Category Archives: Sad news

Flight recorder Black Box found for Flight AirAsia Flight QZ8501

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The black box or flight recorder found for Flight “AirAsia Flight QZ8501” that crashed into the ocean and at the bottom of the sea for many weeks now. This is a different airplane, the other one still not found, nothing was found for that flight, it had vanished.

Hopefully there will be some closure on what happened to this airplane causing it to go down, we probably already know it’s not a missile, it’s not terrorist, or mechanical malfunction either based on maintenance record.  The closest prediction would be weather related.

Bitcoin price plunged due to Exchange got hacked?

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By now, everyone whom invest in Bitcoin or simply monitor Bitcoin activies woudl probably know about Bitstamp got hacked and loss $5 million worth of Bitcoin, 19,000BTC to be exact.

However the price of Bitcoin already plunged even before the hacking mentioned by Bitstamp.

Here come the conspiracy theory. Did Bitstamp really got hacked? How do we know that Bitstamp did this on purpose to get away with 19,000BTC $5 Million cash? Same thing with MtGOX, how do we know that MtGOX really loss all the Bitcoin? How do we know they’re not stealing the Bitcoin themselves and blamed to the hackers?

Bitcoin is technology, those people into Bitcoin especially the security and development are hackers themselves and they couldn’t stop be hacked? So Bitcoin is not secure as Bank? easier to get hack?

Bitstamp Exchange got hacked? January 4th 2015

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Anyone whom had done business with Bitstamp would probably gotten an email indicating problem with Bitstamp. The key information is, if anyone deposit Bitcoin on or after January 5th 2015 will not be honored, meaning your Bitcoin is gone where it’s 0.0001 BTC or 100BTC all gone. However if it’s a large amount, you can probably check with Bitstamp suppose to get it back if possible.

It is official that Bitstamp hot wallet got hacked. Bitstamp had suspended its service on January 5th, 2015 and at this time it’s still down, no ETA. Let just hope Bitstamp hot wallet don’t have a whole lot of Bitcoin in there. Both Coinbase and Bitstamp, and probably many others stored their Bitcoin in a cold wallet, hot wallet would only hold small amount for constant transactions. Meaning your Bitcoin is safe if you deposited a couple days ago, it is in the cold wallet and also guaranteed insured by Bitstamp and Coinbase.

There’s a conspiracy theory going around right now. People are saying that Bitstamp did this on purpose due to the fall of Bitcoin price. Bitstamp might not be making much money on transactions, on top of that Bitcoin value plunged, so with no revenue, no profit, Bitstamp decided to make stories saying they have technical problem, all sounds so familiar like MtGOX? as they will take advantage of this and stole all the bitcoins moved it somewhere else and sell it later. The same conspiracy theory with MtGOX, in which the Police are investigation its staff possible stealing the Bitcoins instead.

BITSTAMP SERVICE TEMPORARILY SUSPENDED

We have reason to believe that one of Bitstamp’s operational wallets was compromised on January 4th, 2015.
As a security precaution against compromises Bitstamp only maintains a small fraction of customer bitcoins in online systems. Bitstamp maintains more than enough offline reserves to cover the compromised bitcoins.
IN THE MEANTIME, PLEASE DO NOT MAKE DEPOSITS TO PREVIOUSLY ISSUED BITCOIN DEPOSIT ADDRESSES. THEY CANNOT BE HONORED!
Customer deposits made prior to January 5th, 2015 9:00 UTC are fully covered by Bitstamp’s reserves. Deposits made to newly issued addresses provided after January 5th, 2015 9:00 UTC can be honored.
Bitstamp takes our security and soundness very seriously. In an excess of caution, we are suspending service as we continue to investigate. We will return to service and amend our security measures as appropriate.
Bitstamp Team

Bitcoin price went below $280 (usd) right now and keeps on going down why?

