Quote from: moriartybitcoin on August 19, 2014, 02:39:43 AM

The exchanges are the problem - they always were, and always will be.

BTC-E, CoinBase, and BitStamp all engage in very questionable practices. The margin trading on BTC-E is an abomination which is DIRECTLY causing the current price crash!

This is what I mean by the changes we need. The Blockchain is a genius idea and Satoshi is a genius. When prices go down we talk about fundamentals being good. What good are the fundamentals when we use stupid practices to regulate the price? This crash is a major setback for greater adoption and it is all the fault of the exchanges and how they work. Until these problems are removed we will never get mass adoption. The problems cannot be removed unless the exchanges become insignificant or their algorithms change. If BTC was traded on something like an Ebay style system then we wouldn't suffer because some whale wanted to dump the price on a low volume exchange. Mass adoption will never solve this problem. The problem needs to be solved before mass adoption occurs.

BTC needs to break away from these exchanges and I hope some smart developers make a better website to buy Bitcoin.

In the meantime I hope the price plummets until some stupid whales and power people realise how damaging this is. I can accept the price going down when China tries to ban it but I find it ridiculous that bitcoiners themselves will stupidly kill their own property.

Bitcoin's rep has just taken a massive blow. The mainstream media is putting out some really bad reports.