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Cryptocurrencies are collapsing

coinmarketcap.com

21–30 of 122 posts

Re: Cryptocurrencies are collapsing

#21

It seems impossible to understand the fluctuations of the market as it is now. Finding no specific article that explains what this could be due to. Should probably just stick to regular investments.

It was impossible to understand motions of celestial objects as well. I think this is typical market correction we see when something is undergoing adoption. Much like turbulence, we will see oscillations of people who want to transition between fiat and cryptocurrency. Human psychology (FOMO/FUD) tends to drive those oscillations as well. This isn't surprising since cryptocurrency is a speculative, unknown and misunderstood area -- people will be driven through emotions and irrational thought rather than sound utility or value based investment.

It may not be a single cause (like a single article) but it could be that the overall sentiment of the web is decreasing, which is causing people to get scared and sell their coins. One would have to actually calculate this.

But this oscillation is very real. For example, we can see positive sentiment come out, and other humans make it their job to fill the web with counteracting negative sentiment, etc. There are many complex factors that go into the price, and the web is merely a fraction of the input into the algorithm.

Re: Cryptocurrencies are collapsing

#22
post #17

Earlier quoted context omitted.

There are a bunch of coins that lost over 20% in 24h, and the 7d-situation looks even worse with even huge coins like Ripple taking a 45% drop in value.

48 now. Ripple's being hit hard.

Ripple was way overvalued, it was intended to be about $1.

Re: Cryptocurrencies are collapsing

#23
post #9

Earlier quoted context omitted.

Indeed, I wouldn't call a change 15K -> 13K a collapse.

according to reuters, "Bitcoin extends slide to trade down 18 percent on day at $11,191 on Bitstamp Exchange, on track for biggest one-day fall in three years" - so, pretty significant move.

it was 1K at the start of last year so yeah this years bubble will probably burst.

Re: Cryptocurrencies are collapsing

#24
post #10

Market is so driven by news which has 0 credible sources it's amazing. I consider this a sales period as it's just shaking out the weak hands, the ones that are here for the quick buck. This was dubbed as "Alt coin season sales" but make no mistake, the tokens which hold no technical value will dissapear.

   >>  the tokens which hold no technical value will disappear. 
 
You mean ALL of them?

Re: Cryptocurrencies are collapsing

#25

Earlier quoted context omitted.

Why businesses might not use Bitcoin: 1. Bitcoin remains speculative and volatile. This will cause it to be adopted by smaller businesses that can "do things that don't scale". We won't see big businesses support mainstream crypto payments until the demand is high enough to justify the risk. 2. Bitcoin itself is a clamped network, as such the fees are very high. You can't sell Lemonade at your stand with Bitcoin if t…

The Lightning Network, coming soon to Bitcoin, will solve the performance & fee problems too. Stability will come with increased liquidity.

People keep saying that. I wonder if they have actually read the white paper. The lightning network will only work for exchanges who will keep channels open between them. Getting a graph of every wallet connected to every other wallet is a mathematical impossibility.

The lightning network is essentially instituting central banking all over again, this time with bitcoin. "Oh so you want to transfer coins quickly? Better keep them at well connected exchange so it can be instantaneous, and you'll only be transferring between exchanges by the way."

Re: Cryptocurrencies are collapsing

#26

Earlier quoted context omitted.

Why businesses might not use Bitcoin: 1. Bitcoin remains speculative and volatile. This will cause it to be adopted by smaller businesses that can "do things that don't scale". We won't see big businesses support mainstream crypto payments until the demand is high enough to justify the risk. 2. Bitcoin itself is a clamped network, as such the fees are very high. You can't sell Lemonade at your stand with Bitcoin if t…

The Lightning Network, coming soon to Bitcoin, will solve the performance & fee problems too. Stability will come with increased liquidity.

Is there an ETA for the Lightning Network? It seems to have been 'coming soon' for a while.

Re: Cryptocurrencies are collapsing

#27
post #10

Market is so driven by news which has 0 credible sources it's amazing. I consider this a sales period as it's just shaking out the weak hands, the ones that are here for the quick buck. This was dubbed as "Alt coin season sales" but make no mistake, the tokens which hold no technical value will dissapear.

>> the tokens which hold no technical value will disappear. You mean ALL of them?

But how else will I buy cryptokitties??!?

Re: Cryptocurrencies are collapsing

#28
post #17

Earlier quoted context omitted.

48 now. Ripple's being hit hard.

Ripple was way overvalued, it was intended to be about $1.

The creators have also pretty much premined or own all the "coin".

They even warned people on the Ripple website not to speculate on it.

Re: Cryptocurrencies are collapsing

#29

Earlier quoted context omitted.

according to reuters, "Bitcoin extends slide to trade down 18 percent on day at $11,191 on Bitstamp Exchange, on track for biggest one-day fall in three years" - so, pretty significant move.

it was 1K at the start of last year so yeah this years bubble will probably burst.

I'm suspicious of growth curves that are still supra-linear when plotted in log scale...

Re: Cryptocurrencies are collapsing

#30
post #18
post #9

Earlier quoted context omitted.

Indeed, I wouldn't call a change 15K -> 13K a collapse.

Below 11.5k now and picking up speed.

Picking up speed... upwards? At the moment you posted it turned around, and 31 minutes later it's at 11.9k.

Trying to read this short-term things is uninformative.

Oh, in the time I typed the sentence above it went from 11.94k to 11.99k.

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