Silk Road forums

Discussion => Silk Road discussion => Topic started by: b0m on March 23, 2013, 09:04 am

Title: Bitcoin Crash
Post by: b0m on March 23, 2013, 09:04 am
What happened? in ~2 Hours ~20€ crash? Everyone panic-sell? Whys that
Title: Re: Bitcoin Crash
Post by: HEATFan on March 23, 2013, 09:08 am
It wasn't fundamentally sound at above $70 to begin with in my opinion. People have recently rushed into bitcoin, especially since we reached our past high around $30. Its just been greed pushing the price up recently, I think we'll probably see it stabalize somwhere from $30-45 for the near future, and then see some organic growth follow that.

I still believe bitcoin has potential to go above $100. It will take time, patience, and most importantly, ORGANIC growth, not this crazy parabolic growth happening right now. Its just unsustainable.
Title: Re: Bitcoin Crash
Post by: DoctorNoname on March 23, 2013, 09:09 am
I know, it has just dropped so quickly, thank god I cashed out when I did. I can't see anything in the news like theft, technical errors or anything like that so I guess it is essentially a value correction from a large sell-off.

Who knows, value may return in a few hours, it has been very unstable for about 6 hours though.

Jah Bless

The Doctor
Title: Re: Bitcoin Crash
Post by: CoinBoxsWeedBox on March 23, 2013, 09:13 am
Such a fun little game, the bitcoin game :) Cash in today, fall asleep, find out if you won or lost!!
Haha, it's a good thing for sure. Stabilize at a better rate, just like when it was steady at 15 per btc for a few months.
Title: Re: Bitcoin Crash
Post by: HEATFan on March 23, 2013, 09:26 am
Well, looks like it recovered. Back to around $62. What a crazy game.

I'm going to sleep. This is just going to keep me up all night. Til next time my friends!
Title: Re: Bitcoin Crash
Post by: b0m on March 23, 2013, 09:29 am
yer this is shocking. in 20 mins a jump up from 40 to 47€ (around 10$). i go sleep too. if i wake up and rates are above 60 i shoot myself... :D
Title: Re: Bitcoin Crash
Post by: ladyjane on March 23, 2013, 10:17 am
Feeling sick watching it fall, much nicer when it's the other way. I just hope it settles at something decent like $35-$40 - at least above what I paid for them. really not much you can do now, if it's crashing it's crashing. By the time I'd have chased out it wouldn't be worth it.
Title: Re: Bitcoin Crash
Post by: MendoHashMan on March 23, 2013, 11:21 am
Don't freak out! A couple people with a lot probably realized they could retire right now and never work another day in their life! But there is a stable market and people want bitcoins so it will balance back out as long as people want them. If every hoarder cashed out right now freaking out about them failing and crashing to pennies, they would crash all the way down. So don't jump ship, hold fast and the value will hold too. The same thing happened with silver back in the 80's, if someone had enough to manipulate the market, they could just be playing all of us and making money on fear.
Title: Re: Bitcoin Crash
Post by: oldcactushand on March 23, 2013, 11:28 am
What exactly happened? Last night it was at around $175. This morning it was around $161, but it's gone up since then. How low did it drop?

I'm not nearly educated enough to speculate meaningfully about these things, but it seems like it's just correcting itself after the 2 days or INSANE growth, bringing it back into line with the steady (although very fast) growth we'd got used to. Is this likely/unlikely/stupid?
Title: Re: Bitcoin Crash
Post by: PrincessHIGH on March 23, 2013, 12:45 pm
It's going back up (clearwebalert) bitcoinity.org/markets the weekend is always the best time for the 'big players' to manipulate the market to get the price as low as possible, I think that's what we've just witnessed, this isn't the first time it's happened and I doubt it'll be the last.
Title: Re: Bitcoin Crash
Post by: resalesam on March 23, 2013, 01:03 pm
U will go nuts watching it everyday > just buy drugs
Title: Re: Bitcoin Crash
Post by: EarlyCuylerTOR on March 23, 2013, 01:56 pm
CLEARNET WARNING!!!!!!!!!!!!!! 

