Huge bitcoin crash

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Whoa, SHIT!!!!!!!!!!!!

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback
http://venturebeat.com/2011/06/19/popular-bitcoin-exchange-mt-gox-hacked-prices-drop-to-pennies/

Dropped from $17 usd down to pennies just now... (on Mt. Gox, that is - the actual price is only $13 each though)
Mt. Gox, a bitcoin exchange service got hacked...
I really feel sorry for you guys hugely investing in bc. Now might be a good time to buy though.
 
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they are reversing all trades, some people might have made some real crazy month if they got it sent out before the shut the exchange down
 
the bitcoin market didn't actually crash. someone just hacked into mt.gox and artificially set the value to $0.01. other exchanges continued to function normally. at no point did the real value of bitcoin actually drop to $0.01 or anywhere near that.
 
tacopalypse said:
the bitcoin market didn't actually crash. someone just hacked into mt.gox and artificially set the value to $0.01. other exchanges continued to function normally. at no point did the real value of bitcoin actually drop to $0.01 or anywhere near that.
Click to expand...

it is certainly down from what it was a few days ago. i see $14 now where it was at $19 per bitcoin the other day.
 
I read some articles and it appears that bc are going to continue to fall slowly, but you never know :P

I might buy a bunch if/when it reaches $11 usd each.
 
Bitcoins are getting harder to find.... so the value will most likely rise for a while...

But eventually you won't be able to mine anymore.....
 
I see it increasing again. There are too many exchanges to look at and they don't always agree with each other.
 
I love the taste of schadenfreude in the morning. Don't forget, even with the crash-cause understood and reversed, consider what this is going to do with confidence in it in general.
 
wrangler said:
I love the taste of schadenfreude in the morning. Don't forget, even with the crash-cause understood and reversed, consider what this is going to do with confidence in it in general.
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it might cause some people to not want to get involved with it but for those who understand how the bitcoin system works it's not a big deal. bitcoin itself wasn't hacked, just an exchange.
 
im new to this whole bitcoin and i was looking for a reliable site to buy some, and now that you guys are saying right now is the perfect time to buy can someone please point me in the right direction? lol thanks!
 
MrWiggles said:
im new to this whole bitcoin and i was looking for a reliable site to buy some, and now that you guys are saying right now is the perfect time to buy can someone please point me in the right direction? lol thanks!
Click to expand...

bitcoin boom,

google it and keep it quiet ;)
 
wrangler said:
I love the taste of schadenfreude in the morning. Don't forget, even with the crash-cause understood and reversed, consider what this is going to do with confidence in it in general.
Click to expand...

That was likely the intent of the hacker, to disrupt the community that trusts the ecurrency. Similar hacks and DDOS attacks have been done on e-gold, LR and other digital currencies over the years. There is some speculation that the US or other governments have funded many of thee attacks. Who knows, but it probably won't be the last attempt.
 
I called this from day 1 of the news they would come out with it (not this specific hack but the whole approach they are taking in general). It was a bad idea for everyone but the developer and horribly flawed in so many ways. Anyone who invested a cent in bitcoin is a moron and should have donated money to charity instead so at least they could feel good about themselves instead of realizing they fucked up in a couple of months.
 
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wowhaxor said:
I called this from day 1 of the news they would come out with it (not this specific hack but the whole approach they are taking in general). It was a bad idea for everyone but the developer and horribly flawed in so many ways. Anyone who invested a cent in bitcoin is a moron and should have donated money to charity instead so at least they could feel good about themselves instead of realizing they fucked up in a couple of months.
Click to expand...

says "wowhaxor"

Look, bitcoins are like wow gold, and we all know how unprofitable that it...
In case you cant see im being sarcastic,

Imagine if you could farm whiptail all day long on the rivers in Uldum, your little flight form druid stacking tons and tons of it and then selling it on the auction house for real USD.

Now, the whiptail is the bitcoin and the auction house is the exchanges.
The USD are... well, USD

There's really no difference between the two. On my druid I can make a good 4-5k gold a DAY farming whiptail. Except the whiptail respawns after a little bit, if it didnt, and there was only a finite amount, whiptail would sell for WAY much more.

Bitcoins dont respawn. They are increasingly harder to find.

Wow logic to you my friend. Counterpoint and I'm ashamed of a fellow wow player not understanding the economy of online currency better

ps. Horde FTW
 
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