It's all come to a crashing halt...

...well almost litterally. The BTC market suffered its first flash crash. Over the weekend the largest exchange Mt.Gox was hacked, and some how someone was able to execute a large sell order making the coin go from about ~$17/btc to $.01/btc. Right now a lot of rumours over Mt.Gox were they hacked, were they not hacked, who sold what, and does Mt.Gox actually control the BTC it claims to have on the market?

No idea, but after my few weeks experimenting with this and having this major hack happen who knows where the currency will go. I think this will pull a lot of people out of the market. I'm thinking about hitting 10btc in my mining and then stopping. I would love to do a btc business, but don't have the money to make money if you know what I mean. Also, I know that if I made a site with my poor coding skills it most likely would get ownd, and with instability such as this then we have larger issues.

The biggest issue for me with Bitcoin itself is that its idea started off as a grand alternative currency to buy and sell items over the internet. However, they really didn't provide any types of merchant services, api's or whatever for merchants to really adopt it as a means of payment. Of course exchanges are a large factor in this, but unfortunately it seems like other than a intermediary currrency for exchange it doesn't seem to be taking off in the buying selling arena. Heck even if you are a merchant, most have to update their prices at the given market rate from the exchange. In a proper economy it would be the other way around, but we have little to no places to purchase items with btc.

So I've taken the "bitcoin" out of my blog title simply because I hope to be able to post about other things besides bitcoin like I used to on my older site. Thinking about the whole flash crash one guy was able to buy up almost half of the 500K coins that were sold, for .00101 $ or basically he got just over 250K BTC for about $3000. He's getting accused of being in league with the hacker but has come forward to explain the situation. He was able to transfer out about 650 btc, as mtgox has a daily limit of no more than $1000 worth of btc. So basically when the market rebounded he got almost $10,000 worth of btc. I wish I'd been that fortunate would pay off my climbing credit card debt :P hah. Anyway my next update might be next week.