http://bitcoincharts.com/charts/mtgoxUSD#rg2ztgSzm1g10zm2g25zcv 

I seem to remember discussing this yesterday encouraging people to hold off.   8)
Title: Re: Bitcoin Crash
Post by: ChemCat on March 23, 2013, 01:58 pm
 ;)
Title: Re: Bitcoin Crash
Post by: Joey Terrifying on March 23, 2013, 02:29 pm
IMO the speculators are inflating the price.  yes, we all know that bitcoin is a finite resource and designed to be deflationary, but currently all they're really good for is A)  Drugs  B)  crappy gambling games  and C) cashing them out for gov't currencies.  i think it will certainly continue to grow in the long run, but right now they just aren't worth the current exchange rate, IMO.
Title: Re: Bitcoin Crash
Post by: b0m on March 23, 2013, 04:53 pm
phew. its actually still 51€. i had to sell it in the morning. i thought they will fall to zero. and i HAD to think that as they fell in the 5 minute range about ~5€. heck there were people buying them for 56€, i clicked them to sell and they were sold already. i clicked the next one at 55.50 and sold, clicked next one at 53 - sold - clicked 51 - sold. i thought WTF in 5 minutes i lost ~100€ - then had luck and sold for 49,50. i look at the rates and they were on 40€ already ffs. then strangely how the rates didnt update for 20 minutes and then it was 47€ again. i really had to think they will fall to zero. i thought there was some kind of hack or so as everyone sold them in big chunks... really wish i had read PrincessHIGH post before as that was something which i thought was possible too. but i told myself as soon as i see them under 50 i will sell. and that happened in no time so it was the smartest thing to do really as i couldnt figure why that would happen. it must have happened something to the bitcoin i thought.... well anyway i bought them for 15€ so still a pretty decent profit. i just have to think i trippled my money to not fall into depressions the next days :D  BIG headache now... going to chill and forget about bitcoins...
Title: Re: Bitcoin Crash
Post by: edar on March 23, 2013, 05:24 pm
high volumes of selling ?
Title: Re: Bitcoin Crash
Post by: azmotox1 on March 23, 2013, 05:46 pm
What are everyones speculations for the next few days? I woke up with $1000 less in my account than last night  ::) Should I find stuff to purchase ASAP to take advantage of the inflation and before it goes lower? Or will it rise back up over the next few days?
Title: Re: Bitcoin Crash
Post by: 46andtwo on March 23, 2013, 05:55 pm
You have to keep a cool head and know your levels. It's just like trading equities. Don't give into emotional selling/buying.
Title: Re: Bitcoin Crash
Post by: Joey Terrifying on March 23, 2013, 06:05 pm
What are everyones speculations for the next few days? I woke up with $1000 less in my account than last night  ::) Should I find stuff to purchase ASAP to take advantage of the inflation and before it goes lower? Or will it rise back up over the next few days?

ur gonna need a crystal ball and some books on magic.

or maybe tarot cards?
Title: Re: Bitcoin Crash
Post by: rosannebar on March 23, 2013, 06:17 pm
My prediction is that since it didn't plummet that much, and it has stabled off, is that now people will start buying up the cheaper coins again.   ( when it was over 70 I am sure the buying slowed down ).

But if the past is any indication, coins are going to continue to rise, followed by short falls.     The need for coins is only going to go up,  it isn't like over night people decided to leave these things alone.

Hold on to your coins,  even if they fall more, it will turn around and start heading up again.   
Title: Re: Bitcoin Crash
Post by: isthereanyneed on March 23, 2013, 06:25 pm
Just jumping in here rather than put up a thread.

Whats the best way to buy btc (UK) directly or a way that allows me to at least buy coins as soon as I see a value change, rather than wait for btc vendors to come through which can be up to 2 days and in which time I'm loosing money all the time?


Thanks.
Title: Re: Bitcoin Crash
Post by: ChemCat on March 23, 2013, 06:30 pm
damn  .. i just looked at my posts and i hope i can make it to 500 posts by the time i go to bed  LOL
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 23, 2013, 06:54 pm
Crash? It is not a crash if we are still up 20% over last week. Every weekend has a price dip, there is less trading on the weekend. Banks are closed etc...Hold onto your coins
Title: Re: Bitcoin Crash
Post by: HEATFan on March 23, 2013, 06:54 pm
damn  .. i just looked at my posts and i hope i can make it to 500 posts by the time i go to bed  LOL

OH SHIT YOU'RE AT 420! MUST GO SMOKE! BRB
Title: Re: Bitcoin Crash
Post by: ChemCat on March 23, 2013, 06:57 pm
damn  .. i just looked at my posts and i hope i can make it to 500 posts by the time i go to bed  LOL

OH SHIT YOU'RE AT 420! MUST GO SMOKE! BRB


Just got done with my 420 post Break!!

BaWaHahahahaha!!!   ;D


Peace,

ChemCat

8)

##Edit##
giving everyone above me +1

:P
Title: Re: Bitcoin Crash
Post by: phangka on March 23, 2013, 07:01 pm
The first Bitcoins I purchased were about $4 each.  Man, I wish I would have bought a few grand and just held 'em.
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 23, 2013, 07:07 pm
The first Bitcoins I purchased were about $4 each.  Man, I wish I would have bought a few grand and just held 'em.

Dont we all
Title: Re: Bitcoin Crash
Post by: ChemCat on March 23, 2013, 07:11 pm
now how many of you would buy BTC's if they go down to $!.00 (One Dollar) then back up to $100.00 per BTC in 2 weeks?
and how much would you spend  when the price was down so low?
  :P
Title: Re: Bitcoin Crash
Post by: cantellya on March 23, 2013, 07:16 pm
It seems logical to ride out any fluctuation and keep your investment in BTC- just like the NASDAQ, there will be ups and downs, but the theory is have faith that the market will keep increasing in volume  over the long term. It seems like the long term pattern is up up up!

