Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.
Except the amount it's falling is not normal.
No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
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Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#12Ouch for my crypto investment, makes no difference to my crypto product. And that's the point, price of bitcoin is irrelevant to most crypto products. We're in the business of Fiat > Crypto > Fiat instant money transfers which is immune to what the current market is. Crypto as a technology will keep moving forward.
How is it possible that the USD/Bitcoin pair price doesn’t impact currency transfer businesses?
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#13That's what happens when you screw over the general public in a giant pump and dump. There is just no more money left to steal. First time was for the early adopters at $1000, second time was for the late majority at $19,000. You're not going to see that happen again.
What about $35 and $250?
Innovators. No one really heard of Bitcoin prior to the $1000 pump.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#14Still nowhere near low enough for me to feel okay about ditching back in 2016 ...
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#15Is this below the price where it is economic to mine? Presumably at some point the miners would have to pull the plug to avoid loosing money.
Difficulty adjusts dynamically to ensure there is always an incentive to mine.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#16picture of a bitcoin man on a free falling rollercoaster screaming /weeeeeeeee/ What's the purpose of that article? What can be discussed about Bitcoin and the other crypto currencies that hasn't been discussed here several times already? There is no news besides the price collapsing but that has happened before as well. But this time it's different They are saying that during a bull run and during a bear market. I d…
Few people have not heard of crypto. If it is a ponzi there are no suckers left.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#17This is good for Bitcoin.
HODL!
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#18Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.
No, it is almost certainly related to the network split, as mentioned in the article. There are issues with bitcoin that limit its long term potential. For example, the effective limitations on the number of transactions per second, and the huge energy cost for providing proof of work.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#19That's what happens when you screw over the general public in a giant pump and dump. There is just no more money left to steal. First time was for the early adopters at $1000, second time was for the late majority at $19,000. You're not going to see that happen again.
What about $35 and $250?
At $250 I was explaining to my parents what bitcoin is. At $19,000 I was overhearing Starbucks baristas talk about it.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#20Since the article states "the trigger for the latest sell-off is unclear" I'm really curious if somebody here could venture a guess about the reasons for the sudden drop. The Bitcoin Cash fork seems suspiciously correlated but is it big enough news to cause such a turmoil?
Being a cryptocurrency-skeptic I won't pretend that I don't experience a little bit of schadenfreude when I see CC crash, however if I'm trying to be a bit more constructive I suppose that means that we're nearing the "make or break" point: if the huge investment in cryptocurrency-related technologies over the past four years or so manages to produce something actually useful over the next year I have no doubt that this is only a temporary set-back and we'll see BTC (or some other coin) breach $20k again.
On the other hand if, like I believe, it's mostly scams, empty promises and poor understanding of technology and/or economy, then this might be the beginning of the end. Hype can only sustain a $100 billion market cap for so long. That being said I wouldn't be the first Pythia to erroneously predict the downfall of cryptocurrencies...