Bitcoin Fall Extends to 25% as Fears of Crackdown Linger • Hacker News Board

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#11

Post by Theodores » Tue, Jan 16, 2018, 10:29 PM UTC

I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in various coins buying one coin so I could then buy the others. I would have lost 30% of my money in the last 24 hours on the coins needed for the other transactions, then in those hot coins I would have lost 45% in 24 hours on one and 44% in 24 hours on the other.

https://coinmarketcap.com/all/views/all/

So said 'bitcoin bore' spent $500 on these coins and shared the advice, there was no warning that these things could depreciate in value given, just put what you can on these coins. So simple!

So from my point of anecdata, that is a wrap, we're toast here, this bubble is truly popping. Sure there will still be people playing musical chairs for a while but I think we are there in terms of the mania reaching the required level of craziness for some sanity to take over. Crypto is not the new cool when everyone knows someone that got scammed.

My friend who gave me the advice has not told me of the losses, that is part of the deception.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#12

Post by donquichotte » Tue, Jan 16, 2018, 10:31 PM UTC

In January 2017, Bitcoin dropped from 1176$ to 755$ (35%). Today, it's still 10 times higher than last year.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#13

Post by stanleydrew » Tue, Jan 16, 2018, 10:31 PM UTC

Firebrand wrote: post #10

The 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…

> Everyone is being played.

How do we know that you're not also playing us, just from the opposite side?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#14

Post by brucephillips » Tue, Jan 16, 2018, 10:31 PM UTC

Theodores wrote: post #11

I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in various coins buying one coin so I could then buy the others. I would have lost 30% of my money in the last 24 hours on the coins needed for the other transactions, then in those hot coins I would have lost 45% in 24 hours on one and 44% in 24 hours on the other.…

Huh? BTC is a bubble because your friend told you it would go up and it didn't?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#15

Post by brucephillips » Tue, Jan 16, 2018, 10:32 PM UTC

droopyEyelids wrote: post #6

I 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.

Really? When?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#16

Post by kondro » Tue, Jan 16, 2018, 10:32 PM UTC

And as the Asia market of retail investors cashes out to spend money on their families for Lunar New Year.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#17

Post by adamnemecek » Tue, Jan 16, 2018, 10:33 PM UTC

Theodores wrote: post #11

I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in various coins buying one coin so I could then buy the others. I would have lost 30% of my money in the last 24 hours on the coins needed for the other transactions, then in those hot coins I would have lost 45% in 24 hours on one and 44% in 24 hours on the other.…

Welcome to investing?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#18

Post by blang » Tue, Jan 16, 2018, 10:33 PM UTC

brucephillips wrote: post #15

droopyEyelids wrote: post #6

I 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.

Really? When?

https://en.wikipedia.org/wiki/Executive_Order_6102

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#19

Post by austenallred » Tue, Jan 16, 2018, 10:35 PM UTC

The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Think about that for a minute.

When we really have a bear market people are going to lose their minds.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#20

Post by celticninja » Tue, Jan 16, 2018, 10:36 PM UTC

Theodores wrote: post #11

I am amazed at the losses given the investment advice that I was given all of two days ago from a 'bitcoin bore'. I was told to invest all I could afford in various coins buying one coin so I could then buy the others. I would have lost 30% of my money in the last 24 hours on the coins needed for the other transactions, then in those hot coins I would have lost 45% in 24 hours on one and 44% in 24 hours on the other.…

You didn't get scammed, just like if you bought stock and it tanked you didn't get scammed. You will only make a loss upon selling the coins you purchased, it is possible they regain their value over time. Sure your bitcoin bore didn't tell you it could go down as fast as it goes up, but that's on him for not telling you and you for not investigating before investing.