I would love to see the few BTC I have go up above 100 USD a piece.. or higher  8) It's not like it will make or break me even if it does crash or destabilize. I doubt it will though.
Title: Re: Bitcoin Crash
Post by: Mr. Fluffles Schrodinger on March 23, 2013, 09:17 pm
The first Bitcoins I purchased were about $4 each.  Man, I wish I would have bought a few grand and just held 'em.

Dont we all

Every. Day.
Title: Re: Bitcoin Crash
Post by: Joey Terrifying on March 23, 2013, 09:45 pm
The first Bitcoins I purchased were about $4 each.  Man, I wish I would have bought a few grand and just held 'em.

Dont we all

Every. Day.

it eases the pain to know i'm not alone in feeling this
Title: Re: Bitcoin Crash
Post by: Aurelius Venport on March 23, 2013, 10:35 pm
^ I'm just trying to get on the train before it's too late.
Title: Re: Bitcoin Crash
Post by: slysamuel0109 on March 23, 2013, 11:17 pm
It's really sad to think about all the money you would have made if you would've just put in $5,000-10,000 in bitcoins at their lowest rate, and cash them out when they reach about $100.
Title: Re: Bitcoin Crash
Post by: ChemCat on March 23, 2013, 11:29 pm
I Like Bitcoins   :)

It's just a Risk?....a Game?..a Challenge? 

I'll never get Rich .... but it's nice to know i can pay my bills and be Comfortable    ;)

 
Title: Re: Bitcoin Crash
Post by: Joey Terrifying on March 23, 2013, 11:49 pm
think about this:  if you were the kind of person who would put their life saving into something like bitcoin a year ago, you'd probably be a crazy enough gambler to lose it all doing something else later.

with investing, its best to be like the tortoise
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 12:02 am
 :o
















My Mind just flashed Back to that 50's Show called "Rawhide" 























 ???
Title: Re: Bitcoin Crash
Post by: Aurelius Venport on March 24, 2013, 12:06 am
@ joey....you're def right.

the main people that benefited, were obv vendors.

not too many sharp investors were going all in on BTC last year
Title: Re: Bitcoin Crash
Post by: billiken on March 24, 2013, 12:55 am
I bought a bulk order from a very well known top seller. The order was placed in january 8 and it just ended today when i decided to release funds ( even though one package is still yet to arrive) for him since btc was going lower. The amount was 156 btc and it was hedged, it was worth around 2.2k usd back in january like 14usd/btc . So now he got 9k atleast.
Lucky him!
Title: Re: Bitcoin Crash
Post by: Jello on March 24, 2013, 01:06 am
It's really sad to think about all the money you would have made if you would've just put in $5,000-10,000 in bitcoins at their lowest rate, and cash them out when they reach about $100.
Why cash out? Just buy a FUCKING LOT OF DRUGS  8)...only if. Oh well, i'm still happy to be a part of this experience.
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 01:19 am
I've lost about £80 in this one crash. Been watching the graphs tentatively and am holding out hope that i wake up tomorrow and they're back on the up :)
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 24, 2013, 01:27 am
I've lost about £80 in this one crash. Been watching the graphs tentatively and am holding out hope that i wake up tomorrow and they're back on the up :)

Not tomorrow, but probably monday or tuesday. Banks are still closed tomorrow.

I think there will be a lot of new blood buying in this week. I'd pick coins up today or tomorrow if you can
Title: Re: Bitcoin Crash
Post by: astor on March 24, 2013, 01:30 am
It's really sad to think about all the money you would have made if you would've just put in $5,000-10,000 in bitcoins at their lowest rate, and cash them out when they reach about $100.
Why cash out? Just buy a FUCKING LOT OF DRUGS  8)...only if. Oh well, i'm still happy to be a part of this experience.

Exactly. Avoid all the cash out fees and taxes.
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 01:52 am
Just Wait & Watch   ...  Geez....ya'll can't do without till monday  or tuesday right? 

i don't know about ya'll but i am waiting till monday at GMT


watch and see..

hold your BTC's  fer fucks sake.....or spend them if ya want...it all matters about what ya want...

fuck it.... i'm out.


