Bitcoin price crash: Cryptocurrency loses 10 per cent of ...
Bitcoin price crash: Cryptocurrency loses 10 per cent of ...
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Bitcoin price crash: Cryptocurrency loses 10 per cent of ...
ETX officially announced to change the algorithm, here is a straightforward analysis about the influence
More dispersed computing power, which means that the coins will be further dispersed, and the value will be less controlled and influenced by a few people who controlled many coins. From the above examples of Monero and Monero Classic , we can see that changing the algorithm is a great positive signal for ordinary community users
According to the latest announcement on the official website of Ethereumx·NET (ETX), "Notice about the upcoming change of ETX algorithm and the opening of the testnet '', ETX will change the algorithm within the next 1-2 months. The reason is that the current large computing power miners pose a threat to ETX's long-term ecological planning in the future, because the large computing power mining has caused a very high concentration of chips. This can be seen through the blockchain browser. The future It may take time to balance the number of head coin holders and slowly digest with price space and time. https://preview.redd.it/xtfbx9wbe6b51.png?width=624&format=png&auto=webp&s=386ccbcb51a658db2db07609152406df1c0927e3 Just like Bitcoin, there were only a few people digging with a computer at the beginning. Later, as the market slowly became aware, and then derived the ASIC algorithm mining machine, as the price increased, some head currency holders slowly reduced their holdings, and slowly reduced the threat they posed to Bitcoin. But even so, there are still an unsolved 200,000 bitcoins in MtGox. Some people even predict that when MtGox closes the case, it will be the crash day of Bitcoin. It’s impossible for a new currency to go the way which Bitcoin had passed. The market competition environment today is completely different. There are endless new currencies appearing every day, so at the appropriate time to avoid the risk of expanding and taking the lead is necessary. This may be the reason why the ETX development team decided to change the algorithm. There are many currencies that have changed the algorithm, and most of the results are relatively good. For example, Monero (XMR), Monero should be the most successful currency to resist the ASIC algorithm. In the process of fighting with ASIC repeatedly, without exception, the mining machine manufacturers were expelled from the door, ensuring many communities. But Monroe Classic has retained the ASIC-friendly algorithm because it has not changed the algorithm, and almost no one is interested today. We can get a glimpse of their straightforward price performance in the chart below.
XMC’s price with no algorithm changes, data source Coinmarketcap More decentralized computing power means that the coins are further dispersed, and the value can be less controlled and influenced by a few people. From the examples of Monroe and Monroe Classic above, we can see that changing the algorithm is a great positive signal to the ordinary community users. And the announcement on the official website mentioned that the testnet will be launched before the end of this month, and anyone who’s interested can go to have a look. ETX developers take precautionary measures ahead of time, which is a manifestation of responsibility for all community users. Refer to Ethereumx·NET " Notice about the upcoming change of ETX algorithm and the opening of the testnet " Coinmarketcap Monero: GetMonero *There are risks in the market, this article is not intended as investment advice
Bitcoin has spectacularly 'died' several times 📉 - 94% June-November 2011 from $32 to $2 because of MtGox hack 📉 - 36% June 2012 from $7 to $4 Linod hack 📉 - 79% April 2013 from $266 to $54. MTGox stopped trading 📉 - 87% from $1166 to $170 November 2013 to January 2015 📉 - 49% Feb 2014 MTGox tanks 📉 - 40% September 2017 from $5000 to $2972 China ban 📉 - 55% January 2018 Bitcoin ban FUD. from $19000 to 8500 I've held through all the crashes. Who's laughing now? Not the panic sellers. Market is all about moving money from impatient to the patient. You see crash, I see opportunity. You - OMG Bitcoin is crashing, I gotta sell! Me - OMG Bitcoin is criminally undervalued, I gotta buy! N.B. Word to the wise for new investors. What I've learned over 7 years is that whenever it crashes spectacularly, the bounce is twice as impactful and record-setting. I can't predict the bottom but I can assure you that it WILL hit 19k and go further beyond, as hard as it may be for a lot of folks to believe right at this moment if you haven't been through it before. When Bitcoin was at ATH little over a month ago, people were saying, 'it's too pricey now, I can't buy'. Well, here's your chance at almost 60% discount! With growing main net adoption of LN, Bitcoin underlying value is greater than it was when it was valued 19k.
I've been in since May 2017, lessons learned, and some real talk.
I've only been in the crypto game since mid 2017. I remember back then when I was assessing the market, BTC was below $1k a few months earlier, LTC was around $4 that January and by the time I finally got in BTC had more than doubled to around $2,500 and LTC was $30. I thought ETH and XRP (and everything else) were just shitcoins because I didn't know shit and I just listened to the herd (Back then the argument was "Bitcoin is digital gold and LTC is digital silver and everything else is a scam.") Now, I'm pretty invested in several coins, because this market is anything but rational. Screw off if you think otherwise. Try to think logically in this market, and you're going to get smacked in the face. After exchanging my first fiat for crypto, in the next couple of months the market "crashed" and I was fearful. By crashed, I mean BTC went from $2,800 to $1,800. I just decided to let my cryptos ride. I pretended that money was gone, but I'd check prices every day for whatever damn reason. I wasn't even putting that much in. Hell, I would spend more eating out and going to the bars every weekend with friends or work colleagues than I was dropping into BTC. It was pretty common that I'd drop $100 a night on sushi, beers, and Sake Bombs. But, when money you could get back loses value, it makes you feel dumb for putting money in. Logic is out the window when I can't get that $100 back from my sushi and drink purchases, but my crypto dropped 30% that week, so I was dumb for investing in crypto but not for my $500+ per month on eating out and drinking with friends. Several weeks later, I was back to even on my crypto investments. Well shit, that was fast. Then I was suddenly up 25%. "Fuck it, I'm just putting money in. I'm not missing out." By the the winter of 2017, I was up over 10x with my crypto speculation. My initial LTC went from $30 to over $350; my BTC went from $2,500 to $20,000. I also just threw $300-$1,000 here and there on random sub-200 market cap coins only to see them 6x in a few weeks. I remember thinking how stupid I was for not buying during that dip down to $1,800, but how good of an investor I was because my gains. What a fucking dope I was. I was sitting there looking at my account on December 10th, 2017. I was about to sell because I could have paid off my car and 50% of my student loans. I wasn't even using my car because I was in another country traveling. "Nah, I can't sell. This is just the beginning; let's wait until I can pay off all my student loans" my delusional self said. I never cashed out. I remember sitting there with a dude who had his GDAX account open after BTC "crashed" from $20k to $13k two weeks later. We just got back from surfing. He was still sitting at $250,000 in his account and was nervous as shit. "What should I do?" he asked rhetorically. Then immediately answered himself, "It will rebound," he said, "it always does." This guy had been through the MTGOX hack and gave me plenty of advice while we surfed. And I listened as if he was prophetic. What a fucking dope I was. When hopium is in the air, we all get irrational. I still wonder about that guy and his cryptos. He went north back home for the Christmas holiday, while I headed south for more traveling, and I've never seen him again. February 2018 was both euphoric and scary as shit. "Holy shit! BTC is under $10k I never thought it would be down here again. But it could keep dropping. But it was just $20k a month ago." I was skeptical that it wouldn't keep dropping so I waited. Then, I didn't want to miss out. BTC was making a run from $6,500 up to testing $10k. "If it breaks $10k, I'm getting back in." A short time later, it did break $10k, only to be hit a wall at $12k, then again...then, the inevitable crash to $6,200 happened where it fluctuated in August - November of 2018 up until, what, November 10th-ish when BCH shitfork shat out and then BTC-Shit-Vision and BTC-LMNOP started paying miners to mine their forked fork of BTC and everyone shat themselves as the market tanked yet again. That was it for me. That was the day I stopped caring. I remember thinking how stupid I was to invest so much time in this. You can't predict this shit. I didn't regret investing in crypto, I regret all the time spent looking at my portfolio, trying to time the market, pretending