The Phaserl


Bitcoin fans put brave face on price fall

by Stephen Foley, FT:

Adherents of the virtual currency Bitcoin are picking up the pieces after their holdings collapsed in price, and vowing to continue growing the Bitcoin economy despite the volatility and illiquidity bedevilling activity.

The price of a single Bitcoin peaked at $266 on Wednesday, double its price a week earlier, and then slumped to a low of $54 on Friday. That takes it back to its level before a surge in internet and media interest that began in late March.

The price collapse hit not just speculators but also merchants who sold goods or services for Bitcoin at the peak. Tony Gallippi, founder of Bitpay, which processes transactions for merchants, said about half his customers keep their income in Bitcoins, rather than immediately cashing out, and so would have lost money on transactions.

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2 comments to Bitcoin fans put brave face on price fall

  • Douglas Stone

    Here is a suggestion. Just say “we are a victim of our own success.” People eat that kind of shit up and will argue all day over what it mean. Of course it means Bitcoiners are full of shit but most people will not figure that out. Best of luck fleecing the willing sheeples.

  • Ed_B

    Let me put it this way. Do you want virtual food or REAL food? A virtual vacation or a REAL vacation? Virtual sex or REAL sex? Virtual money or REAL money? See, you really can figure out what is most desirable in life after all. 😉

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