Bitcoins are officially donkdown

[DirtyB]

That j.p. morgan has had a patent on a digital currency since the late 90.s..he suggested that j.p. Morgan will unviel it as a world currency or an american currency when the dollar implodes beyond repair.

That JP Morgan patent is about online micropayments in dollars, basically what XBox Online has been doing for years. It has nothing to do with bitcoin or digital currencies. As usual, the people in your wingnut universe have the facts entirely wrong- and then draw ridiculous conclusions since you have no grasp of the facts.

For 6 years, dumbasses like you have been yelling about how the dollar is going to crash and there will be hyperinflation and all this bullshit. Meanwhile, the dollar just keeps getting stronger. You confuse your daydreams with realistic analysis. Gold is down 30% over the past 3 years. Why is that? Is it a conspiracy?

[My Dupe]

As usual, the people in your wingnut universe...

[BetCheckBet]

Interested video from October. Pretty much Micon (and guys like him) is the reason bitcoin failed according to guest. I actually agree.

[BetCheckBet]

Micon always claimed he was never selling them. Someone else either claimed or speculated his wife must have forced him to sell some at the peak however.

Micon was ALWAYS selling them. He often would sell at a 30-40% mark up a day after buying them. How you say? He was selling in person at Vegas casinos or over ebay (now illegal).

That being said he apparently kept a decent amount.

[lol wow]

bitcoin failed cuz sonatines fat mutant brain hated it out of existence

[Sanlmar]

Inverse cup & handle worked.

$294.50

If by some miracle we get swept down to $287 or so I'll buy for a trade. $300 could become mega resistance

The pain should be kicking in now

I am in $287.50 per plan.

We will see.

[Dan Druff]

I read an interesting post on the bitcointalk forum where someone pointed out that, at the current rate of bitcoin mining, and assuming $300/bitcoin, over $1,000,000 of "value" is entering bitcoin every day.

That person claimed that this is the reason it has no long term future at current prices. Eventually the market will be bloated with too many coins, and not enough money coming in to support it. He says it needs new investors pumping new money into the "bitcoin economy" at the same rate that coins are being mined. Even though mining slows every day, it doesn't slow enough.

Interesting theory.

I will say that this is a lot different than the stock market, as a company doesn't add new shares every day.

[Benford]

I read an interesting post on the bitcointalk forum where someone pointed out that, at the current rate of bitcoin mining, and assuming $300/bitcoin, over $1,000,000 of "value" is entering bitcoin every day.

That person claimed that this is the reason it has no long term future at current prices. Eventually the market will be bloated with too many coins, and not enough money coming in to support it. He says it needs new investors pumping new money into the "bitcoin economy" at the same rate that coins are being mined. Even though mining slows every day, it doesn't slow enough.

Interesting theory.

I will say that this is a lot different than the stock market, as a company doesn't add new shares every day.

I would consider that a very minor factor, as there are almost 14 million Bitcoins currently in circulation with an endpoint of 21 million Bitcoins to be reached in the year 2140. This is only about 50% more Bitcoins than currently existing.

Even if absolutely no extra fiat money enters the Bitcoin market, a dilution with 50% more Bitcoins in circulation than currently would only slice the current value of $300 by 33% (ie. a target value of $200 by the year 2140).

We'll all be resting peacefully by then.

[thesparten]

I told you I didn't fucken know only repeating... We owe the fed 89 trillion not 17..ALL COMMODODITIES ARE DOWN BECOUSE THE OVERWHELMING NUMBER OF MASSES ALL OVER THE WORLD AND IN AMERICA HAVE NO DISCRETIONARY INCOME..YOU WORK A DAY U BARLY HAVE ENOUGH TO LIVE A DAY...THE WAY BITCOINS BEHAVE REMIND ME OF PENNY STOCKS..

[Sanlmar]

This dog won't be happy until it tests $275.

Feels much different than other Bitcoin breakdowns. No one seems to care anymore. Little speculation on dips.

[Belly Buster]

I read an interesting post on the bitcointalk forum where someone pointed out that, at the current rate of bitcoin mining, and assuming $300/bitcoin, over $1,000,000 of "value" is entering bitcoin every day.

That person claimed that this is the reason it has no long term future at current prices. Eventually the market will be bloated with too many coins, and not enough money coming in to support it. He says it needs new investors pumping new money into the "bitcoin economy" at the same rate that coins are being mined. Even though mining slows every day, it doesn't slow enough.

Interesting theory.

I will say that this is a lot different than the stock market, as a company doesn't add new shares every day.

Isn't this just straightforward supply and demand? It costs increasingly more money (electricity) to mine each extra coin. If it costs more to mine than the market value supports, then either the mining should slow down or the price is pushed further down.

[zealanddonk]

Micon always claimed he was never selling them. Someone else either claimed or speculated his wife must have forced him to sell some at the peak however.

Micon was ALWAYS selling them. He often would sell at a 30-40% mark up a day after buying them. How you say? He was selling in person at Vegas casinos or over ebay (now illegal).

That being said he apparently kept a decent amount.

Fair call.
What Micon says and what Micon does often are different things.

[zealanddonk]

I read an interesting post on the bitcointalk forum where someone pointed out that, at the current rate of bitcoin mining, and assuming $300/bitcoin, over $1,000,000 of "value" is entering bitcoin every day.

