Silk Road forums
Market => Rumor mill => Topic started by: futura on April 12, 2013, 09:16 pm
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Great Article about this here
http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html
Read Next Post...Rather Long...But Interesting
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(NaturalNews) In what has to be the most accurate currency crash prediction ever made, bitcoin crashed today from $266 to a low of $105 in a rapid "free fall" market crash pattern, erasing $1 billion in currency valuation in a matter of hours. I openly and publicly predicted all this would occur yesterday, in both a Natural News article as well as national radio via the Alex Jones Show broadcast aired on over 120 am stations.
But the real story here isn't that I accurately made this dire prediction less than 24 hours before it took place; the real story is that this crash was almost certainly caused by a covert central bank "stress test" of the pliability of the bitcoin market. That's all explained below. (This is a Natural News exclusive. Nobody else has realized this yet...)
Alternative media nails it
The alternative media has already begun to pick up on the story of the crash and the prediction I made just hours before it took place. Mac Slavo of SHTFplan.com writes:
Earlier this morning, Mike Adams of Natural News penned a warning to investors and those seeking privacy and wealth protection by utilizing the digitally encrypted BitCoin currency unit... A few hours after Adams' dire warning was posted, the crash he warned about has become a reality.
This morning, without warning, and moments after Bitcoin achieved its all time highs, the currency collapsed over 50%, essentially vaporizing upwards of one billion dollars in value.
Anthony Gucciardi of StoryLeak.com writes:
Bitcoins have been surging beyond $200 amid mass speculation and bandwagon investment, but as of this writing bitcoin value has dropped from $266 to a low of $105 -- a crash that was predicted verbatim just several hours before by Mike Adams of NaturalNews.
...as predicted by Mike Adams just several hours beforehand in his article "How the looming bitcoin crash will be exploited by globalists to outlaw decentralized crypto currencies", bitcoin holders have entered a nightmare scenario sparked by what appears to be individuals purposefully attempting to devalue the currency...
See the prediction I made on air, on live national radio, in the following video, where I said:
"Eventually it's going to crash hard. I bet my reputation on that, Alex. I am 100% sure we are going to see a massive bitcoin crash at some point with an ultra-accelerated velocity. It will be the fastest crash of any currency in the history of human civilization. It will be a high-velocity crash. People are buying bitcoins who don't know what bitcoins are and who have no use for them. These are speculators."
Bitcoin crash unfolds almost word-for-word following my prediction
What's especially freaky about this bitcoin crash is that it followed almost word-for-word from my predicted "recipe" of how the central banks could destroy bitcoin.
According to The Guardian,
Wednesday's wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name "Bitcoinbillionaire" had given away $13,627.69896 worth of Bitcoins to Reddit users over the day.
This giveaway is what apparently caused the bitcoin crash. But I have news for everyone. Having now made, on the record, the single most accurate crash prediction ever publicly announced on bitcoin, I think I've earned the credibility to tell you more: Bitcoinbillionaire is almost certainly not a friend of bitcoin. He is likely working for the central banks.
How do I know that? Because the "bitcoin giveaway" that crashed the market today was a calculated stress test to determine the "buoyancy" of the bitcoin market. By injecting a predetermined amount of supply into the market and watching the price reaction, it can easily be calculated how many bitcoins will be required to crash the entire market down to a desired price level, causing a runaway panic.
This engineered crash was, in effect, a currency war probe attack designed specifically to calculate what is needed for a much larger attack planned for the future -- an attack that will decimate bitcoin and cause long-lasting distrust in non-centralized currencies.
Again, I predicted this would happen almost word for word in yesterday's article, in which I outlined a 6-step "recipe" the central banks would use to destroy bitcoin:
Step 1) Central banks buy up massive quantities of bitcoin currency, driving the prices into the stratosphere and encouraging millions of people around the world to jump on board the "get rich" bandwagon.
Step 2) Once bitcoin valuations reach a sufficient level of insanity, start a massive selloff by dumping the bitcoins you already bought onto the market, offering them for sale at any price (i.e. sell into falling prices, accelerating the loss in valuations).
Step 3) Watch panic take hold as the bitcoin crash accelerates, ending in a catastrophic wipeout of "valuation" of all bitcoins.
