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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

#411

Post by mrhappyunhappy »

saalweachter wrote: post #222
empath75 wrote: post #167

Earlier quoted context omitted.

There’s no reason $19 couldn’t be the new normal either.

Nope! That's the exciting part of an asset with no fundamental value.

Wrong. Bitcoin has a lot of fundamental value - value in scarcity, future price projection and potential to become better via cheap and fast transactions. Those who claim Bitcoin costs a lot to move clearly hasnt used a segwit address. Once segwit is adopted across the board mempool will clear.

In fact, Bitcoin has so much value that 5 years from now 19k will look like bargain of the century. People just can't seem to see the true potential of Bitcoin and ultimately blockchains.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#412

Post by nihonde »

nihonde wrote: post #305
ckastner wrote: post #37

Earlier quoted context omitted.

You're still way up on paper . The payday comes when you actually liquidate your position, and you get the funds out of the exchange. Lot's of people were way up on Mt. Gox.

Yes, I assume the price drop is due to people selling off their positions, which is also known as “cashing out”. The “smart money” moves in at the bottom of the sell off, if you’re bullish on BTC.

One day later, and it looks like I was right. The buyers have chosen a bottom and the prices are rising again. Lots of people cashed out yesterday.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#413

Post by buttcoinslol »

52-6F-62 wrote: post #328
buttcoinslol wrote: post #79

Earlier quoted context omitted.

I wanted to short bitcoin, I predicted a price correction of -50% after the CBOE and CME futures came online, and well, here we are. Unfortunately I can't post 200% margin even on a 20k contract :( edit: The futures markets may not have even been the catalyst for this drop, more likely it's this: "The market has also been artificially pumped up by Bitfinex and their money printing machine Tether."

I've been looking into it after hearing a few thoughts this morning. I think its even more likely that: The timing of increased volumes and the beginning of bulk selloffs times pretty closely with the announcement of a large hack in South Korea — and exchange called Youbit. They've completely shut down. South Korea is a huge market. https://themerkle.com/youbit-hacked-again-closes-its-doors/ https://coinmarketcap.com…

Interesting, thanks for the info. 24 hours later, the priced has recovered 33% from the 12k low to 16k.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#414

Post by tom_mellior »

waytogo wrote: post #248

Some call it 'crash', some see it as the long awaited dip to get in again.

Many people are writing this, but... if you had money to buy this dip, why didn't you buy at the exact same price two weeks ago? It wasn't exactly "long" awaited.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#416

Post by 52-6F-62 »

buttcoinslol wrote: post #413
52-6F-62 wrote: post #328

Earlier quoted context omitted.

I've been looking into it after hearing a few thoughts this morning. I think its even more likely that: The timing of increased volumes and the beginning of bulk selloffs times pretty closely with the announcement of a large hack in South Korea — and exchange called Youbit. They've completely shut down. South Korea is a huge market. https://themerkle.com/youbit-hacked-again-closes-its-doors/ https://coinmarketcap.com…

Interesting, thanks for the info. 24 hours later, the priced has recovered 33% from the 12k low to 16k.

It was a weird little run

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#417

Post by tim333 »

Retric wrote: post #312
Cthulhu_ wrote: post #121

Earlier quoted context omitted.

> It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. [/thread]. That's really what it is, but instead of casino, call it a stock market. With that one there's a lot of regulation in place - including new European legislation, MiFID II ( http://europa.eu/rapid/press-release_MEMO-14-305_en.htm ), which in part is aimed at protecting clueless investors from themselves. The cry…

Stocks are inherently a positive some game. Crypto is by definition a negative sum game where every $ taken out needs to be matched by a dollar put in and beyond that people need to pay for mining.

Crypto is only negative sum if you assume the coins have no value. Which is debatable. If all coins went to zero at the end of the game sure it would be negative sum but that seems unlikely.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#418

Post by tim333 »

monob wrote: post #138
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…

This is the 4th time this has happened. Why is anyone surprised? The only shocking thing about this bubble is that it took 3 years.

Depends on how you define "this" but bitcoin seems to have similar drops every few months. This time on Dec 22 it just dropped to where it was on Dec 6th and seems to have recovered a little.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#419

Post by Analog24 »

sowbug wrote: post #322
Analog24 wrote: post #244

Earlier quoted context omitted.

You could say that about any company that doesn't have crucial IP. It doesn't seem like you understand the value of a brand. >Someone could clone the features and create facebook2.com, and everyone would flock to it. This is flat out false. if it was actually that easy don't you think we would have seen it happen already? There are numerous social media platforms that have tried to dethrone Facebook and none of them…

Perhaps you would have benefited from an explicit /s in this conversation. We're in agreement. I was taking OP's point and extending it to demonstrate its weakness.

Ah my mistake. It's not always easy to pick up sarcasm in text :-)

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#420

Post by cocktailpeanuts »

tim333 wrote: post #410
cocktailpeanuts wrote: post #174

Earlier quoted context omitted.

I agree and disagree. I agree that currently it's purely based on speculative supply and demand. But I disagree that's what cryptocurrency is. Bitcoin became popular because people actually used it to buy and sell stuff in the early days. And its main value was that it could provide very low transaction fee. Nowadays that's become impossible because the BTC transaction fee has risen to a ridiculous state. For somethi…

Bitcoin seems pretty fungible in that it's a "commodity whose individual units are essentially interchangeable." But I agree the transaction costs are too high if that's what you mean.

Haha sorry i was too emotional that I made a weird mistake. I meant liquidity. I'm working on a project to improve Bitcoin fungibility so that's all I've been thinking about lately, I guess it just leaked out while I was posting the comment.
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