Peace,

ChemCat

8)
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 02:15 am
For me its all about the cashing in price, i will be holding out to see how it goes. Got high hopes. If i wanted drugs you can be sure i'd be getting drugs :) Got lots of orders in escrow so i'll have my drugcoins soon enough :D
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 02:26 am
For me its all about the cashing in price, i will be holding out to see how it goes. Got high hopes. If i wanted drugs you can be sure i'd be getting drugs :) Got lots of orders in escrow so i'll have my drugcoins soon enough :D

High Hopes don't cut the Mustard My Friend....and by that i mean  No discontent...

if yur just in it for the drugs..weed...trips...whatever your into...then...ya got some good connects...if your in it for the Funds...then be Smart...
if yur not Smart enough to work the Market...well....damn...ya want me to be honest? ....  Ehhhh....  if yur not Smart enough to work the Market
& make a living @ this point....then just buy your drug of choice and get to steppin. i dont know wut else to say   :o



Peace,

ChemCat

8)
Title: Re: Bitcoin Crash
Post by: cyanspore on March 24, 2013, 02:39 am
you haven't lived till you heard the Scottish version of  Rawhide by The Chaps
...you can see it on youtube

see it on shrooms and you might not ever come back

My Mind just flashed Back to that 50's Show called "Rawhide" 
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 02:41 am
you haven't lived till you heard the Scottish version of  Rawhide by The Chaps
...you can see it on youtube

see it on shrooms and you might not ever come back

My Mind just flashed Back to that 50's Show called "Rawhide" 

Lookin that up Right Now my Friend!!

Thanks & Peace,

ChemCat

8)
Title: Re: Bitcoin Crash
Post by: 1mIcedout on March 24, 2013, 03:04 am
Just found the back up / content of a wallet I had forgotten about from when I first started to play around with bitcoins..

I was shuffling coins around a few different wallets while getting my head around the security and how it all worked..

I got a new laptop before Xmas and thought I had all my bitcoin stuff saved on an encrypted usb stick, it seems I had forgotten to include one of my wallets on the stick. I just found it on my old laptop saved as a document while looking for a file I need for some research Im doing..

63 sweet forgotten coins..

Like finding $50 in the pocket of the jacket you have not worn in months but so, so much better..
Title: Re: Bitcoin Crash
Post by: godness420 on March 24, 2013, 03:21 am
Just found the back up / content of a wallet I had forgotten about from when I first started to play around with bitcoins..

I was shuffling coins around a few different wallets while getting my head around the security and how it all worked..

I got a new laptop before Xmas and thought I had all my bitcoin stuff saved on an encrypted usb stick, it seems I had forgotten to include one of my wallets on the stick. I just found it on my old laptop saved as a document while looking for a file I need for some research Im doing..

63 sweet forgotten coins..

Like finding $50 in the pocket of the jacket you have not worn in months but so, so much better..

6 fucking 3 coins? shiieeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeet
Title: Re: Bitcoin Crash
Post by: b0m on March 24, 2013, 03:38 am
wow u found a nice holiday there. congrats man have fun :D a friend of mine found 20g forgotten hash a week ago :D
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 03:57 am
b0m damn if ya were in the Us i'd order from ya  LOL

(Slaps Forehead)
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 05:00 am
For me its all about the cashing in price, i will be holding out to see how it goes. Got high hopes. If i wanted drugs you can be sure i'd be getting drugs :) Got lots of orders in escrow so i'll have my drugcoins soon enough :D

High Hopes don't cut the Mustard My Friend....and by that i mean  No discontent...

if yur just in it for the drugs..weed...trips...whatever your into...then...ya got some good connects...if your in it for the Funds...then be Smart...
if yur not Smart enough to work the Market...well....damn...ya want me to be honest? ....  Ehhhh....  if yur not Smart enough to work the Market
& make a living @ this point....then just buy your drug of choice and get to steppin. i dont know wut else to say   :o



Peace,

ChemCat

8)

I said i'm in it for the funds. I'm not handling lots of coins here, just from orders over the past week or so. I make a living from work and SR, not from holding onto coins and holding out hope that the market works in my favor, just talking about the few coins i have here. Market price is stabilizing and could go back on the rise. They're £2 up from an hour ago, there is some growth, have to wait and see what happens tomorrow but i'm not cashing in yet.

As you said. Bitcoins are just a game ;)
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 05:14 am
For me its all about the cashing in price, i will be holding out to see how it goes. Got high hopes. If i wanted drugs you can be sure i'd be getting drugs :) Got lots of orders in escrow so i'll have my drugcoins soon enough :D

High Hopes don't cut the Mustard My Friend....and by that i mean  No discontent...

if yur just in it for the drugs..weed...trips...whatever your into...then...ya got some good connects...if your in it for the Funds...then be Smart...
if yur not Smart enough to work the Market...well....damn...ya want me to be honest? ....  Ehhhh....  if yur not Smart enough to work the Market
& make a living @ this point....then just buy your drug of choice and get to steppin. i dont know wut else to say   :o



Peace,

ChemCat

8)

I said i'm in it for the funds. I'm not handling lots of coins here, just from orders over the past week or so. I make a living from work and SR, not from holding onto coins and holding out hope that the market works in my favor, just talking about the few coins i have here. Market price is stabilizing and could go back on the rise. They're £2 up from an hour ago, there is some growth, have to wait and see what happens tomorrow but i'm not cashing in yet.

As you said. Bitcoins are just a game ;)



I Didn't mean to Insinuate My Friend,..Lets Keep This Here...Happy Thoughts!!!!