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I just want to share a paragraph on the general rule on why Bitcoin price goes down and up. From this website https://www.cryptocoinsnews.com/bitcoin-price-falls-300/

Although this basic principle is not new, but hope it helps others. So knowing this fact, why are people selling Bitcoin yesterday and today, and kept on selling? Who sold it? We know that ESPN sold over $500,000 (USD) of  Bitcoin , yes that will have an impact on Bitcoin, sad thing is nobody is buying. So who else are selling these Bitcoin causing the price to plunged to below $280 now? Could it be those that won the government auction of Bitcoin? Could it be the mtGOX hacker or MtGOX staff themselves emptying their Bitcoin wallet due to the investigation now at MtGOX aim at it own staff members whom might be stealing hiding the bitcoins?

Bitcoin and all cryptocurrencies will crashed in year 2015

Bitcoin and all cryptocurrencies will crashed in year 2015

As CCN observed in September, use drives down price. If everyone wants to buy and nobody wants to sell, the price skyrockets. If more people want to sell, the price goes down. This basic principle of economy applies to everything, including Bitcoin.

Today we have a critical mass of people who use their bitcoins to buy goods and services. We pay merchants in Bitcoin, and sometimes they use bitcoins to pay their suppliers, but at some point in the chain somebody will convert the bitcoins to fiat currency, and that will pull the value of Bitcoin down.

Bitcoin price continue to drop below the 280s

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Year 2014 probably not the worst year yet for Bitcoin. At the start of 2015 Bitcoin dropped dramatically and now down to the 280s (usd).

One thing to keep in mind is that this might be good, because people will now have a chance to buy some Bitcoin as investment. Not much buyer investors lately due to the price of Bitcoin way too way.

The only news that might have impact the loss of value is the selling of Bitcoin from ESPN sold all of its bitcoin immediately which equate to about half million dollars. Since then Bitcoin dropped to below 290, at the moment in the mid 280s and it’s taking, heading down further in the next few days.

But wait! according to bitcoinwisdom.com all cryptocoins are down, well maybe that’s because Bitcoin is down so all other coins are going down with it. Well, not with Dogecoin. Dogecoin are in the greens. Dogecoin are going up and up even though all other cryptocoins Bitcoin and Litecoin are in the deep reds and doesn’t look like Bitcoin recover anytime soon based on statistics. The statistical graph of Bitcoin points to Bitcoin trend as up a little bit, then big down, then up a little bit, then big down, and today based on that pattern, Bitcoin dropped to below $300, and at the moment $280.

Are everyone loosing hope with Bitcoin? it seems like it because I’ve mentioned I don’t see any future plan developments to bring Bitcoin to mainstream. Therefore Bitcoin will fail miserably! unless a big savoir, such as a large company like google, microsoft, ebay, and so on adopt bitcoin.

Yet another passenger airplane vanished with 162 people onboard

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At the same region where Malaysia flight 370 disappeared many months ago and still as of today cannot locate the wreckage of that plane, although the conspiracy theory had died down and most likely it’s on the bottom of the sea somewhere.

Air Asia crashed into the sea December 2015 Indonesia Malaysia region Singapore

Air Asia crashed into the sea December 2015 Indonesia Malaysia region Singapore

This time also from Asia, Southern Asia again to be exact, Indonesian. AirAsia disappeared from radar and a couple hours later confirmed it’s probably at the bottom of the sea somewhere, meaning it crashed with 162 people on-board, mostly Indonesian, Malaysia but also foreigner not from the region. Safe to say none could survive this crash. The crash probably caused by bad weather. The pilot last communication was requestd to climb higher altitude and then just disappeared from radar.

So the question raised. Is flying still safe anymore? the answer is yes, but the fatality probably causing statistic look bad now than ever. Even with all the technology we have to today, trying to make everything safe, but mistake still happens, but it shouldn’t happen too often as we’ve seen here, same region and especially this is weather related which could have been avoided since weather is somewhat predictable. So in the future to make flying more safer, should all passengers air avoid flying at all? for sure if the black box is to be located we should be able to determine what happened and for sure there will be stricter rule enforced for all passengers air.

