Thursday, February 20, 2014

Your Daily Mt. Gox Bitcoin Crash Update (It is getting horrific)

Bitcoin on Mt Gox is now trading at $140.00. This is a decline of more than 89% from its highs.

According to Mt Gox, it has opened more than one million accounts.

 Bitcoin on other exchanges is trading this morning between $600 and $590, more than 50% off of the peak Bitcoin price.


  1. Mt. Gox still isn't allowing bitcoin withdraws from their exchange.

    Street prices for bitcoins are between 600 to 650.

    Given that bitcoin was worth next to nothing a few years ago, it has still out preformed every currency in existence, including gold.

    1. Keep spinning the nightmare. Anyone who bought bitcoins, at any exchange, above $600 is losing money. Weren't you a Bitcoin cheerleader when Bitcoin was $800 and $1,200?

    2. Wow, Wenzel. Why is it OK to spot pick days like that for Bitcoin but not for Gold or Silver? I realize the nickels return all nominal principal but still Bitcoin has been a tremendous store of value for the vast majority of users thus far.

    3. gold has valuable uses beyond it's currently repressed role as money. The good thing about commodity backed currency is that should the currency spiral out of control you at least own the commodity.

    4. Bitcoin has outperformed every currency in existence, including gold?

      I'm pretty sure Bitcoin hasn't been a dependable and relatively stable money that's been in use for thousands of years, nor does it have any potential as an important industrial material or luxury good.

      Gold comes from supernovas while Bitcoin comes from virtual nothingness.

      Unless your memory of Bitcoin only extends back to when Bitcoins were cheap (and conveniently ends right before the prices crashed), then gold wins in every category.

  2. One more time...

    [que band]

    Nothin' from nothin's still nothin', ya gotta have somthin', yes indeed. Do you remember I told ya, I'm a soldier in the war on poverty...

  3. Ha ha ha ha! Where is Honey Badger to somehow spin this as a good thing. I TOLD YOU SO! I love saying that. You should have listened to Wenzel, North, Bionic Mosquito, etc.

    BUY GOLD! silver, too!

  4. All these people raving on about gold don't understand fiat currencies. No major currency in the world is even backed by gold anymore. The Gold Standard disappeared decades ago or in some cases a century ago.

    Sure, gold is consistent. But how many of you have your net worth stored in gold? None.

    Regular fiat currencies and cryptocurrencies both rely on confidence to maintain value.
    Fiat currencies also have governments to artificially prop them up when they're not going so good.
    Fiat currencies also have governments and central banks to manipulate situations for their own benefit.

    Bitcoin is essentially a startup. All startups go through turmoil until they hit the big time. Once they're in the big time (ie mainstream) confidence and the price will stabilise.

    1. Um, what are countries around the world buying in large amounts? gold or shitcoins? #dropsthemic