buyers are buying at higher prices, and very few are buying even at the current price. The price has actually been trending slightly up, but on very low volume. History shows that this when this happens, a crash with high volume always follows. Why? Because eventually the HODLers have to cave in because there certainly ain't going to be any new buyers in these times (I.e. Mtgox, Neo&Bee, falling price, etc.), and usually the breaking point is something psychologically important like hitting the 50-day or 200-day MA. Look at this chart and you'll see what I mean: http://i.imgur.com/AUyoOTD.gif This downtrend has a loooooong way to go folks. As the price continues to fall, volatility will decrease over time until it settles down into a gentle lull at a low price for months on end (or even years!). This happens because you need to get the bagholders to go mad before they'll sell, and that takes a lot of built-up pressure indeed considering the strong feelings the bagholders/HODLers have as their formative conviction.
After MtGox crash ended another wave of BTC rising. With the advent of tether (USDT), bitfinex became the new flagship of the crypto market. ... This is just an application of [email protected] rules and fundamentals (and sentiment) to plot what the Bitcoin chart will possibly look like over time according to my analysis. I'll be monitoring sentiment ... At the beginning of 2014, Mt Gox, at the time the largest marketplace for Bitcoin, went bankrupt and many Bitcoins were lost. This was a major blow for the market, which was experiencing a major crash. Bitcoin lost 87% of its value and fefll back to around 180 euros (200 dollars). The year 2015 remained sluggish with little changes in assets. The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins ... Bitcoincharts is the world's leading provider for financial and technical data related to the Bitcoin network. It provides news, markets, price charts and more. Der Mt. Gox-Skandal. Mt. Gox war die weltweit führende Krypto-Börse bis zum Zeitpunkt als die damals größte Börse gehackt wurde . Damit meldete der damalige CEO Mark Karpeles auch Insolvenz an. Dies verursachte eine derartige Panik im Bitcoin – Ökosystem aus, dass Bitcoin vom Hoch bei rund $ 1.200 Dollar eine Talfahrt hinlegte und zeitweise sogar für $ 200 gehandelt wurde.
BTC - Bitcoin Technical Analysis price today 20.2.20 $BTC drops quickly to POC support to complete the Gartley pattern, but is it enough to support price, or... BTC Bitcoin Bubble bitcoin crashbitcoin price│bitcoin trading│technical analysis│bitcoin chart cnbc bitcoin how to buy ripple tron litecoin prediction tron price prediction bitcoin ... It sure feels like a MT GOX crash. BTC and most cryptos are selling off hard. Where is the bottom? Join us live for BTC and alt coin chart analysis and chat. Crypto Money Life Community Discord ... Free Trading Course http://freewbstraining.com My Books: The Flow of Success: Tap Into the Top 19 Powerful Universal Laws to Succeed in Every Area in Your Li... This video is unavailable. Watch Queue Queue. Watch Queue Queue
