In January 2017, Bitcoin dropped from 1176$ to 755$ (35%). Today, it's still 10 times higher than last year.
Fun chart from Reddit today: https://i.redd.it/dnlduddb5ha01.jpg
Yeah, nice use of log chart there.
Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
61–70 of 371 posts
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#62The 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.
People make bad decisions. While it would be odd to be suicidal if you held bitcoin over the period you mentioned, there will be people who bought in at the top. There will also be a smaller subset of people who overextended themselves and bought in at the top. All I'm saying is that there could be people who are genuinely in trouble now, regardless of how short the time was.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#63This is what happens when you have high correlation and low exchange liquidity . All it takes is 150 coins sold ($1.5 million) to make it fall 1000 points, and then the other exchanges and coins mirror this. If the major exchanges were consolidated there would be much less volatility. http://https://greyenlightenment.com/why-bitcoin-is-so-volat...
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#64In January 2017, Bitcoin dropped from 1176$ to 755$ (35%). Today, it's still 10 times higher than last year.
Fun chart from Reddit today: https://i.redd.it/dnlduddb5ha01.jpg
I love that it is a classic bitcoin log chart designed to hide the massive volatility of bitcoin. The financial prowess of the average bitcoin "investor" never ceases to amaze. As they say, a sucker is born every minute and a fool and their money are soon parted...
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#65The 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.
Yeah, people love to overreact. I follow the reddit investing forum sometimes, and people go nuts with 'plunge' and 'crash' when a tech stock moves -1%.
Well, I think that might be explained due to the popularity of cryptocurrencies amongst an audience that is otherwise not economically inclined. They end up spending some money on bitcoin due to "hearsay" or what they read in the news, and think they can quickly make a lot of money.
Without an understanding of how much can actually be lost. So when this happens, they might not think in percentages but in "how much did I just loose". Combined with the regret of "I wish I sold earlier".
This is just me speculating, I have no idea if that's what goes on in their mind, I just imagine it is.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#66Earlier quoted context omitted.
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...
Yep, these comparisons between Bitcoin and other successful technologies are like a new type of fallacy (techno-fallacy?) where people assume that because it's technically-complex it is somehow destined to succeed like other technically-complex successes.
It's a form of survivor bias because you never see or think about the technically-complex failures, or "not-successes", like the Tamagatchi, Laser disc, WebTV, Webvan, etc. I mean, how come none of it's proponents compare Bitcoin to the Segway? Sure, you can say we have hoverboards now but those are not Segway, the same way Eth and Monero are not Bitcoin.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#67I always think there will only ever be 21 million bitcoins in existence ever. Ever. So what do you think is a fair price for that?
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#68The 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.
People make bad decisions. While it would be odd to be suicidal if you held bitcoin over the period you mentioned, there will be people who bought in at the top. There will also be a smaller subset of people who overextended themselves and bought in at the top. All I'm saying is that there could be people who are genuinely in trouble now, regardless of how short the time was.
It's more a comment on the volatility than anything. People see that something is up 100% in one month and assume it won't lose 25% of value the next. We humans are not super rational.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#69I cannot wait for video cards to flood the market and become reasonably priced again
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#70I see bitcoin ads all the time. Including a "Bitcoin IRA" (Individual Retirement Account) and "See what the experts say the next BitCoin is". Marketed at laypeople. They're definitely marketing the heck out it (they being brokers I guess), because its not really that easy to figure out.
I've been getting a lot of "This is the 'penny stock' of bitcoin!" ads.