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Bitcoin Tumbles Most in Two Weeks Amid South Korea Hack (bloomberg.com)
Bitcoin extended losses for a third day, tumbling as much as 6 percent Sunday as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system. From a report: The largest cryptocurrency declined 4.6 percent to $7,277 as of 10 a.m. time, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. That widens Bitcoin's losses for the year to 49 percent. Peer cryptocurrencies Ethereum and Ripple fell 5 percent and 6.6 percent, respectively.
That shark was jumped in 2017
Nope, few people are buying Bitcoin anymore. That's why the value has dropped in half in the last six months.
The world is simply a better place because of PedoPesos!!!!
neck beards compare bitcoins to tulips.
Only the State obtains its revenue by coercion. - Murray Rothbard
All widely traded cryptocurrencies have been trending downward since the crazy peak last December. There have been multiple larger events where values dropped precipitously without definable causes. Bitcoin and it's associated cryptocurrencies are a racket wherein people want to get rich by merely transferring money from others to themselves. There is no investment behind purchasing, it's all just taking.
Tell me when it really crashes and who's left holding the bag. Until then, shut up with this crap.
Anons need not reply. Questions end with a question mark.
I just switched my Bitcoin investment into Tesla stock.
Sure, you can have fake Russia meddling news and cover-up Stefan Halper's spying which was much worse than Watergate, both at the same time!
Heil Hillary as mandated by law. The Nazis were leftists too, just like you.
While the exchange rate has dropped a bit its still way up and for the usefulness it remains. The people who "invest" are the ones I'm skeptical of. The value in crypto currencies is not in its price. Its in its ability to drastically lower transaction costs that most consumers aren't aware of. Credit cards drive up prices by 6% or so and more in places where cash has been outlawed or shunned via various means. That can be as high as 12%. Then if you are smart you can take advantage of the liquidity in the market to get as much as 30 or so percent on top of this saved as a consumer.
I'm both a businesses owner and a crypto currency user. The main places where crypto currencies are seeing adoption are Venezuela and New Hampshire. It took 40 years for credit cards to see widespread acceptance and I imagine it will take similar amounts of time to see that with crypto currencies.
Now is a great time to buy buy buy!!!!! /sarcasm
To mine an AC-Coin, you currently have to find the last four bits that correspond to the hash.
As you might imagine, finding four bits is easy (just guess 16 times). What do you think the current value of AC-Coin is? What will YOU pay for a 10,000 AC coin? I have some to sell you.
Making mining easy doesn't mean people do it.
Crypto markets have no reporting rules and are full of corruption. It is sad that Bloomberg feels the need to report on this sector, but I guess there are enough legitimate players involved that the data is worth tracking. But right now the pool is so shallow, so many "whales" have already dropped out of the market, that all it takes in one party trying to cash out $250k worth of coins to cause a 1-2% drop across the entire sector. Most people are still holding, in the hopes that new investors are going to start discovering bitcoin again in the near future, but crypto already became a global sensation in 2017 and there won't be another significant pool of investors for 5-10 years. It is time to move back to real securities.
I wonder what the exact date will be (and it will come) when MOST people realize Bitcoin isn't just a get-rich buy-then-sell cash scheme, and instead, has an actual beneficial purpose to this world. Seeing it in widespread by the average person everyday life would be a sight. It is that day when bitcoin's price will dramatically fall to more commonsense levels. But i figure that day will only come when these people get bored of the cash grab and lose interest causing it to take a massive nose dive (ie, a crash) and then someone finally finds its true killer app (not including b2b behind-the-scenes stuff).
Let me see again, what are bitcoin's beneficial purposes to this world? What problem of the current financial system has it solved?
Last time I checked, transactions were slower and more expensive than with e.g. VISA with the perspective of becoming even more expensive as mining becomes harder. It wasn't decentralized as theory describes, because wallets are centralized at exchanges, which work like banks, with the difference that they are unregulated, have no liability and no one knows who owns them. Transactions aren't anonymous, because you can easily track down every transaction in the ledger. Not to mention the amount of energy wasted on mining (at least in some countries it can be used for heating) and the risk of 51% attacks which turn out to be more realistic than thought.
It has more to do with the MtGox coin liquidation. The current price is what the coins are selling at. Someone is buying them. Someone is always buying them
"When life gives you lemons, don't make lemonade. Make life take the lemons back!" -- Cave Johnson
South Korea owns maybe 1%, probably 0.1% of bitcoins. China and the US own almost all of them. This is utterly ridiculous to have this much of an overreaction. This is like short selling Pepsi because one delivery truck burst into flames.
Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
For example, US Dollar and Bitcoin are really equals?
Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
Also, not to mention, US Dollars in any US Bank is insured by US Government!
What authorization/guarantee/insurance is behind Bitcoin? Nothing!
Sorry but that is the end of discussion then!
Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
He is just someone does not like media/fan attention?
Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
(So he knew very well that law enforcement would come after him sooner or later?!)
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
If so-called cryptocurrencies are really money; isn't people issuing their own money, illegal already, in all countries?
If so then, why they are still not banned in all countries?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
Also, since all so-called cryptocurrencies are actually financial scams (Ponzi Schemes), that means, they cannot be the solution for any of existing financial problems of our world!
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere (because people invested in cryptocurrencies, would try to stop anyone trying to ban cryptocurrencies)!
All cryptocurrencies need to be banned globally before it is too late!
Bitcoin doesn't work as a currency because it's not an effective substitute for the US Dollar and it never will be. Frankly, Bitcoin sucks for any legal transaction because the fees are too high and the processing times are too slow and just try to dump your whole stash of Bitcoins and see where the price goes. When Warren Buffet of Berkshire Hathaway, arguably the greatest living investor, and Jamie Dimon of JPMorgan Chase say that Bitcoin is scam, the average person should listen. Even George Soros, the man who "broke the pound", and has made billions of dollars trading currencies warned at Davos that Bitcoin was a bubble and that people should "watch out". But hey, those guys are chumps right and we should be listening to "corezz" who hopes that his Bitcoin will be awesome someday. Right.
dig deeper, there is so much development ongoing. crypto can and will scale. decentralized exchanges are being rolled out. PoS instead of PoW will stop the amount of energy wasted. privacy on the blockchain is already possible, we have a great FOSS project build on good community principles.
dig deeper, there is so much development ongoing. crypto can and will scale. decentralized exchanges are being rolled out. PoS instead of PoW will stop the amount of energy wasted. privacy on the blockchain is already possible, we have a great FOSS project build on good community principles.
Yeah, if and only if they (cryptocurrencies) are not spotted by those who can exploit them using 51% attack...
https://gobitcoin.io/tools/cost-51-attack/:
Cost of a 51% attack
US$5,915,971,908
Hardware cost only, at cheapest rate
The attack would consume 81,344,613 kWh per day (4,067,230$ per day)
I am not worried about Bitcoin. Ethereum switching to PoS would change the dynamics completely because instead of mining you would need to accumulate enough coins to double spend - it will be impossible to buy 51% coins.
They are and do read more /. FYI renting power is a thing
It is that day when bitcoin's price will dramatically fall to more commonsense levels.
Actually... that will probably be the day when Bitcoin's price would have dramatically increased to more commonsense levels, such as $0.0001 US per Satoshi.
rankly, Bitcoin sucks for any legal transaction because the fees are too high and the processing times are too slow
The fees are lower than bank fees, and the transaction clearing time averages less than an hour, so it is faster than a Check or Overnight wire --- It's not like current banks support clearing transactions instantly. Even your credit card transactions are just pre-"Authorized", and the settlement process takes days before the merchant actually gets paid.
Looking at news over the last several years I think it is less likely that you'd lose your coins in some hacking event, and more likely though some sort of more fraud scheme. Either in some coin that is more less fake, or even in established coins where the brokerage/trading houses just embezzle it and vanish.
A lot is made out of blockchain ledgers supplanting the need about placing your trust in corporate banks or nations, but they don't exactly have a monopoly on fraudulent activity.
I think the time has come and gone that these crypto "currencies" can be legitimately called currencies anymore. They are simply speculative investment schemes, but one where their are literally zero assets attached to them. They are particularly risky fundamentally in that at least a currency can be spent someplace (unless inflation makes it worthless), and more traditional investments, even should they fail are able to recoup some value by selling off assets. If/when they fail, you'll be left with nothing except perhaps the few at the top (due to sheer volume and value), or those with enough savvy to GTFO at just the right time, the rest will be left with squat. The *only* thing keeping them going at this point is the collective will of those that own it, and the get rich quick greed of new investors. Once the later drops off because the price is too high, or public perception changes, then the end is neigh...