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Bitcoin and almost every other cryptocurrency crashed hard today

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Re: Bitcoin and almost every other cryptocurrency crashed hard today

#51

Post by htormey »

I do mobile software consulting. To give you an idea of the level of crypto currency mania: Every single one of my clients in San Francisco have some kind of slack or group chat devoted to crypto trading.

I was waiting at the front desk of a client who has a floor in a fancy building downtown. Whilst waiting I overheard the end of a conversation between the door guy talking to the maintanence man: “I put in a bunch of money like you said and it went up!”. The door guy was gesturing at his phone and I vaguely saw a blue and white interface that looked like coinbase. I’m 95% sure this conversation was about bitcoin or etherium. This occurred about two weeks ago.

It really made me think of that old story about the shoe shine boy talking stocks promoting a guy to exit the stock market prior to the 1929 crash:

http://archive.fortune.com/magazines/fortune/fortune_archive...

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#53

Post by scotty79 »

scotty79 wrote: post #39
imustbeevil wrote: post #12

Earlier quoted context omitted.

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

Funny thing is not many that bought for 15k will sell below that, so price will drop (as did few times before, when bitcoin experienced rapid appreciation) but it won't drop to the before-bubble price but slightly higher. It will either very gradually climb from there or stay steady for 3 years or so and then experience next crazy ride up. Then most of the guys who bought for 15k will sell. The point is, people buy b…

Funny how any pro-bitcoin comment immediately attracts downvotes. I'm considering posting opposite of what I think about bitcoin to get those sweet, sweet upvotes. :-)

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#54

Post by deegles »

joshvm wrote: post #44

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 Bitcoi…

Only if the fees are low.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#55

Post by JumpCrisscross »

nxsynonym wrote: post #42
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 sensa…

> There's no valuable discussion to be had anymore regarding BTC because every discussion turns into price point speculation

There are tangential discussions around market structure, regulations (their existence, interpretation and necessity) and other matters I've found genuinely interesting.

Bitcoin appears to have attempted a clean reboot of modern finance. It's interesting seeing where common solutions are found. It's fascinating considering where divergent conclusions could be reached, and whether that could help us in the mainline economy.

Price discussions are inane for this asset, but it doesn't mean that's the only thing we can talk about.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#57

Post by chillydawg »

navaati wrote: post #43
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.

It's a fairly standard order book view, with a nice log of trades on the right hand side. For most real exchanges (eg ones trading shares or commodities), this view would be impossible without some kind of downsampling as there would be too many trades/sec to display in real time. Your monitor probably isn't fast enough, let alone your browser rendering stack.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#58

Post by repox »

I never invested in Bitcoins. I've been asked by many people the past few weeks whether or not they should invest - truthfully, I told people not to and wait to the current "wave" of popularity was over.

I genuinely don't know that much about speculation in currency, but is this "burst bubble" really it this time? Is this supposed to be the actual end of actual value for Bitcoins now?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#59

Post by enord »

nihonde wrote: post #32
enord wrote: post #15

Earlier quoted context omitted.

Christmas comes early for the cynic.

I guess, but unless you bought in past few weeks, you’re still way up. This is more likely a huge payday for those who held long and liquidated at year end.

Hindsight will tell how much cynicism was warranted, but given the historic exponential volatility anybody who invested and liquidated at opportune moments were probably just lucky.

Nothing wrong with taking risk, but dont pretend you're not gambling.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#60

Post by sandworm101 »

vinchuco wrote: post #4

It's almost like everyone was trying to get rich quick and sold when they saw some profit.

Or these are all people who need christmas cash, ie people playing with money they probably shouldnt.

11500 and not stopping. I wonder what fees are needed to execute a trade in the next hour. Probably countless people lined up.

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