Step 4) Find "victims" of the bitcoin crash who can tell a good sob story for the mainstream media about how they invested little Johnny's college money in bitcoin and lost it all. Roll them out on CNN and MSNBC where they cry on camera and talk about how they were ripped off by bitcoin and now they only trust the government from now on.
Step 5) Demonize bitcoin by characterizing it as a "libertarian pyramid scheme." Lash out against both decentralized currencies and libertarians.
Step 6) Once the demonization gains traction, have traitors in the U.S. Congress announce a "Consumer Currency Protection Act" that outlaws non-central bank currencies such as bitcoin. It's all "for your safety," of course. Shut down all online bitcoin wallets and exchanges, calling them "criminal pyramid schemes" and arrest a few people using bitcoin to send a warning message to the rest.
What we saw unfold today was step 2. Step 3 is next, but the central banks may wait weeks, months or even years before pulling the trigger in step 3. (The timing is impossible to know.)
Extreme price volatility has already destroyed bitcoin credibility
Although bitcoin quickly recovered some of its losses today, the extreme volatility is a huge red flag for this currency. Why? Because it means merchants won't want to accept payments in bitcoins because they could lose half their pay values in mere hours. This damage is already done. In the minds of merchants who were considering accepting bitcoin, bitcoin's reputation has been destroyed as of today.
So this crash event is terrible news for bitcoin's wider acceptance as an everyday currency. I'm even thinking of pulling it from the Natural News Store, since we can't rely on bitcoin payments to have any real value by the time we get paid.
On the speculation side, bitcoin volatility is also a red flag warning sign: Volatility equals RISK, and risk is something that a lot of people don't have an appetite for. Once people full realize that bitcoin won't keep going up "forever and ever" as they had foolishly dreamed, most of them will exit the market by selling bitcoins. After all, most of the buyers had no idea what bitcoins were in the first place, so there's really nothing stopping them from ending their little investment experiment.
I did not crash bitcoin; I only predicted the crash
Finally, I want to dispel any rumors that I personally caused the bitcoin crash. People claiming this are using the same lame excuse the central banks use when they want to blame patriots for bank runs. "It's their fault for telling people to take their money out of the banks!"
I didn't crash bitcoin and I have no insider information on bitcoin other than the same public information we all have access to (bitcoincharts.com, Coinbase, etc.). Anyone blaming me for crashing bitcoin is just flat-out stupid and delusional, and they're probably angry at me because they lost money in the bitcoin crash (which I warned them would take place).
I love how insane our world has become where a guy who can do math (me) is considered an "conspiracy insider" because he can calculate mathematical projections. The mere act of saying 2 + 2 = 4 makes you a conspiracy theorist these days, it seems. And don't even get me started on the U.S. national debt or the global derivatives pyramid scheme (which will also collapse in time, by the way).
Honestly, the bitcoin bubble was not that difficult to predict. It was obvious. Only a fool could have failed to see the signs. But the world is full of fools, I've learned. And when they are blinded by greed, no amount of good sense can penetrate their skulls.
So I'm just the guy blowing the whistle and warning people about mathematical reality. I have no horse in this race when it comes to bitcoin, unlike other large-scale bitcoin holders who stand to lose millions of dollars if valuations tumble.
If I were an evil sonofabitch who only cared about money, I could have long since fleeced millions of dollars from gullible bitcoin buyers through the use of some relatively simple automated algorithms that I already described on the Alex Jones Show. But that's not what I'm into. I don't feel like I'm "winning" by taking money from other people who are losing it. That's not what I'm about. So instead of bilking the bitcoin market, I'm warning people about it instead.
If I'm going to take money from someone, I want it to be a voluntary transaction where they gain something of value in return (such as buying superfoods from the Natural News Store). I have no interest whatsoever in zero-sum-game transactions where my "win" requires someone else to "lose."
I despise Wall Street, in other words. And central banks. I don't hate bitcoin, for the record, but I do know when something looks like a bubble and people need to be warned. My hope is that the hype mania of bitcoin can burn out and we can get back to the old bitcoin that was less volatile and far more affordable. I would like bitcoin to succeed, but now it is obvious that its reputation can be decimated at the merest flinching of the central banks.
