Anyone know what's with the massive drop.. Sunday morning we hit 14.70, now in the single digits.. what gives?
People saw it drop more than a dollar and freaked out?
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Anyone know what's with the massive drop.. Sunday morning we hit 14.70, now in the single digits.. what gives?
If it stays like that for long expect LOTS of folks to stop mining......
lol not gonna say "I told ya so" but this is exactly the kind of scenario that people were talking about. Hopefully enough people that have holdings will refuse to cash out this low, the alternative is people freaking out about the losses and trying to cut and run while they're still worth 8 bucksDuring the weeked the following happened:
- Mybitcoin.com the largest online wallet site went dead, along with all the coins stored there and the site's owner vanished from the face of the planet. Estimated to have ~10k bitcoins.
- Bitomat the Polish bitcoin exchange and third largest behind mtgox and Tradehill lost all of its coins ~17k. The site owner was hosting the site, its wallet, and all backups of said wallet in an Amazon Web Services Elastic Compute Cloud server. The thing is the EC2 servers are virtual machines. For some reason (apparently to upgrade something or w/e) he took the site offline and the virtual machine was automatically reset so all the data, backups, etc went *poof*
Add to that the recent news that TradeHill stopped accepting Dwolla money transfers because those transfers were proven to be reversible (and several scammers were robbing TradeHill/Dwolla) and it all combines into a perfect storm of negative confidence in the market so investors pull out en masse. It is also possible that the stories behind the bitomat and mybitcoin incidents are merely cover stories and we just witnessed those coins being dumped into the market.
Anyways, I'm out of popcorn. Anyone need a refill?
It's a good thing I was too bearish to reinvest profits and stayed out for the most part. I kinda like seeing those cheap cheap coins. The markets might get a little more interesting as well since the barrier of entry is not as high anymore.
P.S: There is no way I'm going to stop mining lol, and I'm almost sure others won't either. This is all so entertaining I can't possibly stay completely out.
At this moment this image seems extremely appropriate:
Lol, I already got the house but I need to make a down payment on a truck next year. I guess the timing might just depend on the price of BTC.
Luckily that i transfered my coin to my PC client 2 weeks agoMybitcoin.com the largest online wallet site went dead, along with all the coins stored there and the site's owner vanished from the face of the planet. Estimated to have ~10k bitcoins.
I only used MyBitCoin once or twice when I first started. My coins now get stored locally on my PC up until I am ready to transfer to Mtgox and sell.
Pretty crazy what happened over the weekend though.
I wonder how long this trends going to keep up.
Forever.. Its not likely itll ever stabilize..
network growth just went negative
network growth just went negative
You are already too late lol. People have already been snatching that hardware up. If your new hardware costs allow you to reach the magical 2Mhash per dollar you are good to go. You know what time it is? Math time
Not bad. I raise you some brand new sealed in box $145 5850s
I stumbled upon the Amazon HD6950 1GB for $170 deal, this 5850 deal was from N C I X and I must admit I kept it to myself this time. There were others who got wind of it though and N C I X got wise to it and jacked up the price to $170 shortly after.
This means i'll get .2 BTC when the next block is found,doesn't it tsd?
220yup..
Guessing you are at ~700-800 MHash?