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Bitcoin has its "black friday", loses 30% in one day.

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posted on Jun, 12 2011 @ 11:05 PM
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"At the opening bell at Mt. Gox, the world's largest Bitcoin exchange, a single BTC cost $28.919 USD. By mid-day that total had plunged to $20.01 USD -- a drop of 30.8 percent."

"Well, today on Mt. Gox alone, approximately $2M USD in Bitcoins were bought and sold in 5,871 trades. That's unusual in and of itself -- only a total of $19M USD in trading volume occurred over the past six months."

It seems the open currency market isn't immune to manipulation. With the relatively small amount of money being traded, the powers that be could probably wipe out this concept before it starts. Link is below.

www.dailytech.com...




posted on Jun, 12 2011 @ 11:14 PM
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I'd almost been sold on getting involved in this, at least to a small degree to play a bit and see what happened.
Now, I'm real glad I didn't. It may be real and work well but with volatility like this, I believe I'll leave it for people with far stronger stomachs than mine. If I want the rush of sudden gain and loss, I'll go gamble in the open where I at least know what I can expect to get into. This is just a staggering swing in a single day for something being touted as a viable replacement or parallel "currency". Nope... I'll take a HUGE pass, thanks anyway.



posted on Jun, 12 2011 @ 11:18 PM
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Sure it and it won't end there. It made itself known in the media, politicians are trying to govern it. Fast ending, what it just popped up in Jan of this year?
Next.
edit on 12-6-2011 by dreamingawake because: fixed



posted on Jun, 12 2011 @ 11:36 PM
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Can someone please explain how someone can manipulate the currency market in layman's terms please?



posted on Jun, 12 2011 @ 11:47 PM
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reply to post by balon0
 


Buy a bunch of beets, convince people through clever marketing that beets are the new "it" currency, and then sell all your beets when the price has risen to the point where you can walk away with a nice profit. I fear this is happening with gold and silver, just like what happened with the mortgage market.

If governments/entities with money wanted to undermine this new currency, buying large quantities to make the market soar and then selling it all off to create a faux panic would do the trick. Creates a 'demand shock'. Sorta what happened during the Great Depression. It wasn't that businesses suddenly weren't worthy enough to invest in, but that investors lost faith all at once in the market as a whole + wanted to pull out their money.
edit on 12-6-2011 by Boreas because: (no reason given)



posted on Jun, 12 2011 @ 11:49 PM
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This article is complete BS.

Not only that, but the market they mention, "mtGox" has been up since 2007 and only updated so recently (from a blank page claiming that they're "in beta") that archive.org didn't notice (last change noticed 2007): wayback.archive.org...*/mtgox.com...

As someone that has been trading BTC with bitcoinmarket and seen attempted manipulation (such that the market had to be taken offline for quite a while), there is no way ANYONE can value BTC in USD, esp since trying to do so results in complete failure - and the USD is the poison.
edit on 12-6-2011 by cryptographrix because: Added that mtGox has been blank page/in beta for 4 years



posted on Jun, 13 2011 @ 12:00 AM
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reply to post by balon0
 


Once upon a time Economics bored me to tears. Politics as well.

I'm not sure what is worse...ignorance or knowledge. I personally would pick knowledge, not that I think we can change anything...at least knowledge gives one the option of dying well.



posted on Jun, 13 2011 @ 12:03 AM
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bounced back up to nearly 24 now.

It is a new currency.

It will be volatile until it gains broader acceptance.



posted on Jun, 13 2011 @ 12:06 AM
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Oh look:

$> whois mtgox.com
...
billing-city: Shibuya
billing-state: Tokyo
...

Ok, so they're out of japan...

$> nslookup mtgox.com
Non-authoritative answer:
Name: mtgox.com
Address: 199.59.163.86

...or are they?????..

$> myGeoApp 199.59.163.86
Domain mtgox.com
City los angeles
State ca
ZipCode 90071
ISP black lotus communications

Ok, no worries - "Black Lotus Comm" is blacklotus.net, known for their DDoS protection (for such a crappy site, I don't know why they'd waste so much money on such excessive DDoS protection - why not just use free AWS?).

Secondly, their DNS is hosted with 'xta.net,' out of DELAWARE - no main page, no administrator, no actual company - NOTHING. Looking up info about xta.net eventually gets you to mutumsigillum.com (the seal of a dumb [presumably, .com; so "the seal of a dumb .com"])

All fake names, no real sites - the only real part about this operation is that it's a #ty market site hosted on absolutely insane (by a security standpoint) hosting provider that NOONE would pay for with such a #ty low budget site.

Other linked sites have similar patterns - registered out of japan or delaware, etc. with fake names and no sites except for the news making site itself, etc...
edit on 13-6-2011 by cryptographrix because: Added info about mtgox being "registered in japan"


Yet another edit - I just realized that since it's actually "mutum sigillum," it could be "dumb seal" which would be hilarious if a navy seal created the domain, or it hinted to military rivalry, i.e. air force calling a seal dumb....could be a cool inside joke.

