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MELTDOWN: BITCOIN CRASHES TO $576!

PillowSmoke
By PillowSmoke
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Bitcoin fell from a high of $1,079 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash.

 

Currently, Bitcoin is back to the $700 level. This is still down a whopping 35%.

The sharp moves come in the wake of China's clampdown on the controversial digital currency.

Earlier this week, the People's Bank of China announced it was barring the country's banks from handling the Bitcoin. (That Thursday announcement was followed by a 30% intraday crash.)

That was followed by this announcement from Baidu, aka "the Chinese Google":

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

Horrific price volatility has been one of the biggest criticisms.

This week, Bank of America Merrill Lynch currency strategist David Woo initiated coverage of Bitcoin, assigning a $1,300 fair value.

"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," wrote Woo in a 14-page note to clients. "As a medium of exchange, Bitcoin has clear potential for growth, in our view."

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http://www.businessinsider.com/bitcoin-crashes-to-576-2013-12

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Ruh roh

"If you do not take your failures seriously you will continue to fail"

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Time to mine Litecoins ;(

Hopefully in time the value is worth more in the next 6months starting from 2014.

Please become a member of the Linus Tech Tips forum, keep writing smug remarks & let us love you. Peace out.


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I saw this and was gonna report it. Litecoin has dropped as well. Looks like my business proposal is gonna have to go plan B :(

 

and by business proposal I mean for my nosiness club for school

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I saw this and was gonna report it. Litecoin has dropped as well. Looks like my business proposal is gonna have to go plan B :(

 

:/

Wanna hang out with me and people like @Theslsamg, @ Ssoele, @BENTHEREN, @Lanoi, @Whiskers, @_ASSASSIN_, @Looney, @WunderWuffle, and @nsyedhasan. Well.... Check out: http://linustechtips.com/main/topic/48484-unofficial-linustechtips-teamschnitzel-server-teamspeak/

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Volatile currency is volatile.... Make no mistake, it will go up again. It'll keep changing until it reaches a plateau... Or governments ban it 

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Well now its the time to buy. As soon as it hits 600 or 700 sell it.

 

Bitcoin is no currency, its a gamble machine :)

Gambling is also done with currency?

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I believe the same sort of thing happened a few weeks ago, it'll be fine

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I believe the same sort of thing happened a few weeks ago, it'll be fine

 

It's basically banned in China.

Wanna hang out with me and people like @Theslsamg, @ Ssoele, @BENTHEREN, @Lanoi, @Whiskers, @_ASSASSIN_, @Looney, @WunderWuffle, and @nsyedhasan. Well.... Check out: http://linustechtips.com/main/topic/48484-unofficial-linustechtips-teamschnitzel-server-teamspeak/

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Well now its the time to buy. As soon as it hits 600 or 700 sell it.

Bitcoin is no currency, its a gamble machine :)

Bitcoins are no different than the stock market at this point in time. I'm not touching them with a stick unless I absolutely have to.

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Gambling is also done with currency?

:P miss the point, but i know what you are trying to say.

 

bitcoin has value, some people put real money in it to earn quick money, some people mine it for same reason, some people use it as a currency. some people get easy money, some people get raped hard.

sorta like gambling machines.

 

i wouldnt use it as a currency... ever

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:P miss the point, but i know what you are trying to say.

 

bitcoin has value, some people put real money in it to earn quick money, some people mine it for same reason, some people use it as a currency. some people get easy money, some people get raped hard.

sorta like gambling machines.

 

i wouldnt use it as a currency... never

Using it as a currency or being a currency, a cow can be used as currency or w/e ;p

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Using it as a currency or being a currency, a cow can be used as currency or w/e ;p

WTT cow for BTC  xD

bitcoin can be used as currency and as gamble machine, latter is more appealing and more realistic right now. but i do think bitcoin has(had) potential if it was more accepted and stable.

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I don't think bitcoin will be around for another 5 years.

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Almost makes you feel bad for the folks that bought in at $1000, thinking it was going to keep going... Almost any way.

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Almost makes you feel bad for the folks that bought in at $1000, thinking it was going to keep going... Almost any way.

well miners benefited from them :D someone has to loose lottery no?

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You can gamble with cows too!

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