is btc dropping cuz coinpayment is down??
wtf is happening
Happened last night around 11pm est. I was up on a trade from 694.00 to ~703 on the gdax exchange platform. Within seconds it was down to $660.
I still have a limit sell up for 699.00 i was just too slow OP.
Can anyone explain how such a crazy swing happens on the 1m chart? Did one person dump and cause a chain reaction?
>>1357570
so if i ddos coinpayments + blockchain and short btc?
this is a huge flaw
>>1357571
who would have thought that btc price will be sensitive to centralized services around it?
oh wait what is mtgox?
>>1357595
yea i just lost my entire belief in the bitcoin future, soon computers will be able to take down any site and then they will choke btc to death
>>1357562
It's dropping because there is no demand for it or any other bitcoin services.
>>1357624
well there are huge corps specializing in providing ddos protection or simply dealing with periodically insane traffic like cloudflare. there are other measures a company can take to be ddos resistant too.
i wouldn't worry too much about ddos. that's probably the least of bitcoins problems. it is also not a bitcoin specific problem at all it pretty much affects any online business and only throws a temporary hitch in them anyways.
Bitcoins don't have any real value and the current price is purely speculative. It's "worth" ~$650 atm, but only because some people "believe" in it and they hope to lure in other people, so when the others buy btc the price goes up, so the people who bought (or mined) earlier make more money.
BTC price is based on greed only, there's nothing else to support it. The argument about "muh limited amount only 21 millions will exist" is laughably retarded. It could have been 1 million, or 1 billion, or just 21000 btc, it doesn't matter in the slightest. I can print out 21 bills of UNIQUE anonbucks - it won't make them worth $650 or $65 million each, only because there are just 21 of them. But if i shill about them in internet 24/7 for 5 years and hire other shills, who will attract even more shills, if I find enough rich idiots, who will believe that 1 UNIQUE Anonbuck is going to be worth $1 million ("soon!"), that they have a UNIQUE OPPORTUNITY to buy the anonbuck today, when it still can be bought for "only" $650 ...
BTC can to up to 800 tomorrow, but just as well can drop below 200. A few big holders suddenly lose their "belief" in btc they will try to sell in mass , which will cause chain reaction and panic.
tl:dr you shouldn't be surprised about volatility of an artificial """""currency""""" like btc
>>1357666
>because some people "believe" in it
more like because they can sell it for that much
and they can sell it for that much because others could before sell it for that much.
it's kind of evince based belief that is self reinforcing if you think about it.
but i agree price is more expectations and speculation than representing any practical worth or true (realizable) market capitalization.
>>1357666
same with gold though.
you only have certain amount on earth, and its basically a stone
same with real cash too...
the thing is, you can't stop sales of gold like you can choke all bitcoin selling sites
>>1357666
Very much this.
Since there is no actual commercial use for BTC, it's purely neckbeard and beta male greed and lust.
>>1357666
SUPPLY AND DEMAND. SKITZO FUCKO
It's the halving you moron. BTC value drops by half. Jeez you crypto fags amaze me.
>>1357714
So if someone held 2 Bitcoins they will now have 4 on their account?
How does this work?
>>1357720
lolnope
>>1357714
u r fucking stupid
>>1357685
Oh, ffs. No, it's not the same, it's FAR from being same. Without gold you wouldn't have your iphone or notebook now (among other things you have no idea about).
Without the government-backed and universally accepted and legitimate exchange medium with regulated supply (aka fiat currency) modern economy would not exist.
What will happen if BTC dissapears (or greatly diminishes in value and relevance, like other shitcoins did)? If all btc exchanges are going to get shut down tomorrow?
Nothing. Absolutely fucking nothing. A few "investors" might get butthurt, that's all. The world economy wouldn't feel it. It existed without btc, it will continue to exist without it.