To think: this crash was caused by nothing more than $13,000 or so worth of bitcoins flooding the market all of a sudden, causing the loss of $1 billion in market valuation. How's that for outrageous volatility?
Learn more: http://www.naturalnews.com/039865_bitcoin_crash_prediction_Mike_Adams.html#ixzz2QI2LdPxe
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Mike Adams really needs to stop sucking his own dick. He acts as if he was the only one to predict a crash. Of course it was going to crash. BTC rose from approx $100 to $250 in approx 10 days.
Mike's recent articles patting himself on the back have really put a bad taste in my mouth. Alex Jones as well. This guy's ego is going through the roof. He should stick to being the Health Ranger and fighting his crusade against GMO's. Please dont pretend you are an expert in crypto-currency Mike.
MY prediction, BTC is the future and there is nothing that is going to stop it. It will rise to $200 steadily over the next 6 months. Give me bitcoins and some 3D printers and let the revolution begin.
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People have been saying "it's about to crash" every day since the value began to explode a couple of months ago.
Quote (slightly paraphrased) from video: "It doesn't mean it's about to crash tomorrow. It could reach 500 or 1000". "We're going to see a massive crash AT SOME POINT".
This guy didn't say anything that is not regularly said on this forum, and has misrepresented himself in the article. Did anyone believe there wasn't going to be some crash at some point?
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To think: this crash was caused by nothing more than $13,000 or so worth of bitcoins flooding the market all of a sudden, causing the loss of $1 billion in market valuation. How's that for outrageous volatility?
Hahaha, good one. Did Mike Adams actually say that?
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Futura's nailed it ... in fact you'll find I've posted in several Btc threads saying this was "organised" aand I even 'joked' that they probably had half of Fort Meade doing the mining! :o ;D
the real story is that this crash was almost certainly caused by a covert central bank "stress test" of the pliability of the bitcoin market.
YES YES YES :o By the "masters" of "The Game"
Seriously I'm an Ozzy and dont know this journo for shit BUT..this below, IS SPOT ON....and IT IS actually called 'economic stress testing' It's done with oil, coffee, alcohol, ALL commodities
Read the the Book 'Behold a Pale Horse' by William Cooper and look up a document called "Silent Weapons for Quiet Wars" .... it will chill your blood and was written in 1952 by IIRC a Harvard "think tank" financed....by a well known 'group' of bankers...
AND IMO this "economistic journ" IS ON THEIR SIDE ....THIS IS FUCKIN COINTELPRO at it's finest ....read this part
Wednesday's wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name "Bitcoinbillionaire" had given away $13,627.69896 worth of Bitcoins to Reddit users over the day.
GET FUCKIN REAL PEOPLE ! there ARE ONLY(roughly) $2.5 billion dollars of Bttc AVAILABLE ..... the trades yesterday were " small (e.g. 2-3000 Btc's) but in the hundreds of thousands!! We're talking BILLIONS of "dollars IN/via Bitcoins were ACTUALLY TRADED ..... not $13,000.69896 (notice the decimal, many wont :o)
Mt GOX said it had 20,000 NEW ACCOUNTS OPENED in THE LAST WEEK! Hundreds of millions of dollars in Btc were "traded" yesterday ... a classic ploy ... but unless the Govt make "De-centralised currencies" illegal, for the moment we'll be ok, BUT IF the Media Machine CAN get the "sheeple" to 'believe the bullshit" ..... Be worried, like a "martial law and then civil war" worried!
folks "Half truths ARE WHOLE LIES!"
This giveaway is what apparently caused the bitcoin crash. BUT I have news for everyone. Having now made, on the record, the single most accurate crash prediction ever publicly announced on bitcoin, I think I've earned the credibility to tell you more:
Bitcoinbillionaire is almost certainly not a friend of bitcoin. He is likely working for the central banks. (this is a very clever 'manipulated truism' it's "half true" the central bank bit BUT NOT the "releveance of the amount"
THAT'S JUST WHAT THEY WANT FOLKS TO THINK/BELIEVE!)
Coz IF ONLY $13,000 bucks worth of Btc CAN and IF we 'believe "them" DID CAUSE A BILLION DOLLAR LOSS ...... People are stupid enough to BELIEVE IT eeep! shit!
