Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
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Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#2Easy come.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#3Animal spirits
Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations, whether moral or hedonistic or economic.
Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits—a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#4I've created a slack channel for discussing crypto besides "it will go to zero".
https://join.slack.com/t/hncrypto/shared_invite/enQtMjk5MDg2...
Certain merits are undeniable.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#5The last time South Korea hinted at banning it the price only fell to $13k . No one knows what is going to happen or when.
Just happy I sold some around $18-19k
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#6I wonder if governments would take even more drastic measures if currency weakness was driving people into crypto. The US made owning gold illegal in the past.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#7The last time China explicitly banned Bitcoin, it dropped by around 45% to around $6000. It went on to $20K from there.
But what's different this time is that there are first time investors in millions who joined in the last 2 months. They didn't read the white paper, they didn't invest in technology, they invested for the monster returns. So I think there will be a more sell off this time before it rebounds back to $13K+ or may be the 1000th time is the charm and the bubble actually gets burst.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#8The last time South Korea hinted at banning it the price only fell to $13k . No one knows what is going to happen or when. Just happy I sold some around $18-19k
The backlash was enormous tho.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#9Honestly, I don't think it's due to a fear of a regulatory crackdown. I think this plunge is a long time coming, when people put down the memes and irrational exuberance and take an honest look at the valuations of these coins and ask themselves why. The reason we're seeing 25% plunges is because of the lack of people buying at this point. A speculative bubble such as Cryptocurrency follows the same patterns as any other bubble - a spectacular rise equaled only by its (inevitable) spectacular fall.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#10The crypto market keeps going further down because every day there’s hundreds of articles of "news" reports going with some some doomsday promoting theme. Just today some scientific report claiming bots were responsible for bitcoin's rise from $150-$1000, and now the media is taking advantage of everyone’s fear of a rising China by claiming the PRC will start freezing bank accounts, etc.
Everyone is being played. If you’ve been paying attention to the news for the past two years know how easy it is to put out fake news articles. You know that fake news has been used to alter perceptions and maybe mess with elections. This is no different. Dropping false news reports to mess with market prices to cause market swings for profit is straight out of the textbook.
There is quite a lot money at play, and you'd be naive to think that all the random articles popping up on HN today are intended to do anything other than instill further panic and sell-offs. Do yourself and everyone a favor, start spreading awareness of the fake news about crypto! I kinda like this community and I would hate HN to lose to what is an egregious and coordinated effort to induce panic and destroy the crypto market.