Silk Road forums

Discussion => Security => Topic started by: chronicpain on August 03, 2011, 05:51 pm

Title: Someone is selling a lot of bitcoins!!!
Post by: chronicpain on August 03, 2011, 05:51 pm
The value of the btc has dropped considerably over the past couple days. I wonder if this has to do with the mybitcoin fiasco?  But for it to be around 8  bucks? that is low... How low can it get? It might be a  good time to be buying them, lol..
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: mseller on August 03, 2011, 06:03 pm
Yes, my thought exactly. Dont sell your btc, just opposite, go buy. When somebody start a panic btc drop like a rock.
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: chronicpain on August 03, 2011, 06:05 pm
I was able to buy a few at 8.8 but not many. then seconds later it was over 10....Also, ive noticed that the volume is very high today too...
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: mseller on August 03, 2011, 06:35 pm
yes nerf, that stinks. Have you lost a lot? Is there any news on mybitcoin status or that is closed case?

..
Nomad, stop sell coins  8)
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: icedcremesoupe on August 03, 2011, 09:15 pm
I bet hedged escrow is looking better than ever. This only goes to show I think it's only smart to buy BTC right before you need to use them. I'd be pissed if I had a few hundred bucks and it loses 30%. BTC has it's purposes but stability as a currency isn't one if it's strong points. I imagine after all this the price will settle around $11. I can think of a time when I bought some for around $20 before they shot up to $30 though.
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: MR. CranE on August 04, 2011, 05:03 pm
Im sure this crisis has everything to do with the mybitcoin fiasco. I myself lost about 180 BTC while I was gone on vacay for 2days. Guess its my own stupid fault for leaving em there but, the case is currently still up in the air. No response from the alleged owner of the site but, the bitcoins arent moving anywhere according to blockexplorer.net. There are a lot more people who lost much more with way more technical knowledge on this matter than myself & I am relying on them to hopefully figure something out. But, with 17k+ BTC missing in action I would put my bets on a temporary market crash. Im predicting it will be down to 7 by early next week & stabilize at about 10 in later weeks. Unless of course mybitcoin magically reappears or someone finds a way to get everyone their BTC back.

-MR. CranE-
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: cronus12 on August 04, 2011, 05:41 pm
Definitely Mybitcoin has caused the recent drop, no doubt at all.  Confidence is lost when some schmuck messes up big time.  BTC will bounce back in time as confidence once again recovers.  Same happens in the money market when people lose confidence in USD etc.  Lost around 23 btc in the fiasco, thankfully had pulled most out before this happened.
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: Raffael on August 04, 2011, 06:22 pm
Nobody can tell what the BTC value will be. I also think the drop is caused by the MyBitcoin fiasco. Remember - only a couple of months ago 1 BTC was worth 0.1$.
The important lesson to learn - keep your BTC safe and use your own client to send and receive payments - don't trust any online service for it. As long as there are sites like SR, there will be at least *some* demand for it.
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: Delta11 on August 04, 2011, 08:10 pm
A lot of people panicked and sold out early causing the drastic drop (including my good friend), but I suggest everyone hold onto their BTC because the price will rise back to normal eventually.
Title: Re: Someone is selling a lot of bitcoins!!!
Post by: chronicpain on August 09, 2011, 12:50 pm
Now, people are buying it, lol. It looks like it took a few days for people to get money in their accounts...