I was some guru in my head because I threw $300 at POE when it was less than a penny and weeks later it was selling for $0.21 and could buy another trip to whatever country I wanted. Sure, you can use TA to see what support or resistance is there, but it's still a 50-50 chance whether Fake Satoshi is going to spoof trade or some rando is going to drop three 7,000 BTC market buys to break through resistance. So, what did I learn through this whole experience? Other than what I've already stated (You have no way to predict whether it's breaking through resistance or crashing through support). I just remember the main thing that has persisted this last two years. "I wish I could go back in time to when BTC was around $3,000 and LTC was $30." When BTC dropped below, $4k that was heaven. I never thought it would get back to when I was buying when I first got into the market in 2017. So, I bought, and I bought hard. This time around, I have strong buy strategies and sell strategies. They are set; no question. For me, I'm not selling until two weeks before the LTC halving in August. Even then, I'm only selling my LTC for BTC. Then I'll sell 25% of my BTC for fiat 2 weeks before the BTC halving in 2020. I will never have less than my preferred number of BTC's, ETH's, LTC's and a few others. Don't follow my advice here, I'm just saying I know what I want and what my strategy is. You need to have a strategy to buy and strategy to sell. Be reasonable. I previously had a "strategy." It was once I could pay off my student loans with all of my crypto gains minus taxes, I would sell. Yeah, well, looking back if I would have just sold when could pay off my car and 50% of my student loans, I would have been able to invest even more when BTC was down in $3,xxx range and LTC was $22-$35, etc from December 2018 through March 2019. DCAing is the way to go. No question. You don't need to do TA, you don't need to check your portfolio, you don't need to do shit but either 1) setup an automatic buy order with your exchange or 2) login and buy whatever you want. You have your buy strategy (DCA at x interval) and you have your sell strategy. Figure it out. Don't pretend you're gonna time the market. Don't pretend you're some guru. Those people, like me, learn the hard way. No TA, no waiting for google searches of BTC to increase, no waiting for BAKKT, no waiting for Faktoshi to shut the fuck up. Before November 2018, I would only throw money when BTC was on a run. "Oh, we're finally on the way up. It's time to buy!" Like when it went from $2,800 up to $6,200 in the summer 2017, then from $10k to $20k in late 2017. Or when it went from $6,200 back up to $10,000 then to $11,900 in February of 2018. I would think I could time the market. What a pathetic loser, right? Some people grow up in this market like the cable version of themselves only to transition to the directv version. Listen to us dopes that have been there and done that. Learn from our mistakes, but also don't think that we have all the damn answers. Anyone that comes in here acting like the 2nd coming of Craig Wright's dumpster twin, you can be rest assured they are as delusional as Justin Sun. The problem is, even if they are delusional, this market is anything but rational, so they might just be proven right enough for you to think you should follow their advice. This shit is crazy. Stop acting like you've got it figured out. Nobody does, but it feels good to have confidence in this random speculation, right? I'm here to tell you this. My life has drastically improved since November 2018 when I started viewing Crypto investments like a bill. Every two weeks, I would send money from my paycheck to my exchange. Then, I'd buy a certain amount every single week after it had cleared. That money, is all but "gone." It was a "bill" I paid. When the market is going down, I send more fiat and I buy more crypto. When it is rising, I still buy, but not as much; I pull back. You may say I'm trying to catch a falling knife. I just learned that the way I was investing before was bad practice. I'd rather people think I'm trying to catch a falling knife than to feel that FOMO and only buy when the market is up. Right now for example, I'm not buying this week. Not because I think I know what hell is going to happen, but because it's my strategy to not chase a run, and to spend more when it drops. I'll wait until next weekend and see what the market is doing. What happens in between now and next weekend, I don't give a shit. Could I miss out on another run? Sure, but I don't give a shit. Maybe it's because I'm 2 years in and I've seen this shit before, or maybe it's because I've been buying BTC when it was around $3,000 both in 2017 and just about a month ago, so I feel fortunate to have gotten another chance at BTC at $3,xxx. I also learned my lesson that fakeouts happen. I've been burned enough to not give a shit about being BTC going from $3500 to $5,200 in the last, what, 5 weeks? Been here, done it, don't give a shit. I don't know if this helps anyone, but seeing the last two years of this shit, I don't care about some random 30% pump. I also don't care that BCH is up 86%, or ADA is up whatever it is. I'm not into them, but if you made gains, I'm happy for you. I'm serious too. Maybe you're new to this game, or maybe you've only been in since $20k. If so, you're still here, and there are plenty others like you. I'm not a BTC maximalist, I don't think LTC is the truth, I don't think only ETH is the dApp platform. I don't know shit. I'm just some speculator that is speculating on some of this sit. There are also plenty of people that were like me in 2017 that are waiting in the wings, only to buy when the market is on the rise. There are plenty more that buy when it's rising then set stop losses that whales will fish for only to wreck the market in a day then to see a bounce back even stronger while those people FOMO back in. Also, the turd version of satoshi could start shitting in public this week and the media could write about how Satoshi is literally shitting on a physical Bitcoin as we speak and some shitcoin creator then posts a Twitter video that goes viral about how the hashrate and energy consumption of the satoshi shit-pile is not sustainable and then some whale market sells down to below the new TA shit-support level of $4,400 and then all the dopes with stop losses in that range get shit fucked only to see a spoof limit order set at $4,400 of 10,000 BTC and everyone's dick shrinks into their stomach as they hurry to Tether as BTC drops back down to $3,500 before whale #2 shit fucks your emotions with a $1,500 green dildo in a 15 minute span sees the "sell wall" disappear which starts the next FOMO run on up to $6,200 a few weeks later while TAers say "We broke out on great volume" then other TAers agree and the self-fulling prophecy starts another run only to get hit with more whale fuckers. You can't predict this shit. Give it up. Market goes up, market goes down, can't explain that. With the LTC halving in August, the BTC halving in May 2020, I think we are about to get into the 2017 euphoria again though. We are getting closeTM to the point you could just thrown money at any coin and get 10x your investment. What does "close" mean? I have no idea. Eff anyone that thinks they know. Someone could predict it is this week, next month, or after this current fakeout bull run, or in December, or next Spring, and someone will be right. The only advice I have is to do your best to not get emotional about your money or crypto. It's going to do the exact opposite of what you think it will. Even when you try to do the opposite, crypto will shit-fuck you in your sleep. If you believe that the sentiment is changing, and let's be real, we are in speculation phase and this is all based on hopium and belief, then DCA at certain intervals. This isn't some cult. It's all based on sentiment. If you think people are starting to get interested, then that is a sign speculation is about to be in our favor. If you are putting money in that needs to be rent money, do yourself a favor and just walk into a casino and put it all on red. If you win, then put your winnings in crypto. If you lose, I saved you the anguish of checking your portfolio every hour only wish you would have done the opposite of what you did. You're welcome... Or, do the opposite. Check the market every hour for the next 12 months only to look back and realize that you kept buying on the way up, got scared and sold on the way down, and then FUD yourself in your sleep because of your stop loss sells were triggered while whales were fishing for fear. So, there are all of my shit thoughts. What are yours? What are your strategies? There are plenty of people that have been in longer than me, what are your strategies? Are we heading for a the next bull run? Is the bottom in? Do we still have a massive, short-lived capitulation event coming? Let's chat. TL;DR: You can't predict this shit, just DCA, live your life, get a buy strategy, choose a sell point, make this shit as simple as possible. If you try to complicate things by predicting the next run, the next drop, the next consolidation, then you're probably going to be wrong like 99% of people. And don't be that guy that ends up $250,000 in your account in the next bull run only to see it drop down $67,000 literally a week later.
Despite all the bad news... has the market recovered already?
I know a lot of people were saying this was built in... but wow. The market is now floating within 10% of where it was easily. At the current moment within 5%. Has bitcoin grown this resilient? People lost millions of dollars because of Gox... and the market was only hugely effected for about 5-6 hours? Or, on the flipside, is this just a bull trap for people trying to get cheap coins? Will it tank again? Will it drop lower? A lot of people were calling $380 as the new floor, but it never hit it. It bounced at $400 on Stamp, but is now around $534.
Hi Bitcoiners! I’m back with the fifteenth monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. And a lot has happened. It's easy to forget with so much focus on the price. Take a moment and scroll through the list below. You'll find an incredibly eventful month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in March 2018
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet
2 days ago, I reported that a SilkRoad related wallet containing about $1B worth of Bitcoins (111,114 $BTC and the same amount of $BCH and of other Bitcoin forks) was on the move after 4 years and 5 months of inactivity : https://www.reddit.com/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/ Today, I will dig a little bit more into this wallet activity. Below you will find a graph representation of the transactions sent over time from the original 111,114-BTC wallet to the most recent wallets which have received some of the coins. Each branch represent a sequence of transactions sent through several wallets. Red nodes indicate the most recent transactions (< 1 month), blue nodes indicate quite recent ones (<1 year) and green nodes are the older ones ( > 1 year).
Picture 2: original coins are currently transferred on Binance wallet, in fact it is a major end-point/aggregate of transactions originated from the 111,114-BTC wallet (1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s).
Picture 4: funds are currently actively mixed, you can see a chain of red nodes with no other purpose than transferring n time the coins and splitting/mixing it a bit (3Ah15skNb8R1teRWs6h2Q2vRywkLJWUhhb).
Well a few months ago I posted about how mtgox was playing a very dangerous game, how they are manipulating the market and how hard they will fail when a few of the big BTC holders decide to sell. Well Magic The Gathering Exchange has now proven our fears right. People can´t get their money out ( >$1000) , which is creating a chain of people trying to get out more and more now that they have realized the joke of an exchange they are. I feel sorry for you, if you have money on that exchange, but its your own fault for ignoring the signs. This sub keeps getting more and more ridiculous with the selfcirclejerk, every negative thing about BTC or an exchange gets downvoted and buried. MTGox is the next big btc exchange thats going to crash due to their market manipulation, in short they have not enough fiat to back the BTCs they claim they have. Once this scam hits the -main- news well the price of BTC will crash again. Please do yourself a favour and sell, I am sure BTC will recover eventually but this will take time until the trust is recovered, being MTGox one of the big exchanges , well it will make it a long recovery. Too bad it is not the 2014 we expected for BTC (A lot of dumb deluded ones rlly thought we would hit 10k this year lol) but it is better to be smart and not ignore what is going on with MTGox (not to forget BTC-e scandal and bitcoin China) Good luck in the upcoming days.
Why the "Trustee" sold YOUR BTC/BCH now in quiet and on open Markets..?
Dear Creditors! Finita la Commedia with the trustee's claims to act in the best interests of Mt.Gox creditors. RIP. We need to URGENTLY act collectively on this revelation in a manner that will make SURE creditors interests are upheld in this bankruptcy process and justice is made. As the matters stand now we are drifting in the wrong direction.
1. Mt.Gox trustee sells 35,841 Bitcoin and 34,008 Bitcoin Cash for a total of 42,988,044,343 JPY (~405,167,934 USD).
Why now and not before distribution in couple of years?
Why has he decided that $10K/btc is a "high" price? What if in a year 1BTC worth $100k? What he will say then?
Why not sell OTC to avoid market crash?
Why not disclose beforehand?
Why dump on market and not put limit sell order?
Why is this magic number? Why not sell 100,000 BTC?
This is because the total amount of claims that have been accepted until now is 45,609,593,503 JPY with YOUR bitcoin price fixed by the trustee in 2014 at 50,058.12 JPY (~471 USD). All this because the trustee wanted to be "in compliance with Japanese Bankruptcy Laws." not taking into account the reality of deflationary crypto assets. After the current sell-of by the trustee, he has a total of 44,952,982,218 JPY in fiat assets almost enough to pay all the accepted claims of creditors by fixed price of 50,058.12 JPY (~471 USD) per BTC. 2. All Bitcoin Cash and other forks that belongs to creditors has just been unilaterally confiscated by the trustee's decision in favor of Mark Karpeles and other Gox shareholders with the following decision on page 12 par. II.3 of latest meeting report:
"It is my understanding that the cryptocurrencies split from BTC of the bankruptcy estate belong to the bankruptcy estate."
Do you see where this is drifting? 3. Moreover, the trustee in the last creditors meeting report on page 12 paragraph II.2 Says:
With the trustee now playing a role of amateur shady surprise trader on open markets, we are in a worse situation then we have thought. Just FYI, this "trader" have panic sold 18,000 (50%) of all BTC he sold at near bottom prices at around February 5 crashing the market even further. If this is not a blatant market manipulation then this is utter incompetence. See this: https://twitter.com/matt_odell/status/971432146656202752 So at the current trajectory the trustee is planning to give ~24,750 user victims of Mt.Gox fiasco ~45 billion JPY (~430 Million USD) and Mark Karpeles with other Gox shareholders the remaining 166,344 Bitcoin with 168,177 Bitcoin Cash with the remaining forks! Is this justice? Does this scenario suit US? NO! All this bogus conduct is justified by the trustee "to be in compliance" with existing outdated Japanese bankruptcy laws. Common sense, justice, moral values, honor or any other value besides what's in the outdated "Japanese bankruptcy law" does not play any role here. These people dragging feet for years while letting Mark Karpeles get away with the biggest scam in crypto history. Remember the "it's only technical" explanations while continuing to accept deposits from his own users while he perfectly well knows that his company is INSOLVENT? Now it got to the point that this masterpiece Mr. Karpeles claims that because the remaining fiat value of btc left is much higher today then the value of all the btc his company possessed in 2014 it is somehow makes Mt.Gox "solvent". Huh? Didn't he loose more than 75% of all crypto assets he held and this state remains to this day? Yes? Then his company is INSOLVENT! Period. Any other type of bogus calculation to make a thief rich and proud of himself on the misery of tenth's of thousands of users whose trust he has abused is nothing short of preposterous and should be challenged in the supreme court at the very least!
