Bitcoin flashcrash $17 to a few cents

[mooncliff]

Very interesting!

Do not understand it at all, but bitcoin is an interesting idea.

http://www.newscientist.com/blogs/on...s-as-main.html

[yourfather]

Re: Bitcoin flashcrash $17 to a few cents

Its not too hard to understand.

You 'mine' bitcoins by using a computer to do calculations using its hardware. The graphics chips are better designed for this. So your machine runs and performs tasks or mining operations and in return you get currency that can be used.

Because you are limited to currency creation by the hardware, there is little ability to just print money. The bitcoins are exchangeable on websites for hard currency or for goods.

Initially bitcoins weren't as valuable.

What it appears like is that someone tried to liquidate a huge amount quickly killing the price.

[mooncliff]

Re: Bitcoin flashcrash $17 to a few cents

Oh, I meant the whole bitcoin concept. Seems like the ultimate "paper" currency.

[Fiat Currency]

Re: Bitcoin flashcrash $17 to a few cents

Oh, I meant the whole bitcoin concept. Seems like the ultimate "paper" currency.

JAFC - Just Another Fiat Currency

[c1ue]

Re: Bitcoin flashcrash $17 to a few cents

This subject was discussed at length in another thread: http://www.mobile.itulip.com/forums/...rming-currency

No doubt some other technotopian will now find another explanation for how the peer to peer network is architecturally proof against people with bad intentions.

[CanuckinTX]

Re: Bitcoin flashcrash $17 to a few cents

What it appears like is that someone tried to liquidate a huge amount quickly killing the price.

There were other nefarious reasons the price crashed so badly.

http://blogs.computerworld.com/18504...an_and_a_crash