Virtual currencies recovering!

[FelixDeCat]

After hitting a high of $260 for btc ($5 for ltc), hackers have been locking up the exchange with DDOS causing panic selling. When the attack subsides they buy and sell in to the upswing.

According to Mt Gox, the primary BTC exchange, they have seen six different bot networks launching DDOS now and are unable to host trades because of it, despite continual upgrades after all the new interest and worldwide media attention.

After a 12 hour trading halt (never good for any commodity like stocks, etc), the price dropped again from $140 to a low of $75 before stabilizing for now in the mid 90s.

At first I didnt think this whole idea was legit but am starting to become more interested. But if things can be manipulated this easily it might not be worth it. :|


update: Bitcoin $58!!!

04/19/13 $119.00

04/24/13 $146.00

https://mtgox.com/

new new update 11/15/13 $450.00

11/18/13 $788!!

11/26/13 $1200!!

 

[disappoint]

Unless you are the one doing the manipulating, you are being manipulated.

 

[lxskllr]

Buy low, sell high. What do "hackers" have to do with anything? And no, it doesn't need anything official and government approved. The world doesn't need another dollar or euro. Bitcoins are about personal responsibility. They're about buying smart, selling smart, and using good judgment in the storage and handling of your money; pretty much the most anti-American thing ever created.

 

[ultimatebob]

Do you really believe the DDOS crap at this point? I think that MtGox is just failing to handle the trading load at this point.

Time to find a new currency exchange, guys!

 

[Doppel]

Its obvious that more exchanges are needed, perhaps even a move to legitimate ones like the Chicago Mercantile Exchange which are better equipped for handling a mass trading market and more secure than some servers in Japan.

For Bitcoins? Hardy har.

Bitcons a few years from now will be in the dustbin of history and stand as a sore point for newbs who lost money in the face of others telling them how idiotic it was. It will teach them humility and be a strong learning lesson for some of them. Of course, some will never give up and assume that when Bitcon goes 100% bust it was just big banks destroying it because they saw it as a threat, but we all tell ourselves things to cope, don't we? Proof of this: even now after Bitcon has lost as much as 75% of its value in two days there are still people who believe it is a real, viable currency. They will require more education to learn.

 

[Fausto]

You sure worry about the market a lot for a guy who lives in his parents' house.

 

[TurtleCrusher]

You sure worry about the market a lot for a guy who lives in his parents' house.

Ouch it burns so bad!

 

[ViRGE]

For Bitcoins? Hardy har.

Bitcons a few years from now will be in the dustbin of history and stand as a sore point for newbs who lost money in the face of others telling them how idiotic it was. It will teach them humility and be a strong learning lesson for some of them. Of course, some will never give up and assume that when Bitcon goes 100% bust it was just big banks destroying it because they saw it as a threat, but we all tell ourselves things to cope, don't we? Proof of this: even now after Bitcon has lost as much as 75% of its value in two days there are still people who believe it is a real, viable currency. They will require more education to learn.

The biggest winner from all of this will be academia. Dissertations based on Bitcoin are going to mint a small army of Economics Ph.D holders, and it'll be one of the quintessential case studies in micro textbooks for the next two decades.

Economically on the other hand, Bitcoin was, is, and will be completely worthless.

 

[FelixDeCat]

Venture capital has been investing in Bitcoin and its alternatives. If they believe the currencies will last, Ill bet they just will.

http://arstechnica.com/business/201...stors-bet-on-bitcoin-via-derivatives-markets/

 

[Doppel]

Venture capital has been investing in Bitcoin and its alternatives. If they believe the currencies will last, Ill bet they just will.

http://arstechnica.com/business/201...stors-bet-on-bitcoin-via-derivatives-markets/

Bet is the operative word.

Investors don't need to believe in a product; they merely need to believe it can make them money. See Greater Fool Theory for more.

I think it is too early to discoun virtual currencies. It is absolutely too late to not discount bitcon though. It is patently unsuitable as a currency and is nothing more than a betting scheme at this time. Eventually everybody will leave it. It is impossible for it to survive long term. It you are left holding the bag when it does you end up as the greatest fool.

 

[Mixolydian]

It's like stock. Goes up and down. Buy low, sell high.

 

[TwiceOver]

Gees. Didn't see this coming.

 

[Scarpozzi]

It's like stock. Goes up and down. Buy low, sell high.

Wait. Lemme write that down. That's good.

 

[Mixolydian]

Wait. Lemme write that down. That's good.

Glad I could help.

 

[SunnyD]

LOL... BTC is supposed to be a CURRENCY, not a COMMODITY. There should never be fluctuations like this in the first place, especially in response to external actions. Especially with a decentralized currency.

 

[Charles Kozierok]

Bogus currency, inflated into artificial bubble due to hype, collapses.

In other news, sun seen rising in the east.

 

[SheHateMe]

Some guy posted in the bitcoin reddit last night that he wiped out his family's savings buying bitcoin since he thought they were going to go up in value. He fears his marriage might be over.

All of this stuff seems really dumb, tbh. Who spends real money on fake money?

 

[Vdubchaos]

I still can't believe people buy any of this shit....

Mandatory wall street post:


"Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers seeing that there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10 and, as supply started to diminish, the villagers stopped their effort. He further announced that he would now buy monkeys at $20 each. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so scarce it was an effort to even find a monkey, let alone catch it! The man now announced that he would buy monkeys at $50 each! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man, the assistant told the villagers. "Look at all these monkeys in the big cage that the man has already collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each." The villagers rounded up with all their savings and bought all the monkeys.

Then they never saw the man nor his assistant again, only lots and lots of monkeys! Now you have a better understanding of how the stock market works."

 

[Vdubchaos]

Some guy posted in the bitcoin reddit last night that he wiped out his family's savings buying bitcoin since he thought they were going to go up in value. He fears his marriage might be over.

All of this stuff seems really dumb, tbh. Who spends real money on fake money?

LOTS of people!!!!!!

 

[Doppel]

Some guy posted in the bitcoin reddit last night that he wiped out his family's savings buying bitcoin since he thought they were going to go up in value. He fears his marriage might be over.

All of this stuff seems really dumb, tbh. Who spends real money on fake money?

Maybe "awesome" isn't the right word but... Link?

 

[SheHateMe]

Maybe "awesome" isn't the right word but... Link?

http://www.reddit.com/r/Bitcoin/comments/1c525e/ive_lost_more_money_in_the_past_24_hours_than_ive/

 

[SunnyD]

I'll be buying in when they go down to $3 or so.

 

[Doppel]

http://www.reddit.com/r/Bitcoin/comments/1c525e/ive_lost_more_money_in_the_past_24_hours_than_ive/

Oh my...

 

[Saint Nick]

LOL... BTC is supposed to be a CURRENCY, not a COMMODITY. There should never be fluctuations like this in the first place, especially in response to external actions. Especially with a decentralized currency.

Bogus currency, inflated into artificial bubble due to hype, collapses.

In other news, sun seen rising in the east.

Haha...wow, iLol'd. So true. So true. Why is everyone treating bitcoin as an investment, rather than something to just buy stuff with?????? Fucking idiots.

 

[SheHateMe]

So, is the only way to make a decent amount of bitcoins through buying them from someone?

Do people mine anymore?