How do I know that? Because the "bitcoin giveaway" that crashed the market today was a calculated stress test to determine the "buoyancy" of the bitcoin market. By injecting a predetermined amount of supply into the market and watching the price reaction, it can easily be calculated how many bitcoins will be required to crash the entire market down to a desired price level, causing a runaway panic.
This engineered crash was, in effect, a currency war probe attack designed specifically to calculate what is needed for a much larger attack planned for the future -- an attack that will decimate bitcoin and cause long-lasting distrust in non-centralized currencies.
Again, I predicted this would happen almost word for word in yesterday's article, in which I outlined a 6-step "recipe" the central banks would use to destroy bitcoin:
Step 1) Central banks buy up massive quantities of bitcoin currency, driving the prices into the stratosphere and encouraging millions of people around the world to jump on board the "get rich" bandwagon.
Step 2) Once bitcoin valuations reach a sufficient level of insanity, start a massive selloff by dumping the bitcoins you already bought onto the market, offering them for sale at any price (i.e. sell into falling prices, accelerating the loss in valuations).
Step 3) Watch panic take hold as the bitcoin crash accelerates, ending in a catastrophic wipeout of "valuation" of all bitcoins.
Step 4) Find "victims" of the bitcoin crash who can tell a good sob story for the mainstream media about how they invested little Johnny's college money in bitcoin and lost it all. Roll them out on CNN and MSNBC where they cry on camera and talk about how they were ripped off by bitcoin and now they only trust the government from now on.
Step 5) Demonize bitcoin by characterizing it as a "libertarian pyramid scheme." Lash out against both decentralized currencies and libertarians.
Step 6) Once the demonization gains traction, have traitors in the U.S. Congress announce a "Consumer Currency Protection Act" that outlaws non-central bank currencies such as bitcoin. It's all "for your safety," of course. Shut down all online bitcoin wallets and exchanges, calling them "criminal pyramid schemes" and arrest a few people using bitcoin to send a warning message to the rest.
What we saw unfold today was step 2. Step 3 is next, but the central banks may wait weeks, months or even years before pulling the trigger in step 3. (The timing is impossible to know.)
Extreme price volatility has already destroyed bitcoin credibility
Although bitcoin quickly recovered some of its losses today, the extreme volatility is a huge red flag for this currency. Why? Because it means merchants won't want to accept payments in bitcoins because they could lose half their pay values in mere hours. This damage is already done. In the minds of merchants who were considering accepting bitcoin, bitcoin's reputation has been destroyed as of today.
AS THEY SAY (want to believe/think/enforce) THE DAMAGE IS DONE!
NOW ...... READ THIS LIKE you picked up ANOTHER PAPER and just read this, becoz that's EXACTLY what various "highly controlled Media"CAN and WILL DO!
Half Truths are like Chines Whispers, where confusion IS the resul
(NaturalNews) In what has to be the most accurate currency crash prediction ever made, bitcoin crashed today from $266 to a low of $105 in a rapid "free fall" market crash pattern, erasing $1 billion in currency valuation in a matter of hours. I openly and publicly predicted all this would occur yesterday, in both a Natural News article as well as national radio via the Alex Jones Show broadcast aired on over 120 am stations.
This morning, without warning, and moments after Bitcoin achieved its all time highs, the currency collapsed over 50%, essentially vaporizing upwards of one billion dollars in value.
Anthony Gucciardi of StoryLeak.com writes:
Bitcoins have been surging beyond $200 amid mass speculation and bandwagon investment, but as of this writing bitcoin value has dropped from $266 to a low of $105 -- a crash that was predicted verbatim just several hours before by Mike Adams of NaturalNews.
Although bitcoin quickly recovered some of its losses today, the extreme volatility is a huge red flag for this currency. Why? Because it means merchants won't want to accept payments in bitcoins because they could lose half their pay values in mere hours. This damage is already done. In the minds of merchants who were considering accepting bitcoin, bitcoin's reputation has been destroyed as of today.
So this crash event is terrible news for bitcoin's wider acceptance as an everyday currency. I'm even thinking of pulling it from the Natural News Store, since we can't rely on bitcoin payments to have any real value by the time we get paid.
