Bitcoin and almost every other cryptocurrency crashed hard today • Hacker News Board

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#41

Post by ssharp » Fri, Dec 22, 2017, 2:30 PM UTC

explorigin wrote: post #29

notheguyouthink wrote: post #24

Earlier quoted context omitted.

I've been avoiding buying for this very reason. I know bitcoin well enough to know it's going to crash, it's always going to crash, so never touch it on an upswing. Buying it now is fairly reasonable. Though, I wouldn't be surprised to see it crash yet again, even harder, but it felt like buying on that upswing to 20k was suicide.

It's not even done crashing

Is there any evidence the price should have went from $1k to almost $20k other than hysteria and fraud? If not, why buy?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#42

Post by nxsynonym » Fri, Dec 22, 2017, 2:31 PM UTC

gressquel wrote: post #19

Downvote me all you want, but HN really needs to cure this bitcoin-jealousy. Yes, people who invested early became millionares and billionares with a single mouse click. I know it feels unfair when you spend countless hours creating and innovating and not being rewarded. But some of you here needs to stop hating and being bitter. I have been watching HN and bitcoin related threads for months now. Same pattern.

It's not about being bitter IMO. Sure, some people are mad they missed the boat, but I don't think that is the general consensus (at least here on HN).

There's no valuable discussion to be had anymore regarding BTC because every discussion turns into price point speculation, FUD, or "I told you so" remarks.

Bring some real discussion and critical thought the table, and not just repost the same WSJ articles that sensationalize the tiniest price movements.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#43

Post by navaati » Fri, Dec 22, 2017, 2:31 PM UTC

stevenmays wrote: post #14

Still crashing. Down to 11k. ::grabs popcorn:: https://www.gdax.com/trade/BTC-USD

Wow, this interface is very cool, very useful to explain how markets/pricing work !

Maybe (probably) it's some pretty standard way of displaying things but I had never seen one like this.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#44

Post by joshvm » Fri, Dec 22, 2017, 2:32 PM UTC

This is why you buy over time, and not in one go (dollar cost averaging). Your gains are lower than if you coincidentally managed to buy at the bottom, but you won't be affected nearly as hard as if you put all your money in at the top.

Does this suggest that people are dumping to fiat, rather than other coins? There was speculation that the reason Ripple shot up recently was because people were buying it with Bitcoin, however virtually everything is down at the moment.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#45

Post by notheguyouthink » Fri, Dec 22, 2017, 2:32 PM UTC

b111coins wrote: post #9

I used to ask others in last few months, at what point would you be comfortable buying? Is it 20K, 15K, 10K, 5K, 1K, 500$, 100$, or 50$? or less? See, the story changes, what was nice months ago now is an extremely high risk. Myself, I probably woudln't buy unless it's under 100$. Even that is questionable. Reason being, blockchain is a pipedream and BTC is a dinosaur within that dream. What future BTC has but specul…

Out of curiosity, why is blockchain a pipe dream? Am I missing something?

My answer to your question is: I'd buy at any of those prices. Just never on an upswing. This is because I believe in the technology, but the very nature of it means it's volatile - so buying on an upswing is just going to hurt you. There's always the risk of not knowing where the upswing is, ie this downswing might not be the real downswing - but nevertheless I believe my point stands.

Note though that I don't view these coins as value holders. I'm not a fan of the idea, so far at least, I vastly prefer transaction coins and coins that are a means to a feature, like storage coins. BTC is not that interesting to me, despite it's popularity, because just being a store of value isn't a big enough selling point to me.

Note that I'm not saying a store of value and/or BTC isn't inherently valuable, I just dislike a store of value because anything can be a store of value. So if the public decided tomorrow to use another store of value, BTC would be worthless. Unlike a coin that actually does something, like Filecoin, where the value in the coin will be derived from the usefulness of the coin. It seems less arbitrary, to me at least.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#46

Post by shaki-dora » Fri, Dec 22, 2017, 2:32 PM UTC

danvoell wrote: post #33

mancerayder wrote: post #20

Earlier quoted context omitted.

Not saying I agree or disagree, but what's the relationship here between Bitcoin Cash (Bitcoin Crash?) and the drop across the board? If capital is moving into other currencies, it must be a small percentage of the capital, since the others aren't exactly rallying either. Capital's running for the hills.

Just sheer speculation. I was kind of assuming that when Bitcoin Cash hit Coinbase, everyone was looking at it as free money and looking to sell. Because everyone wanted to sell, coinbase didn't open it up, people were getting frusterated watching the price come down and unable to sell. So they started selling other stuff. Again total speculation. I've joined the tin hat club.

> I've joined the tin hat club.

Indeed... This is like kitchen psychology, but the White Castle kitchen version.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#47

Post by scotty79 » Fri, Dec 22, 2017, 2:33 PM UTC

notheguyouthink wrote: post #24

imustbeevil wrote: post #12

Earlier quoted context omitted.

And anyone who bought in at $15k-19k is left holding the bag, as expected.

I've been avoiding buying for this very reason. I know bitcoin well enough to know it's going to crash, it's always going to crash, so never touch it on an upswing. Buying it now is fairly reasonable. Though, I wouldn't be surprised to see it crash yet again, even harder, but it felt like buying on that upswing to 20k was suicide.

> Buying it now is fairly reasonable.

I'd wait few months. If it is actually crashing not just backing up before next silly raise then you'd be better off waiting till it settles after the crash. It usually takes few months or a year.

If you don't want to gamble, bitcoin is rather long term investment.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#48

Post by spraak » Fri, Dec 22, 2017, 2:33 PM UTC

ssharp wrote: post #41

explorigin wrote: post #29

Earlier quoted context omitted.

It's not even done crashing

Is there any evidence the price should have went from $1k to almost $20k other than hysteria and fraud? If not, why buy?

A question for a recurrent neural network, maybe.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#49

Post by [deleted] » Fri, Dec 22, 2017, 2:33 PM UTC

b111coins wrote: post #9

I used to ask others in last few months, at what point would you be comfortable buying? Is it 20K, 15K, 10K, 5K, 1K, 500$, 100$, or 50$? or less? See, the story changes, what was nice months ago now is an extremely high risk. Myself, I probably woudln't buy unless it's under 100$. Even that is questionable. Reason being, blockchain is a pipedream and BTC is a dinosaur within that dream. What future BTC has but specul…

[deleted]

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#50

Post by amenod » Fri, Dec 22, 2017, 2:33 PM UTC

nugi wrote: post #28

b111coins wrote: post #9

I used to ask others in last few months, at what point would you be comfortable buying? Is it 20K, 15K, 10K, 5K, 1K, 500$, 100$, or 50$? or less? See, the story changes, what was nice months ago now is an extremely high risk. Myself, I probably woudln't buy unless it's under 100$. Even that is questionable. Reason being, blockchain is a pipedream and BTC is a dinosaur within that dream. What future BTC has but specul…

Why does price of a bitcoin matter? You can buy the equivalent of $50usd in bitcoin, and enjoy many if not all of the 'opprotunities'.

This. Who cares if it's $100, $10000 or $0.10? What matters is the price it will have, and yes, that is all just speculation, unless you have a crystal ball that actually works.

What is great/weird/... (select according to your opinion) is that the gains were huge in the last year.