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Author Topic: Prepare for a Bitcoin Crash  (Read 1868 times)

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freeAgent

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Prepare for a Bitcoin Crash
« on: August 19, 2012, 11:15:47 PM »
Just FYI, pirateat40 announced that he's "closing" Bitcoin Savings & Trust.  He claims that everyone will be paid out what they're owed within a week, so I'd imagine that in order to do so, he will crash the market this week.  The price has already dropped ~30% from its peak right before his announcement.

For the uninitiated, Bitcoin Savings & Trust is widely considered a ponzi scheme, and it was the largest Bitcoin investment fund out there.
« Last Edit: August 19, 2012, 11:17:25 PM by freeAgent »
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Diogenes The Cynic

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Re: Prepare for a Bitcoin Crash
« Reply #1 on: August 20, 2012, 04:38:59 AM »
So, prices will drop at silk road. Score!
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I am looking for an honest man. -Diogenes The Cynic

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freeAgent

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Re: Prepare for a Bitcoin Crash
« Reply #2 on: August 20, 2012, 09:09:41 AM »
Quote from: Diogenes The Cynic on August 20, 2012, 04:38:59 AM
So, prices will drop at silk road. Score!

Or they will just adjust higher in Bitcoin to keep steady in terms of USD.  I don't follow the Silk Road, so I have no idea how quickly prices adjust there.
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