So what can be done? I propose the following: A. Prepare what ever necessary legal proposal to change the bankruptcy law in Japan to take into account the new reality of deflationary monetary assets/currencies. The Japanese bankruptcy law as it stands today is one sided, outdated and not reflecting on the reality of existence of appreciating (deflationary) assets like crypto, some stocks, real estate in a growing market. We need a specific change that when the bankruptcy deals with holding appreciating assets then the initial asset exchange rate to JPY ($483) will be used as an "assessment" price only to determine the Pro-Rata % amount of each creditors portion of the assets at the time of bankrupt entity's collapse. The "actual" exchange rate will be determined by the assets price at the time of liquidation of those assets for JPY or distribution. In this case the creditors will receive their rightfully owned percent of the assets in the time of distribution/conversion. This is the only just way to avoid a scenario when a bankrupt insolvent entity suddenly claims to become "solvent" during the process of bankruptcy proceedings because of prematurely determining the exchange rate of the assets before hand. B. Prepare what ever needed application to Japans supreme court to freeze any distribution to Mt.Gox shareholders until the necessary amendments to the bankruptcy law are passed. C. Stop the Mt.Gox trustee trader from selling more BTC in a surprise and anonymous manner. Until the final ruling by the supreme court about the belonging of the crypto assets held by the trustee either to Mt.Gox creditors or shareholders is decided. The Mt.Gox Trustee has no right to sell or trade with these assets as he sees fit. D. Prepare a lawsuit against MtGox/sharehoders for unjust enrichment/conversion and get a preemptive lien/garnishment against the distribution that might go to them. (proposed by jespow). E. We as Mt.Gox creditors are not organized in due manner to effectively enforce our interests. We need one UNIFIED representative body to act on our behalf in this bankruptcy saga. I propose we set up for all creditors a voting process through which we will be able to elect "Mt.Gox creditors representative counsel". People we absolutely trust to think and act in accordance with the best interests of the creditors. These people can be big creditors (for example, Josh Jones CEO and Founder of Bitcoin Builder), Other people that are not creditors but have proven themselves over the years to be on the side of the creditors like Jesse Powell jespow the CEO and owner of Kraken, he has done a lot over the years to help us. You can read his proposals on here: https://www.reddit.com/mtgoxinsolvency/comments/7dyr74/re_inquiries_about_mtgox_disbursements_and/ Unless we step up our organizational game it's game over. I think the best and easiest for creditors would be communicating by email: E1. We have a list of all the creditors from the list of acceptance or rejection for all claimants posted by the Mt.Gox trustee. E2. We need to get from trustee or build an email list of all the creditors to send them periodic communication like monthly news, voting proposals, status updates, password for forum, etc. All this managed by trusted party like Kraken preferably or with oversight by them with unsubscribe option. E3. We need more than 50% of the creditors to join this list preferably to claim we have the majority of creditors support in courts. Best for this process to be all inclusive not requiring any mandatory financial contributions because of the fact that many investors got themselves into debt and financial hardships by Gox fiasco. If a creditor that was not active until now, can't help financially but can commit his support by voting or pledging some financial support once the successful distribution of BTC is made then this is a big win. E4. We probably need a new forum. Best would be to allow only the original email addresses of Mt.Gox creditors to set up accounts there to avoid trolls signing up and ruining or influencing our decision making. Also new accounts could be set up for trusted people after review by the moderator and marked as such. Example: Lawyer, People the creditors hire for different jobs, etc. All of the above together with monthly or weekly updates can create a positive momentum and keep this issue afloat with a lot of new organizational ideas coming in and helping improve our overall chance as creditors to win this battle for the benefit of all of us and the crypto community! Please keep your comments and info constructive! Suggest names for possible representative council members, ping users, post ideas, let's get this brainstormed. Pinging for input: jespow -- Kraken CEO andypagonthemove --Coordinating Mtgoxlegal.com P.S. I apologize for the long post. Thank you for your time & contribution!
Bank of China reviewed the history of cryptocurrencies and figured out the main value of Bitcoin
Bank of China published informational materials on its website in which it reviewed in detail the principles of Bitcoin functioning and the reasons for its value. This publication is a further report on the history of Bitcoin since the 2008 White Paper was released. The following refers to the creation of the Genesis block in 2009, the purchase of two pizzas for 10,000 BTCs in 2010 and other important industry events that have shaped the formation of new types of digital assets in some way. The story ends with the announcement of Libra. In addition, these materials indicate some of the factors that have a positive impact on bitcoin prices, with particular emphasis on their limited circulation, increased mining complexity, use as a medium of exchange and prevention of inflation. The authors of the publication also identified the negative aspects of the first cryptocurrency, including speculative risks and other aspects related to security. For example, such as the crash of the MtGox exchange and various episodes of stealing cryptoactive assets. Bank of China infographics claims that bitcoin is used mainly for international payments. This is due to the low transaction costs, when compared with traditional payment systems, and fast transfers. “Yesterday, Bank of China did what I never expect. He published an article about Bitcoin that explained the reasons why Bitcoin grew and the principles of work, ”said Samson Mow, director of security for Blockstream. In September last year, it became known that Bank of China took part in testing the payment system on the blockchain, which is being developed by the Central Bank of the country. # News # China # Bitcoin # Banks #Cryptocurrency #Positive #Blockchain https://preview.redd.it/lsq2cju5x7d31.jpg?width=900&format=pjpg&auto=webp&s=5e474c9739af86d2f2ef2b8bfffeaa749c6ee149
Possible reason for BTC sell offs. Tin Foil Hat time.
This is total tin foil hat ish however I think futures came online in Jan for a reason.It may not be a coincidence that the market crashed 4 weeks after BTC crashed.The last thing 'the centralized bankers' want is BTC to be a hedge for overprice equity and bond markets. They knew they could not stop the BTC so what they did is bought enough coins 1500 to 3200 range to be able to then leverage their coins at key times to cool off BTC. Remember derivative markets can and often do distort supply levels (at least in the short term) It is 'akin to counterfeiting' as you are introducing coins into the market that would ordinarily not have been sold. 'Supply limits' is what makes BTC fundamentally stronger than any other asset on the planet, but if they can be counterfeited via derivatives? (perfectly legal for the immoral banker cabal - sigh) They knew in January that a major correction had to happen (which it did in February) So by helping fuel the bull run in Jul-Dec they could accomplish a few things;
They support the meme of 'bitcoin is too volatile to be useful' (ironically caused by them and their unbacked paper derivatives)
They dumped on leverage along side the mtGox trustee and used media to further panic people. (bubble bubble bubble bubble etc)
BTC then did not 'look' like a good hedge when it came to equity markets deflating a few weeks later.
I think they are doing it again and stocks and perhaps bonds will suffer a huge 'unexpected' correction again very soon (any day to next 6 weeks). So despite the good BTC fundamental news it will not come into the mind of most to use BTC as a hedge. For me , while this is total speculation, but I am shorting stocks (as of a Friday) and will long btc as the market tumbles. Ok now go ahead and beat me up since I have insulted the establishment and their dubious practices.
5 Reasons Why Storing your Crypto on an Exchange is a Bad Idea!
Most of us already know that storing cryptocurrency is inconvenient and almost too difficult. It’s not surprising, given how new the technology is. We’re still a little while away before we hit high adoption rates for cryptocurrency because of this. But with tech startups paving the way for innovative solutions around storing cryptocurrencies,we’ll hopefully experience more convenience, security, and trustworthy services. For some of us that continue with the struggle, we continue the with the hard route and ‘be our own bank_’. Others continue to go down the _somewhat easier route: leaving their cryptocurrency on the exchange. Keeping your cryptocurrencies on exchanges does offer some benefits though. Pros:
Offers liquidity — transfer coins in/out very quickly
No danger of losing access because of forgotten passwords or seeds
Low fees to transfer between coins
Access to a large number of altcoins
Offer multi wallet capability (storage for multiple cryptocurrencies)
No technical knowledge required to setup
Offers two factor authentication
These are significant advantages over cold storage solutions currently. However, the following will make you think twice before you keep your cryptocurrency on an exchange.
