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I still think that it would make sense for a country like Switzerland to create a limited anonymous electronic currency separate from their primary national currency that could absorb some of this pressure. Instead Switzerland is spending billions of dollars trying to keep it's own currency low.
It's going to be all about the Butterfly ASIC's for the remaining 11m coins. 50GH/sec.
This assumes that BFL is not a gigantic scam and that they will ever ship products. I've been in Bitcoin for a while and I am not willing to trust them at all.
But ASICs will come, there are other brands.
There's definitely merit to wondering why would you sell something that pays for itself in 10 days?
You'll probably never be able to short actual bitcoins. Eventually there will be bitcoin backed securities though.
If it gets to that point, though, it probably won't be worth it to short them most of the time.
All trading is currently suspended.
I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds.
Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request.
founder - bitfloor.com
I took all but $10 out of here already, expecting they were on shaky ground. I don't even expect to get my $10 back. But interesting development.
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The bitcoin is showing surprising resilience. It is back up at $118.60.
Bitfloor seems to have bitten the dust, but BitCoin is still pretty strong as a digital currency. A few days of craziness in the past, it looks good on a 10-day rolling window average price.
this will crash... its a matter of when. Good luck if you are diving into it.
I searched for put options or sell shorts...couldnt find anything
what did it hit? $260? what was low shortly after? like $50? this count as a drop?...
guess i was way off with the crash... at least it will climb and fall again. Those butterflylabs machines dont/havent shipped yet. not sure whats up with them but something smells fishy with them. Plus if every one has 1.5terahashes, this will make the difficulty go up so fast that if you arent one of the first couple with one of them you will surely miss out on any profit. Plus who has $30,000 to drop on a virutal mining device?
If they were shipping them, i would pick them up and mine litecoin. It will do the same thing as bitcoin. currenlty litecoin is $5/coin and there is tons of them easily mineable just like bitcoins were in their infancy. If you are going to get in on something hit that shit.