MtGOX and other smaller exchanges suffered from severe downtime and delays in trading as panic rippled through the streets and bitcoiners tried to withdraw their funds before their losses were too great. Now you may be tempted to say that these issues were due to being unprepared for the unprecedented popularity of bitcoin or that their infrastructure wasn’t suited to the unexpected rush of traffic. It could even be posited that the admins and coders were incompetent and clueless and had programmed the trading engines horribly. This couldn’t have been the case though, and instead we know for sure (because they told us and they’re absolutely trustworthy!) that every single exchange that was unreachable was being helplessly DDoSed by hundreds of thousands of anonymous hackers from notorious internet website 4chan in an attempt to both discredit Bitcoin and to drive down prices, allowing the miscreants to buy all the bitcoins at low prices before the rebound to million dollar bitcoins. Sadly, the attacks were unsuccessful and the mighty Mount Gox stands strong before us.

Some bitcoin enthusiasts have considered the logistics of launching satellites into orbit to maintain the bitcoin network and blockchain should the world economy collapse and cause a descent into anarchy. Those with access to the satellites would be able to continue mining and trading bitcoins, coming to rule over those who hadn’t planned so well. It could be that Avalon miners have surreptitiously been sent into space and slowly added to the network, their hashing throttled at the moment so as not to attract attention. Until Wednesday all was well until the notriously dangerous HAARP‘s energy was focused on these satellites, destroying the miners and destabilizing the currency, leading to the crash.

Meanwhile, the United States government has been attempting to destroy bitcoin as well, initiating their own DDoS attacks spearheaded by the CIA, launching packets from their headquarters in Langley, and the Department of Defense, using all five sides of the Pentagon to launch heretofore unprecedented attacks on bitcoin exchanges, bitcoin websites, bitcoin forums, and possibly even individual bitcoin users. Reports of imposing men dressed entirely in black suits attempting to intimidate and threaten bitcoin users have begun to trickle in. Unfortunately these reports are anonymous, as the affected users fear for their safety were they to go public.

We’ve also heard some rumors that the Freemasons are once more directly manipulating bitcoin prices, although to what extent and for what reasons we are unsure. They could be looking into colluding with the Illuminati/Bilderbergers to take control of Bitcoin while destroying the world economy and devaluing all other currencies with the ultimate goal of developing a one-world currency while ushering in the New World Order, eventually handing the planet over formally to the Reptoid aliens that have already infiltrated most of the world’s governments.

The post What really caused the 2013 bitcoin crash? appeared first on Buttcoin Foundation.

GIF credit @bakedinapie

MtGOX finally admitted that they were not being DDoSed, instead announcing that they are merely incompetent and unprepared for actual web and exchange traffic. They then pulled the brakes and halted all trading entirely to let the market “cool down” following the price crashing.

Meanwhile, trading continued at smaller exchanges, with the prices falling well below $100 as wary “investors” jump ship. Many of them have experienced their own issues from the flood of traffic, with Bitfloor crying wolf DDoS.

What drove this ridiculously huge bubble? If you ask the average bitcoin chump, he’ll tell you that the citizens of Cyprus are buying up huge amounts of bitcoins to hide from their government’s “theft” as the country tries desperately to save its flailing economy. Amazing bitcoin ATMs and fantastic new bitcoin services are springing up all over the country, as well as everywhere else in Europe. None of this is true, however. Cyprus is involved, but not in the way that everyone is trumpeting. Bitcoiners saw the crisis in Cyprus and attempted to pitch their flaky “currency” to Cypriots as a way to escape government controls, hype built up around this, media attention built up around the hype, and then this all began feeding back on itself until yesterday’s reality check.

Today, prominent posts in the bitcoin subreddit included links to suicide helplines, angry screeds about MtGOX, people calling each other out for giving bad financial advice, and the occasional smuglord showing off that he’s still hoarding his buttcoins. The atmosphere there is rather deflated. Bitcointalk just wants MtGOX’s blood.

Who’s left holding the bag this time? Everybody who was gambling on the price going up uP UP forever, all the true believers who’ve been led astray by the likes of Rickard Falkvinge, Max Keiser, and Alex Jones, foolish investors who read about this newfangled “bitcoin” thing in shitty financial rags, and the Winklevoss twins�(notable for such aptly named websites as “Hukkster” and “

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Bitcoins have dropped from a stable $4 to nearly $2 in less than 24 hours.

As of this writing, Bitcoins are actually a bit lower than this graph, around $2.25.

As you can see, Magic The Gathering Online eXchange promptly shit itself over the news and is sputtering useless graphs out. That graph looks rather fortelling.

Bonus graph:

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How long has it been since we’ve seen $10? Before the bubble?

And speaking of which, here’s the chart for the last 4 months.

Not looking good here folks

The post Bitcoin price tanks below $10 appeared first on Buttcoin Foundation.

Watch it live here:�http://bitcoincharts.com/markets/mtgoxUSD.html

The post Another bitcoin crash is in effect appeared first on Buttcoin Foundation.

It’s 1929 but in a nanosecond.

The post Holy shit look at this bitcoin crash graph appeared first on Buttcoin Foundation.

Regardless, check out these kickass graphs!

The post Bitcoin Bubble update 6/12 appeared first on Buttcoin Foundation.

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