Bitcoin Drops Nearly 20%

[Mrnewbie]

Just came across an article today and saw that Bitcoins was hacked and the current price is now $480. Here is the article if you wish to read it. http://www.coindesk.com/bitcoin-drops-12-exchange-hack-amplifies-price-decline/

 

[Wilson Grant Fisk]

Yeah, I read about the hack http://www.bbc.co.uk/news/business-36962254?ocid=socialflow_twitter

 

[toxic08]

As the time of writing the price is $545~$551, this also affects other alt coins.

 

[SOCOM]

People were really excited and buying when it in 2014 and it hasn't been able to get back to its $1400 levels. I just couldn't see it as an "investment".

 

[tziahs]

A lot of people will start losing their hard earned money really quickly. Bitcoin wasn't a real investment anyway.

 

[MaFiaStyle]

Just came across an article today and saw that Bitcoins was hacked and the current price is now $480. Here is the article if you wish to read it. http://www.coindesk.com/bitcoin-drops-12-exchange-hack-amplifies-price-decline/

Opportunity to buy maybe?

 

[ePrime]

I always regret not buying bitcoins when they were in initial stage. This is a good opportunity to buy some coins.

Bitcoin wasn't a real investment anyway.

Why do you think so?

 

[MaFiaStyle]

I always regret not buying bitcoins when they were in initial stage. This is a good opportunity to buy some coins.

Why do you think so?

BItcoin is well supported as this is the best way for shady business to move money around. So in theory, bitcoin value should not drop too much. All the new cryptocurrency are not catching on as they do not have the support of money. Read Freakoconomic and you would learn more about the underground economy.

 

[SOCOM]

Buying on bad news is a smart investment if the negative news is either overblown or the company is likely to rebound. In Bitcoin's case, what makes it likely to rebound? Not saying it won't, just playing Devil's Advocate.

 

[johnking200]

Buying on bad news is a smart investment if the negative news is either overblown or the company is likely to rebound. In Bitcoin's case, what makes it likely to rebound? Not saying it won't, just playing Devil's Advocate.

Bitcoin itself was not hacked, nor has it ever been. The exchange Bitfinex was hacked, similar to what happened with Mt. Gox a few years ago. The lesson here, as always, is never trust an exchange with more bitcoins than you are willing to lose.

 

[SOCOM]

Bitcoin itself was not hacked, nor has it ever been. The exchange Bitfinex was hacked, similar to what happened with Mt. Gox a few years ago. The lesson here, as always, is never trust an exchange with more bitcoins than you are willing to lose.

Thank you for your insight. So it's likely to bounce back somewhat over time once this blows over and people forget?

 

[johnking200]

Thank you for your insight. So it's likely to bounce back somewhat over time once this blows over and people forget?

First of all, don't take investment advice from random people on the internet...

My personal thoughts on bitcoin is that it has huge potential when it comes to commerce, sending money across borders and micro payments. That being said, there is still a lot of infighting within the community when it comes to upgrading the technology, which I personally think is necessary to really take advantage of bitcoin's potential. If the bitcoin community can't find a way to upgrade the tech, I fear it will stagnate and another cryptocurrency will take the lead.

I won't get too much into all the details unless people are really interested...

 

[SOCOM]

First of all, don't take investment advice from random people on the internet...

My personal thoughts on bitcoin is that it has huge potential when it comes to commerce, sending money across borders and micro payments. That being said, there is still a lot of infighting within the community when it comes to upgrading the technology, which I personally think is necessary to really take advantage of bitcoin's potential. If the bitcoin community can't find a way to upgrade the tech, I fear it will stagnate and another cryptocurrency will take the lead.

I won't get too much into all the details unless people are really interested...

Not investing in Bitcoin so you can speak freely. Just like to hear what's new with it every once in a while in case it ever becomes common. I just don't see it becoming common because of security issues (that I have no clue about) and governments enforcing certain rules on them.

 

[Sherb]

<opinion>

Everything about Bitcoin is stupid as shit. Take your Bitcoins, cash out, buy gold, have it fashioned into a nice dildo, then go fuck yourself.

</opinion>

Disclaimer: This is not directed to anyone in this thread, but rather the concept of Bitcoin in general.

 

[johnking200]

Not investing in Bitcoin so you can speak freely. Just like to hear what's new with it every once in a while in case it ever becomes common. I just don't see it becoming common because of security issues (that I have no clue about) and governments enforcing certain rules on them.

Again, the security issues are with the exchanges. As long as a person is in control of the private keys no one else can spend the bitcoins.

Let me compare bitcoin with a credit card. When you pay for something with a credit card you are essentially giving the business your private password (credit card number, exp date, etc) and trusting that they will not abuse it, and that they will store it securely so no 3rd party can steal it. Just think of all the credit card hacks that happen all the time.

Compare that when you spend a bitcoin. When you sign a transaction it does not matter who sees it, or if it secured properly or that it is sent over a encrypted connection. Its all public knowledge on the blockchain and no one can modify the transaction (amount and address you send it to). Your private keys are never broadcast, unlike a credit card. As long as you keep your private keys safe, and no one else knows them, then you are fine.

 

[lancis]

governments enforcing certain rules on them.

It is actually depends on the government. 1st world countries are sitting on the fence, waiting for the bankers to react. And the bankers... here is some remarkable statement by the Bank of England:

Introducing a Bitcoin-style official currency could boost economic output, help maintain financial stability and smooth the cycle of boom-and-bust.

Meaning Bank of England already considers Bitcoin-like technology for maintaining the local currency, and when the technology matures GBP might become yet another alt-currency, this time backed (read "printed") by the government.

3rd world countries are scared of anything new and outlaw it quite fast, but thats only because these countries are short on creative people, who are able to think outside the box. Once 1st world countries will pave the path for new technology, 3rd world countries will follow.

 

[Capo Dei Capi]

Bitcoin sucks, I was into it for a while, but waiting 2 days currently for it to sync up initially or reindex if you fuck up is bullshit.

 

[Whateverest]

People were really excited and buying when it in 2014 and it hasn't been able to get back to its $1400 levels. I just couldn't see it as an "investment".

Clearly a bad investment... Seriously people, why do you talk about things you have no clue about.

 

[Capo Dei Capi]

Clearly a bad investment... Seriously people, why do you talk about things you have no clue about.

It is a bad investment, there is alot safer and more profitable investments out there than bitcoin.

 

[asap1]

Another bitcoin "hack"

Step 1. Take bitcoins from your exchange
Step 2. Claim you have been hacked.
Step 3. Profit.