On 2011-06-20, Eugen Leitl wrote:
A rather timely illustration, wouldn't you say? ;)
That wasn't Bitcoin itself, just mtgox, the biggest exchange. Somebody hacked an account and sold a heap of bitcoins at a negligble price, so the exchange froze itself before the USD were actually cashed out and is resetting to the state before the exploit...
In fact, isn't that a pretty good demonstration that the market(s?) in bitcoins work pretty well? Increased supply pushes the price down. Sure, the market might be shallow for now. But if this sort of reactivity holds even after greater adoption and depth, isn't that perhaps the best sign ever that the Coins are working as advertised? Really the only thing I worry about is the zero reactivity of the other exchanges/markets to MTGox's fall. I would really like to see faster arbitrage in a currency I'm considering as one of my media of exchange. -- Sampo Syreeni, aka decoy - decoy@iki.fi, http://decoy.iki.fi/front +358-50-5756111, 025E D175 ABE5 027C 9494 EEB0 E090 8BA9 0509 85C2