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  #1  
Old 08-03-2016
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Default Bitcoin down big 12-13%, here's why

Bitcoin Sinks After Hackers Steal $65 Million From Exchange - Bloomberg
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

Wow... I wondered why the big drop the other day.. that's bad news.

I need to stop keeping funds in BTC
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

Bitcoin has been volatile since day one, although in the past couple of years, it has not been so bad. But the thing is, most people who have a wallet address really have no idea how it works, exactly, or what the blockchain is.

Bitcoin also has an unfair reputation as the "criminal currency" being used by drug dealers, people committing fraud such as buying and selling stolen credit card data, etc and you have a situation where every time a bit of bad news comes out, it can affect the price of Bitcoin.

And it is virtual. People can see currency, they know it is in bank vaults and cash registers. But you cannot see bitcoin since it does not actually exist. And that makes many people nervous. I know it sounds silly because the majority of financial transactions are just numbers being electronically transferred, but to many older people it makes a difference. I am almost 50 years old and I can tell you, most of the people in my age group won't touch bitcoin with a ten foot pole.
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

The reason why Bitcoin is down due to bitfinex hack. With the blockchain halving this year. The average price should be around 600-650$ per BTC. The only reason it went down is another exchange got hacked. NEVER EVER STORE your BTC on an EXCHANGE. Look what happen to Gox, Bitfinex, cryptsy, and many other historic examples. Keep it off line on a paper wallet or store it on hard drive. Back it up 3-4 times or leave some on blockchain wallet. NEVER EVER at an exchange.


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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

I'm surprised people keep their funds in exchanges after Gox ****up.

I almost bought 7k worth of Bitcoins when they were 2.12 each, but then changed my mind. Still kills me every time I think about it, I would have made a f-f-f-f-fortune.

The world of ifs and buts, ****ing painful.
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

Quote:
Originally Posted by littleredengine07 View Post
The reason why Bitcoin is down due to bitfinex hack. With the blockchain halving this year. The average price should be around 600-650$ per BTC. The only reason it went down is another exchange got hacked. NEVER EVER STORE your BTC on an EXCHANGE. Look what happen to Gox, Bitfinex, cryptsy, and many other historic examples. Keep it off line on a paper wallet or store it on hard drive. Back it up 3-4 times or leave some on blockchain wallet. NEVER EVER at an exchange.


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Couldn't agree with you more.
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

its going back up significantly already. buy more when its low.
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Old 08-03-2016
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Default Re: Bitcoin down big 12-13%, here's why

Good old malicious hackers - always looking at ways to screw things up :(
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Old 08-04-2016
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Default Re: Bitcoin down big 12-13%, here's why

Everytime a hacker hacks an exchange. You will see a drop of at least 20% of the value. My advice to everyone is to buy and store BTC. BTC works like gold but better. Only currently 15 million in circulation but with max amount of 21 million. People lose BTC each day so if you take that into account. The value of BTC goes up.

If anyone has any questions about BTC please let me know or pm me. The concept of BTC belongs to our generation. We should fully embrace it.
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Old 06-29-2017
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Default Re: Bitcoin down big 12-13%, here's why

BTC was 500ish back then, looking back in time wow...
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