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Bitcoin down 60% to $100
- teovall 14y agoWhat are you talking about? $150 ≠ $100
- bevan 14y agoThe price changed.
- jvm 14y agoThe price is flailing wildly due to the DDOS against Mt Gox. They talk about it here: https://mtgox.com/press_release_20130404.html https://mtgox.com/press_release_20130404.html ...but as mikebo pointed out that link is from an older incident.
- mikebo 14y agoThat press release is from 6 days ago
- kdecherf 14y agoThere is a significant change at this time (it was at $80 20 minutes ago)
- kronholm 14y agoWhere do you get those valuations? Every site I know of is down.
- kdecherf 14y agoFrom intermittent access to the live version of bitstamp, sorry but I don't have any screenshot nor high res graph of this exchange. And bitcoinity has lot of lag.
- weareconvo 14y agoQuite a few of the transactions on bitcoinity are actually cached mtgox pages pulled from cloudflare, which accounts for the fake $180 fluctuations.
- waterlesscloud 14y agoWhen you have no order book depth, the price might as well be random.
- waffenklang 14y agoSimple cash-in on profits
- georgemcbay 14y agoTell me again why any sane person would accept bitcoin as a currency for goods?
- hosay123 14y agoPlease quit with the superficial throwaway comments, that's two content-free crowd-pleasers in under 15 minutes. In answer to your question, pricing goods in a fluctuating currency is a well understood problem, and even with a single Google you'd find the Bitcoin community already have established solutions. The short answer: spot price is 99% noise, so don't use it. Unapologetic for being annoyed at this stuff. Check parent's submission history, top-voted wise cracks have a ripple effect on the remaining comments for a particular submission.
- ajross 14y agoI just did several googles, and can't find an answer to that question. Maybe you could enlighten us on the "well established solutions" (or just some google search terms to pull them up)? It seems like a serious question to me. Currency volatility in the real world is generally considered a near-disaster-level problem. So if Bitcoin has truly solved this in a "well established" way I'm sure there are a bunch of national bank managers that would love to hear about it.
- hosay123 14y agoThere is at least one web service that produces an average over some period. As to how you pick a good weighting, it probably depends a lot on how fast you intend to flip outgoing goods/incoming currency, or where you store value. Try terms like "VWAP", "Bitcoin average price" and so on. I have no doubt a momentary search over on SSRN will produce a hundred papers entirely dedicated to formalizations of this process.
- georgemcbay 14y agoOnce you formalize the process, how do you get people to buy into it? This seems like a typical techie thing of coming up with a mathematical solution to an issue that is really more about human psychology. When you have admittedly linkbaity websites screaming "Bitcoint has lost half of its value" all over the place, good luck explaining to people that we should really be averaging the value and everything is fine, and keep selling your goods at the current average price, etc. This all speaks to the immense difficultly of real-world adoption of any currency that isn't backed by real government policy.
- publicfig 14y agoNote that the price may not be live, but instead a CloudFlare cached version. The price may be incorrect.
- eli 14y agoIf I wanted to sell my bitcoins right this minute do you think I could get a higher price? I don't. And that's the only measure of price that matters.
- publicfig 14y agoWhat I meant by that is the page will sometimes call a cached version from earlier today, which would be more inaccurate. I had the page load a cached version that had it at $225, and after retrying for a live version, it had it down to $160.
- brodney 14y agoYou don't think it's important to have accurate price history to sell something?
- NathanKP 14y agoThis site seems to have a fairly decent up to date measurement in realtime. It lacks the graphing ability to see the dramatic drop off trend though: http://realtimebitcoin.info/ http://realtimebitcoin.info/
- deleted 14y ago[deleted]
- brown9-2 14y agoWhat are the best sources for viewing a chart of intra-day price movements?
- dmm 14y agomtgox.com and mtgoxlive.com were both pretty good. Most BTC exchanges seem to be down right now though.
- kdecherf 14y agoCurrently none, we should wait for the lag of Mt.Gox to decrease
- Jauny 14y agohttp://bitcoinity.org/markets http://bitcoinity.org/markets
- platypii 14y agohttp://bitcoinity.org/markets http://bitcoinity.org/markets
- jeromegv 14y agoIt says on their site: Bitcoinity is currently completely behind. New machine is coming slowly. Sorry folks
- aw3c2 14y agohttps://data.mtgox.com/api/0/png/24hours.png?Currency=EUR https://data.mtgox.com/api/0/png/24hours.png?Currency=EUR / https://data.mtgox.com/api/0/png/24hours.png?Currency=USD https://data.mtgox.com/api/0/png/24hours.png?Currency=USD edit as per comment, thanks!
