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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

#51

Post by bcg1 »

aphextron wrote: post #49
bcg1 wrote: post #26

Earlier quoted context omitted.

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…

>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…

Fair enough, maybe it depends on your definition of "full bust".

But consider this... if the price were to go back to where it was just a year ago before the current mania (which is a common thing to happen when a financial bubble pops, after overcompensating to the downside) then it would be a 95% retracement from the highs (where, almost self-evidently, many people were buyers). And BTW a 95% retracement requires 20,000% gains to break even.

If you gave me a $1000 and I gave you $50 back, I think most people would say that I took all their money, even though technically they could still buy a couple pizzas or something.

So, again, it just depends on your definition of "full bust"

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

#52

Post by etr-strike »

kybernetikos wrote: post #44
etr-strike wrote: post #20

Earlier quoted context omitted.

Bitcoin is the least risky of all the cryptocurrencies. It has the largest user base. It has the most widespread infrastructure. It has financial products and derivatives. Every other coin is unproven, many are mostly unheard of, and are the highest risk.

The things you say are true, but it's also suffering the worst from transaction fees, scalability problems and has worse technology and struggles to innovate.

Scalability problems sure, bitcoin is hardly struggling to innovate though. Rootstock, Schnorr signatures, mimble Wimble. These are awesome new technologies. Every coin today would have the same scaling problem bitcoin has if they had the same user base and amount of attacks going on.

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

#53

Post by lostmsu »

bdcravens wrote: post #42
cmurf wrote: post #28

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.

Bitcoin similarly is up 12000+%.

Check your math.

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

#54

Post by etr-strike »

djohnston wrote: post #36
etr-strike wrote: post #20

Earlier quoted context omitted.

Bitcoin is the least risky of all the cryptocurrencies. It has the largest user base. It has the most widespread infrastructure. It has financial products and derivatives. Every other coin is unproven, many are mostly unheard of, and are the highest risk.

Saying every other coin is unproven is disingenuous.

Most of the coins people are purchasing today have been around less than a year and probably have less than 1% of the users of Bitcoin. They're pretty unproven.

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

#55

Post by bdcravens »

lostmsu wrote: post #53
bdcravens wrote: post #42

Earlier quoted context omitted.

Bitcoin similarly is up 12000+%.

Check your math.

Doh! You're right. Unfortunately I'm outside the time I can edit. Should have been 1200% (not shabby, but obviously not as good as ETH or LTC)

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

#56

Post by imtringued »

aphextron wrote: post #49
bcg1 wrote: post #26

Earlier quoted context omitted.

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…

>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…

>At this point, so much energy has been expended mining bitcoin that that in itself creates value.

Bitcoins security relies on current hashing power and is completely indepent from past computations. If bitcoin falls to let's say $100 then major mining pools can do a 51% attack and make all the expended energy worthless.

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

#57

Post by [deleted] »

659087 wrote: post #31
cvaidya1986 wrote: post #8

Earlier quoted context omitted.

Hey man. It’s the manipulators. Also, your creativity is worth billions. That only comes from peace of mind. So focus on creating something new and amazing and valuable to the world. You’ll be happier and wealthier and more fulfilled that way. It’ll all work out buddy!

I almost expected to see a "Buy my book / attend my seminar to learn more!" link at the bottom of this post.

[deleted]
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