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Bitcoin Flash Crashes, Drops By 80% In Seconds
02-10-2014, 04:43 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own "Waddell and Reed" moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.

And since digital currency advocates have finally realized they can't hold the electronic 1s and 0s in their hand in a worst case scenario, the biggest winner of the latest Bitcoin crash is none other than the real alternative currency (in Paul Singer's words), gold, which moments ago just hit a one month high and rising.


Biggest ponzi ever. You're broke without a computer, don't they get that? rofl.gif rofl.gif
02-10-2014, 04:57 PM #2
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,026 Threads:1,457 Joined:Feb 2011
Quote:Sweden’s KnC Miner—a company that makes powerful computers solely built to create bitcoins—Thursday said it is establishing a huge data center in Boden in the northernmost part of the Scandinavian nation to offer spare bitcoin-mining capacity.

To create, or “mine,” bitcoins requires computers that calculate solutions to complex math problems. Once created, the virtual currency can be traded or used as tender to purchase goods and services from those who accept it. Though anyone can become a miner using an ordinary home computer or laptop, professional miners now resort to specialized high-power computers that can run the bitcoin algorithm faster.

KnC Miner makes these supercomputers, which cost $10,000 apiece. They have sold like hotcakes as interest in the virtual currency has exploded. The 43,000-square-foot data center in Boden will provide KnC’s customers with backup capacity, in cases the company is unable to deliver the hardware on time. The center will be located in an old helicopter hangar that previously was used by the Swedish armed forces.


Apart from helping KnC to avoid production bottlenecks, the company also said it has plans to rent out bitcoin mining capacity. The data center should be fully operational in the coming months and is expected to initially require 10 megawatts of electricity a year—enough to power 10,000 average U.S. homes—and provide more than 30 annual jobs.
Read more: blogs.wsj.com

Guess who just lost their ass? coffeetime.gif

02-10-2014, 05:10 PM #3
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
hug.gif Morning JR

More dependence on energy without which bitcoin is as useful as a dog turd. The silk road guy (dread pirate jack) had all his bitcoin confiscated which gave the feds a lot of latitude for manipulating the fiat. Imo it's just another scam to manipulate PMs.
02-11-2014, 11:58 PM #4
yankees skier
Posts:5,889 Threads:215 Joined:Feb 2011
The time is ripe for yankeecoin, a currency backed by biere. coffeetime.gif

02-12-2014, 12:13 AM #5
Posts:4,763 Threads:1,046 Joined:Jun 2012
I am pretty sure bitcoin was designed to fail that way the next "real" attempt at virtual currency will be squashed because all "they" have to do is say look what happened to bitcoin
02-12-2014, 12:14 AM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,026 Threads:1,457 Joined:Feb 2011
yup.gif Plausible, and they didn't squash it at first to come off as wearing the "white hats"

02-12-2014, 02:41 PM #7
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Bitcoin Update: "Your Money May Be 'Tied Up' In Unconfirmed Transactions"

You may have noticed that some exchanges have temporarily suspended withdrawals and wondering what’s going on or more importantly, what’s being done about it. You can be rest assured that we have identified the issue and are collectively and collaboratively working on a solution.

As a result, exchanges are temporarily suspending withdrawals to protect customer funds and prevent funds from being misdirected.

Thanks for your patience.





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