My personal opinion is air travel I think is still safe, but if you want to be safer then don’t book your flight ahead of time, but watch the weather first, then just go the airport and be a stand by and keep on watching the weather, if the weather is bad for the flight path you’ll be traveling and then ask to cancel the ticket or book you with another flight. Now this will only avoid bad weather, what about terrorist attack and airplane engine failure, or plane hitting birds or collide with some objects, including another plane.

Finally I would like to express my condolences for all the passengers and their family for the loss, great sadness, but as many know, after a major hurricane came, the sun will come up, that’s always the case. The day we looses the sun, earth will be no more., but that won’t happen anytime soon.

Many ongoing problems re-occurring with cointellect.com payout

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The latest problems on the many issues with cointellect.com could potentially ruin their reputation earlier than expected. Cointellect.com only been in operation for a few weeks maybe a month or so, but so many negativity and now it’s all coming pretty close to being a scam cointellect don’t start fixing the the many problems.

  1. Credit card and personal information requirements, identity theft look like it, if they don’t address the detail of needing this. No i don’t buy that reason of prevent bot withdrawal. If you’re mining you would know the pool never ask for your personal information, let alone credit card and security code?
  2. Website so slow now. yes it was fast when they first launch, but now it’s sluggish, snailing at some point, timed out even.
  3. Payout error to 404 page. When users request payout, clicked submit, it directed them to a 404 page not found. user refreshed the page or go back to retry, but the balance now disappeared with no indication it went into user’s funds like wallet or paypal. So this maybe a trick not to pay you anymore. Start complaining folks, I’ve seen scheme like these, making excuses not to pay.
  4. Payout success status but money never sent to user’s account. Similar to #3, but this one the status said “success” check shortly your wallet or paypal, but hours later, 24 hours later, 2 days later still no funds showing. What’s going on? support don’t respond to help request
  5. Users ran coinminer 24 hours non stop but have zero balance. Computer ran 24 hours, and coinminer showing mining, but balance showing zeros for many days straight, no support either.
  6. Connection errors, cannot connect. The famouse annoying messages, cannot connect especially for folks using wifi.
  7. Annoying pops up messages nagging for upgrade. This is very annoying forcing users have to upgrade constantly, almost daily before, not every week or so.
  8. Slow support respond or not being helpful or totally ignored user’s request for help. Some time the tone of support person isn’t very nice.

If cointellect don’t address and fix these issues, only one way for people to look at it, SCAM, either that or just poor services ran a small team or maybe one person.

Doesn’t look good cointellect. You better address all these issues, otherwise you will be in many official blogs as SCAM.

Finally Butterfly Lab BFL get what they deserved

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Before I start saying bad facts about BFL Butterfly Lab, I just want to say that I ordered mining equipment from BFL before and have received it, but I must it took a long time, a year or so. Indeed terrible, the good news is they do deliver but just takes hec long time.

As a result of Butterfly Lab BFL slow in delivery, a lot of people are upset because the value of Bitcoin dropped, while the difficulty mining  level also increased. If people to get mining equipment today, they will not be able to make the same amount of Bitcoin as they would if they just buy Bitcoin with cash.

Some people are mining Bitcoin for now a day. For those that have a small operation farm in the garage or where ever in the house, you know you’re suffering, even if you get the equipment for free but electricity cost will kills you.

What will happen to Bitcoin? the miners the investors the consumers?

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Here are my take on the fall of Bitcoin price. There are three groups of people that I categorized. The Miners, are the people whom mine the coins and keep the network healthy. The investors, are the people whom just simply buy Bitcoin and sell it for profit. Then the consumers, this group I think a lot of people would question, really? consumers? Well yes, as more Bitcoin ATM machine are being installed, consumers will the people whome convert their Bitcoin to Cash, Cash to Bitcoin then spend it on products and services just like cash and credit card.

