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Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

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Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#23

Post by roma1n »

etr-strike wrote: post #17
coldcode wrote: post #10

What goes up must come down. Cryptocurrencies have no real economic value other than whatever people think they should be worth (which is interesting by itself). Once people stop believing the emperors not just naked then everyone will see him that way.

Bitcoin has immense economics value. There's no other asset on the planet that allows me to put my faith in logic and mathematics instead of a person or institution. Meanwhile, there's a lot of people putting their faith in opaque corporations and unelected central bankers. With the markets sitting at all time highs by every historical measure and debt loads higher than ever it'll be interested to see how that works…

Without more explanation, 'put my faith in logic and mathenatics instead of a person or institution' sounds like an empty statement to me. You are still betting on your belief that other human beings will want to buy bitcoins over time. Economics is about human beings in the end.

Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#25

Post by sdwa »

etr-strike wrote: post #19
coldcode wrote: post #12

Earlier quoted context omitted.

Just mentioned yesterday how all the barbers at the shop I go to were really into bitcoin, which made me think the top was hit. Good thing I got out of there before I was scalped by accident.

Such cliche reasoning. If Bitcoin is going to be a successful currency and/or store of value, everyone and the brother needs to be talking about it (just like they talk about gold or the USD). I bet these same barbers have discussed the S&P500 and index funds, is it time to get out of those too?

It's a terrible currency, and I doubt many people are buying it because they believe in the underlying technology. It's all about getting rich quick. It may be a cliche but the logic is sound I think.

Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#26

Post by bcg1 »

vthallam wrote: post #15
buryat wrote: post #3

Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.

I hope this is a joke or sarcasm. But if not, you should definitely not invest money that's not your's, no matter what you think you will miss out on. As you know that's part of the investing 101. But on the brighter side, there are far too many people involved for this to go full bust, the tech is solid, there's more and more exchanges launching associated products(bitcoin futures), Goldman is launching a full tradi…

Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for a forked coin or possibly some other purpose altogether

Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#27

Post by jerkstate »

8bittaco wrote: post #22
cdancette wrote: post #2

Exactly the crypto tokens sold on coinbase

It's not exclusively those coins; everything is down across the board.

Almost everything else is traded against BTC (or ETH on some exchanges), very few of the "shitcoins" can be traded directly for USD (or even USDT). So when BTC and ETH go down in fiat value, so do the shitcoins, even if they might be up in satoshis (or mETH)

Anyways, it's still higher than it was 3 weeks ago and appears to have found supports. Nothing goes straight up forever.

Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#28

Post by cmurf »

At the moment, Ethereum is still up 8000+% for the year, Litecoin up 6300+% for the year. I think this is end of year profit taking. I do think these ecurrencies are all speculative (my bias), but today's event doesn't strike me as a crash. When the bubble pops we'll see these currencies in the vicinity of their starting prices.

Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22

#29

Post by [deleted] »

etr-strike wrote: post #19
coldcode wrote: post #12

Earlier quoted context omitted.

Just mentioned yesterday how all the barbers at the shop I go to were really into bitcoin, which made me think the top was hit. Good thing I got out of there before I was scalped by accident.

Such cliche reasoning. If Bitcoin is going to be a successful currency and/or store of value, everyone and the brother needs to be talking about it (just like they talk about gold or the USD). I bet these same barbers have discussed the S&P500 and index funds, is it time to get out of those too?

[deleted]
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