Bitcoins are officially donkdown

[DirtyB]

$354 Bitstamp.

Chinese fire drill ahead of April 15, I guess.

Wouldn't you only have to pay taxes on bitcoin investments after you sold them are realized the gains?

The trend line from $800 to $400 is steady and very bad for btc owners, but I don't see why people would be selling now more than they have been for months.

[Sanlmar]

$354 Bitstamp.

Chinese fire drill ahead of April 15, I guess.

Wouldn't you only have to pay taxes on bitcoin investments after you sold them are realized the gains?

The trend line from $800 to $400 is steady and very bad for btc owners, but I don't see why people would be selling now more than they have been for months.

The Chinese government issued a statement last month, requiring banks to close accounts of bitcoin exchanges by April 15. Folks didn't know if this was just rumor. Chinese banks are making notifications now, so doubt is removed.

Large sales that just crush the price have been occurring. Chinese? Doesn't really matter. There are large and repetitive sales past couple weeks.

There is a point were people just experience max pain and quit.

[DRK Star]

http://www.billboard.com/biz/article...-get-their-own


Juggalo Coin!

[Sanlmar]

Nice bounce.

I look at chart and hear the click of the hammer after the chamber advances. Russian roulette. Can I dodge that big red sale?

[solo319]

Up $70 since yesterday...Haters Gunna hate

[sonatine]

thank goodness, everything is going to be ok. it went up $70.

[simpdog]

thank goodness, everything is going to be ok. it went up $70.

stable as shit now eh

[solo319]

The interesting thing here is that losses now mount more quickly percentage-wise than they did before, since the overall value is lower.

If you owned 10 coins at $1000 each, and it drops 50 points to 950, you just lost 5%.

Here at 400, if it drops 50 points to 350, you just lost an ugly 12.5%.

Honestly I almost just sold my 2.1 BTC at a loss when it hit 460 recently, but I didn't. I don't know why. I thought it was highly unlikely we would see 500 again, so I should have.

I might just sell the coins off if it does a little pop here (people buying because it went under 400), and be done with it, eating the $250 or whatever. Sadly there were many times I was much more confident about buying, yet was unable to, and would have made money. When I finally was able to buy, I kind of just made an impulse buy and it really wasn't all that smart of a time to do it. At least it's only a few hundred dollars I'm dealing with here.

Proponents of bitcoin should be very dismayed as to what has occurred over the past month. It has pretty much been a straight downward trend, with only two small upswings that only lasted a few days (and honestly weren't very large). The last 30 days shows a decline from 657 to where it currently sits at 401, and today was the first time it touched under 400 since it first breached 400 many months ago.

This no longer seems to be just wild volatility, but rather a slow sell-off and steady decline in value.

If you held onto most of your bitcoins when they went up over 1000, thinking they would reach 10,000 or higher and make you filthy rich, you really blew it. Save yourself further agony and get out now.

Haha...Druff seriously man. When they hit 200 a year ago you were calling for a fire sell. They fluctuate wildly obv, but buying 2 at 400 something and 1 day they go from 420-350 and back to 420 and you calling for a fire sell again is just silly man.

[Salty_Aus]

But without the fee's

Depending on what youre doing, there can be pleennnnnty of fees.


Slightly off topic, a lot of the current instability is based on Doge removing their mathematical cap, which has resulted in a massive deprecation of value.

In fact its basically considered a dead currency at this point. Some people are considering rolling it into litecoin, another alt which is virtually guaranteed to hit zero soon.

The truth is that most people with any sense of scope and vision are signing off on the entire alt-coin movement to be a walking corpse... more of a shuffling corpse at this point I guess.

Bitcoins shocking implosion is only a shadow of the the real issue; there are only so many suckers you can burn, and you can only burn them so many times before they get wise and move on for good.

Yup, think you might be spot on.
I haven't bothered to mine any alt coins for about a month.
Kept some when I stopped, was worth about $220 and now one month later they're worth about $70... least they cost me nothing. *shrugs*

[DRK Star]

http://coinchomp.com/2014/04/10/idio...king-im-troll/


Zeta coins may actually be a worthwhile play folks.

Zetacoin may be partnering with m pesa, they will have their android app installed on smart phones. They may also be collaborating with vodafone who is an english mobile phone business who are moving into india as well.

So in short Zeta is looking to actually be used as a currency by people instead of just hoarded like btc is.

[DJ_Chaps]

First BTC ATM in Atlantic Canada is here!

[bukowski72]

Ex-Bitcoin Foundation’s Shrem Indicted After Plea Talks
By Patricia Hurtado Apr 14, 2014 2:46 PM ET

"Charlie Shrem, a prominent Bitcoin evangelist, was indicted for allegedly trying to launder more than $1 million in the virtual currency in a case tied to the illicit online bazaar Silk Road.

The indictment came after plea bargaining talks with federal prosecutors in Manhattan ended. Shrem, the former vice chairman of the Bitcoin Foundation, and Robert Faiella, who the U.S. said operated an underground Bitcoin exchange called “BTCKing,” are accused of engaging in a scheme to sell Bitcoins to users of Silk Road for illegal purchases.

Shrem, who was also the chief executive officer of a Bitcoin exchange company called BitInstant, and Faiella were first arrested in January and have been free on bond. They’re charged with two counts of operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities, according to the April 10 indictment."

MORE:
http://www.bloomberg.com/news/2014-0...lea-talks.html

The case is the latest to be brought by GOOD OLE Preet Bharara’s office

[Sanlmar]

Bitcoin $500. One of the best moves BTC ever made.

What do you call a lying Chinese banker?
Cha Ching!

Trading the news is a fools game. Turn on CNBC and mute Maria Bartiromo. I know that. Said it many times.

The news is baked into the price. Just look at the chart. You never have all the news. The price reveals all.

