Bitcoin crash 2013

Bitcoin 'Glitch' Sparks 23% Flash Crash

While we are used to seeing insta-crashes in our highly-regulated and trustworthy equity markets, the unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica, the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but 'forking' Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars (and hence the drop in the value). This latest glitch is different from the problem that caused Bitcoin prices to briefly crash to zero in June of 2011. l-off was caused by the compromise of the exchange itself, whereas this time the glitch occurred in the core Bitcoin software. Obviously, the incident will be another important test of the cryptocurrency's decentralized governance structure - to say nothing of its reputation among the less technically-capable owners and miners (even though BTC rapidly recovered almost all its losses).

Last night's bitcoin software-related crash...

and last week's 'market' based crash

and the life of BTC...

From a high of more than $48 earlier Monday, the value of Bitcoins plummeted to less than $37 around 10 PM Central time on Monday evening, a 23 percent decline. The price has since recovered; one Bitcoin is now worth about $46 - which, one could argue reflects a rapid recoupling with value and confidence (especially given the recent run-up in price) but notably, flash-crashes in equities (as we noted above) never seemed to stop greed-stricken investors piling into them anyway.

Source: www.zerohedge.com June 3, 2014 – 12:54

Bitcoin Crashes After China Bans New Deposits

2013-12-18 07:46:44 by oh-my-gooness

Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation
Submitted by Tyler Durden on 12/18/2013 - 07:43
Yesterday it was the US Treasury's Financial Crimes Enforcement Network that tightened its grip on businesses that accept Bitcoin. Today, it is China, where the world's largest Bitcoin exchange by trading volume, BTCChina announced that he had received word from "above" that his platform would no longer be able to accept renminbi from BTC buyers. "As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange," Bobby Lee, a former Yahoo developer who co-founded BTCChina this year, told the Financial Times

I lost $50000 in Bitcoin crash but still believe

2013-04-21 09:24:59 by --smarmy-army-la-deuce

"I lost $50,000 in Bitcoin crash, but I'm still a believer"

"Simon Lang's stake shrank from $61,000 down to about $11,000. But he sees a future for the digital currency.
"We asked Simon why he has faith in Bitcoin, despite being wiped out just a few days ago:"
SIMOM: "Well, when I was a kid, my Dad said 'Simon if you fall off your bike one more time son, I'm putting your ass right back on there so stop falling off I got the game on here'

Bitcoins for Baby Boomers

2014-01-09 10:17:45 by Mercedis4losers

In 2012 it was $5.48. In 2014 its reached $1,040. Could Bitcoin fund your retirement years?
Growing a retirement nest egg is no easy feat post-recession.
But in 2013, a tantalizing new investment vehicle exploded onto the scene, making as many cyber millionaires as the Twitter or Facebook IPOs, showing astronomical returns, and leaving governments around the world scrambling to piece together monetary policies to govern its use.
That option: Bitcoin a decentralized, mathematically-mined cryptocurrency created in 2009. But will it fund your retirement years? For most money managers, its way too early to tellthe currency is so new and so volatile that predicting its future value is a fools errand

More bad news for Bh7 as Bitcion crash continues

2013-04-12 20:50:37 by Fantastic-Eric

But then again he is like a gambler that never places bets so hopefully he didn't put too much money where his mouth was.
"Bitcoin currency in 24 hours nosedives from $266 to $55
25 bitcoins
Updated at 2:16 p.m. ET on April 12, 2013
LONDON It's a promising form of electronic cash free from central bankers and beloved by hackers. It - Bitcoin - may also be in deep trouble, registering catastrophic losses that have sent speculators scrambling."