BitCoins are tanking fast!

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revanyo

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Has anyone else noticed how much bitcoin has lost in the last week or so. Right now it is at 583.15 Btc/usd, it was well over 800 btc/usd not a week ago! Honestly when I saw this I could not help but to laugh, I think most of us consider crytocurrency to be nothing more than fad that will disappear faster than it sprang up. If this trend continues than cryptocurrency could become like a "pet rock" fad where people years from now look back upon have to ask why they were popular. Or not.

Why do you think this is happening, and could this possibly end the cryptocurrency fad?
 
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The value of bitcoin and other crypto currency is dropping because cryptsy has stooped the withdraw of bitcoin, which in a way affects all the altcoins.
 
It isn't a fad.

Also here is a reason for the tank:
http://gizmodo.com/somebody-hacked-into-silk-road-2-and-stole-all-the-bitc-1522447611?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow
 
Bitcoin was overinflated with the idea of buying hotel rooms with it and the average banks in China
buying into it and exchanging it. A purpose in which it was never intended for or at least Bitcoin itself not the idea
as a whole. So yes BTC will continue to drop back down to natural levels and will one day return to it's original purpose.
 
It started with the china moves few months ago.. As other says,
they are over inflated and right now it is coming to back to normal
rate.. But cryptocurrency will not be disappear soon.
 
OH, I am not saying that it will go away all together. What I was really saying that is going away is this myth that you can invest a few thousand dollars now and in 10 years be a millionaire. Anyway time will tell.
 
The lesson of the theft of Silkroad 2 funds is the same as that of trying to recover money from an illegal basement apartment--- if you are involved in unlawful activity, the authorities are under no obligation to protect you if things go wrong. The issue is not BTC being faulty (since the parties transactions can be traced) but the institutions not having a basis for pursuing the matter, since the activity engaged in with the funds was illegal to begin with.

These incidents are simply used by those institutions (banks and governments) to try to manipulate a currency they can't control, so they smear all instances of its use as connected to "criminals," or try to disrupt it through website DDOS attacks or hacker theft. Who's to say Silkroad 2 isn't itself a government/bankster front, who having learned of the inner workings of the Silkroad operation they shut down, simply duplicated it in order to steal the BTC themselves? What ever, Bitcoin will survive this and will likely recover its lost value by mid year.
 
revanyo said:
Why do you think this is happening, and could this possibly end the cryptocurrency fad?
Click to expand...
This is WAY over-dramatizing the short-term price drop. You really think everyone in the world came to some collective realization that they hate Bitcoins over the course of the last 10 days? Cryptocurrency is not a "silly fad," and I really see no reason why it should be considered one. Whether you like it or not, bitcoins are here to stay :)
 
Why do you think as an investment. It is something which can get you rid of those high lousy taxes! :israel:
 
looks like a good time for those with the money to invest even more bitcoins.
 
I'm just waiting on it to go down to $400 each, so I can buy 5 of them.
 
the payment site got hacked so that they were paying out double the withdrawal amount - because they had automated the process.

now they found out that sites were under attack and bitcoins were being stolen .. so of course there is a loss of confidence at the moment.

but at end of the day it will survive once they learn some important lessons from this whole thing -- but times like this will stop people from making the community bigger
than what it is .. because its not the easiest thing in the world to get involved in ..
 
I love these temp scare drops!! I saw these stories and thought, sweet buying opportunity. It's back and shooting up, people now have the attention of a hot chick in night club. They will all jump back in when they realize it's going back up, which it's doing. Take advantage of the big drops.
 
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