Interested in what someone with deep Bitcoin experience thinks the bottom is this time, before it starts to rebound...and why.
Edit: Yes! Ggm's request below too.
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
#152Hope we don't see headlines like this one Atlanta massacre: Broker shoots 12 dead as stock market falls (1999) https://www.independent.co.uk/news/atlanta-massacre-broker-s... Atlanta Day Trader shooting 10 years later (2009) https://www.youtube.com/watch?v=Ko3l8BuFsVk
So don't republish them, as it encourages copycats.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#153Hope we don't see headlines like this one Atlanta massacre: Broker shoots 12 dead as stock market falls (1999) https://www.independent.co.uk/news/atlanta-massacre-broker-s... Atlanta Day Trader shooting 10 years later (2009) https://www.youtube.com/watch?v=Ko3l8BuFsVk
People keep trying to convince us that video games cause violence and sexism, while we have bona-fide historical evidence that equities trading is the real problem!
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#154The whole Tethers thing scares me the most: https://twitter.com/Bitfinexed/status/953398351889944576 There's $5B worth.
Tether performs public service of "quantitative easing" :)
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#155The 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...
The same people would probably be recklessly borrowing money to gamble and waste on other worthless crap if bitcoin wasn't around so I don't think bitcoin is really an exceptional thing here.
Just a run-of-the-mill scam and run-of-the-mill stupid people.
However, those people will be demanding government intervention when their money is gone, so get ready for the regulatory party!
Pretty safe to predict that bitcoin will the the Bernie Madoff of this business cycle.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#156Earlier quoted context omitted.
I love bitcoin and cryptocurrency as potential solutions to problems with gov-controlled currencies (I've used crypto to buy drugs, for example). But I'm still confused why people refer to purchasing currency as an "investment." Obviously the rates are going up now, but doesn't everyone expect them to just come back down? I don't convert my USD to Yen and call it an "investment."
Well, there is actual forex investing (speculating). For instance, the value of the USD versus the Argentine Peso (ARS) is something I track (my girlfriend lives there and long term I would consider moving there, current plan is for her to move here). The USD to ARS conversion is increasingly favorable for the USD, the buying power of ARS hasn't dropped significantly (in country) but the USD is worth more ARS now tha…
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Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#157The 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
it was for a bit but has since been removed
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#158The whole Tethers thing scares me the most: https://twitter.com/Bitfinexed/status/953398351889944576 There's $5B worth.
Holy Shit, are they just trying to print out tethers out of thin air right now to pump Bitcoin? And it seems to be working, at least for now. This can't end up well.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#159Earlier quoted context omitted.
> 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
it's a rumor/meme. supposedly during the last crash, r/bitcoin had the suicide hotline pinned, but i wasn't able to confirm that on archive.org either.
It was pinned at the top of /r/bitcoin for a brief time during the crash in January 2014. I was there. I saw it, although I realize that wouldn't necessarily be convincing evidence to someone else. While it's easy to make fun of the suicide prevention hotline being posted (and many did make fun of it in 2014), at least one regular poster in /r/BitcoinMarkets did commit suicide during that crash.
Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
#160I 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?