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Huge bitcoin crash

Discussion in 'Making Money' started by download, Jun 20, 2011.

  1. download

    download Jr. VIP Jr. VIP Premium Member

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  2. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    Holy crap. Buy buy buy
     
  3. kideze

    kideze Elite Member

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    wow, wow
     
  4. PerfectChoice4u

    PerfectChoice4u Junior Member

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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
     
  5. facebookdude

    facebookdude Elite Member

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    Jesus. Fuck that ish.
     
  6. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    Last edited: Jun 20, 2011
  7. tacopalypse

    tacopalypse Executive VIP Jr. VIP Premium Member

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    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.
     
  8. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    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.
     
  9. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    looks like one of the mods removed my thread. I guess we aren't allowed to link to the leaked emails here?
     
  10. The Doctor

    The Doctor Jr. VIP Jr. VIP

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    no. just the most popular exchange site.
     
  11. download

    download Jr. VIP Jr. VIP Premium Member

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    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.
     
  12. hawke

    hawke Power Member

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    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.....
     
  13. madseohatter

    madseohatter Newbie

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    I see it increasing again. There are too many exchanges to look at and they don't always agree with each other.
     
  14. wrangler

    wrangler Regular Member

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    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.
     
  15. The Doctor

    The Doctor Jr. VIP Jr. VIP

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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.
     
  16. MrWiggles

    MrWiggles Junior Member

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    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!
     
  17. Discount

    Discount BANNED BANNED

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    bitcoin boom,

    google it and keep it quiet ;)
     
  18. zebrahat

    zebrahat Elite Member

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    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.
     
  19. wowhaxor

    wowhaxor Executive VIP Premium Member

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    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.
     
    Last edited: Jun 21, 2011
  20. PerfectChoice4u

    PerfectChoice4u Junior Member

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    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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