:)
































Peace,




ChemCat
































8)
Title: Re: Bitcoin Crash
Post by: JezuzWazaMushroom on March 24, 2013, 08:00 am
It will eventually eclipse $400... then when apps are written for phones etc for personal shopping it will replace your wallet, they have a BTC bank in France and ATM's getting rolled out across the US.

BTC's up even now %500 since January.

Whoever controls Bitcoins in the future will control the economy of the world.

Once the US dollar collapses, it will become the new international standard, but remember only 21million will ever be made.

Even @ $70 or $100 they are undervalued.

I expect them to be over 10K each eventually and they have been accepted now by the US Govt as legal currency partly adding to the spike in value.

I think the true value of the BTC's are going to make more people rich than anything ever before.

Assuming they are worth $75, that's 25 thousand times their initial release value in under 4 years and they aren't yet adopted.

You wait, they will be like Facebook and Twitter, huge overnight!


- JWM
Title: Re: Bitcoin Crash
Post by: 1mIcedout on March 24, 2013, 09:11 am
It will eventually eclipse $400... then when apps are written for phones etc for personal shopping it will replace your wallet, they have a BTC bank in France and ATM's getting rolled out across the US.

BTC's up even now %500 since January.

Whoever controls Bitcoins in the future will control the economy of the world.

Once the US dollar collapses, it will become the new international standard, but remember only 21million will ever be made.

Even @ $70 or $100 they are undervalued.

I expect them to be over 10K each eventually and they have been accepted now by the US Govt as legal currency partly adding to the spike in value.

I think the true value of the BTC's are going to make more people rich than anything ever before.

Assuming they are worth $75, that's 25 thousand times their initial release value in under 4 years and they aren't yet adopted.

You wait, they will be like Facebook and Twitter, huge overnight!


- JWM

Hmmm...

So you knew all of this and believed that coins would increase in value and be worth hundreds, if not thousands of dollars in the near future....

And still you decided to sell up all your coins for well under $50.

Interesting decision.

Title: Re: Bitcoin Crash
Post by: blueveil on March 24, 2013, 10:48 am
It will eventually eclipse $400... then when apps are written for phones etc for personal shopping it will replace your wallet, they have a BTC bank in France and ATM's getting rolled out across the US.

BTC's up even now %500 since January.

Whoever controls Bitcoins in the future will control the economy of the world.

Once the US dollar collapses, it will become the new international standard, but remember only 21million will ever be made.

Even @ $70 or $100 they are undervalued.

I expect them to be over 10K each eventually and they have been accepted now by the US Govt as legal currency partly adding to the spike in value.

I think the true value of the BTC's are going to make more people rich than anything ever before.

Assuming they are worth $75, that's 25 thousand times their initial release value in under 4 years and they aren't yet adopted.

You wait, they will be like Facebook and Twitter, huge overnight!


- JWM

Hmmm...

So you knew all of this and believed that coins would increase in value and be worth hundreds, if not thousands of dollars in the near future....

And still you decided to sell up all your coins for well under $50.

Interesting decision.
+1 /slowclap
Title: Re: Bitcoin Crash
Post by: munkies on March 24, 2013, 12:18 pm
I just hate it that bitcoins only grow in bubbles. It's soon going to crash again at $30. Something tells me these wild fluctuations have to do a lot with greed.
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 12:56 pm
Live & Learn.....NEXT!!!!!!!!



 :P
Title: Re: Bitcoin Crash
Post by: edar on March 24, 2013, 01:47 pm
so would you recommend sell buy or hold ?
Title: Re: Bitcoin Crash
Post by: godness420 on March 24, 2013, 02:06 pm
so would you recommend sell buy or hold ?

hold.. the little btc price falling that we had friday and yesterday is normal.. its weekend... wait at least until the middle of this week.. i'm sure that tomorrow it will go up again
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 02:22 pm




<----  Pats godness420  on the Head  :P
Title: Re: Bitcoin Crash
Post by: EarlyCuylerTOR on March 24, 2013, 02:48 pm
I just hate it that bitcoins only grow in bubbles. It's soon going to crash again at $30. Something tells me these wild fluctuations have to do a lot with greed.
 

Then you not only understand correctly how the BTC market works, but the whole entire global economy as well.  That's all that funds any currency trading/stock exchange; GREED.
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 02:52 pm
i like Gluttony   


:P
Title: Re: Bitcoin Crash
Post by: opi on March 24, 2013, 03:10 pm
Crash? what crash? my local exchange(cavirtex) is going STRONG at 72$, and they sold out of there 1200 unit IPO in under 12 hours.... I really wish they had told me about that before hand. I guess I am a small fry compared to their other more legitiment customers :(
Title: Re: Bitcoin Crash
Post by: b0m on March 24, 2013, 03:54 pm
i think the guys who are responsible for that crash are dumb. they make a lot of people lose trust in it. if they keep doing so most people will look out for other currencies. And the bitcoin will lose his collecting status. I hope so anyway... :P
Title: Re: Bitcoin Crash
Post by: ChemCat on March 24, 2013, 03:58 pm
i think the guys who are responsible for that crash are dumb. they make a lot of people lose trust in it. if they keep doing so most people will look out for other currencies. And the bitcoin will lose his collecting status. I hope so anyway... :P

