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[coindesk]Bitcoin Drops Nearly 20% as Exchange Hack Amplifies Price Decline

post #1 of 41
Thread Starter 
http://www.coindesk.com/bitcoin-drops-12-exchange-hack-amplifies-price-decline/
Quote:
Earlier this afternoon, Hong Kong-based exchange Bitfinex halted trading after discovering a security breach, which included taking its website offline and pausing all withdrawals and deposits. Representatives from the exchange told CoinDesk engineers were seeking to uncover issues at press time, though the company had confirmed roughly 120,000 BTC (more than $60m) was lost or stolen via social media.

In response, bitcoin prices fell to $560.16 by 19:30 UTC, $530 by 23:30 and $480 at press time, CoinDesk USD Bitcoin Price Index (BPI) data reveals.

This price was roughly 20% lower than the day’s opening of $607.37 and 27% below the high of $658.28 reached on Saturday, 30th July, when the digital currency began pushing lower.
post #2 of 41
Who is still mining?
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post #3 of 41
Quote:
Originally Posted by TheLAWNOOB View Post

Who is still mining?

This is terrible news... Glad though that my old-ish trade orders were finally fulfilled...ninja.gif
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post #4 of 41
I wish I'd held onto my bitcoins. I mined them when they were worth less than a dollar and sold them for around $300 each. I think the value has been as high as $1000 and has been sitting around $500 for a while at various points in time. Coulda made bank, oh well.
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post #5 of 41
Individual mining is pretty much obsolete for bitcoin, the money is in newer cryptocoins or at least in types supported by general miners.
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post #6 of 41
@ TheLAWNOOB

Aren't you still mining?
Edited by antonio8 - 8/2/16 at 8:22pm
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post #7 of 41
Seems there is a theft of Bitcoins that ends up in the millions every 6-12 months or so...
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post #8 of 41
I saw a show on tv recently about a guy in china who had an entire warehouse floor converted into a bitcoin mining facility.

I am sure there are more facilities like it elsewhere.This has got to hurt big time for them.
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post #9 of 41
Quote:
Originally Posted by djsi38t View Post

I saw a show on tv recently about a guy in china who had an entire warehouse floor converted into a bitcoin mining facility.

I am sure there are more facilities like it elsewhere.This has got to hurt big time for them.

His loss, guy should have known better given the highly volatile nature of cryptocurrences, even without outside influences like hacking. Always diversify; never EVER pin your hopes on one type of asset.
post #10 of 41
It could be cheaper to mine in Canada. Some Chinese farm near a hydro electric generator pays 3 US cents, while in Labrador it's about 2.5 CAD cents
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