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On 2016-02-01 02:57:45
Bad Day For Bitcoin, Dropping 15%!! What caused the price to drop?
Letter By Mike Hearn with ridiculous, untrue claims.......
Earlier this month bitcoin dropped from $435 down to $350 (seemingly overnight) thanks to a letter released by EX BitcoinJ developer Mike Hearn. Hearn's was able to scare the community and destabilize the market by simply stating “bitcoin doomed to fail”, among other statements regarding BTC's future. In the same letter, He also added that he is leaving Bitcoin and has supposedly sold all f his Bitcoins. If this wasn't bad enough, the media decided that Hearn's letter and claims were enough to begin reporting that "bitcoin is broken". For whatever reason media outlets felt no need to back up these claims with proof/evidence, or even take a minute out to here the other side of the story before reporting such HUGE claims to the masses.
Now here we are, over 2 weeks later and pretty much everyone now knows that Hearn's claims are BS. No facts or evidence have been unearthed to back Hearn up, on the contrary, proof and evidence has (and continues to) surfaced from the BTC community clearly disproving Hearn with 100% certainty. Unfortunately though, the damage was already done thanks to Hearn and the media. True or untrue, the infamous Hearn letter has effected BTC price to this day! The good news is that Hearn and his letter won't effect BTC forever. In fact, the market will rebound from this "speed bump" very soon. It's a speed bump in BTC's market, no more, no less.
Cryptsy Hack/Theft & Chinese Markets
Today also saw claims from embattled digital currency exchange Cryptsy that it has been insolvent since 2014 after a hack resulted in the theft of millions of dollars worth of bitcoin, adding to a negative media outlook.
Also Chinese markets fell as well, though not as dramatically, declining by 11% compared to bitcoins 15%.
The Bottom Line: Yes today sucked for investors and the entire bitcoin but none of the factors contributing to the drop are important enough or bad enough to be the demise of bitcoin. In reality none of these causes will have the strength to hold bitcoin price back for any length of time. As with all markets & investments, you are going to get bad days. You must know the reasons behind these bad days and not worry or jump too conclusions without the facts. Even with the facts anything can happen, no one knows what the future holds, all we can do is look at the facts on hand and make informed decisions.
★Most consider today a bad day for bitcoin but I do not see it that way. I am 99% confident that the price will rise at least 15% just as sudden as it dropped, therefore I see an opportunity to make a great investment, not a bad day! I'll buy as much bitcoin at today's low with the intention of selling all of them as soon as the price goes back up 10% or so. I've done this exact thing many times and have never lost money on the investment!★
Bad Day For Bitcoin, Dropping 15%!! What caused the price to drop?
Letter By Mike Hearn with ridiculous, untrue claims.......
Earlier this month bitcoin dropped from $435 down to $350 (seemingly overnight) thanks to a letter released by EX BitcoinJ developer Mike Hearn. Hearn's was able to scare the community and destabilize the market by simply stating “bitcoin doomed to fail”, among other statements regarding BTC's future. In the same letter, He also added that he is leaving Bitcoin and has supposedly sold all f his Bitcoins. If this wasn't bad enough, the media decided that Hearn's letter and claims were enough to begin reporting that "bitcoin is broken". For whatever reason media outlets felt no need to back up these claims with proof/evidence, or even take a minute out to here the other side of the story before reporting such HUGE claims to the masses.
Now here we are, over 2 weeks later and pretty much everyone now knows that Hearn's claims are BS. No facts or evidence have been unearthed to back Hearn up, on the contrary, proof and evidence has (and continues to) surfaced from the BTC community clearly disproving Hearn with 100% certainty. Unfortunately though, the damage was already done thanks to Hearn and the media. True or untrue, the infamous Hearn letter has effected BTC price to this day! The good news is that Hearn and his letter won't effect BTC forever. In fact, the market will rebound from this "speed bump" very soon. It's a speed bump in BTC's market, no more, no less.
Cryptsy Hack/Theft & Chinese Markets
Today also saw claims from embattled digital currency exchange Cryptsy that it has been insolvent since 2014 after a hack resulted in the theft of millions of dollars worth of bitcoin, adding to a negative media outlook.
Also Chinese markets fell as well, though not as dramatically, declining by 11% compared to bitcoins 15%.
The Bottom Line: Yes today sucked for investors and the entire bitcoin but none of the factors contributing to the drop are important enough or bad enough to be the demise of bitcoin. In reality none of these causes will have the strength to hold bitcoin price back for any length of time. As with all markets & investments, you are going to get bad days. You must know the reasons behind these bad days and not worry or jump too conclusions without the facts. Even with the facts anything can happen, no one knows what the future holds, all we can do is look at the facts on hand and make informed decisions.
★Most consider today a bad day for bitcoin but I do not see it that way. I am 99% confident that the price will rise at least 15% just as sudden as it dropped, therefore I see an opportunity to make a great investment, not a bad day! I'll buy as much bitcoin at today's low with the intention of selling all of them as soon as the price goes back up 10% or so. I've done this exact thing many times and have never lost money on the investment!★
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On 2016-02-01 03:48:41
Another great one! Sorry for the inconvenience, you can start over with posts and images too! :D
Another great one! Sorry for the inconvenience, you can start over with posts and images too! :D
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On 2016-06-10 02:43:21
And now bitcoin has sky rocketed ! I know its going to just keep going up. I think bynthr end of the year we may even see $1000 per coin. Let's hope so. Lol and that crazy cat with a can on its head lol xP
And now bitcoin has sky rocketed ! I know its going to just keep going up. I think bynthr end of the year we may even see $1000 per coin. Let's hope so. Lol and that crazy cat with a can on its head lol xP