CovOps
 Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious
 |  Subject: BitCrash Continues: Down 40% And Dumping  Thu Apr 11, 2013 3:42 am | |
| Time to rename it BitCrash... or will it stage an amazing recovery? Alas, for this particular bubble, there are no NYSE circuit breakers nor is there a Federal Reserve-mandated "plunge protection team." And why should there be? The central banks hate all currency alternatives. Firehats: on, especially since the volume is still relatively lite.
Updated to:
More from Tech Chrunch:
Bitcoin is undergoing a classic correction after quintupling in price over the past 30 days. The currency, which was trading as high as $265 earlier today on Mt. Gox, plummeted and is now trading at around $150.
We’ve reached out to one of the biggest exchanges, Mt. Gox, to see what happened. But another San Francisco-based exchange called TradeHill is saying that the crypto-currency is falling because of apparent distributed denial of service attacks on Mt. Gox and Bitstamp. A denial of service attack happens when an attacker overwhelms a target with external requests, so that it can’t honor regular requests from legitimate users.
This also happened last week when Mt. Gox when Bitcoin reached $142 and hackers attacked the exchange. At that point, Mt. Gox said it had suffered ”its worst trading lag ever.”
The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.”
It looks like this may be happening again. Aside from that, any kind of 400% increase over 30 days is probably unsustainable from a technical point of view. A correction at this point would be healthy and natural.
http://www.zerohedge.com/news/2013-04-10/bitcrash-continues-down-40-and-dumping
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RR Phantom
Location : Wasted Space
Job/hobbies : Cayman Islands Actuary
| | Subject: Re: BitCrash Continues: Down 40% And Dumping Thu Apr 11, 2013 3:51 am | |
| | We missed it, and it's all your fault! |
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CovOps
Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious
| | Subject: Re: BitCrash Continues: Down 40% And Dumping Thu Apr 11, 2013 4:00 am | |
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CovOps
Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious
| | Subject: Re: BitCrash Continues: Down 40% And Dumping Fri Apr 12, 2013 5:38 am | |
| Bitcoin Crashes Down to $52 From $266, MtGox Exchange Down For Maintenance
Bitcoin just hit a low of $52.99 per Bitcoin on the BTC-e.com exchange, it stands currently at $59. MtGox has been down for hours for maintenance and the price has been plummeting throughout. Bitcoin hit a high of $266 just yesterday before the ensuing crash. At this point the price is still double what it was two months ago, so it's yet to go through a full routing erasing all gains since going parabolic.
http://www.informationliberation.com/?id=43537&utm_source=dlvr.it&utm_medium=twitter |
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| | Subject: Re: BitCrash Continues: Down 40% And Dumping | |
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