So what will happen?

  1. The miners, at this point are thinking about quiting, quit mining because electricity cost are a lot higher than what they profit mining bitcoin. However if this is not the case, a lot of miner think this way, but they are more inclined to think that there will be a lot of miners thinks that, and so they will hang on to mining, hoping that other miners quit, result hash rate network down and whoever still mining get more coins. So I think the hash rate will not drop, even people are loosing money, but if this goes on for another couple or months where Bitcoin don’t pick up the price back to even $500, then most likely the miners will loose faith and will stop mining due to the loss, no money to pay for electricity.
  2. The investors, at this point, many older investors already drop out by seeing the activities of selling. Some investors held on to their Bitcoin because they don’t want to take a loss. Many purchased at $600 or more when it stabilized at that point, wouldn’t expect it to go down further, but it did to 500, then 400, then now 300. With this trend 100s is inevitable. But wait! when goes down so low, 100s, and there isn’t bad news about it, more new investors will jump in and start to push the price up again.
  3. For the consumers, to me in the Bitcoin communities I would call these group are the people whom spend the Bitcoin, including the merchants that are accepting Bitcoin. This is where I think it gets complicated. Will the people loose faith due to the value of Bitcoin fluctuate so much. Buying one coffee cost .001BTC for example, but the next day, it cost .005BTC, this will discourage the folks whom are using Bitcoin. However the positive side is it keep the momentum of bitcoin going mainstream active. The thing is not too many people know about Bitcoin, when they do it’s a learning experience, from beginners to too confusing then back to norm.

 

Is the end of Bitcoin BTC price expected to drop to $150 or lower in a few weeks

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If anyone happens to be in IRC chat room, yes IRC still existing using mIRC or web-base. Join channel like #bitcoin, #bitcoin-pricetalk and so on, you will see some discussion from the expert and the end users and others comments on Bitcoin related topics.

What I’ve been observing in the chat room is that the price of Bitcoin will continue to fall to $150 or lower in a few weeks or so. While the news in regard to Bitcoin BTC activities isn’t much, not much further development on BTC ATM machine, not much development on BTC being accepted, not much going with BTC that would lead to mainstream Bitcoin. So what causes the price of BTC Bitcoin to go down? aside from selling and buying that is. Selling would cause Bitcoin to go down, buying would makes it go up. So we know that! then what causing people to sells their Bitcoin? there isn’t any activities in the Bitcoin world that would cause people to sell?

AH huh! yes there are. A few, and I have to say, more of a speculation rather.

  1. The person whom won that auction of 30,000BTC from the Fed Gov., what did he ever do with the Bitcoin? People can say one thing and does something else, so did he started selling hi Bitcoin slowly and causing the price to drop? again BTC transactions are anonymous.
  2. MtGox, what really happen to those Bitcoin that were loss? did it really get hacked? if yes then what did the hackers did or do with the Bitcoin, they could have sell it little by little at a time causing the price of Bitcoin to go down.
  3. Last but not least, are the giant investors start dumping Bitcoin due to not much development and realized it’s not going mainstream anytime soon to profit so they takes their money and invest on something else better?

As more and more people realize the existent of Bitcoin, they start getting confuses before they can really understand how it work, so maybe at this stage is a learning process. Bitcoin is about 5 years old I believe, since 2008 maybe, and was at pennies per coins, risen up to over $1000 in just few years, then dropped to $500 for a while, then now at $300. The prediction is that it will fall to $150 sooner than expected and that’s where it will really stabilized.

My prediction? well yes, same, it will be at 100s and flat lined there for a very long time. However it could be at $10000 again or at 1 penny, no one know, no one can really predict accurately.

 

Bitcoin crashed September 19th 2014 by Alibaba? target Bitcoin price $125 in a few weeks

Bitcoin crashed September 19th 2014 by Alibaba? target Bitcoin price $125 in a few weeks