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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

#91

Post by paul7986 »

scotty79 wrote: post #47
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.

> 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.

I opened a bank account for BitCoin and put less then $100 into for investment. No way would I ever connect my real bank account to any crypto currency wallet.

Anyway I invested the $100 and I am down, but whatever it's like going to the casino and gambling/losing it all.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#92

Post by laythea »

wheelie_boy wrote: post #73
vinchuco wrote: post #4

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

Agreed, it's almost like the asset has no fundamental value, and is driven completely by speculation.

I am struggling to understand what currency you would define fundamental value - Loafs of bread?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#93

Post by tanilama »

mutteraloo wrote: post #82
htormey wrote: post #51

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 o…

They didn't know what they were buying; bits in a database. A very poorly implemented database that was - not scalable - not rare - didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000 - easily hackable (tether, fake trades, scam exchanges, etc) - too expensive to do a single transaction this applies to most crytocurrency

> not rare

Interesting. Don't really know how crytos work, but isn't rarity is guaranteed by the BitCoin algorithm itself?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#94

Post by nxsynonym »

cocktailpeanuts wrote: post #83

As someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping. It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. I was at a couple of Bitcoin meetups recently and was surprised to find that most attendees were proudly…

Unfortunately the high price and get-rich-quick stories associated with Cryptocurrencies in general will overshadow and hinder meaningful technological progress.

The best thing that could happen for any meaningful development would be a crash down to 2016 levels and a stagnation period. Let the hype fade away and get back to making something useful, instead of trying to pump and dump.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#95

Post by joering2 »

solotronics wrote: post #52

Buying on the way down, see you all on the upswing in about a year. I bought after the MtGox crash in 2013 and can't wait to buy this bear market!

I'm reviewing the whole thread and impression is that there is not too many daily stock traders on here, like myself.

First thing when something like this happens you look at volume. Volume. Volume. Volume! Clearly its not here! It is not even half of that from the rally up 10 days ago (looking at ETH now). After such rally this tells you 2 things: 1) not enough people believed in ETH at $800 so they didnt line up from 500-800 with "buy", 2) since volume is medicore, this is not a panic selloff, but rather regular selloff that didnt capture enough support on its way down BECAUSE of #1.

In my PERSONAL opinion this is great opportunity to catch some ETH cheap. But how cheap at this point doesn't matter because all crypto has like what 60% volatility. This situation tells me ETH was immature to remain at $800 (long term, short term who knows that would be like looking into crystal ball but we been there before with bitcoin touching $1k and crushing badly before it was 15x that) but looking at last 30 years of trading, that doesn't mean you will buy it for $10 anytime soon.

As always don't make any decision based on my personal opinion as this is not professional financial advice.

EDIT: one more thing about #1. Since it was 150% in few days rally, I don't consider lack of strong buy between 500-800 as a sign ETH should be much cheaper. Its just that the whole rally up did not mature enough thru the time. I mean normal stock doesnt go up 150% in few days so different rules apply here :)

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#96

Post by djsumdog »

candiodari wrote: post #84
wheelie_boy wrote: post #73

Earlier quoted context omitted.

Agreed, it's almost like the asset has no fundamental value, and is driven completely by speculation.

You mean, like the US dollar ?

Like all dollars, yen, pounds, euros, silver, metal and gold?

None of these things, paper or earth metals, really have any intrinsic value. You can't eat gold. You can't put euros in your car. I guess you can burn money to keep warm, which is what happened to German Marks once people lost confidence in their currency prior to WW2.

The value of money is based off belief systems. When a very large scale economic or state collapse happens, the most important thing to have are a community of people around you who believe in each other.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#97

Post by canthonytucci »

scotty79 wrote: post #53
scotty79 wrote: post #39

Earlier quoted context omitted.

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. :-)

from the guidelines:

>Please don't comment about the voting on comments. It never does any good, and it makes boring reading.

https://news.ycombinator.com/newsguidelines.html

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#98

Post by celim307 »

candiodari wrote: post #84
wheelie_boy wrote: post #73

Earlier quoted context omitted.

Agreed, it's almost like the asset has no fundamental value, and is driven completely by speculation.

You mean, like the US dollar ?

U.s. dollar has the value of 20 aircraft carriers and enough nukes to glass the planet behind it. But otherwise exactly the same

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#99

Post by lucideer »

nxsynonym wrote: post #88
regularhackerer wrote: post #76

Earlier quoted context omitted.

Hopefully this crash scares away the door guy. Cant have poor people around in the big boys market. /s

This has got to be one of the most elitist and ignorant comments I've ever seen here.

I think, rather, the gp was implying that the above was being elitist/classist.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#100

Post by anonemouse145 »

JumpCrisscross wrote: post #30
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.

I think there are three elements contributing to the negativity: (1) People may get hurt. I was in an Uber two weeks ago where my driver talked about taking out a second line on his home to buy Bitcoin. By today's mark, he's lost money. That people who clearly have no idea what they're doing are being preyed on is disturbing to many, myself included. (2) ICOs are a cesspool of frauds. They allow promoters to make mon…

And transaction fees. I saw someone reporting over $30 fee to get processed within 20 minutes. That's why Steam dropped Bitcoin.

As a skeptic, people thinking this is a good currency are hilarious. Day trading and making money off them is simple sport.

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