I lived in fear of the April 15th shutdown/rumor and missed a great run. Will serve as a good reminder for a while.

AAPL Everyone trying to game the new iPhone release. Who the fuck knows? AAPL down $9 filling February gap. AAPL was a sick chart and it followed through.

Subsistence trading. Lol. Ramen noodles for dinner!

[bottomset_69]

Bitcoin $500. One of the best moves BTC ever made.

What do you call a lying Chinese banker?
Cha Ching!

Trading the news is a fools game. Turn on CNBC and mute Maria Bartiromo. I know that. Said it many times.

The news is baked into the price. Just look at the chart. You never have all the news. The price reveals all.

I lived in fear of the April 15th shutdown/rumor and missed a great run. Will serve as a good reminder for a while.

AAPL Everyone trying to game the new iPhone release. Who the fuck knows? AAPL down $9 filling February gap. AAPL was a sick chart and it followed through.

Subsistence trading. Lol. Ramen noodles for dinner!

I love you chart guys, you make it sound like you have an edge on the market, as if reading a chart is some great indicator and you do it better than the next guy. A few of you guys barely break even and most lose a ton. Analytics never takes into account emotion or unintended market events, none of which your charts can forecast. And that buries knobs like you time and again.

And anyone that is using charts to analyze bitcoins needs to get a life. I'd have more respect for your ilk if you would put up some legit stocks so we can track your success and mostly failures. Instead you put up something akin to a lottery ticket.

No respect from this poster.

[sonatine]

Bitcoin $500. One of the best moves BTC ever made.

What do you call a lying Chinese banker?
Cha Ching!

Trading the news is a fools game. Turn on CNBC and mute Maria Bartiromo. I know that. Said it many times.

The news is baked into the price. Just look at the chart. You never have all the news. The price reveals all.

I lived in fear of the April 15th shutdown/rumor and missed a great run. Will serve as a good reminder for a while.

AAPL Everyone trying to game the new iPhone release. Who the fuck knows? AAPL down $9 filling February gap. AAPL was a sick chart and it followed through.

Subsistence trading. Lol. Ramen noodles for dinner!

I love you chart guys, you make it sound like you have an edge on the market, as if reading a chart is some great indicator and you do it better than the next guy. A few of you guys barely break even and most lose a ton. Analytics never takes into account emotion or unintended market events, none of which your charts can forecast. And that buries knobs like you time and again.

And anyone that is using charts to analyze bitcoins needs to get a life. I'd have more respect for your ilk if you would put up some legit stocks so we can track your success and mostly failures. Instead you put up something akin to a lottery ticket.

No respect from this poster.

...said the plumber.

[sonatine]

WAHBUHLUBADUB DUB BIIIIITCH!

[sonatine]

Gox liquidating.


(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court-appointed administrator said on Wednesday.

CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website.

"The Tokyo District Court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings," he said.

Mt. Gox filed for bankruptcy protection from creditors in Japan in late February, saying it may have lost some 850,000 bitcoins - worth around $454 million at today's rates - due to hacking into its computer system. It later said it had found 200,000 of those bitcoins.

In Wednesday's order for provisional administration, the court put the company's assets under Kobayashi's control until bankruptcy proceedings officially commence and a bankruptcy trustee is named.

"It is expected that, if the bankruptcy proceedings commence, an investigation regarding the liability of the representative director of the company will be conducted as part of the bankruptcy proceedings," it said.

Karpeles did not immediately respond to an email seeking comment.

Kobayashi did not refer to an offer made last month by a group of investors, including former child actor-turned entrepreneur Brock Pierce, to take over Mt. Gox. But he said such offers would be taken into consideration.

The court's decision comes after Karpeles' lawyers told a U.S. federal judge this week that he is not willing to travel to the United States to answer questions about the bitcoin exchange's U.S. bankruptcy case.

[varys]

Gox liquidating.


(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court-appointed administrator said on Wednesday.

CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website.

"The Tokyo District Court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings," he said.

Mt. Gox filed for bankruptcy protection from creditors in Japan in late February, saying it may have lost some 850,000 bitcoins - worth around $454 million at today's rates - due to hacking into its computer system. It later said it had found 200,000 of those bitcoins.

In Wednesday's order for provisional administration, the court put the company's assets under Kobayashi's control until bankruptcy proceedings officially commence and a bankruptcy trustee is named.

"It is expected that, if the bankruptcy proceedings commence, an investigation regarding the liability of the representative director of the company will be conducted as part of the bankruptcy proceedings," it said.

Karpeles did not immediately respond to an email seeking comment.

Kobayashi did not refer to an offer made last month by a group of investors, including former child actor-turned entrepreneur Brock Pierce, to take over Mt. Gox. But he said such offers would be taken into consideration.

The court's decision comes after Karpeles' lawyers told a U.S. federal judge this week that he is not willing to travel to the United States to answer questions about the bitcoin exchange's U.S. bankruptcy case.

[Dan Druff]

Almost sold everything last night at like 532 before I went to bed. Then decided I was too tired and would just do it in the morning.

Now it's like 511. Damn.

Had I sold last night, I would have slightly made money on my BTC transactions lifetime.

So I'm assuming the run-up was because the April 15 China rumor was false?

[sonatine]

Almost sold everything last night at like 532 before I went to bed. Then decided I was too tired and would just do it in the morning.

Now it's like 511. Damn.

Had I sold last night, I would have slightly made money on my BTC transactions lifetime.

So I'm assuming the run-up was because the April 15 China rumor was false?

Its tempting to attribute these swings to big stories in the news or rumors of import. The ultimate truth is that there is no rhyme or reason to it; its just whales manipulating the market. The China Rumor might have been their excuse but any effort spent trying to predict its impact would have been wasted.