Failed Attempt: Smearing “Failed” Bitcoin

There have been surprising “news” of Bitcoin’s alleged failure. Headlines of the virtual currency’s “failure”, pending “breakdown” and subsequent “expected disappearance” appeared all of a sudden and without any authentic news content last weekend.

Although Bitcoin’s price, indeed, broke down and fell from $457 to $368, it soon became clear that reports of Bitcoin’s death were greatly exaggerated and that the “news” have been fabricated by some sore loser in New York, apparently for mainstream media news outlets.

The Bitcoin community was fast to shed light on the affair and uncovered some connections around that “news item” making it clear that this was only an attempt at manipulating the price of bitcoins against dollars and other fiat currencies. The effects have been quite limited though, and Bitcoin’s price recovered back to over $400 in a matter of days. (The latest reading is around $419, as of this writing.)

Another piece of proof that Bitcoin cannot be controlled or manipulated effectively, however sinister or well thought-out — or not — any criminal conspiracy to that effect may happen to be.