On the speculation side, bitcoin volatility is also a red flag warning sign: Volatility equals RISK, and risk is something that a lot of people don't have an appetite for. Once people full realize that bitcoin won't keep going up "forever and ever" as they had foolishly dreamed, most of them will exit the market by selling bitcoins. After all, most of the buyers had no idea what bitcoins were in the first place, so there's really nothing stopping them from ending their little investment experiment.
(note; HERE'S WHERE THE (who "they" want You to 'believe IS a) 'GOOD GUY' ..... APPEARS and restates the case,, and he's taking the "what BAD GUYS they ARE for Ripping EVERYONE OFF like that..with BITCOINS!!! ... most folks will only hears/notice bit's n pieces too, and remember facts in mixed up ways .... = FUD+ !)
Honestly, the bitcoin bubble was not that difficult to predict. It was obvious. Only a fool could have failed to see the signs. But the world is full of fools, I've learned. And when they are blinded by greed, no amount of good sense can penetrate their skulls.
So I'm just the guy blowing the whistle and warning people about mathematical reality. I have no horse in this race when it comes to bitcoin, unlike other large-scale bitcoin holders who stand to lose millions of dollars if valuations tumble.
If I were an evil sonofabitch who only cared about money, I could have long since fleeced millions of dollars from gullible bitcoin buyers through the use of some relatively simple automated algorithms that I already described on the Alex Jones Show. But that's not what I'm into. I don't feel like I'm "winning" by taking money from other people who are losing it. That's not what I'm about. So instead of bilking the bitcoin market, I'm warning people about it instead.
If I'm going to take money from someone, I want it to be a voluntary transaction where they gain something of value in return (such as buying superfoods from the Natural News Store). I have no interest whatsoever in zero-sum-game transactions where my "win" requires someone else to "lose." ...
BUT THIS MUTHAFUCKER WORKS FOR THESE CUNTS ..... AND THESE ARE THE "kickers" .... NOTE the very last TWO LINES !!
I despise Wall Street, in other words. And central banks. I don't hate bitcoin, for the record, but I do know when something looks like a bubble and people need to be warned. My hope is that the hype mania of bitcoin can burn out and we can get back to the old bitcoin that was less volatile and far more affordable. I would like bitcoin to succeed, but now it is obvious that its reputation can be decimated at the merest flinching of the central banks.
To think: this crash was caused by nothing more than $13,000 or so worth of bitcoins flooding the market all of a sudden, causing the loss of $1 billion in market valuation.
How's that for outrageous volatility?
HOWS THIS FOR MEDIA MANIPULATION OR WORDS FOR EFFECT !!! But.....
The Pen IS Mightier than the sword .... and that's "why" TPTB HATE the internet ...they "have NO control over it!"
It IS we who are reading and sharing this INFORMATION which is giving US more and more "control" .... and hence the Bitcoin came ... E-currency wasn't just thought up in 2009 with Satoshi and the crew .... but the 'computing power" to make it a reality ... PLUS a brilliant program based on a brilliant algorythnic concept "created the Birth of The Bitcoin ...the WORLDS FIRST DECENTRALIZED aka uncontrollable, untaxable, truly "the peoples" currency .... which IF TPTB/Elite CANT control it....their 170-80 year thieving streak ...IS Over!
Wow that took a while, and was a little hard to compile in the small box, BUT the FACTS are THE FACTS .... And the "Main Media" WILL NOT be telling us the truth....half the truth , most probably!
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Futura's nailed it ... in fact you'll find I've posted in several Btc threads saying this was "organised" aand I even 'joked' that they probably had half of Fort Meade doing the mining! :o ;D
the real story is that this crash was almost certainly caused by a covert central bank "stress test" of the pliability of the bitcoin market.
YES YES YES :o By the "masters" of "The Game"
Seriously I'm an Ozzy and dont know this journo for shit BUT..this below, IS SPOT ON....and IT IS actually called 'economic stress testing' It's done with oil, coffee, alcohol, ALL commodities
Read the the Book 'Behold a Pale Horse' by William Cooper and look up a document called "Silent Weapons for Quiet Wars" .... it will chill your blood and was written in 1952 by IIRC a Harvard "think tank" financed....by a well known 'group' of bankers...
Good Stuff!! +1 for you...
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If only there was something we could do.
