09 Jun '13, 5pm

Bitcoin’s flash-crash lesson: Number-based currencies don’t ‘cure’ human nature

Bitcoin’s flash-crash lesson: Number-based currencies don’t ‘cure’ human nature

The price of bitcoins has fallen considerably from the recent high of around $130 in late May, with a dramatic drop from $108 to $91 in the past 24-hour period. As of around noon Eastern time Sunday, the bitcoin price stood at $98 (£64.61). Why the big drop? There could be any of a number of reasons — more likely a combination of several: unsubstantiated rumors run amok, the market fluctuations you’d expect for a relatively new commodity, herd mentality, greed, panic. All of the above were apparent in the comments by redditors discussing today’s price plunge . It was FinCEN (the US financial regulator) cracking down on bitcoin, some said. No, it was new verification requirements at Mt. Gox, others speculated. No, it was spineless noobs dumping their currency because they don’t know what they’re doing in the first place, others said. Comments like these prompted others to o...

Full article: http://www.coindesk.com/bitcoins-flash-crash-lesson-numbe...

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