Then we'll have new Threads about the new "Currency"   to Post in

:P
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 04:02 pm
For me its all about the cashing in price, i will be holding out to see how it goes. Got high hopes. If i wanted drugs you can be sure i'd be getting drugs :) Got lots of orders in escrow so i'll have my drugcoins soon enough :D

High Hopes don't cut the Mustard My Friend....and by that i mean  No discontent...

if yur just in it for the drugs..weed...trips...whatever your into...then...ya got some good connects...if your in it for the Funds...then be Smart...
if yur not Smart enough to work the Market...well....damn...ya want me to be honest? ....  Ehhhh....  if yur not Smart enough to work the Market
& make a living @ this point....then just buy your drug of choice and get to steppin. i dont know wut else to say   :o



Peace,

ChemCat

8)

I said i'm in it for the funds. I'm not handling lots of coins here, just from orders over the past week or so. I make a living from work and SR, not from holding onto coins and holding out hope that the market works in my favor, just talking about the few coins i have here. Market price is stabilizing and could go back on the rise. They're £2 up from an hour ago, there is some growth, have to wait and see what happens tomorrow but i'm not cashing in yet.

As you said. Bitcoins are just a game ;)

I Didn't mean to Insinuate My Friend,..Lets Keep This Here...Happy Thoughts!!!!


No worries CC - Just seemed like it is all. Happy thoughts indeed - Waiting wasnt a bad idea :)
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 04:06 pm
Crash? what crash? my local exchange(cavirtex) is going STRONG at 72$, and they sold out of there 1200 unit IPO in under 12 hours.... I really wish they had told me about that before hand. I guess I am a small fry compared to their other more legitiment customers :(

You're 24-12 hours late.. Or should i say just in time? Who WANTS to see the crash anyway? ;)
Visit (CLEARWEB) www.mtgox.com and click the graph in the top left to see whats been happening
Title: Re: Bitcoin Crash
Post by: jagfug on March 24, 2013, 04:48 pm
Who cares? It's mostly computer nerds with bitcoin mining machines set up via banks of computer devices specifically set up to mine bitcoins, add to that the greedy investor/speculator that's probably writing a column in the Wall St Journal each week, telling 'legitimate' investors, "Nothing to see here, it's a fad, move on with your blue chips+whatnot". Meanwhile having Mt Gox + Preeve up on his screen 24/7.

I'm here to get the drugs society makes difficult to get. I don't know about the rest of you.

I started here a year ago -April 2012, then 1 bitcoin = $4.75 USD  - Hasn't changed the price of a gram of anything!

As the old saying goes, "What's that got to do with the price of tea in China?"

Title: Re: Bitcoin Crash
Post by: 1mIcedout on March 24, 2013, 05:31 pm
Who cares? It's mostly computer nerds with bitcoin mining machines set up via banks of computer devices specifically set up to mine bitcoins, add to that the greedy investor/speculator that's probably writing a column in the Wall St Journal each week, telling 'legitimate' investors, "Nothing to see here, it's a fad, move on with your blue chips+whatnot". Meanwhile having Mt Gox + Preeve up on his screen 24/7.

I'm here to get the drugs society makes difficult to get. I don't know about the rest of you.

I started here a year ago -April 2012, then 1 bitcoin = $4.75 USD  - Hasn't changed the price of a gram of anything!

As the old saying goes, "What's that got to do with the price of tea in China?"



Fair enough...

But if you had saved ten of them bitcoins from back then.
They would have only cost you $47.50 at the time, barely enough cash to buy half a gram...

If you still had them ten coins now you would have around $700.
I think that $700 could buy yourself a fucking good time in comparison to $47

Call them computer nerds, geeks, whatever.

But the people that have held on to coins for 6 months or so are making some serious cash very fucking quick. 
And good on them. I only wish I had faith in them back then also.
Title: Re: Bitcoin Crash
Post by: wackmanblu on March 24, 2013, 05:50 pm
I don't think there has been a "crash". BtCs are still at around $70 which is not as good as $85 where they topped out at, but still well above $30 where they hovered for a quite awhile.
All I want right now is some kind of stability where I know I can purchase $100 worth of BtC and know that they will still be worth $100 two hours later when I place an order.
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 24, 2013, 05:54 pm
I don't think there has been a "crash". BtCs are still at around $70 which is not as good as $85 where they topped out at, but still well above $30 where they hovered for a quite awhile.
All I want right now is some kind of stability where I know I can purchase $100 worth of BtC and know that they will still be worth $100 two hours later when I place an order.