- sneak 14y agoNote well that the BTC/EUR and BTC/USD markets on MtGox are _different markets_. The (liquid) one that you care about is the BTC/USD market. The EUR-traded one is much smaller.
- jaimebuelta 14y agoWow, this graph (3 days) is SPECTACULAR http://bitcoinity.org/markets/mtgox/USD?span=3d http://bitcoinity.org/markets/mtgox/USD?span=3d From $160 to $240 down to $140, and up currently to $160
- dan1234 14y agoDay low of $70 but now $180. Huge potential profits for some. Edit: that low is on bitstamp, mtgox has a low of $126. Still huge swings.
- slg 14y agoAnd huge potential losses for others. Remember this is a zero sum game (outside the miners), money gained by one person is lost by another.
- nemo 14y agoThis thing where people frame the currency as a commodity to invest in for huge profit seems like it is driving instability that makes the currency less useful as a currency.
- jacquesm 14y agoJust wait 20 minutes.
- ghshephard 14y agoMarket is all over the place - I logged in with chrome, hit "Sell at current Bid Price" - (which was $135) - but the interface wouldn't accept a click on the "Sell Button" Thought it might be my browser, so I tried logging in with Firefox, hit "Sell at Bid Price" - Which, about 30 seconds after my first attempt with chrome was now $175. Something is going to crash spectacularly when you get a $40 swing on something like this in 30 seconds. I still can't sell my BitCoins though. The Irony is I had 20 of them left over from playing around a couple years ago on a linode VPS - they are actually worth quite a bit, if I could only sell them. I wonder how many other people out there are checking to see if they still have a .bitcoin directory sitting around on their various linux systems...
- datboitom 14y agoI got the same problem, opened up the Javascript Console, seems to be some error where something is null. Not quite sure how I can sell or buy at the moment unless I try writing something up with their API.
- cmutty 14y agoA daily range of $70-259 shows how over hyped/heated this thing is. Buy low sell high if you're trying to make money. Stay out if you have any common sense at all.
- nico 14y agoSame problem, can't sell... :( I also tried putting in a buy order, but it didn't go through either. Looks like a good opportunity for an alternative exchange...
- paulhodge 14y agoI haven't tried it yet, but if I was going to sell BTC for USD I would give this one a go: https://fastcash4bitcoins.com/ https://fastcash4bitcoins.com/ They only buy BTC, and it's a fixed price instead of an of exchange.
- xoail 14y agoThis looks so intentional. Deploy a JS that breaks right when there is panic.
- Splendor 14y agoWe get it. Bitcoins have value and that value changes. Surely there's a better place to discuss this.
- wavesounds 14y agoI just saw them mention it on CNBC its national news surely hackernews should be discussing the technical aspects of national news, especially when it involves a virtual internet currency.
- Splendor 14y agoI don't consider a post that only points to the current value to be a discussion of technical aspects.
- sneak 14y agoBitcoin "down" to $100. They were $10 in January. They'll be over $50 at the end of this month. When I was mining 18 months ago, they were about a quarter. Smooth the line and bitcoins are doing exactly what you'd expect from a linear-demand-growth emerging commodity market with a fixed rate of supply. Everything is going exactly according to plan. Note well that the exact same thing (a big speculative run-up and follow-up correction) happened a couple years ago for the $0.50 to $29 spike, and will probably happen again for the inevitable $300 to $1500 run-up.
- tptacek 14y agoUnless you actually wanted to transact business using Bitcoin as a unit of account. Worth observing that the opposite swing, where BTC shoots up $50 in ten minutes or whatever, is just as harmful.
- sneak 14y agoMost people who aren't risk-tolerant toward things like this are using services that instantly (or daily) convert to USD or EUR to minimize losses due to exchange rate flux. It's really only a big deal for speculators, or people who are trying to run a btc-in-from-customers, btc-out-to-vendors business. SR is probably pretty interesting today.
- tptacek 14y agoHow do you instantly convert USD and BTC when the prices are this volatile? Bitpay quotes BTC prices good for 10 minutes.
