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Breaking: Bit Coin completely collapses

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posted on Feb, 10 2014 @ 01:48 PM
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I don't care for, or follow Bitcoin. As I don't believe in it. Don't Believe in gold either for that matter as I can't eat it in in a crises. Anyhow the above is their title not mine. So fans of bitcoin don't flame me. Aparrentley accounts have been frozen as there appears to be something that is equivilent to a bank run on their Product? Don't know, don't care. But wanted to give everybody a heads up.

www.businessinsider.com.au...
edit on 10-2-2014 by 13th Zodiac because: (no reason given)




posted on Feb, 10 2014 @ 01:49 PM
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Source..??? More information?



posted on Feb, 10 2014 @ 01:50 PM
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reply to post by 13th Zodiac
 


Aparrentley accounts have been frozen as there appears tobe something that is equivilent to a bank run on their Product?


Got a pinky-linky for us..?


It's not that I think you are a sociopathic liar, but you could be, so.........


Thanks!



posted on Feb, 10 2014 @ 01:50 PM
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Anyhow the above is their title not mine

Who is "their"? Do you have a link perhaps?



posted on Feb, 10 2014 @ 01:53 PM
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facelift
reply to post by 13th Zodiac
 


Aparrentley accounts have been frozen as there appears tobe something that is equivilent to a bank run on their Product?


Got a pinky-linky for us..?


It's not that I think you are a sociopathic liar, but you could be, so.........


Thanks!


Sorry I was in the middle of editing, you guy's were to Quick of the mark. Link attatched.



posted on Feb, 10 2014 @ 01:54 PM
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I posted this earlier on an old Bit Coin thread:
The Bitcoin Bubble (and how it is a setup to rip people off)

Not the first time it has crashed, however this time seems much more serious. Only time will tell if it can recover or this if its the end.

Looks like it was frozen around $600.
edit on 10-2-2014 by jrod because: (no reason given)



posted on Feb, 10 2014 @ 01:54 PM
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www.zerohedge.com...
Bitcoin Flash Crashes, Drops By 80% In Seconds




Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. 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.



posted on Feb, 10 2014 @ 01:56 PM
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This website shows the drop down to 102: bitcoinwisdom.com...

Nice find


It has rebounded its back to 657.262



posted on Feb, 10 2014 @ 01:56 PM
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so its a great time to buy then!



posted on Feb, 10 2014 @ 01:56 PM
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that happened at 0545 its now 1456 and its up again bitcoinwisdom.com...



posted on Feb, 10 2014 @ 01:57 PM
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reply to post by MessageforAll
 


$600 and now $100...

And back to $600.

Someone just got paid 6:1 for their bet.



edit on 10-2-2014 by jrod because: (no reason given)



posted on Feb, 10 2014 @ 01:57 PM
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Some bot made a bunch of cash i would say

Or someone missed a zero and ruined his life

6k bit coins at 600 is 3.6m in a sec
edit on 10-2-2014 by Indigent because: (no reason given)

edit on 10-2-2014 by Indigent because: (no reason given)



posted on Feb, 10 2014 @ 02:00 PM
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Meh, more pointless bitcoin FUD by people with an interest in keeping a centrally controlled currency. Here's some non-sensationalized info to put things in perspective: www.mtgox.com...

Basically there's a potential design flaw in the way BitCoin works that can result in a transaction being played twice (ie: 'attacker' make it look like a BitCoin transfer failed, so the system attempts to repeat the transfer resulting in duplicate BitCoins). A few suspicious transactions were found that appear to have exploited the flaw, so the BitCoin network has been shut down while they work on a permanent solution.

I'm not sure about other exchanges, but for Mt Gox at least people are still very much able to withdraw their currency (AUD, USD, whatever), they just can't (temporarily) trade BitCoin.



posted on Feb, 10 2014 @ 02:01 PM
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Russia blocking it was purposeful,

This reaks of manipulation, crashing alternatives currencies...

Will be interesting to see how this plays out.



posted on Feb, 10 2014 @ 02:01 PM
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Ummm.

Nothing to see here, no seriously.

Anyone whos been watching the Bitcoin market for longer then a day knows that this drop is nothing. Typically it means theres been a big sell off, someones cashing out on their product.



posted on Feb, 10 2014 @ 02:05 PM
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reply to post by 13th Zodiac
 


If bitcoin will fail there is probably a slithering and forked tongue big banker waiting in the shadows to introduce a more save, guaranteed and more stable alternative cyberspace currancy.



posted on Feb, 10 2014 @ 02:13 PM
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Would this have something to do with the huge theft at bit coin Sheep Market?There was a thread on it here a few weeks ago.There was a big cyber hunt for the their by a couple of guys from Reddit.
Turns out a lot of people lost ALOT of real money.It sounded like a ponzi scheme.



posted on Feb, 10 2014 @ 02:15 PM
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Let's not forget the bank drill at the end of this week. Maybe a sign of things to come.

Federal Reserve Issues Warning, Bank Drills - Feb 15-16



posted on Feb, 10 2014 @ 02:15 PM
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Indigent
Some bot made a bunch of cash i would say

Or someone missed a zero and ruined his life

6k bit coins at 600 is 3.6m in a sec
edit on 10-2-2014 by Indigent because: (no reason given)

edit on 10-2-2014 by Indigent because: (no reason given)


or....the one that knows how the algorithm works, or that has access to it, just made a pile of money...bot or human
edit on 10-2-2014 by jimmyx because: (no reason given)



posted on Feb, 10 2014 @ 02:33 PM
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13th Zodiac
...Don't Believe in gold either for that matter as I can't eat it in in a crises....


Not to sidetrack the discussion, but can you eat dollar bills in a crisis?



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