KING OF FUD! DISCLAIMER: I own .05 bitcoins.

22 Comments

  1. Seagull
    April 8, 2013 @ 4:51 pm

    Indeed, I was watching the order book earlier. It was suspicious as hell.

    If the Financial Services Authority looked at it they would shut it down within the hour.

    I first took a good look at bitcoin last week. It seemed quite an innovative idea at first glance, especially as some parts of the media were bigging it up. It does not require much investigation to unearth it

    Reply

  2. romad20000
    April 9, 2013 @ 3:51 pm

    Heres my beef with this libertarian wet dream. If the currency is constantly deflating it makes sense to buy, drive the price higher , dump. It will only be a matter of time befoee some smart ass wall street firm invents an algorithm to HFT bitcoins then look out..

    Reply

    • C W
      April 22, 2013 @ 7:04 pm

      Buttcoin enthusiasts state that “wild speculation” will be good for BTC because it will “stabilize” the market.

      Reply

  3. Rassah
    April 10, 2013 @ 7:25 am

    TL;DR – A small business that is unprepared for a huge boom in growth will have infrastructure problems.

    Do yourself a favor and learn about how exchanges work before letting everyone know that you don’t know what the hell you are talking about. An exchange isn’t just some random nerds sitting around, tossing money at prices like dice on the table, hoping they get a good roll. Prices and order queues are watched very carefully. If someone has a sell at $200, and the price is manipulated so that a sell happens at $201 while their old $200 sell is still open, that someone will realize that someone else jumped their queue in line, and it will be complained about rather loudly. Ditto for walls: When someone sees 10BTC buy wall at $200, and they put in an instant sale of 10 BTC, they damn well expect to get $2,000 right away. Sure, there could be issues where someone put in a sale before them, but thanks to high frequency trade bots that do exactly this (monitor books, buy/sell at specific price), any such shenanigans will be discovered quickly when a bunch of bots go nuts from not being able to match orders and losing a ton of money.

    Reply

    • LJ superstar 2004
      April 10, 2013 @ 9:40 am

      Dog dick coffee table.

      Reply

    • Guest
      April 13, 2013 @ 12:16 am

      Haha, infrastructure problems, not some random nerd… That is exactly how it went down with probably unemployable devs

      Reply

      • Rassah
        April 13, 2013 @ 7:32 am

        What the f? What are you talking about?

        Reply

  4. Kurt Krumm
    April 10, 2013 @ 9:11 am

    Oh man, just found this site, thanks for the laughs! It should be called butthurtoverbitcoins.org. Could the whole thing fall flat on its face? Sure and if you put your life savings into it you’re a moron. Butt (pun intended), fortune favors the bold and smart investors/miners are well protected There was this kind of FUD about linux, the internet, the PC, microwave ovens, the internal combustion engine, etc, etc. I bet the caveman that conquered the fear of fire was laughed at by a small group of stubborn old neanderthals shivering in a dark corner. Thanks again for the laughs ­čÖé And sorry for what ever event made you so bitter. I’ll be back in a few years to be equally entertained by either childish gloating or a “your page can not be found” error.

    Reply

    • LJ superstar 2004
      April 10, 2013 @ 9:43 am

      I see you’re chanting “FUD.” Would you like to build a wooden airplane and wait for John Frum?

      Reply

    • JimboToronto
      April 12, 2013 @ 4:29 pm

      It’s always fun to watch dinosaurs struggle as they sink deeper and deeper into the tarpits.

      Bitcoin deniers are like flat-earthers.

      Reply

    • anon
      April 15, 2013 @ 9:07 am

      > I’ll be back in a few years to be equally entertained by either childish gloating or a “your page can not be found” error.

      i’m just going to add “127.0.0.1 buttcoin.org” to my ‘hosts’ file. this site isn’t even worth wasting DNS lookups on. =D

      Reply

  5. How I Learned to Stop Worrying and Love the Bitcoin - Buttcoin - The P2P cyrpto-currency for butts. - Buttcoin - It's Bitcoins with Butts! - Buttcoin.org
    April 11, 2013 @ 5:16 pm

    […] selloff once more devastated the Magic: the Gathering Online eXchange‘s servers, pushing the lag up to over an hour, allowing us to watch the price topple down the charts like distant starlight […]

    Reply

  6. Global Tech Review | Why Bitcoin crashed, and how Ripple might avoid the same fate
    April 12, 2013 @ 10:04 am

    […] people have theorized about more sinister motives, […]

    Reply

  7. Why Bitcoin crashed, and how Ripple might avoid the same fate | TechDiem.com
    April 12, 2013 @ 10:29 am

    […] people have theorized about more sinister motives, […]

    Reply

  8. The Capitals
    April 12, 2013 @ 12:07 pm

    […] people have theorized about more sinister motives, […]

    Reply

  9. Why Bitcoin crashed, and how Ripple might avoid the same fate « The Bitcoin Channel
    April 12, 2013 @ 1:52 pm

    […] people have theorized about more sinister motives, […]

    Reply

  10. Ed and Ethan
    April 13, 2013 @ 11:13 pm

    Reply

  11. Nigel Pope
    May 1, 2013 @ 5:48 am

    Now that the world is more aware of bitcoins, Mt gox, like many other so called “exchanges” has a fundamental flaw for trading in that it was not designed to cope with large volumes. The bitcoin “order book” is minuscule and large moves are typically common when volumes on any one side exceed volumes opposing causing the price volatility. As is the case for many similar commodities or financial instruments with light volumes on the bid/offer sides volatility is common and orders often unfilled as price “gaps” occur. This is not to say a bitcoin exchange cannot act in a proper market like manner but it will take a more specialised approach to fulfil the buying/selling needs as the bitcoin market develops – be it open outcry or a more advanced computerised system as the traditional exchanges have to offer. The current exchange offerings were only designed for “bit-players” and hobbyists. Adapting to the real world of trading is inevitable but it will take a more formalised approach to effect this change. In the meantime, expect large price volatility, poor trade fills and poor management of “outages” and an “exchange” that by design can only work in its own best interest. After all, who wants to be caught the other side of a speeding train or a falling knife ?

    Reply

  12. Waxil Davidson
    May 9, 2013 @ 1:26 am

    What will you rip on next, 3d printing? Stay poor, keep it greasy.

    Reply

  13. Philippe
    June 24, 2013 @ 9:06 am

    wow ! looks like someone must have lost quite some money on mtgox to waste time writing such a long article with picture and all…Yeahh you’re right it’s all a big conspiracy, they control the price, your brain and everything..(but as long as they allow me to buy / sell btc and make some money , they can do whatever they want^^)

    Reply

  14. me
    December 29, 2013 @ 9:24 am

    Well since MtGox is not under investigation for fraud by Japanese authorities i took my money out before they “get hacked” and lose it all like the others do.

    Reply

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