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You guys. Seriously.
If this turns out to be true I shall skin, roast and consume a platypus. Yuck.
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wow some interesting info on here guys :D
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TL;dr, cuz its all bullshit. I scimmed over it but it was all nonsense. The central banks dont give a shit a bout a one billion dollar economy. The btc economy cannot grow because of the constant delfation. Enough currency has to be created to match the growth of the economy for it continue growing. Anybody who knows any shit about economics takes a look at it and realizes this... Widespread adoption is never going to happen.
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Anybody who knows any shit about economics takes a look at it and realizes this
Yep ... of course you're "right" ::) ..... Just look how "well" the current world economy isn't doing courtesy of Maynard Keynes and Co! ::) :P
TL:DR eh ::) ... yeah, well those first year economics books can be tricky to comprehend ...
keep at it chum ...you just might get to be a bankster yourself! :o Go Hard! lmao!
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I could care less about the rise or fall of coin. I load coin, I buy stuff using the full U.S. dollar amount that I loaded, I get my product. No harm no foul.
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+1 to you stinky for being sensible and playing it smart! Motek does the same ..... currently (a pun with a lisp uuugh!)
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Thanks for the posting brotha, +1
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+1 to futura!
My only question is how can they pinpoint the BTC giveaway on reddit of $13K as the cause of the massive sellout and loss of over $1B in BTC value?
I don't see the connection.
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No, no... you have to ignore the fact that giving away a hundred or so bitcoins wouldn't do jack shit to the value of bitcoins on the exchanges. You know it's crazy when logic simply no longer applies.
I do rather enjoy when conspiracy theorists find subtle hidden messages in the 'news', as if that were fact-based and even researched anymore. They're looking for hidden meaning in content that's lacking any. And I wonder why my head aches.
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No, no... you have to ignore the fact that giving away a hundred or so bitcoins wouldn't do jack shit to the value of bitcoins on the exchanges. You know it's crazy when logic simply no longer applies.
I do rather enjoy when conspiracy theorists find subtle hidden messages in the 'news', as if that were fact-based and even researched anymore. They're looking for hidden meaning in content that's lacking any. And I wonder why my head aches.
Are you answering my question? Because I still don't understand. The guy Mike Adams says specifically that 'bitcoinbillionaire' giving away $13K worth of bitcoin on reddit is what sparked the sell-off - how can he say that? What makes him believe that?
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$13k brought down a $2b market? This is the stupidist thing I've ever seen.
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thanks for the information, interesting reading
but well, there is no use to cry over spilt milk now for me :-\ :-\
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As a former Banker and Investments officer allow me to explain for you..
This Bitcoinbillionair gave away $13,000 in bit coins
So lets say that this occurred at the peak price of $266.00 rounded up slightly for the sake of easy numbers that is 49 bit coins.
For the sake of argument lets say that he gave 49 people on Readit one bit coin each. Most of these people in this group of 49 have no real interest in the bitcoin much less even know what it is.. They 49 people go and google what was just given to them and they find out that its $266 USD ..
Of that 49 people how many do you think would just sit on a gift of $266 USD? I would venture to guess that at least 80% to 90% would jump at just selling off to get the cash on hand.. Each person finds a site, lets say Mt Gox just for this convo.. and they place a sell order.. lets say the first person seeing that the current sell rate is $265 and places that sell point. The 2nd person logs on and sees the rate is now at $265 and places theirs at $255 in the hopes of flipping it fast..the 3rdperson logs on and sees the sell orders at $255 and wants to flip it fast seeing the rate dropping and wants to cash out ASAP and sets their sell limit at $245 ... So in JUST 3 transactions we have dropped $20 USD.. Following me so far? now 35 more people also want to sell and it follows this pattern JUST from the 49 bit coins that were given out 80 to 90% being sold with each person dropping the price $1 to $10 to flip them as fast as they can. Well you see how this starts to escalate.. Then if you factor in the speculators who just watch whats going on and buy and sell per the numbers.. They are going to start selling due to the sell points dropping..
and THIS people is how we now have a Bit Coin that is hovering around the $60 USD mark this morning and has "LOST" $200 in value..
Its a small market it only takes a small rock to make very large waves for its scale.