When did they reach 85?
Title: Re: Bitcoin Crash
Post by: opi on March 24, 2013, 07:18 pm
Worst part about it was  I cashed out 5600$ worth @ 49$ each, 3 days later it hit 72$ each... you bet it hit me right in my balls.... HARD
Title: Re: Bitcoin Crash
Post by: b0m on March 24, 2013, 07:25 pm
I don't think there has been a "crash". BtCs are still at around $70 which is not as good as $85 where they topped out at, but still well above $30 where they hovered for a quite awhile.
All I want right now is some kind of stability where I know I can purchase $100 worth of BtC and know that they will still be worth $100 two hours later when I place an order.

20€ less from 60€ in 2 hours is what i call a crash. That`s a loss of ~33% in 2 hours. No smart investigator can look at it and think its all cool and will stabilize somehow anytime soon. Its easy math, u invest to gain those 33% profit in one month. But if its possible to lose it all again in 2 hours it is not the best idea to put a lot of money into it. Questionable if its even worth to invest at all. i for myself learned a lot about the bitcoin this weekend. that is i will not even try to make that much of a profit with it anymore. Before that crash i was about to invest everything i have. Just one little panic can kill it all. Not the way i want to gamble with hard earned money.

If these manipulations will happen more often i think it is very possible that bitcoin will lose its reputation which it just build up over the last few months.

The stabilization u wish for just proven to be impossible with this 'crash'. Now its obvious u could lose a lot of money in a matter of minutes/hours. That is in no way good for the bitcoin in my opinion. Also just as bad for the Manipulators themselves in the long run. Maybe even specially for the manipulators because they are the ones buying most of them.

Anyway i hope im all wrong and the btc will keep exploding in the future. Good luck to us for that :)


Worst part about it was  I cashed out 5600$ worth @ 49$ each, 3 days later it hit 72$ each... you bet it hit me right in my balls.... HARD

I feel you. When it hit 62€ i wanted to cash out as i had some strange feeling. But somebody said stay to it. 2 days later i sold them for 49,50€! (~200€ less) even that bit fucked up my weekend... Gave me the headache of my life lol
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 08:03 pm
I don't think there has been a "crash". BtCs are still at around $70 which is not as good as $85 where they topped out at, but still well above $30 where they hovered for a quite awhile.
All I want right now is some kind of stability where I know I can purchase $100 worth of BtC and know that they will still be worth $100 two hours later when I place an order.

20€ less from 60€ in 2 hours is what i call a crash. That`s a loss of ~33% in 2 hours. No smart investigator can look at it and think its all cool and will stabilize somehow anytime soon. Its easy math, u invest to gain those 33% profit in one month. But if its possible to lose it all again in 2 hours it is not the best idea to put a lot of money into it. Questionable if its even worth to invest at all. i for myself learned a lot about the bitcoin this weekend. that is i will not even try to make that much of a profit with it anymore. Before that crash i was about to invest everything i have. Just one little panic can kill it all. Not the way i want to gamble with hard earned money.

Worst part about it was  I cashed out 5600$ worth @ 49$ each, 3 days later it hit 72$ each... you bet it hit me right in my balls.... HARD

I feel you. When it hit 62€ i wanted to cash out as i had some strange feeling. But somebody said stay to it. 2 days later i sold them for 49,50€! (~200€ less) even that bit fucked up my weekend... Gave me the headache of my life lol

b0m if you check the stats you'll see btc are actually £2 up from 24 hours ago,  the market's recovering, no need to panic yet
Title: Re: Bitcoin Crash
Post by: wackmanblu on March 24, 2013, 08:08 pm
Well I still maintain there was no 'crash'. A crash would imply that there was some kind of stability beforehand from whence it crashed. There was not, It went from $40 to $70 almost overnight and then briefly above $80. Since then it has hovered around $70. This is not what I'd call a good investment climate as it's simply to volatile.  You'd have to be a gambling cowboy to throw any real money into this. If you already have some BtC laying around I'd keep em and just let it ride. If you need more BtC's for an SR order then go out and buy em and spend em right away.
Title: Re: Bitcoin Crash
Post by: Doc_Tryptamine on March 24, 2013, 08:23 pm
If a crash happens, buy in as much as you can. Bitcoins are goin' up in the longterm. Don't panic sell either if you are going to be investing, just wait for it to go back up if a dip or even full on crash occurs.
Title: Re: Bitcoin Crash
Post by: b0m on March 24, 2013, 08:36 pm
Thats easy to say if u r not sitting on a lot of bitcoins. u can never know what happened to cause the crash. it might got hacked right now and is worth basically nothing in a matter of hours. the smartest thing to do in such a situation is just to sell em as expensive as possible in my opinion. Holding on to them in that situation is really a gamble.
Title: Re: Bitcoin Crash
Post by: Arcturian on March 24, 2013, 09:21 pm
I wasnt handling lots, only 23 & I didnt come out of it badly, i expected worse. I sold earlier today at 57 euros each. Only about 2.5 off of what i expected them to get for them before the crash
Title: Re: Bitcoin Crash
Post by: MendoHashMan on March 24, 2013, 10:59 pm
Hold fast and trust in it and it will survive. Panic selling will hurt everyone! I wonder how much money was lost because someone freaked out when it was around $50 and now are kicking themselves since it is back where it was! When it dropped, I didn't think about selling, I wanted to buy as many at 50 as I could! Too bad I didn't have the money to do it as most of my money is tied up in a few hundred bitcoins. This is likely some bit rich person playing all of your fears, make the price drop, then when everyone freaks out and starts selling them cheap in a panic, buy all the coins you can! This has happened with silver and it will continue to happen with bitcoins as long as people are running scared every time the price drops $10
Title: Re: Bitcoin Crash
Post by: isthereanyneed on March 24, 2013, 11:39 pm
I have a feeling there will be a crash again then prices will drop, so I bought what I needed now (10 btc) plus the vendor in question gave me an excellent deal so for the sake of possibly making a couple of hundred extra over the next few weeks I decided to buy what I needed at a good price and the product is now sold out I bought the last so I would rather have top quality right now than double the product but weaker quality.

