Skip to comments.Bitcoin Price Move Below $600 Continues
Posted on 03/22/2014 12:31:38 PM PDT by Errant
Cutting right to the chase: we don't think going short is a good idea yet.
Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads:
MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned and their balance researched. On March 7, 2014, MtGox Co., Ltd. confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC). MtGox Co., Ltd. investigated the presence of these 200,000 BTC, immediately reported it to its counsels in the application for commencement of a civil rehabilitation proceedings ("counsels"). A hearing took place on March 8 where a detailed explanation of the situation was made to counsels. Immediately on Monday (March 10), counsels reported the existence of the 200,000 BTC to the Court and the Supervisor.
(Excerpt) Read more at marketoracle.co.uk ...
I might be wrong, but it would take something awfully drastic to get it to move below $500.
Found. As if they existed to begin with. They can ‘find’ all that was looted from them with the stroke of a key. People gave real currency to buy into this. It doesn’t make it worth anything at all. Just means someone thought it was.
The P-Marlowe coin is still selling for $800 US.
I don’t think it will go much lower. Of course that depends upon world events, as you say. I may even be in the mood to buy another 1/2 BTC to replace what I spent on a couple of watches I purchased awhile back when Btc was $1,000. That’d mean I got the watches at half of their already discounted Overstock price! ;)
As for "looting", it's seems very likely that someone transacted some (or most) of the still-missing bitcoins from Mt Gox to other parties. It is possible to trace those transactions to others in the chain, but there are mixer sites that will take stolen coins and honestly obtained coins (they don't know the difference) and produce new coins to give back to the contributing parties (for a fee of course). So stolen money can be laundered to some extent.
As for the value of bitcoins, they remain in demand throughout the media blitz against them, so it looks like they will keep long term value as they shrug off each incident.
How many have you sold???
I got a bit coin for selling two emu’s, a chinchilla and beanie baby.
Did I screw up?
Price reflects demand hence it’s not ‘shrugging off’ anything.
I just created by hacking 15 billion bitcoins.
I am the richest man in the world now.
I will sell you my hack for just a small sum of $1,000,000.00
No Bitcoins though...I have enough of those.
“I just created by hacking 15 billion bitcoins.”
No you didn’t. That statement demonstrates a complete lack of understanding how the BTC protocol works - especially the fact that the total number is capped at 21 million. BTC have been trading in the $500-$700 range for a while despite all the sensationalism.
It’s a solid concept, and I think it’ll do fine going forward.
Save your breath FRiend. Two things have held me in amazement lately.
The unprecedented growth of Bitcoin and the fact that some on this board have the grey matter to remember to inhale and exhale.
I think you did hadaclue, you should have bought you another! lol
Learn a little about that what you're talking; maybe your comments won't be so stupid - it's a start... lol
The jokes write themselves! lol
LOLOL! For real... ;)
We shall see who was stupid. It might be me, if so, I will admit it. Will you?
I know Satan is in it somewhere.
Money is the root of all evil.
Easy money is at the root of all scams.
I will find his trail.
There is nothing easy about Bitcoin friend. If you’d ever mined any, you’d know that. Like I said, try engaging your brain and learn a little about what you’re talking about before putting your mouth in gear.
You can start by looking back over my posts and see I wasn't talking about your comments being stupid. I only suggested that you should have "bought a clue" instead of a Bitcoin - maybe two clues now! lol
We have a person who responds to other posts and because the word “ stupid “ is in it, thinks it applies to him.
And a religious schizophrenic.
That about sum it up?
“I might be wrong, but it would take something awfully drastic to get it to move below $500.”
Lo today for BTC was $541.00; Closed at $565.00; Opened at $570.00.
If it goes below $500 ... it’s “buy time” ...
I’ve been buying as much as I can during this dip. All it will take now is a catalyst event like Amazon or ebay to jump on board and set off a chain reaction of mass adoption. Be patient, it is coming no doubt in my mind.
“Money is the root of all evil.”
if that is the case, surely the dollar and the vastly successful United States economic system is evil beyond compare. Is that what you believe? Do you use dollars?
No, ‘the love of money is the root of all evil’...not the money itself. Do you own the money, or does the money motivate you?
OK, so responding to my own comment:
“is evil” should be “are evil”
The old “money is the root of all evil” line seems demonstrably flawed to me. Is it not flawed human nature that is the true “root of all evil”? I think the “money is the root of al evil” saw is the exact equivalent of “guns kill people, people don’t kill people”. It places the blame in the wrong place.
“No, the love of money is the root of all evil...not the money itself. Do you own the money, or does the money motivate you?”
I don’t agree with that either, although love of money sure leads to some evil (and quite a bit of good as well).
Did “love of money” lead Hitler to murder 6 million Jews? Likewise, the various Communist mass executions were not motivated by “love of money”. If you want to find the “root of all evil”, you need to look elsewhere. (For another more minor example, consider a faithful husband or wife murdered because someone else coveted the partner. No money involved...but flawed human nature certainly was. It has happened many times.)
Oh, I see you have that one handled.
I meant you. Thanks.
1 Timothy 6:10
“10 For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”
Note that I did not say that, it was a quote from the Bible that states ‘the love of money is a root of all kinds of evil.” and the KJV says ‘is the root’.
Greed does cause people to do many evil things for personal gain, which usually ends up a curse and not a blessing.
My apologies as I did clarify where the quote came from.
Of course Hitler had a love of money, as we see in all the great Masterpieces he stole from those who owned them, mostly Jews, those he killed. So many of those million dollar works of art are just now being found and returned.
Power and Greed go arm in arm.....what do you think it is that causes dictators to kill millions....Greed, more money for them to spend, and less mouths for the government to feed. Dictators get rich off of the people, just look around at the money being spent by those who are tyrants.
“For the love of money is a root of all kinds of evil.”
Note that it says “a root” not “the root” as was originally posted. I’m fully in agreement with this version. :-)
As to Hitler, he did take what the Jews had, but the primary motivation wasn’t money. It was a fanatical hatred of Jews.
Here’s one for your other news list
Sound familiar? Bitcoin exchange Vircurex freezes customer accounts as it battles insolvency
Indeed, thanks for sharing.
Had you heard of Vircurex before?
No, but there are a lot of exchanges, and in many countries. My primary interest is mining and I only follow one or two exchanges to keep up with prices. I should probably do a little trading tho. ;)