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

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

#31

Post by semi-extrinsic » Tue, Jan 16, 2018, 10:41 PM UTC

KasianFranks wrote: post #22

Time to buy. Down from what price since January? Cryptocurrency is a long term play from a software and financial engineering vantage. It also continues to irritate the hell out of banks (bank accounts are being closed and restricted from exchange transfers, including coinbase) and general investors. It's not liquid enough yet, creates no need for middle men and Bitcoin itself is now being manipulated by futures cont…

Yes, but what? Ripple's seen maybe the biggest loss, but it's not clear that part of its loss isn't due to decreasing confidence in the underlying, which is bad if you want to BTFD. Same can be said for many others.

Though if you look at todays charts e.g. in ETH, it's clear someone's probably made good money intraday buying dips.

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

#32

Post by joering2 » Tue, Jan 16, 2018, 10:41 PM UTC

blang wrote: post #18

brucephillips wrote: post #15

Earlier quoted context omitted.

Really? When?

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

This keeps coming back to HN. What the order ban is actually hoarding the gold. Since each dollar was backed by physical gold, people that hoard physical gold were limiting government with ability to move currency and relese it as soon as needed. Obviously taking us off gold standard fixed the problem (by making US an insolvent nation btw)

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

#33

Post by austenallred » Tue, Jan 16, 2018, 10:41 PM UTC

jacquesm wrote: post #29

austenallred wrote: post #19

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.

> 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. Where on the page? https://www.reddit.com/r/Bitcoin/ Or a different page?

reddit.com/r/cryptocurrency

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

#34

Post by dahdum » Tue, Jan 16, 2018, 10:42 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.…

If you can gain 30% in 24 hours, you can certainly lose that much (or more!). Has happened many times in the past, and will happen again in the future, regardless of where the price sits.

Here's a fun chart from Reddit today:

https://i.redd.it/dnlduddb5ha01.jpg

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

#35

Post by bdcravens » Tue, Jan 16, 2018, 10:42 PM UTC

austenallred wrote: post #19

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.

> The suicide prevention hotline is pinned to the top of cryptocurrency subreddits

Which ones?

I checked r/bitcoin, r/btc, r/ethereum, r/litecoin, r/bitcoinmarkets. Only one I saw with it was r/cryptocurrency

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

#36

Post by brucephillips » Tue, Jan 16, 2018, 10:43 PM UTC

jacquesm wrote: post #25

adamnemecek wrote: post #17

Earlier quoted context omitted.

Welcome to investing?

Speculation. Investing is something different entirely, just like the lottery is different than owning a chunk of a business.

Eh, there's no hard line between the two.

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

#37

Post by bdcravens » Tue, Jan 16, 2018, 10:43 PM UTC

austenallred wrote: post #33

jacquesm wrote: post #29

Earlier quoted context omitted.

> 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. Where on the page? https://www.reddit.com/r/Bitcoin/ Or a different page?

reddit.com/r/cryptocurrency

Any others?

> cryptocurrency subredditS

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

#38

Post by omegaworks » Tue, Jan 16, 2018, 10:44 PM UTC

joering2 wrote: post #23

vthallam wrote: post #7

The 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…

Just like with dot com burst, it doesnt mean someone will turn the lights off forever. Just like the internet eventually got mainstream and websites are being bought and sold for billions these days, same way BitCoin will never be at 0,001 cent with nobody touch it with a long stick.

As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm.* It's digital Beanie Babies.

*https://blockchain.info/charts/avg-confirmation-time?timespa...

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

#39

Post by matwood » Tue, Jan 16, 2018, 10:44 PM UTC

olivermarks wrote: post #26

austenallred wrote: post #19

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.

Naive speculators are buying cryptocurrencies on their credit cards without understanding the volatility https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-b...

How much I think is key here. I'll try and find the article from late 2017 but it said that most crypto buyers invested ~3k or less. A large portion of BTC is concentrated in fewer than 1k people.

What this means is that for most people when crypto crashes, it sucks but will simply be a cool story. This isn't .com or the housing bubble where many people's lives were ruined.

Of course with the craze, the stats could have changed over the last few months.

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

#40

Post by swarnie_ » Tue, Jan 16, 2018, 10:45 PM UTC

austenallred wrote: post #19

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.

That's not without precedence, the currency has half in price before and the same threads got stuck at the top.

In the future this saga will be a great anthropological study.