If you're the one responsible for that inside joke, let me buy you a beer before you kill me for releasing secrets or whatever.
edit on 13-6-2011 by cryptographrix because: mutum sigillum - dumb seal instead of seal of the dumb....



posted on Jun, 13 2011 @ 12:21 AM
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mutumsigillum.com and kalyhost.com are most interesting, not to mention mtgox.com itself.

So mtgox.com requires you to "Add Funds" to your account through financial service companies that they have different names for each payment processor with - why you would actually add money into them, being that obvious of a scam is hard to sell....

But it's not even a logical progression of names!....case in point:
You can send funds to:
Account number: 812-649-1010 (click here to send funds directly)
Account name: Mutum Sigillum LLC

...

Bank details:
Account Owner: MACARAJA SAS
Bank Name: CIC
BIC: CMCIFRPP
IBAN: FR76 3006 6109 7100 0200 1720 142
Address: 9 avenue Pierre Sangnier / 94350 Villiers sur marne / France

...

To add funds, please make a deposit to:
Bank: National Australia Bank
BSB: 082-330
Account Number: 575148030
Account name: Technocash Pty Ltd

...

Wire informations:
Account Owner: Tibanne Co. Ltd.
Account Owner Address: 24-30, Kugayama 5-Chome Suginami-ku, Tokyo 168-0082, Japan
Account Number: 8457299423 (Branch: 845 KICHIJOJI)
SWIFT: SMBCJPJT
Bank Name: SUMITOMO MITSUI BANKING CORPORATION
Bank address: 1-1-2, MARUNOUCHI, CHIYODA-KU 100-0005 TOKYO JAPAN

...

"MutumSigillum", France, Australia and Japan, for a site that's registered from Japan, hosted with a HUGE anti-DDoS service provider (and not their own "kalyhost.com" - see mutumsigillum.com) and has DNS provided via another domain they own that is unrelated and also has the same fake info.

StumbledUpon a covert op?



posted on Jun, 13 2011 @ 12:21 AM
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Originally posted by cryptographrix


Ok, no worries - "Black Lotus Comm" is blacklotus.net, known for their DDoS protection (for such a crappy site, I don't know why they'd waste so much money on such excessive DDoS protection - why not just use free AWS?).

Secondly, their DNS is hosted with 'xta.net,' out of DELAWARE - no main page, no administrator, no actual company - NOTHING. Looking up info about xta.net eventually gets you to mutumsigillum.com (the seal of a dumb [presumably, .com; so "the seal of a dumb .com"])

All fake names, no real sites - the only real part about this operation is that it's a #ty market site hosted on absolutely insane (by a security standpoint) hosting provider that NOONE would pay for with such a #ty low budget site.

Other linked sites have similar patterns - registered out of japan or delaware, etc. with fake names and no sites except for the news making site itself, etc...
edit on 13-6-2011 by cryptographrix because: Added info about mtgox being "registered in japan"




Well it was supposedly put together to be decentralized by an open source community the only thing I'd worry about is the security on the tracker. What do you think the ods are of it being compromised? Also how hard to make an all black version if the gov makes it illegal here?


edit just read your second post you type fast lol

so your saying the whole things a scam?


mutumsigillum.com and kalyhost.com are most interesting, not to mention mtgox.com itself. So mtgox.com requires you to "Add Funds" to your account through financial service companies that they have different names for each payment processor with - why you would actually add money into them, being that obvious of a scam is hard to sell.... But it's not even a logical progression of names!....case in point: You can send funds to: Account number: 812-649-1010 (click here to send funds directly) Account name: Mutum Sigillum LLC

edit on 13-6-2011 by UcDat because: (no reason given)


I dunno man obviously you'd want a bank account to transfer cash for bitcoins but if it demands a valid bank account just to trade bitcoins and wont give you any options I'll agree its a scam.
edit on 13-6-2011 by UcDat because: (no reason given)



posted on Jun, 13 2011 @ 12:29 AM
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I'm sorry but when I see mtgox all I think is myg0t...



posted on Jun, 13 2011 @ 12:34 AM
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reply to post by UcDat
 


This looks COMPLETELY like a covert op to me -

1. "Key systems" whose dns is hosted with the same nameservers are registered by "KEY-SYSTEMS GMBH" (see www.who.is... )

2. Account details across 4 different company names/countries screams "this is supposed to look like a scam so noone /actually/ sends money (not even WIKILEAKS does the multiple country and payment method thing - they are wikileaks all over the place).

3. Cross-referenced domains and DNS with mtgox.com, itself, being registered in 2007 and confused so much with magic the gathering online that their "beta" message that archive.org archived has a comment about magic being trademarked by (yadda yadda - I don't have the page up atm, in my prior post).