- sneak 14y agoObviously, you can't. The intra-day prices have only been this volatile for 3 or 4 days out of 1000, though. I think a half of one percent is pretty good for something that finally solved the centralization problem for digital currency and has only been really useful for a couple of years. It will, of course, continue to get better with time as the size of the market increases. This big flux could well have been caused by a single old-school miner/collector dumping $1-2mm of BTC in one batch, too. Remember, these markets aren't really that big yet.
- cecilpl 14y agohttp://www.thebubblebubble.com/wp-content/uploads/2012/04/stages.jpg http://www.thebubblebubble.com/wp-content/uploads/2012/04/st... First sell-off - late 2011 whne the price dropped from $30 to $5. Enthusiasm @ $50. Greed @ $130 New paradigm over the last couple days.
- trotsky 14y agoDay's Range: $70.00 - $259.34 Mtgox trading engine lag: 3865.59s With gyrations like that and one hour order execution lag there isn't a regulator in the world that wouldn't halt that market. Comparing this to investing in a roulette game would be unfairly characterizing the risks in roulette.
- antr 14y agosomeone made some serious dough today
- cmutty 14y agoand just wait for the SEC to reverse their recent no action decision when the people on the losing end start crying foul.
- antr 14y agoand that's when, with regulation and control, decentralisation and anonimity vanishes
- sneak 14y ago...in your country, maybe. Bitcoin runs on IP and FinCEN isn't everywhere.
- antr 14y agoPlease, follow the conversation. We are talking about the SEC and users crying foul. Not the impact bitcoin will have today, or tomorrow.
- sneak 14y agoDoes it really matter which US-based regulatory body I'm dismissing as irrelevant? The long-term impact of Bitcoin is way bigger than any one country or culture.
- kiskis 14y agopopcorn time
- deleted 14y ago[deleted]
- AlexMuir 14y agoFucks sake. I went to cash out a few this morning. The transfer didn't show in my MtGox account for an hour so I went out for the day and come home to this.
- xyproto 14y agoNow at $150?
- SODaniel 14y agoYeah, NO ONE saw this coming :) Of course DDOS attacks, split market places and a gains of 100% per week for a few months are going to require hard falls.
- yekko 14y agoBuy gold and silver instead.
- dluchian 14y agoPeople buying at 180$/btc when the price is at 130? Nothing suspicious here, move along.
- napoleoncomplex 14y agoNot that I'd wish monetary loss on anyone, but if the first Bitcoin crash is any indication, these things tend to have a positive side-benefit of driving out most of the speculators flooding in after all the news reports that fuel these cycles, and the people actually interested in the currency itself stay behind, with an influx of new folk. After all the noise dies down, new businesses and services get built backed by the wider audience, and the ecosystem develops further. It's not yet clear if this is a crash similar to the previous one, but if it comes, I don't think much will change in terms of Bitcoin's future for the next few years.
- alexanderh 14y agoI completely agree that this has been the pattern so far. These are great stress-tests for everyone developing software around bitcoin if you ask me.
- sneak 14y agoIf you wouldn't wish monetary loss on people investo-speculating near-randomly in a very small market for an emerging decentralized cryptocommodity, who WOULD you wish it on? What is this, "too small to fail"?!
- xoail 14y agoThis is simply a panic when someone decides to sell low. The average weight is the right no. to look at.
- tedchs 14y agoCan someone tell me how to put a filter on my Hacker News account to remove the multiple-times-a-day articles about Bitcoin? Bitcoin is the opposite of a useful thing for my business, where I need actual revenue in dollars so I can turn around and pay my expenses in dollars.
- publicfig 14y agoThis is a community with a variety of interests and needs that shares articles that may or may not line up with your interests and needs 100% of the time. That's the price of going to a collectively aggregated news and discussion site, you have to see stories that may not be specifically relevant to you.
- tedchs 14y agoYes, and that's why I continue to happily read Hacker News. You missed my point that I believe it's excessive to have a "news story" every time Bitcoin fluctuates. I would love to know how many Y Combinator or other startup companies are transacting in BTC -- my guess is under 1%.
- heifetz 14y agobitcoin is done. Why would anyone take this seriously and use it as a store of value when it has had this much volatility in one month without any fundamental reason? The problem with bitcoin is that hardly any businesses support it as a unit of payment, without having to convert to a real currency. So as a result, bitcoin does not have any fundamental value. It's purely for speculation and fun.