That person claimed that this is the reason it has no long term future at current prices. Eventually the market will be bloated with too many coins, and not enough money coming in to support it. He says it needs new investors pumping new money into the "bitcoin economy" at the same rate that coins are being mined. Even though mining slows every day, it doesn't slow enough.

Interesting theory.

I will say that this is a lot different than the stock market, as a company doesn't add new shares every day.

Sounds a bit like a Ponzi scheme.

[DirtyB]

ALL COMMODODITIES ARE DOWN BECOUSE THE OVERWHELMING NUMBER OF MASSES ALL OVER THE WORLD AND IN AMERICA HAVE NO DISCRETIONARY INCOME.

Commodities are going down because the dollar is getting stronger and the demand forecasts from Europe and China are getting worse.

It's unfortunate that you don't know shit about shit.

[Sanlmar]

ALL COMMODODITIES ARE DOWN BECOUSE THE OVERWHELMING NUMBER OF MASSES ALL OVER THE WORLD AND IN AMERICA HAVE NO DISCRETIONARY INCOME.

Commodities are going down because the dollar is getting stronger and the demand forecasts from Europe and China are getting worse.

It's unfortunate that you don't know shit about shit.

and part of the BTC recent fall is the strong dollar. Ironic, huh?

Euro imploding

The kids are DDos'ing OkCoin.

[sonatine]

Im no crypto guy so I cant really say how deeply this impacts the fundamental protocols, however...:


Possible RNG Attack Forces Bitstamp to Suspend Bitcoin Transactions
DAVID BISSON
JAN 5, 2015 | LATEST SECURITY NEWS
Possible RNG Attack Forces Bitstamp to Suspend Bitcoin Transactions

Bitstamp, one of the world’s busiest and most respected USD Bitcoin exchanges, recently suspended its services after it detected issues with its hot wallet.
Bitstamp

In a statement posted on its homepage, the exchange reveals that a user’s wallet may have been compromised on Sunday, January 4th, 2015.

The problems first surfaced when a Reddit user posted how after trying to deposit Bitcoins to a Bitstamp account, the amount had disappeared before reaching their balance.

The user then contacted customer support, which replied with an email urging them to not make any Bitcoin deposits to their previously issued Bitstamp deposit account.

The exchange has since expanded its recommendation to cover all Bitstamp users.

In response to the incident, Dogecoin creator Jackson Palmer has speculated that the reported issues may be due to two specific attack vectors: compromised public/private keys or an R-value attack.

Last month, a white hat hacker on Blockchain discovered a number of “broken” keys after using a script that scanned for recently added data and repeated ‘R values’ on the Bitcoin blockchain.

Commenting on his find, the hacker said: “Every Bitcoin transaction is signed by two values – ‘R’ and ‘S’ – which prove that the sender knows the private key. If the same R value is used twice, the private key can be easily computed from the signatures alone.”

The hacker ultimately accumulated hundreds of Bitcoins as a result of the problem but returned all of them to their rightful owners after Blockchain fixed the issue.

The fact that Bitstamp references users’ previously issued addresses suggests that the exchange may be experiencing the same problems as Blockchain.

Those who use their Bitstamp accounts in an automated manner, such as for mining payouts or for other regular deposits, are most affected by this issue. Even so, it is strongly recommended that Bitstamp users not interact with their accounts in this fashion and instead store their Bitcoins in a non-exchange account.

[Dan Druff]

Commenting on his find, the hacker said: “Every Bitcoin transaction is signed by two values – ‘R’ and ‘S’ – which prove that the sender knows the private key. If the same R value is used twice, the private key can be easily computed from the signatures alone.”

The hacker ultimately accumulated hundreds of Bitcoins as a result of the problem but returned all of them to their rightful owners after Blockchain fixed the issue.

Unbelievable.

Between this and "transaction malleability" which supposedly brought down MtGox (though I'm still suspicious that was an excuse to further steal), the vulnerabilities just keep on coming.

The interesting thing about this crash is that nobody can really point to a reason. All of the other crashes seemed to have been related to something tangible. This one kind of just... happened.

Looks like it's temporarily stable again at around 275, but this may not be over.

[sonatine]

i think its also a testimonial to just how esoteric crypto can get. i mean, sooooooo many self proclaimed authorities audited those protocols. crypto is just nothing to trifle with and so much of bitcoin transaction dynamics appear to be based on loopy half assed implementations with no ongoing audit/remediation cycle to back it up.

[Sanlmar]

I am nursing a suppository as a result of my current Bitcoin investment...

I definitely noticed an absence of speculation that was so common during the plunges last year. There was nobody taking the other side.

Those rambling gambling Chinese seem to have new hobbies. They were recently granted the ability to speculate their own markets with margin. Not only aren't they bidding up prices but they are prolly exiting the game with their remaining funds.

Macau dying feels like some part of this too.

Their stock market is running almost inverse to Bitcoin.

OKCoin was all fucked up and they couldn't be counted on to post fake trades like they are supposed to.

The price will drift up on buys of fractions of Bitcoin (paint the tape). But nobody will be there to take any volume from you.

[Dan Druff]

I do see the fad of bitcoin dying out in 2015.

It never broke through to widespread adoption like the fanatics said would happen.

A few merchants are taking it as a gimmick, but that's about it.

You don't see many non-enthusiasts getting excited about bitcoin, or clamoring to get in.

Rather than a major crash, I see a slow evaporation of value.