Cryptocurrencies are collapsing • Hacker News Board

Re: Cryptocurrencies are collapsing

#81

Post by s14ve » Tue, Jan 16, 2018, 12:14 PM UTC

Agebor wrote: post #59

flowctrl wrote: post #14

A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…

Or just price manipulation by big holders. External factors/news are often regarded as the cause of dips and gains, while other, often simpler reasons remain under appreciated. This post about XRP applies to roughly every other cryptocurrency too: https://www.reddit.com/r/Ripple/comments/7pzd7f/heres_what_w...

> There is only one coin in existence that a train the size of a planet can ride on, and it's XRP. Hodl. There, I said it.

2 sentences later

> Also, please don't ask for financial advice or price predictions short or long term. You have to make your own decisions.

This contradiction undermined the point of whole article for me.

Re: Cryptocurrencies are collapsing

#82

Post by Tepix » Tue, Jan 16, 2018, 12:14 PM UTC

piker wrote: post #77

hsxd wrote: post #31

It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

>> It’s amazing how many people are against crypto currencies for some odd reason. Perhaps that's because we've seen this pattern (and it's knock-on effects on the wider economy) three times in the last 20 years?

If you're in crypto you've seen a correction like today's last month (Dec 22nd to be exact).

Re: Cryptocurrencies are collapsing

#83

Post by oneeyedpigeon » Tue, Jan 16, 2018, 12:16 PM UTC

fgonzag wrote: post #25

flowctrl wrote: post #19

Earlier quoted context omitted.

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? Bett…

> Getting a graph of every wallet connected to every other wallet is a mathematical impossibility.

Why is that remotely relevant? Why would I want my wallet 'connected' to any wallet I'm not going to transact with?

Re: Cryptocurrencies are collapsing

#84

Post by simik » Tue, Jan 16, 2018, 12:19 PM UTC

mr_toad wrote: post #36

tom_mellior wrote: post #30

Earlier quoted context omitted.

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.

Yep, it might have bottomed out. Or maybe it’s a dead cat bounce. It’s amusing either way.

I've just made a bet it's dead cat bounce. Let's see how it goes.

Re: Cryptocurrencies are collapsing

#85

Post by oneeyedpigeon » Tue, Jan 16, 2018, 12:20 PM UTC

thisisit wrote: post #48

The strange fascination with cryptocurrency price continues. I wonder if there should be a rule against posting every other price count on HN.

They get buried pretty quickly, so there's already either an explicit or implicit rule in place.

Re: Cryptocurrencies are collapsing

#86

Post by ndury » Tue, Jan 16, 2018, 12:22 PM UTC

singularity2001 wrote: post #24

ndury wrote: 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?

What makes you think of them have no use case or real life application? It's ignorant to believe "they will all die" if you ask me.

But yes, 95% of them will slowly go away

Re: Cryptocurrencies are collapsing

#87

Post by dx034 » Tue, Jan 16, 2018, 12:23 PM UTC

BozeWolf wrote: post #39

eddz wrote: post #2

I would call it more of a "market correction" than a "collapse."

This is crypto logic. In 'real' stocks this will be called a collapse for today or at least an extremely wild ride. I wonder how much technical analysis can be done to predict this. Just HODL!

It's just a matter of volatility. If a stock drops by 15-20% once a month, a correction is not called a collapse. If it never moves more than 2-3% per day, a 15% drop causes panic.

BTC is by far the most volatile asset at the moment (excluding other crypto currencies and some exotic real currencies). I think the reason people talk about crashes so quickly is that no one has a clue what's going on. Is it a broad-based move? Is it a few speculators? Is it a conspiracy? For stocks, at least the regulator knows very quickly who sold and if there's something fishy going on. For BTC, no one knows which makes it more confusing.

Re: Cryptocurrencies are collapsing

#88

Post by lawlessone » Tue, Jan 16, 2018, 12:23 PM UTC

Agebor wrote: post #59

flowctrl wrote: post #14

A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…

Or just price manipulation by big holders. External factors/news are often regarded as the cause of dips and gains, while other, often simpler reasons remain under appreciated. This post about XRP applies to roughly every other cryptocurrency too: https://www.reddit.com/r/Ripple/comments/7pzd7f/heres_what_w...

Ripples creators dont intend for its price to rise, and they can make it dip if they want since they hold most of it.

http://hivergent.com/you-shouldnt-invest-in-ripple-and-not-b...

Re: Cryptocurrencies are collapsing

#89

Post by kortext » Tue, Jan 16, 2018, 12:24 PM UTC

Intrinsic value of Cryptocurrency is 0. Period.

Re: Cryptocurrencies are collapsing

#90

Post by ramblerman » Tue, Jan 16, 2018, 12:29 PM UTC

hsxd wrote: post #31

It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

A +10% drop in a day is pretty newsworthy for the DOW and wouldn't be called just a correction.

Is it possible your rose colored glasses are just the other side of the spectrum to the against view?