5. Exchange BTC-E seized by FBI- locking users funds
Mid 2017 BTC-E, a popular exchange in the past, was seized by the FBI over the alleged Alexander Vinnik who was found guilty of laundering funds through the exchange. Alexander Vinnik was originally thought to be one of the operators of the website, however these claims were denied by BTC-E later on. Since then BTC-E has shipped operations to New Zealand and re-branded to WEX. It is believed that most users have been able to access their funds. Having said that, it was difficult time during the down-time, with all users unsure if they’d ever be able to access their funds. Although the user base continues to grow, the community had been split over BTC-E. Several users have resisted transacting on the exchange due to their secretive operations. On the other hand BTC-E has had significant support, one user commenting “BTC-E deserves respect” over their commitment to re-opening the portal to it’s users. It has been in-evident that BTC-E played any part in the laundering. So, although BTC-E may not have been 100% at fault- the story does show you the risk you put yourself against trusting a third party to mind your coins for you.
4. Indian crypto exchange Coinsecure loses $3.5m in customers’ bitcoin
April 2018 An exchange operating in India had nearly $3.5 million worth of user’s Bitcoin stolen. The company blamed the security chief, Dr Amitabh Saxena for stealing the funds. Regardless of how the 438.318 Bitcoin went missing- it clearly shows the lack of protective measures exchanges get away with. Coinsecure claims that they are working “_day in and day out, and investigations are in full swing for a possible recovery of the lost BTC_”. However they are treading carefully, even with their promises, their website states “should we be able to recover all of our BTC, all BTC holdings will be refunded”. Key words being ‘should we be able to’.
3. Italian exchange BitGrail claims $195 million worth of Nano (XRB) lost through hack
February 2018 The exchange claimed that the cryptocurrency was stolen through a hack. Bitgrail have not accepted responsibility for the breach, claiming that the Nano cryptocurrency was flawed. Nano on the other hand continues to hold its ground, stating: “to date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”
Once again, BitGrail confirms to have been a victim of theft. A crime made possible by taking advantage of known failures in the NANO team’s various software (Rai Node and the Official Block Explorer) and therefore, for these reasons and in accordance with the law, BitGrail doesn’t consider itself responsible for the unforeseen circumstances.- Official statement from BitGrail
After several months of halt, Bitgrail has announced a commencement of operations on 2 May 2018 at 10:00 UTC stating, “the markets and withdrawals will be operating for all coins, except for NANO/XRB. BitGrail re-open the NANO/XRB market for users at a date to be announced shortly.”
2. $400 Million Goes Missing From Japanese cryptocurrency Exchange Coincheck
January 2018 Yet another unsettling few months for investors as they wait for 500 million XEM tokens to be refunded after they were stolen. The Japanese exchangehalted all trading at the time and have recently restarted trading. This was regarded as one of the biggest cryptocurrency thefts, next to the infamous Mt Gox saga.
1. Mt. Gox Declares bankruptcy over 850,000 missing Bitcoin
2011–2014 Mt. Gox at its prime was regarded as one of the biggest Bitcoin exchanges. Unfortunately, it came to a nasty end once it was found that an extensive number of Bitcoins went missing. Investigations in 2015 found that the coins went missing over time, starting in 2011. By far, the most infamous and nerve wrecking loss in the history of cryptocurrency. The saga continues to date though, with the trustee claiming to have sold a large chunk of Bitcoin in early 2018. It was speculated but not definitive that this had a large hand in causing the Bitcoin crash around the time. The above is not intended to spread FUD. It is a reminder to be careful on how you store your cryptocurrency and raise awareness of the potential risks. The statement ‘be your own bank’, rings true still. It will continue to do so until we can receive service offerings that combine cryptocurrency with convenience, trust, and security. Having said that, there are also severe risks you carry if you do become your own bank. Damned if you do, damned if you don’t! Here’s a quick run down on different storage methods for cryptocurrencyand their associated risks. Most of the cryptocurrencies in the market today are based on ERC20. So you can also download this free guide on storing Ethereum and ERC20 tokens. But if you decide to continue storing your cryptocurrency on an exchange you may want to do the following:
Diversify across multiple exchanges- keeping your crypto on multiple exchange means less risk of losing ALL your holdings in case one exchange goes down or shuts down
Keep a small portion on an exchange for transfers while the rest in cold storage.
Hi Bitcoiners! I’m back with the seventh monthly Bitcoin news recap. Last month's post got very little love, and I don't expect much more success with everyone focussing on August 1st, but here it is nonetheless. In my eyes definitely one of the most eventful months in Bitcoin's history, absolutely unreal how much happened:
SegWit activation imminent
Epic analysis of spam attacks & a 10M-user LN network
2013 price buble & Mt. Gox hack reveals
BTC-e went down
Bitcoin sign guy
Steepest rises and crashes USD-wise
To name a few. For those unfamiliar with the monthly recap, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com If you're on mobile and can't see the links below, check the web version. A recap of Bitcoin in July 2017
Ethereum still has a bright future. Let's learn from this experience.
I've been involved in cryptocurrencies for many years as a miner, investor, etc and have seen many turbulent times (all of the worst). The multiple large thefts of bitcoin, the MtGox crash, forks, etc. In every case, lessons were learned by each the miners, service providers and general user community. While events like TheDAO exploit are painful ones, there are important lessons to be learned. Newcomers may have a tendency to panic and dump their coins, but the cooler heads usually prevail and come out on top. In fact, even profit off of those who panic sell, knowing the price drops are not rational but rather emotional. We watched Ethereum drop from a $2 billion market cap to a $1 billion market cap over a flaw in something which had nothing to do with flaws in Ethereum itself. All of this because of some unproven code that people gambled $100 million on. Sure, I want TheDAO to work just as much as the next guy, but let's accept what has happened and not repeat that mistake again. I realize there are good arguments on both sides of TheDAO / fork debate, but let's make sure we learn from this and grow. Failure is ok, that's how humanity advances. But with failure, pay attention to the lessons: * Don't gamble more than you are willing to lose. If you don't understand the technology (intimately) then you're simply gambling on faith (in devs, in advisors, in technology, etc). Accept it or not, but don't complain if you get burned knowing that you did not have full understanding going in. * Don't get caught up in hype and illusions of getting rich quick. * Don't panic on negative news. Consider the possible ramifications of the event and then decide if you should hold, buy or sell. Sometimes it's counter-intuitive and the opposite action is actually your best move. Ask yourself both why and why not before acting. Weigh both sides. Ethereum wasn't the first cryptocurrency and likely won't be the last. This experience was a good thing in many ways. Better it happened now than later when it's more mature with a bigger audience. Imagine the news headlines if this happened in Bitcoin. We are still in the pioneer phase of Ethereum; the early adopters and risk takers. In my mind, Ethereum is heavily undervalued at the moment. A $3 million leak (?) caused a $1 billion dollar market cap drop, largely due to panic. If anything, Ethereum is amazing simply for it's fast transaction times alone. So stay confident as the technology is still sound. Whatever the developers decide to do (fork or not) we will look back and grow from this experience into a more mature platform. I am as excited about Ethereum as I was about bitcoin 6 years ago. Hopefully I am not alone.
