Bitcoin panic selling halves its value

[Redfairen]

Source: BBC News

The Bitcoin virtual currency lost half its value on Wednesday because of a panic sell-off.

From a high of $260 (£169) for each Bitcoin, the value dropped to about $130 (£84) in just six hours.

.......

The high of $260 marked the end of a steep rise in value for Bitcoins, which were worth only $90 each two weeks ago. On Thursday, values recovered slightly to reach about $160 (£104).

In a statement explaining what happened, MTGox said the delays in trading had not been caused by a hack attack. In the past few weeks the exchange, and the bitcoin community, has been targeted by hackers looking to cash in.

Read more: http://www.bbc.co.uk/news/technology-22105322

[AtheistCrusader]

1. Bubble-tastic.

Was under 30$ at the beginning of the year.

[Kablooie]

2. Sounds like now's the time to buy!

If I could figure out HOW to buy them.
I looked into it and it seems very confusing.

[denverbill]

3. Pretty funny, IMO. DU'ers predicted this just 2 days ago.

http://www.democraticunderground.com/1014448892

[Leslie Valley]

4. Well, there goes that plan

I guess I'll go for plan "B"

[Xithras]

5. This isn't the first time Bitcoin has bubbled.

There was a similar bubble back in 2011. I made a bit of money on that one, buying at less than a dollar each in 2010 and selling for $19. I stopped holding them when they crashed again shortly afterward, and only buy them now when I need to use them for something.

I have to admit that I'm kicking myself at the moment. I bought about $300 worth early last year for $6 each. If I'd held them, they'd have been worth $13,000 at the peak, and still be worth about $8000 now. But I bought them to spend them, and I spent them

[muriel_volestrangler]

7. For what do you 'need' bitcoins?

Is there something that accepts payment only in bitcoins? If so, does it keep its price stable in bitcoins?

[Xithras]

8. Well...

...let's just say that there are a lot of sites that deal exclusively in them, but most are "less than legal". Directing you to them would be a DU TOS violation, but you can Google "Silk Road" to see one example.

Personally, I quit using it quite a while back. LEO's have taken too much interest in it lately, so it's not worth the risk. Still, it's the currency of choice among those who want to stay anonymous on the Internet.

[muriel_volestrangler]

9. Oh yes, I forgot that one

Even more reason to see it as an inherently unreliable currency though, if its usefulness is significantly affected by the changes in law and law enforcement, and dubious partners who may go out of business at any moment.

[TeamPooka]

6. digital tulips. nt