Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin and almost every other cryptocurrency crashed hard today

techcrunch.com

Post reply on HN
Print view View original

231–240 of 426 posts

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#231

Post by craftyguy »

aviv wrote: post #111
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…

Just FYI and very anecdotal, I know a guy who was confronted in the parking lot after a bitcoin meetup by 2 guys demanding that he send some coins to their wallet. Be careful at those meetups.

Very anectodal...

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#232

Post by ufo »

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…

I think this might explain short term behavior but not the long term one. The same argument applies to beanie babies and other speculative bubbles that eventualy did crash.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#233

Post by enimodas »

jachee wrote: post #71
navaati wrote: post #43

Earlier quoted context omitted.

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.

I've been using https://ohmyco.in for the last couple of months. It's got order books and charts for quite a few coins and exchanges, which makes it easier to see if there's a market-wide trend or just one coin/exchange fluctuating.

I like https://cryptowat.ch/

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#235

Post by JustAnotherPat »

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…

>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.

you say this as if it won't happen again and again. 95%+ of crypto ownership is pure speculation. There are coins in the top 15 that don't even have existing networks yet.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#236

Post by increment_i »

Looks like people have already started buying the dip.

I've found the recent discussions around BTC and cryptocoins on this forum incredibly illuminating, from both the bulls and the bears.

I'm beginning to think perhaps there's no point in discussing the fundamental financial flaws of cryptos, or their lack of inherent value. I'm beginning to think their main utility in is meeting a human need that's existed since antiquity - the need to gamble.

As long as a solvent exchange remains, and another ready to come along when it fails, there will always be large numbers of folks entering the casino.

Perhaps the only thing that can stop it now is strict government regulation.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#237

Post by sowbug »

aviv wrote: post #182
sowbug wrote: post #169

Earlier quoted context omitted.

Same is true about Facebook. Someone could clone the features and create facebook2.com, and everyone would flock to it. That's why Facebook stock is a Ponzi scheme. Anyone who thinks Facebook has a value above $0 is insane.

Nope. People use Facebook. People simply don't use Bitcoin for payments or any other use that benefits from its "network effect".

Speak for yourself. We do.

It took a while for 28.8K modems to catch up with bandwidth needs, and that's part of the reason people thought the internet sucked and was a joke compared to all its promises. I think even today people snort about pets.com as the poster child of the dot-com boom. Then their Amazon Pantry order arrives, which they consume without irony.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#238

Post by gruez »

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

>- didn't have any government backing or big institutional backing in case the price dropped from 19,000 to 11,000

in other words, the fed isn't going to bail you out?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#239

Post by aviv »

craftyguy wrote: post #231
aviv wrote: post #111

Earlier quoted context omitted.

Just FYI and very anecdotal, I know a guy who was confronted in the parking lot after a bitcoin meetup by 2 guys demanding that he send some coins to their wallet. Be careful at those meetups.

Very anectodal...

The parent comment mentioned attending bitcoin meetups. How is my comment off topic?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#240

Post by j_s »

gthtjtkt wrote: post #192
nlh wrote: post #64

Earlier quoted context omitted.

The key moment of bubble insanity for me was overheating the security screeners at Heathrow talking about how they just signed up for “this new app called CoinBase” which was going to make them all rich.

Yeah I knew it was time to get out when my neighbor's dog started telling me about this hot new ICO.

I was suprised to hear someone mention DOGE's market cap was over 500 million.
Post reply on HN