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ffr

(22,677 posts) Fri Feb 21, 2014, 02:52 PM Feb 2014

Bitcoin implosion continues, falls 10% - 02/21/14

Bitcoin’s Value Falls 10% As Faltering Mt.Gox Exchange Continues To Implode

Mt.Gox promised to get its house in order, and get back to the Bitcoin community and its users today. It did, but didn’t open up withdrawals, or set a firm timetable as to when users might be able to get their currency off the exchange.

In response, the price of Bitcoin on Mt.Gox has cratered, again. It now rests just above $110. That’s down from around $260 the day before. Users are betting more heavily now that their Bitcoin on the exchange is never coming back.

<snip> - TechCrunch.com

Bitcoin trading chart

Bitcoin fell below $100 on major exchange Mt. Gox early Friday, dropping under a key psychological threshold.

Traders pushed the digital currency as low as $91.50, far below its price at around $537 on two other exchanges tracked by CoinDesk.com.

The price on Mt. Gox later recovered to around $100, but it remains the cheapest exchange in the world to buy bitcoin. - PCWORLD.COM

John Stossel of Fox Noise Promotes Bitcoin

But now we find that China and Russia are banning Bitcoin, causing the online currency to crash. Cryptoanarchists are having another very bad day. So sad.

Betting on failure.

11 replies

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Bitcoin implosion continues, falls 10% - 02/21/14 (Original Post) ffr Feb 2014 OP

If there's anything Stossel is fer, I'm agin it. Warpy Feb 2014 #1

Shorting Stossel is the safest bet going n/t sharp_stick Feb 2014 #5

It is almost gvstn Feb 2014 #2

It's destroying itself upaloopa Feb 2014 #4

Tulip Mania Lasher Feb 2014 #3

Not quite. The folly here is more like computerized voting. cprise Feb 2014 #9

I hope Stossel bought high. n/t cprise Feb 2014 #6

It's crashed and rose many times... Lancero Feb 2014 #7

And the U.S. Post Office wants to sell Bitcoins. former9thward Feb 2014 #8

I wish bitcoins were at $100. I would buy some. DesMoinesDem Feb 2014 #10

My RWNJ friends were all thinking of investing big in it ffr Feb 2014 #11

Warpy

(111,436 posts)

1. If there's anything Stossel is fer, I'm agin it.

Reply to ffr (Original post)

Fri Feb 21, 2014, 03:11 PM

Feb 2014

You can't go wrong shorting Stossel.

Bitcoin smelled like a classic Ponzi scheme from the get-go.

sharp_stick

(14,400 posts)

5. Shorting Stossel is the safest bet going n/t

Reply to Warpy (Reply #1)

Fri Feb 21, 2014, 03:41 PM

Feb 2014

gvstn

(2,805 posts)

2. It is almost

Reply to ffr (Original post)

Fri Feb 21, 2014, 03:19 PM

Feb 2014

Like there is a concerted effort to destroy an alternative barter/currency system. I wonder whom bitcoin's destruction could benefit? Maybe governments, banks, Visa/Mastercard. An awful lot of media coverage for some online hoax.

upaloopa

(11,417 posts)

4. It's destroying itself

Reply to gvstn (Reply #2)

Fri Feb 21, 2014, 03:35 PM

Feb 2014

It never was money. More like some trendy thing trendy people are suckers for.

Lasher

(27,664 posts)

3. Tulip Mania

Reply to ffr (Original post)

Fri Feb 21, 2014, 03:20 PM

Feb 2014

People should know better but greed clouds our judgment.

cprise

(8,445 posts)

9. Not quite. The folly here is more like computerized voting.

Reply to Lasher (Reply #3)

Fri Feb 21, 2014, 04:15 PM

Feb 2014

Or 'black box voting' as many of us like to say.

Computer engineering is not yet up to the task of properly securing something like Bitcoin. That's on top of Bitcoin's other problems that some other digital currencies don't share.

cprise

(8,445 posts)

6. I hope Stossel bought high. n/t

Reply to ffr (Original post)

Fri Feb 21, 2014, 04:05 PM

Feb 2014

Lancero

(3,018 posts)

7. It's crashed and rose many times...

Reply to ffr (Original post)

Fri Feb 21, 2014, 04:08 PM

Feb 2014

I'll let them tank some more before buying in again, and wait for the next rise.

former9thward

(32,132 posts)

8. And the U.S. Post Office wants to sell Bitcoins.

Reply to ffr (Original post)

Fri Feb 21, 2014, 04:10 PM

Feb 2014

Researchers for the U.S. Postal Service inspector general’s office are making the case that an agency rooted in delivering mail and selling stamps can help Bitcoin go mainstream.

The inspector general’s staff is urging the Postal Service to expand into financial services as part of a broader strategy to end seven straight years of losses. That may include turning local post offices into brokers for Bitcoin, a five-year-old anonymous network for issuing and moving money across the Internet.

“The post office might help address two major shortcomings that virtual currencies have today: lack of trust and lack of access,” Paola Piscioneri, a director of international research at the Postal Service’s OIG, said in an interview. “Today, when you transact with a virtual currency you don’t know who is on the other side.”

http://www.bloomberg.com/news/2014-02-07/could-bitcoin-be-answer-for-profit-starved-post-office-.html

I guess they just want to go out of business.

DesMoinesDem

(1,569 posts)

10. I wish bitcoins were at $100. I would buy some.

Reply to ffr (Original post)

Fri Feb 21, 2014, 04:29 PM

Feb 2014

Unfortunately they're still over $500. They're just at $100 at one exchange that is having problems.

ffr

(22,677 posts)

11. My RWNJ friends were all thinking of investing big in it

Reply to ffr (Original post)

Fri Feb 21, 2014, 05:53 PM

Feb 2014

And they may have. I don't know. Which is why I posted this up after seeing all the negative headlines from media outlets un-RWNJ. They're all doomsday criers. Have been since losing in '08. "The sky is falling! Hate Obama, doesn't even begin to describe how we feel. You think things are bad now, you wait!"

2014
"Hey Bitcoins!"

See what I mean? I don't know, but I do know they got their knowledge straight from the talking heads at Faux. The way I look at it, they can continue to row against the boat's cadence and as long as they continue do so, I'm not filled by guilt at their failures.

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