Longterm Non-Linear Regression Analysis of Bitcoin Exchange Rate based on price data for over 7 years
I would like to share this plot (old plot) that I made. I calculated a non-linear regression based on daily weighted arithmetic mean of BTC exchange rates, the plot shows the development over 20 year. As usual, this is not a "set in stone" result, it merely reflects the dynamics of the market over the last seven years. Future singular events, such as the mtgox crash in the past, could significantly alter the prediction. The basic result from this graph is that we are currently in a bubble (also known as speculative mania), a possible crash could wipeout as much as 70% of the current value. The questions are when exactly will the bubble burst and if a crash can be avoided altogether. (Of course, nobody can really answer these questions.) But in order to avoid such a devastating crash the dynamics of the market has to change fundamentally in the near future. Personally, I am expecting either a correction downwards (which could be quite massive) or a sideways movement until the exchange rate meets with the regression curve. I do not expect that we can keep growing at the current rate for much longer. The market is driven by psychology, many new people are coming in with expectations of great and fast profits, which is the typical fuel of a bubble. Such support of the price is fragile and unpredictable. On the other hand, Bitcoin is taken increasingly seriously by the classical financial industry, which could lead to unexpected longterm support for such high exchange rates which we are seeing right now. Further, development of new technologies, such as the Lightning Network, could lead to a fundamental change of how Bitcoin is utilized, from the nowadays common use as a storage value as opposite to a true currency. (Of course, there is also always the looming risk of a flaw in the software, which could lead to a total lost of value. But we can only hope that the revision and testing process of the next bitcoin iteration will be held to high standard.) We can expect that such a fundamental change will have an effect of the market dynamics. Edit: On the positive side, I should have pointed out that according to the non-linear model I used, the growth rate of the bitcoin price is polynomial, proportional to ~ t5.7 where t is the number of days since Bitcoins creation. This result alone is pretty incredible, it means that for the past seven years we had a growth rate to the power of 5.7. It is not exponential growth, but still quite amazing. I am not aware of any other assets with such growth rates for such a long period of time. Edit: uploaded updated hi-res version Edit: formating
Help me understand the current state of Crypto as it relates to Mt. Gox
With the recent news that 35,841BTC was sold ( page 2 of https://www.mtgox.com/img/pdf/20180307_report.pdf ) between December and February and its very likely effect on the market crash I've been trying to get more up-to-date. Admittedly, I got into crypto recently, and I vaguely and naively assumed that the whole Mt. Gox mess happened "back in the day" and didn't have any real effect on the current state of bitcoin. From what I think I have discovered thus far, an additional 166,344BTC and 168,117BCC is still managed by the trustee (page 3 of report linked above). It seems like it is possible that sale or not sale could swing either way, but it could be very likely that these coins could likely eventually be sold in the market as the previous were. The previous sum was sold to match with what has been accepted as being owed already. Additionally, Alexander Vinnik seems to be or have been extradited to the US as being the responsible party to stand trial for money laundering (Dec 13 article https://www.cbsnews.com/news/russian-bitcoin-fraud-alexander-vinnik-extradition-us-greece-supreme-court/ ). Additionally, another 530K of coins might (??) be recovered by the government in the whole messy process of dealing with the theft ( https://np.reddit.com/mtgoxinsolvency/comments/7kupo2/with_hacker_vinnik_in_us_custody_and_if_stolen/drkpy7h/ ). 696K (530K + 166K) seems like a lot of BTC that could certainly very soon be "in play" in the market. If 35K being sold had the effect we've already seen, what could be the ramifications of this additional amount being freed up? It seems anything from a crash ( MagicalTux (former CEO of Mt.Gox) https://np.reddit.com/mtgoxinsolvency/comments/7rlkcq/what_happened_with_your_plan_about_mtgox_and/dsy60ay/ ), at best a long term bear? Am I right in seeing the crypto market going forward as being a gamble on how the US and Japan legal system will direct management of these assets (require sale, distribute them as BTC, etc)? Will understanding the market will be ultimately driven by understanding what the risks and likely outcomes are of these assets?
Hi Bitcoiners! I’m back with the third monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. Now archived on Bitcoinsnippets.com As promised, I launched a website as an archive, where I post the version with links to the original posts and discussions so this post doesn't get auto-moderated. Special thanks goes out to Bitttburger for thinking of the name Bitcoin Snippets. I went back in time and made an overview for December 2016 too. I’ll probably make recaps of 1-2 previous months for each month I progress, so that I eventually end up with everything in a few years. Starting from this month, I’m going to cut back on including memes, there’s too many and they overtake the interesting news. A recap of March 2017 in bitcoin Version with links on Bitcoinsnippets.com
01: Bitcoin reaches its all-time high on all exchanges & Jihan Wu, co-founder of Bitmain, considers Bitcoin Core to be the biggest threat of the long-term development of Bitcoin
02: Digital gold is now worth more than the common measure of physical gold & SegWit has been thoroughly tested for a year on the Testnet & Bitcoin passes the all-time high that was once set on MtGox
03: People realise the parity of Bitcoin and an ounce of gold doesn’t actually make them equal in value & A reminder of the Bitcoin Core scalability roadmap
04: Gemini Exchange is SegWit ready as one of 53 businesses and another 55 on the way & A discussion started by Adam Back on the moderation in bitcoin
05: XO.1 announces a stresstest on the Bitcoin network for their voting application & The Central Bank of Nigeria states they can’t stop Bitcoin
06: A thank you from the community to the Winklevoss Twins & Antpool mines a BU block
07: The CIA has backdoors in every Windows PC in “a world shocking revelation”
08: Bitcoin Core 0.14.0 released & The state of New Hampshire is about to completely deregulate Bitcoin
09: BitPay’s point of view on the blocksize debate & Charlie Lee, inventor of Litecoin and head of engineering at Coinbase, on BU
10: Bitcoin ETF disapproved again and crashes to below $1000 & Bitcoin goes from $1200 to $1320 to $1080 to $1250 in 15 minutes
11: The bitcoin price rose back to pre-ETF after crashing, which leaves a lot of people impressed
12: Breeze Wallet will implement TumbleBit, which enhances privacy in Bitcoin
13: AntPool will switch their entire pool to Bitcoin Unlimited
14: A Bitcoin Unlimited remote crash vulnerability is found after a year
15: Many stories about the dishonesty around the Bitcoin Unlimited and Classic bugs, including an interview with the security researcher that found and reported the bugs & Bitcoin Core passes 10.000 pull requests
16: The EU Parliament states they don’t want Virtual Currencies to be anonymous, while rain was wet this day
17: 20 Bitcoin Exchanges announce their hard fork contingency plan
18: A scale of the Bitcoin scalability debate (made by me)
19: Bitmain wants to accelerate the plans for a hardfork & A BIP is made for a user-activated-softfork of SegWit
20: Jihan Wu from BITMAIN talks about miner concerns with 2nd layer scaling & BTCC releases multicurrency Bitcoin wallet with Twitter payments, a debit card and 154 currency conversions
21: Full translation of Chinese miners’ concerns with 2nd layer scaling & Christian Decker, a Lightning Developer, explains the benefits of Lightning for miners & Bitcoin Unlimited suffers from another exploit that causes their nodes to go offline
22: People speak out against Bitcoin Unlimited after they go from open source to closed source software to fix a bug & Luke-jr proposes a BIP that would allow non-full nodes to identify false versions of the blockchain, instead of having to rely on full nodes
23: Bitcoin Core Technology Roadmap: Schnorr signatures, which will allow native multi-signature transactions and save more blockspace & Large Bitcoin Collider has tried over 1000 trillion private keys
24: Gavin Andresen, Peter Rizun and Jihan Wu are all in favour of attacking the minority chain after the BU hardfork, to force people onto the BU chain
25: BIP148 is released, a proposal that allows nodes to activate soft forks such as SegWit & A German Bitcoin exchange asks its users whether they want BU or SegWit & Andreas Antonopoulos on BU: It doesn’t change the rules, but the rulers who set the rules
26: Mining pool 1Hash with 3% hashpower speaks out against BU & SegWit support reaches a new ATH as ViaBTC and Antpool partially go offline
27: Armory wallet’s developer disagrees with the BU approach on almost every point & Nick Szabo’s bit gold design featured off-chain scalability layers back in 1998 & F2Pool owner Wang Chun states Bitcoin can’t and won’t fork & Canadian bitcoin businesses reject Bitcoin Unlimited
28: Core developer explanations on their visions on scalability & Hal Finney on layer 2 scalability in 2010 & Rootstock smart contracts to be launched in June 2017
29: BIP148’s for a user-activation of SegWit gets a startdate of August 1st & Adam Back gets told to read up on Proof-of-work in the Bitcoin whitepaper, which Satoshi cited him for 9 years ago
30: How Japan prepares to recognize Bitcoin as a method of payment & Ledger (hardware wallet) raises $7M
31: A reminder that Bitcoin core has no central planning & A simple walkthrough of the changes brought by BIP148
Thanks to everyone who contributed to Bitcoin in a positive way this month!