4. They apparently OWN a hosting company (kalyhost.com) but are using one of the largest anti-ddos hosting providers for a site that CAN'T be making that much money.

5. A BTC costs 20+USD on mtgox when every other (sane) place, I've never seen a single USD get any less than 15 BTC.

5a/6/EDIT. Did I mention that ns1.xta.net (their "weird delaware based dns server) also hosts such wonderful sites as akibakanews.com, ahmedosama.net, etc fake muslim news sites?!?!?!?!?????
edit on 13-6-2011 by cryptographrix because: 5a/6/EDIT line...



posted on Jun, 13 2011 @ 12:42 AM
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Dear government agents who probably hired the idiots that set these ops up,
You got my info - Friggin call me and I'll set up like 20 more, much more detail-oriented, operations for you...

Like holy hell I could've built a better set of ops when I was 13. WTF are you doing registering "akibakanews" with "KEY-SYSTEMS"?!?!?!?!????

That's like leaving a bullet with the CIA's logo at the scene of Kennedy's assassination - can the terrorists do a 'whois' or a 'dig'? - oh whoops forgot about that...

Sigh......

Sincerely,
Crypto



posted on Jun, 13 2011 @ 12:47 AM
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Originally posted by cryptographrix
Dear government agents who probably hired the idiots that set these ops up,
You got my info - Friggin call me and I'll set up like 20 more, much more detail-oriented, operations for you...

Like holy hell I could've built a better set of ops when I was 13. WTF are you doing registering "akibakanews" with "KEY-SYSTEMS"?!?!?!?!????

That's like leaving a bullet with the CIA's logo at the scene of Kennedy's assassination - can the terrorists do a 'whois' or a 'dig'? - oh whoops forgot about that...

Sigh......

Sincerely,
Crypto


interesting seems to be real money getting thrown around tho? Wonder if the CIA made it to break away from usd
ps where can i get bitcoins for cheep? Its not illegal here so if if i buy some cheep sell them on the other site i can turn a buck fast



posted on Jun, 13 2011 @ 12:56 AM
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reply to post by UcDat
 


bitcoinmarket.com used to be /the/ place to convert BTC to/from USD, but they're rebuilding their market after a whole bunch of people flooded the market with overpriced BTC. I think you can register and log in, although they stopped accepting paypal after that fiasco (like 2-3 months ago).

People are still flooding with overpriced BTC, but just not as often...plus they've been made slightly more obvious since the rebuild.

That's the last place I've seen. Alternate use is to buy real-world services and goods - hosting service seems to be fair play as a tradeoff for BTC (computation for computation lol), but whatever...



posted on Jun, 13 2011 @ 01:04 AM
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reply to post by UcDat
 


Also I don't know about the "real money getting thrown around" thing either.....it's certainly /possible/, but almost any connection between X and the USD is poisoned as the USD has more and more problems that being associated with the USD is almost as bad as having been associated with drugs, anyway.

I'd hold onto them if I were you and see what happens - if either the national or world government gets its' financial poop together, they probably won't be needed at all, but if not, they could come in semi-handy until (at least) the grid goes down, net dies etc. etc....



posted on Jun, 13 2011 @ 01:11 AM
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Originally posted by FrenchOsage
reply to post by balon0
 


Once upon a time Economics bored me to tears. Politics as well.

I'm not sure what is worse...ignorance or knowledge. I personally would pick knowledge, not that I think we can change anything...at least knowledge gives one the option of dying well.




I disagree with your last statement. I'd figure taking the "red pill" makes death worse...



posted on Jun, 13 2011 @ 02:06 AM
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Originally posted by blackrain17

Originally posted by FrenchOsage
reply to post by balon0
 


Once upon a time Economics bored me to tears. Politics as well.

I'm not sure what is worse...ignorance or knowledge. I personally would pick knowledge, not that I think we can change anything...at least knowledge gives one the option of dying well.




I disagree with your last statement. I'd figure taking the "red pill" makes death worse...


Ya I agree knowing just makes it worst. Fact I can name TPTB prove they rule us make our laws own our governments and every aspect of our lives hasnt helped me one bit. Meh still I'd rather know than be just another sheeple.


@cryptographrix

thx for the Info I think if its stable and safe it will be hear to stay until the crash. Tho I hope the web never goes dark or completely under the governments control.

you think it be worth a buck or two to mine them? Say if you had 6 grand or so to lay on some pc's.



edit on 13-6-2011 by UcDat because: (no reason given)



posted on Jun, 13 2011 @ 06:23 AM
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reply to post by UcDat
 


If I had 6 grand to spend on a system lol...(amd is coming out with 16 core processors soonish)

Save your money for chunking - in this case, less is more:

Check out Rackspace cloud. For $15 per month, you can get a quad core system chunking btc for you 24/7/365 and never need to replace anything when it gets hot, etc. Just script for all your BTC to go to one place and you're set.




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