(BTW have not slept since Sunday sorry if my grammar is not the best right now)
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As a former Banker and Investments officer allow me to explain for you..
This Bitcoinbillionair gave away $13,000 in bit coins
So lets say that this occurred at the peak price of $266.00 rounded up slightly for the sake of easy numbers that is 49 bit coins.
For the sake of argument lets say that he gave 49 people on Readit one bit coin each. Most of these people in this group of 49 have no real interest in the bitcoin much less even know what it is.. They 49 people go and google what was just given to them and they find out that its $266 USD ..
Of that 49 people how many do you think would just sit on a gift of $266 USD? I would venture to guess that at least 80% to 90% would jump at just selling off to get the cash on hand.. Each person finds a site, lets say Mt Gox just for this convo.. and they place a sell order.. lets say the first person seeing that the current sell rate is $265 and places that sell point. The 2nd person logs on and sees the rate is now at $265 and places theirs at $255 in the hopes of flipping it fast..the 3rdperson logs on and sees the sell orders at $255 and wants to flip it fast seeing the rate dropping and wants to cash out ASAP and sets their sell limit at $245 ... So in JUST 3 transactions we have dropped $20 USD.. Following me so far? now 35 more people also want to sell and it follows this pattern JUST from the 49 bit coins that were given out 80 to 90% being sold with each person dropping the price $1 to $10 to flip them as fast as they can. Well you see how this starts to escalate.. Then if you factor in the speculators who just watch whats going on and buy and sell per the numbers.. They are going to start selling due to the sell points dropping..
and THIS people is how we now have a Bit Coin that is hovering around the $60 USD mark this morning and has "LOST" $200 in value..
Its a small market it only takes a small rock to make very large waves for its scale.
(BTW have not slept since Sunday sorry if my grammar is not the best right now)
Megalulz.
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+1 to futura!
My only question is how can they pinpoint the BTC giveaway on reddit of $13K as the cause of the massive sellout and loss of over $1B in BTC value?
....
I don't see the connection.
It DIDN'T..... giving away $13k in Btc aint gonna do jack shit to the market ..... Mount Gox had 20 fuckin THOUSAND accounts OPENED IN ONE DAY ... and they ALL were doing btc trades of arounf 1000 btcs on average ... this WAS DONE with highly sophistcated and specialized trading software running on supercomputers (what? you 'think' they cant afford the best?) and IT WAS PLANNED
why? Simple .... :o
Becoz some very Powerful People are playing someof their favorite games and seeing how easily they can manipulate this "new market' called "e-commerce" and "hoow easily can we get it's user to lose faith in using it?" (consequently shutting down exactly what they want to ...an "uncontrollable by then" currency ...it fucks them T{TB right up!
EXCEPT ..... the comments about $13 thousand given away on reddit "wins the day and has people like yourself asking EXACTLY your questions to themselves and their friends BECOZ they WERE FOOLED by classic media "double double speak"
This is ALL to get you feeling FUD .... Fear Uncertainty and Doubt about bitcoins....and this toopic shows that to some degre it worked BUT there ARE ways to stop this shit happening
It's nothing "new" AND bitcoin HAS "built in" ways they cant do this for very long AT BEST a couple of days
THE MAIN SERIOUS PROBLEM AT THE MOMENT FOR BTC.... Is the Mt Gox has 'by default' become an ' oligopoly' having about 90% of the WORLDS Btc in it's comtrol ....this means that for the moment, btc isnt a very "decentralized currency AND HENCE VULNERALE TO THE " Cyber Attacks we have seen happen last week
WE MUST HAVE MORE EXCHANGES becoz the more "spread out" btc id around the world, (which IS the whole idea of a "decentralized currency" the attack can only be a a much smaller scale IF say the Btcs of the current moment were spread about with 20 Mt Gox Style exchanges with 5-10% of the global 'balance of bitcoins in the blockchain' in each of them, then these cyber attcks cant work
That way Btc IS impervious to this style of cyber attack ... I hope this made sense to some of you
Be AWARE! That's ALL it takes! Try not to be foolled by the guys who belive they ARe "The Masters of The World ...And ALL those on it! :o
You've been told, with love and fueled by cocain and pot and some molly earlier in the day ;D :o 8) m m m muntered motek :-*