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Value of Bitcoin "Crashes"

Posted by ryuzaki0 on from the smells-like-real-currency dept.

souravzzz writes with an update on the state of Bitcoin. Quoting the Ars Technica article: "Bitcoin, the world's first peer-to-peer digital currency, fell below $3 on Monday. That represents a 90 percent fall since the currency hit its peak in early June." That's still three times its value in April 2011.

2 of 709 comments (clear)

  1. A small Bitcoin success by Teppy · · Score: 5, Interesting
    Our new game, "Dragon's Tale," functions exclusively in Bitcoins. It's a gambling MMORPG based on the same technology as our previous game, "A Tale in the Desert." Choosing Bitcoins means that I never have to worry about PayPal freezing my account, or about $25 chargeback fees, or making Mastercard a 2.5% partner in my business.

    When we started Dragon's Tale, Bitcoins were worth 5 cents, and people played for 100's at a time. When Bitcoins were $30, people played for fractions of a coin. Now that Bitcoins are $2.00 or whatever, they may spend a Bitcoin or two on a play session.

    The point is that the exchange rate to dollars is irrelevant - players play at the level they're comfortable with, and our revenue (viewed in dollars) has been increasing steadily.

  2. Re:Bitcoin by networkBoy · · Score: 4, Interesting

    Speculators are a capacitor. Storing charge when the voltage is above the mean level, dumping charge when below.
    Market manipulators are an external power supply, forcing the mean level up then down.
    If speculators have more resources than the manipulators, the manipulation will fail, otherwise it succeeds.
    -nB

    --
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