I bookmarked this video explaining what bitcoin is in April 2013. I only bought in just before the first big crash in November that year (and HODL'd to this day). Check your bookmarks once in a while kids!
Putting the Bitcoin "Crash" of Dec, 2013 in Perspective
http://i.imgur.com/lkdLyp0.jpg An updated logarithmic chart showing the "crash" of December 2013. Prices could still go lower, and perhaps even go back to where they started before the Chinese entered the space, but it would have to crash below $100 to not stay within it's 0.6% daily growth margin of historical volatility. EDIT: I should have added, that when I did a price projection in late Septermber, prior to the hyper-exponential growth from China, I was predicting prices would hit $1000 sometime in late March or early April of 2014.
In 2013, I built an algorithm that made predictions about BTC price fluctuations and mining difficulty. (Discussion on how Bitcoin is becoming crash proof, and why Wall Street needs to trim the fat.)
My algorithm showed a "rubber banding" effect. With outliers excluded from my data, it was 94% accurate. With outliers included with my data, it was still 85% accurate. When difficulty sees large gains, price (USD valuation) will rise steadily, then begin dropping sharply. When BTC to USD sees large gains, difficulty will change at a slower rate at first, then drop sharply in terms of growth proportion to it's standard deviations of movement. We are currently witnessing this rubber band lag on difficulty fueled by the giant price increase. As difficulty drops, more miners will enter the market, and liquidity in the "minted" supply of Bitcoins will increase. Ultimately, from an economics standpoint, this transition will act as a harmonious correction in either direction, for either rubber banding case. Bitcoin has a built-in harmonic motion between the liquid market, USD valuation, difficulty, and supply/demand liquidity. My algorithm lines up with most of the hedge fund guys throwing out large 5 figure valuations for 2018. I would declare with a degree of certainty above 50% that we will see a valuation of between $12,500 and $20,000 in early spring/late winter. This will be followed by a gradual decline until near mid-end of Summer. At which point valuation will begin increasing again, and will hit more... asinine valuations, near the end of 2018. [[This timing range of Summer to Winter of 2018 is the most logical location for a major bubble and crash event, according my current algorithms.]] The real threat of a bubble exists still, BUT, Bitcoin has developed a resistance to massive market swings, and as it's overall USD valuation increases, the risk is dropping steeply. You must consider that these days, for Bitcoin's valuation to move $50 USD, requires BILLIONS of USD in trade transactions to occur. Since mainstream Wallstreet isn't a heavy player in Bitcoin still, this makes BTC immune/resistant to flash crashes, as most long term HODLers are "indoctrinated" and won't fall prey to panic. (Yet, few players in the Bitcoin space are not and could not throw around hundreds of millions of dollars just to create a synthetic pump or crash, unlike 2011-2013 when some larger whales could tip the whole market.) The amount of liquid capital in BTC owned by "panicky public" is becoming a negligible amount in proportion, and will soon cease having any real effect on day to day valuations. Financiers, wall street, hedge funds. If anyone in your financial department has an opinion within the realm of the following: "I don't understand it." "It's a scam." "It's not worth looking into." "It is too volatile." I would solemnly consider a one to one meeting with that employee. Bitcoin's market cap is higher than the majority of Fortune 500 companies annual revenue. Bitcoin's daily trade magnitudes are between 2 billion and 10 billion USD worth of DAILY active movement. If an employee is refusing to even look into it, because they "don't understand" or "believe it is a scam" Make them look into it, or fire their negligent ass. That level of ignorance is equally as bad, as if your company had a major competitor rising in their market space, and this employee refused to research that competitor at all. That's the type of value movement going on now. Tulip mania boomed and exploded in roughly 2-3 years. This is NOT a tulip situation. Bitcoin was established in 2010 and has had growth outpacing every other financial investment possible for the LAST SEVEN YEARS.
Trying to salvage some coins from 2013. Core (bitcoin-qt.exe v0.8.1-beta on Windows 8.1) is taking weeks to DL the blockchain as expected but keeps crashing now. Can I upgrade to a newer version without losing what I've gotten already (about 75% complete)?
Currently there are 134305 blocks remaining. When I start it up it works pretty smoothly for a while but then slows down. I leave it running while I'm gone but the last several days when I've come back it has crashed and gives me an I/O error, and I have to hit OK then start it back up. It does appear to be further along when I start it back up but not by a whole lot. So this has really slowed my progress. It's reindexed about 75% though, and so I don't want to start over from the beginning. The drive it is on has ~400gb of free space so that's not the issue. I have 8gb of memory, and the task manager says bitcoin is taking up about 500mb, but it's using 60-85% of my cpu at a time. If I download a newer version of core, I can just copy/paste the old wallet.dat file, right? But wouldn't it have to start downloading the entire blockchain again from the beginning? If so, is there any quicker method? While typing this, it crashed twice. It only runs for about 10 minutes. The version I have doesn't have any settings I can change. I read that there's a db size limit you can change in later versions that could help. This one does have a "debug window" with a command line console but I don't really know what to do with it. Here is a list of available commands: ￼
A lot of people (plus the media) like to point out the fact that Bitcoin has spiked 5000%+ this year as a sign of a coming crash. However, these same people dismiss the startling statistic from BitPay: 5000%+ increase in purchases from Black Friday 2012 to 2013.
Obviously, these two don't have a 1:1 correlation. However, there is a case to be made that BitPay provides a pretty nice barometer of the Bitcoin economy and the rate of merchant / consumer adoption. And based on that fact, there is no denying that Bitcoin's real usefulness and adoption has grown exponentially this year. This is what economists should look at when they talk about Bitcoin and "tulip mania".
Wtf happened to bitcoin (ex-bitcoineer from 2013 crash)
I heard of bitcoin late 2012, was an advocate for it up until the big crash from 1000 to 300. I started hearing my less techy friends start to hype about bitcoin and now, its boomed again! What has happened since ive left??
Trying to salvage some coins from 2013. Core (bitcoin-qt.exe v0.8.1-beta on Windows 8.1) is taking weeks to DL the blockchain as expected but keeps crashing now. Can I upgrade to a newer version without losing what I've gotten already (about 75% complete)? /r/Bitcoin
However, if you look at the period between April 10, 2013 and April 12, 2013, Bitcoin lost an astounding 83% of its value over a three-day period. Talk about a panic! The point is that crashes have become relatively common throughout the cryptocurrency market, which is known for its swift volatility. The next major bitcoin crash occurred in Q1 of 2014, once again caused by hackers infiltrating Mt. Gox. Essentially, two bots were carrying out a bunch of false trades in October — November of 2013, which drove the price of Bitcoin up to a record high of $1,200, which came with a gradual decrease in value. In 2013, bitcoin was worth just $150 when suddenly, the price spiked. Within two months, one bitcoin was worth $1,000. Four researchers from the Tandy School of Computer Science at The University The April 2013 Meltdown. The first crash we’ll take a look at in this article is the meltdown of April 2013. In the early days of spring in 2013, Bitcoin experienced a massive drop from $237 USD down to just $67 overnight. After this massive fall, the currency took more than six months to recover. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. the housing market crash. in May 2011 and again in November 2013
Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies
Bitcoin Cryptocurrency Crash Course with Andreas Antonopoulos ... Bitcoin 2013 conference - Roger Ver - Bitcoin 101 for Business - Duration: 59:22. Athena Roberts 7,243 views. Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins ... Bitcoin crash on mtgox exchange ( timelapse ) April 10 2013(music by Klute - Buy More Now!) - Duration: 6:11. Crypto Coinz 17,478 views Senate Committee Hearing on Bitcoin - November 18, 2013. Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins ...