Quote from: kodtycoon on October 05, 2014, 12:15:16 PM

Quote from: Spoetnik on October 05, 2014, 05:06:15 AM

Quote from: kodtycoon on October 04, 2014, 10:58:59 PM

Quote from: Patek on October 04, 2014, 07:26:06 PM

Quote from: kodtycoon on October 04, 2014, 07:08:06 PM

Quote from: BlindMayorBitcorn on October 04, 2014, 01:31:02 PM

Quote from: Spoetnik on October 04, 2014, 01:29:28 PM

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

Dude have we considered the possibility that sovereign nations are even mining and dumping at this point??

that too is actually a risk. there is no reason why they couldnt.. god knows who the "unknown" miners are..

Okay, I see your point, but WHY would they be doing such a thing? As many mentioned before, there is a line of cryptos which could replace bitcoin for whatever purpose those goverments are trying to shut it down.

perhaps they think if bitcoin is dumped into oblivion all the way down to the point that even the biggest of miners cant afford to mine it would essentially break bitcoin.. image if all the small guys drop out on the way down leaving say 5 mega miners, then btc sees the biggest dump off all collapsing from the hundreds to double or single digits forcing all the last 5 to shut up shop... difficulty would be left way to high for anyone to mine preventing any conformations (im guessing) for days?

this would leave behind only the "unknown entity" with complete control over the network. one entity that could turn on and off raising the difficulty and then crashing it again. while also keeping the price of bitcoin so unprofitable that no one in their right mind would try to mine or buy it.

a malicious entity does not need to buy enough mining power to get 51%. they only need enough to continuously suppress the price and push it down gradually forcing out other miners, getting back some of the money invested and also raising their percentage of hashing power as other miners drop out. it would be a slow process and costly but not even close to impossible.

for someone with millions with a seriously high vested interest in the old money status quo it would probably be the best way to go about destroying bitcoin. if you fight a decentralized network you may harm it but it will come back stronger in one form or another. but if you crush it with out revealing yourself as a malicious entity and crush every little hope of the people they will not be so keen to fight back a second time. and once an idea fails the first time it is much harder for it to catch on a second time thus also suppressing the hopes of a reincarnation in another form.

not only that.. but with some(wouldnt take much) of the bitcoins they mine they could slowly acquire massive amounts of all the coins they cant do that to (PoS) and then just royal fuck with their respective markets for years to come as their little play toy. no investor in their right mind would buy crypto ever again. isnt it strange how many altcoins are actually not crashing (against bitcoin) while bitcoin plummets... not the norm right? i say fuck with their markets because it would be far cheaper than acquiring 50% in a PoS system - not impossible - but way too expensive an option when all you want to do is prevent adoption.

im not saying this is whats happening.. but it is certainly a possibility. dont underestimate the ones pulling the strings behind the current financial system. governments learnt their lesson about decentralised networks when file sharing effectively took down the music and film industry. why would they let a threat grow to the point that it could actually challenge them. if i were them i would invest the "pennies" to protect the pounds. and it would take fewer pennies now than in 5 years time.

now tell me bitcoin is not flawed. just food for thought.

i am no expert on how coins work really technically and i have only my observations over time to go on.
many guys know Bitcoin better than i do that is for sure..
but your comment sounds reasonable and very plausible to my ears.
i just wonder if someone woudl be motivated to get involved in that though.. and who of course right ?
as solid as that sounds there woudl still be an element of failure in trying to attack.
in hindsight it may sound and look easy but imagine sitting at the drawing board planning an attack
and then thinking hmmm.. ok well we need a lot of this and that and MONEY to do it.. aka: risk ..and lots of it !

i dunno though i wouldn't get involved in an attack that worked like that i woudl think it's a bit risky i think
but that is just me and i am really lazy LOL

i also think Bitcoin if possible to manipulate may be of more use as a vehicle to MAKE money rather than destroy it.

for a billionaire who would lose his billions If the fiat system collapses entirely and crypto took over year's down the line I'm sure it would be a risk he wouor be willing to take. An investment of a few million to protect his billions sounds like a good deal to me. Crush the threat before it gets to big and. And when it's small enough to handle. I don't think it's all that mad.. Who's to say this guy didn't buy up thousands of btc two or three years ago "just incase" he needs to do this? Using them
To offset losses. I've known this is possible for a long tome but some are convinced that btc is flawless. It's not. There are new systems coming out that don't suffer from these flaw. Imo bitcoin will die whether it's forced to happen earlier than it should or naturally, it is goin to be superseded. And those who understand this are far from scared and own the handful of coins that have the solution and enough potential to out do bitcoin. And it's a very small handful.. And most likely don't own any bitcoin like myself.

I like to think of it like btc is bebo and these other 2 are Facebook. If you know the story behind bebo youl understand the reference

We all should hope that is the way it goes and not the end of everything we know when bitcoin is about to die.
This situation right now could lead to a tremendous change of the power and value of bitcoin and any altcoin.

Man-aqua

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