I just have a feeling there be will crash again, dont know why, I will more than likely be wrong, but I am trusting my gut here and I got a good deal so Im happy what ever happens.

Title: Re: Bitcoin Crash
Post by: Dcompany on March 25, 2013, 04:39 am
If a crash happens, buy in as much as you can. Bitcoins are goin' up in the longterm. Don't panic sell either if you are going to be investing, just wait for it to go back up if a dip or even full on crash occurs.




i second Tryptamine that btc are going up in long term as its built in their creation algorithm

also think about the massive demand created by people fleeing from overtaxation in EU and more demand coming from asia

indeed btc have become the standard trendsetter in dawn of digital curriencies....no doubt its the biggest amongst all other digital currenies

although this rise may be too fast for conventional thinking....but its not irrational and backed by speculation based on solid fundamentals

though some of you raising red flag of btc crashing.....i think it went up too fast and will definately correct...form a new base and move up

Title: Re: Bitcoin Crash
Post by: azmotox1 on March 25, 2013, 04:52 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 25, 2013, 04:55 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?

yes once the order is finalized the vendor will recieve 16.6 bitcoins instead of the 20 it took to make the purchase.
Title: Re: Bitcoin Crash
Post by: azmotox1 on March 25, 2013, 05:09 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?

yes once the order is finalized the vendor will recieve 16.6 bitcoins instead of the 20 it took to make the purchase.

Jeese so if I utilize my buying power with the exchange rate today and say it does crash before I finalize and then I don't have the funds in my account?
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 25, 2013, 05:15 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?

yes once the order is finalized the vendor will recieve 16.6 bitcoins instead of the 20 it took to make the purchase.

Jeese so if I utilize my buying power with the exchange rate today and say it does crash before I finalize and then I don't have the funds in my account?

no no  no
Your funds are placed in escrow when you make a purchase and released from escrow once you finalize. You finalize when you receive your order.

You make a $1000USD order that is hedged. Your vendor recieves $1000USD when you finalize regardless of the exchange rate
Title: Re: Bitcoin Crash
Post by: azmotox1 on March 25, 2013, 05:23 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?

yes once the order is finalized the vendor will recieve 16.6 bitcoins instead of the 20 it took to make the purchase.

Jeese so if I utilize my buying power with the exchange rate today and say it does crash before I finalize and then I don't have the funds in my account?

no no  no
Your funds are placed in escrow when you make a purchase and released from escrow once you finalize. You finalize when you receive your order.

You make a $1000USD order that is hedged. Your vendor recieves $1000USD when you finalize regardless of the exchange rate

But what if the $1000 equaled 20 btc at time of purchase and then should be 40 once the funds are released? Does the vendor get screwed out of $500 or do I have to pay him another 500 worth of btc?
Title: Re: Bitcoin Crash
Post by: CrazyBart on March 25, 2013, 05:28 am
If you place a $1000 order and BTC are at $50 and the next day they jump to $60 and your funds are hedged, how does that work? Is the transaction locked into the exchange rate at time of purchase?

yes once the order is finalized the vendor will recieve 16.6 bitcoins instead of the 20 it took to make the purchase.

Jeese so if I utilize my buying power with the exchange rate today and say it does crash before I finalize and then I don't have the funds in my account?

no no  no
Your funds are placed in escrow when you make a purchase and released from escrow once you finalize. You finalize when you receive your order.

You make a $1000USD order that is hedged. Your vendor recieves $1000USD when you finalize regardless of the exchange rate

But what if the $1000 equaled 20 btc at time of purchase and then should be 40 once the funds are released? Does the vendor get screwed out of $500 or do I have to pay him another 500 worth of btc?

He will get 40 btc then. The vendor will recieve 1000 dollars worth of bitcoins.

Once you order you are done paying, you do not owe anymore money.