In the past, a Bitcoin "crash" could happen from something as simple as an exchange having a bit of lag or an underground marketplace being shutdown. These crashes were much more severe too, with Bitcoin losing up to as much as 90% of it's value from one small issue alone. This past week, Bitcoin seems to have been hit by just about everything, with little good news. Pretty much every type of issue that Bitcoin faces came up in the past couple weeks. First, rumors of Russia banning Bitcoin spread, causing a lot of fear. I'm not exactly sure what the state of this is now, but I know it caused a lot of concern. Next, Mtgox halts Bitcoin withdrawals, and makes the transaction malleability bug sound like the end of Bitcoin. This mild exploit caused enormous fear and the press made it sound like the Bitcoin protocol was hacked. Other exchanges and services turned out to be effected too, and it created further problems with the network. Fixes are in the works. Third, The new silk road was either hacked or the operator ran away with the coins. What exactly happened is controversial and I'd rather not take a stance on this, but what we do know is that someone ran off with lots of Bitcoins, and the illegal marketplace is in ruin. So in the past 2 weeks, we've had: -Exchange issues -Technical problems and fear -Major underground marketplace's Bitcoins being hacked/stolen. -Government interference Yet with all of these problems coming at once, Bitcoin's value dropped less than 20%($800->$650). In the past just one of these problems occurring could have caused a 50% or larger crash, yet all of them together had a much less powerful effect. Bitcoin will become even less volatile once more people start to use it, and as more people are willing to buy during a crash. If people stop panic selling as much and instead use crashes for cheap coins, the price instability thins out. We'll likely still have a bubble whenever Bitcoin's next growth spike occurs, and large fluctuations in value, but it shouldn't be nearly as severe as it has been in the past unless a massive bug occurs that destroys the network as a whole. Bitcoin is certainly Volatile now, but it should become better with time.
OHCC Exchange Partnership and the fractional exchanges that support it. Your exchange may be counterfeiting cryptocurrency!
OHCC Exchange Partnership OHCC is the behind-the-scenes trading that goes on between the big three chinese exchanges - OKCoin, Huobi, and BTC China. Many of the players in this partnership deal with long/short loan trading and freely join their reserves via a trust agreement. The owners of these exchanges were unsatisfied with the meager income they earn from transaction fees, so they came up with a solution. During this current Chinese National holiday til the 8th of october, all banks are closed, this would be the perfect time to unleash the plan to the market.. They noticed that everytime favorable news came out, huge market moves would happen, so, the exchange owners would create counterfeit fiat on each exchange in order to foster optimism about the future market for the buyers on the exchange. Whenever the markets were to go bad, they would to do the opposite. In order to amplify downwards movement on the exchanges, “war bots” were created that push the markets down in an aggressive manner, causing margin calls and generating profit for their trading partners. http://i.imgur.com/9Q0xTet.png Employing traders with large fractional reserves, OHCC uses these fictitious funds in order to garner more real money deposits via leading recharge code sellers. In order to prevent the loss of the counterfeited currency, collusion between exchange owners must be done at the same moment. BTCChina decided that due to losses of funds in the past caused by bad encryption and bugs in the system, they needed to partner together and now think that the best hope to regain funds is to bring the price down to zero, in order to buy as much coin as possible and refill said reserves. Their counterparties in other exchanges agreed that they will aso use the same means, in order to collude and gain profits on their own reserve accounts. It is made to look that everyone is competing on the surface, but in private there is a mutual understanding within the industry that those who remain silent will receive the benefits of silence. Yesterday's Litecoin crash, combined between all the exchanges had turnovers as high as 20 million coins moved, way more than the sum of all the transactions made within the past week and the day before the transaction currency trading market volume closed at 35 million LTC, while the total LTC in circulation is only 31 million! This means that regardless of how much money you have to buy the dips, many will be put into the bottomless black hole. Public reserve is intended to ensure that the exchanges cannot fake these funds and ensure that that each is at 100 percent reserve, which is to have a completely open Bitcoin wallet address for both the cold and hot wallet, to ensure that they do not create counterfeited currency. Not open exchange reserves Yes, the above story is happening around us. Many players excessive dependence on trading platform, the coins stored in the platform, and trading platform does not fulfill its obligations disclosed reserves. Caused a trading platform for profit making counterfeit money to manipulate the market and malicious trick users into real money. So, how should users involved in this market protect themselves? 1) Do not store in Bitcoin and other platforms! If you're long-term bullish market, then Bitcoin, and Litecoin should be stored in their wallet. Some platforms will be committed borrowing interest, do not because of the platform for the petty and the coins and other bits on the platform, and finally you get the benefits far outweigh the losses! You just put the coins and other bits emerged, the trading platform will mention now facing pressure. Such power can be reduced more or less of them false. OpenBlock MultiBit 2) Use legal weapons to protect themselves, and urge the public to prepare gold trading platform. If you feel your rights have been infringed, the user should actively protect their legitimate rights and interests with legal weapons. False trading trading platform is an offense, the player must zero tolerance. 3) Vote with their feet, leaving no open exchange reserves, to publicly exchange reserves to deal. Now open reserve all transactions: chbtc 796 Futures has a open reserve for both hot and cold wallet as well as all member wallets Peatio No public exchange reserves should be open as soon as possible to prepare gold proved reserves include the number of hosted prove cold wallet address and user renminbi. You must ensure that the trader is not real money in exchange for false then the exchange of digital databases. The method proved reserves See: proof-of-solvency Ending OHCC Exchange http://i.imgur.com/njub1Nr.jpg The largest Bitcoin exchange MTGOX previously collapsed with bankruptcy and no funds for partners seem to be recoverable. With their collapse the crazy behavior of the Willy bot still vivid in our memories. So what will be the final outcome of OHCC exchange? Will OHCC Exchange will become the second MTGOX? To be honest, the editors do not know the fate of the players involved, as it is in their own hands.
bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
[uncensored-r/Bitcoin] Lesson - History of Bitcoin crashes
The following post by xcryptogurux is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7uqa54 The original post's content was as follows:
Bitcoin has spectacularly 'died' several times ?? - 94% June-November 2011 from $32 to $2 because of MtGox hack ?? - 36% June 2012 from $7 to $4 Linod hack ?? - 79% April 2013 from $266 to $54. MTGox stopped trading ?? - 87% from $1166 to $170 November 2013 to January 2015 ?? - 49% Feb 2014 MTGox tanks ?? - 40% September 2017 from $5000 to $2972 China ban ?? - 55% January 2018 Bitcoin ban FUD. from $19000 to 8500 I've held through all the crashes. Who's laughing now? Not the panic sellers. Market is all about moving money from impatient to the patient. You see crash, I see opportunity. You - OMG Bitcoin is crashing, I gotta sell! Me - OMG Bitcoin is criminally undervalued, I gotta buy! N.B. Word to the wise for new investors. What I've learned over 7 years is that whenever it crashes spectacularly, the bounce is twice as impactful and record-setting. I can't predict the bottom but I can assure you that it WILL hit 19k and go further beyond, as hard as it may be for a lot of folks to believe right at this moment if you haven't been through it before. When Bitcoin was at ATH little over a month ago, people were saying, 'it's too pricey now, I can't buy'. Well, here's your chance at almost 60% discount! With growing main net adoption of LN, Bitcoin underlying value is greater than it was when it was valued 19k.
