Bitcoins crashing towards a 50%+ loss today
On the news that Silk Road has been seized by the federales, Bitcoin is having it’s worst day in a long long time. It’s lost over 40% (and counting), crashing to $85 on Bitstamp after starting the day at a high of $127.
Volume is at an all time high on these exchanges as well. There’s nothing more to do than sit back, relax, and Listen to the sounds of Buttcoin.
October 2, 2013 @ 2:17 pm
Looks like it’s only down 15% now. Pretty good recovery. Now, the next few days should be interesting as more people figure out that the main reason for using Bitcoins is gone.
October 2, 2013 @ 2:19 pm
Probably people buying from Bitstamp and selling on Mt.Gox for profit.
October 2, 2013 @ 2:28 pm
Yeah. I’m taking the recovery with a grain of salt, since you know the true believers were all buying. Or, as you say, using it for arbitrage.
October 3, 2013 @ 7:17 am
Whether it recovers or not isn’t really the issue. It just goes to show how volatile the BTC market is; and why it’s terrible as a currency.
October 5, 2013 @ 8:55 am
It’s back up due to price manipulation. It will be interesting when that manipulation stops.
November 8, 2013 @ 3:26 pm
hahaha saving this entry for posterity
January 19, 2014 @ 9:05 am
Hahaha, you sure predicted the ‘fall of bitcoin’ now. You continued ability to predict market movements is truely awe inspiring.
January 19, 2014 @ 3:05 pm
Please tell me what was wrong in the post because right now I’m just assuming you’re a dummy who can’t be bothered to read a 2 paragraph article.