Backstory: Recently, one of the largest Bitcoin exchanges said they weren't letting people withdraw Bitcoins due to technical issues (a process called "transaction malleability," which I can't really explain but has been known for awhile). This caused much consternation and a precipitous drop in the value of BTCs. This exchange also released a statement blaming Greg Maxwell, one of the original Bitcoin developers for the "technical issues" they were having. This has caused much drama. Keep calm, transaction malleability is not double spending. One of the big "selling points" of Bitcoin is that you can't double spend. As the name suggests, double spending is when you spend the same money twice. It's bad for business and good for thieves.
So Gox decided to take the Bitcoin ship down with them blaming their shortcomings on well known and documented protocol limitations. Shame!
so gox can buy cheat coins to make up for the loss.
That's right, folks, this exchange is crippling their business and reputation...so they can sink the cost of Bitcoins so they can buy them more on the cheap.
Mt Gox's incompetence once again puts BTC on sale? I'm not complaining.
Yep, my buttcoins just dropped in value 20%, but IDGAF because I'm gonna buy more.
You make it sound a lot less apocalyptic than the MT Gox press release did. To the top with you!
They just purposefully spread FUD throughout the bitcoin world for the sole purpose of diverting attention while they fix their shit. This transaction malleability thing has been known for a long time and has plenty of easy ways to work around it, like just look and see if there's a double spend attempt on outputs before auto-crediting your internal books. The fact that Gox's shitty coding didn't do that is entirely their fault, and instead of owning up to it, they're trying to cause an earthquake of FUD to divert attention and buy themselves time. That's not just sneaky, that's truly evil. Fuck them. Fuck them so much. /rant
FUCK THEM THIS PR MOVE IS LITERALLY EVIL. Now, I tend to save concepts of "good" and "evil" for actions that have a considerable moral weight, like when some piece of shit steals my parking spot, but this takes the cake. I speculated invested in a volatile commodity and my speculation investment has tanked, so I'm totes raging about it on Reddit.
Tin foil hat time. What if a bunch of BTC got stolen and MtGox knows this. So they make FUD that blames bitcoin protocol knowing it will crash the price. They then take USD and buy up cheap bitcoin to cover the BTC that got stolen. What if this new USD will actually drive the price to new HIGHS!
If your going to claim to be the representative entity for Bitcoin then act like it. Otherwise you are just as big of a joke as that incompitent twit Mr Krabapple bouncing around on his blue ball. I mean, Jesus H. tap dancing on a crispy truiscuit Christ, do something, anything, or gtfo. *Edit: Help us Obi-Wan Antonopoulos, you're our only hope.
He's literally tanking Bitcoin! Let's take a rash action in response to a rash action!
Karppoopels is on the BTC foundation board? fuuuuuuck thats bad.
Anyone else from The Bitcoin Foundation want to shit on Bitcoin some with more negative PR?. Drugs, money laundering, "bugs"…c'mon guys…gun running could be next? or something worse?????. I'm sure you've got plenty more from where Shrem and Krapeles came from.
Perfectly timed manipulation on the part of MTGox, this news comes as the 3 day MACD happens, (exponential average crosses the average bitcoin price), it hadn't crossed since early 2013, so big movement was to be expected. You can see it on the 3day chart on bitcoinwisdom, the blue line and brown line crossing, this is a BIG sign for automated trading bots to make a move, in this case the exponential average (indicating the latest movement trend) went below the average, this means the trend is downwards. So MTgox preps up their sells, sets a weekend climate of "some big news is about to come out on monday, everyone keep an eye on your coins" Then DROPS the bad news, and BOOM goes the dynamite. we have an epic crash. Meanwhile MTgox sets up its orders on BTC-E around 200.
Most people trust MtGox. It's the oldest exchange, was the most mentioned in the media. Their press release is pure bullshit but it's a subject that's way too technical anyway for most people to grasp. We need other big players to step up and reassure people, or this could be the death of Bitcoin.
And what will happen now?
Go on, sell your bitcoin, and bang your head into the wall when the price goes back up. In the mean time, I'm enjoying the cheap coins. Hmmm. If one were a Gox insider, today would've been a good day to buy bitcoins. Either for a personal account or for the company's, in order to cover past fuckups. Are you concerned about the price of your holdings? I appreciate that we just got cheap coins.
Plus the general hatejerk:
How I look forward to the day bitcoin won't be goxed anymore. Even those outside of gox managed to get goxxed today. Gox has done the greatest service & disservice to Bitcoin. Sounds like Mark is trying to raise more fear. He needs to step down from the Bitcoin Foundation. I guess most of the other players fear legal problems if they say anything bad about Gox...
This press release from Gox was incredibly shady and deceitful. The majority of Bitcoin market crashes are because of them. We need to step up. I'm willing to step up. Get ahold of me on here! I'm willing to invest $50,000 in a LEGIT U.S. Bitcoin exchange for 5% of the business. We can't stand for this, people. We can't let lies like this affect the Bitcoin community this much
Bitcoin; News; Bitcoin Crash – Mt. Gox Konto bewegt 4.837 BTC und 7.309 BCH. Von. Patrik Eberle - 11. Mai 2018. 6. WhatsApp. Twitter . Facebook. Linkedin. Email. Pinterest. Tumblr. Google+. Wir haben heute in unserer technischen Analyse bereits erwähnt, dass sich die Mt. Gox Blockchain – Konten von Bitcoin und Bitcoin Cash bewegt haben. Inhaltsverzeichnis. Der Mt. Gox-Skandal; Warum hat ... This is good news for anyone who lost their assets in the Mt. Gox failure, as they will likely gain much more as a result of civil rehabilitation. There is also another potential upside for Mark Karpeles, the embattled CEO of Mt. Gox. If the bankruptcy process had continued to move forward, it is likely that Karpeles would’ve ended up with a lot of Mt. Gox’s assets. He owned around 80% of ... Gox Rising has offered to buy out creditor claims from the collapsed cryptocurrency exchange Mt. Gox. The Brock Pierce-led outfit will pay $800 per bitcoin claim, either in BTC or cash, to ... A years-old $75 million lawsuit against Mt Gox by US company CoinLab is delaying payouts to creditors, the Japanese bankruptcy trustee revealed today. Nach Worten von Daniel Kelman, einem US-Anwalt aus Taiwan, dem 44,5 Bitcoin abhanden kamen, wird der Streit um Mt.Gox noch eine ganze Weile anhalten. "Die Leute werden für höhere Schadenersatzansprüche kämpfen. Ganz sicher." Nobuaki Kobayashi, Insolvenz-Verwalter der Bitcoin-Börse, wollte sich zum Stand des Verfahrens nicht äussern.
Why Mtgox Crashing the Market Again Could Be a Good Thing ...
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