81–90 of 463 posts
Such a huge loss of real, usually borrowed, money must affect the economy, at least in US and Asia.
Technical analysis of stocks and efficient markets is a fool's tool, but BTC is fool's money so TA is an efficient tool.
Yes, I did explain this prediction half a year back to my BTC holding friends. As you can imagine; they ignored the advice.
It has taken 10 months for the trail off in public interest to feed into the pricing model. In those 10 months a great many tricks and scams have been played to prop up the price, we'll see more news about those tricks unwinding soon.
So why invest in a specific crypto? How is Bitcoin fundamentally more valuable than Ethereum? How are either fundamentally more valuable than EOS? As a currency or store or value, each have essentially the same properties. Leaks in the ecosystem, like scam ICO and products like Tether only siphon money from the market. At least gold or silver doesn’t have this problem.
Earlier quoted context omitted.
Just because a bubble pops doesn't mean it's useless or dead. Many bubbles pop in the real world, they always recover.
That will be the test for Bitcoin, can it survive a "popped bubble"? Stocks normally don't survive, unless there's something of value in the company behind it. Bitcoin doesn't have anything of value behind it, and it's easily replaceable by other currencies. If the value drops to something like 5 cents per Bitcoin, or even just a few dollars, you have to wonder if people won't abandon their wallets over time.
Storage is cheap enough, I think the early forgetful adopters learned their lesson from that.
Since 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…
And still, even on HN, the discussion of cryptocurrency is oscillating between totally different axioms? Some of us speak as prophetic market analysts and bring up "nails in coffins" and other crystal ball bull shit, and some of us wonder about the technology itself and understand that the price against the dollar only matters to gamblers.
Has anyone come up with a use case for blockchains yet, that isn't buying illegal drugs or money laundering? I keep seeing pie in the sky hypotheticals like "supply chain trust" from people who think farmers are etching their cucumbers with serial numbers, but I've yet to see any use case presented for a blockchain that has real utility and isn't better solved by existing processes or systems.
We had a friend who lives in a commonwealth country working for us as a contractor, and figuring out how to pay them was a pretty big PITA. I was really close to just paying them in bitcoin, because it was that much of a hassle.
Ultimately I was too afraid of any potential tax/legal implications to follow through on that, and we ended up just using TransferWise instead. Still, it was that much of a pain.
Ouch 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.
You should chat with Pablo, Luiz and Patel. They own a bodega, a bill pay stall and an electronics stall in a rapidly gentrifying part of Brooklyn. All three of them have been providing this service for years, without the need for expensive computer equipment or bitcoin. Some of their customers don't speak English, have a fourth grade level of education and just fill out slips of paper to send/receive money worldwide within a few minutes.
Earlier quoted context omitted.
At $80 I was mining using custom ASIC. At $20k I was trying to convince myself not to sell and that I was in it for the long run. I'm still in.
How much does it hurt?
I virtually went from £0 to £4k to £800. The ASIC miner (which I can now use as a nice doorstep) was paid off by selling half the amount I mined back then, so as of today that is still a £800 profit.
Since 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…
I can't swear that it's the cause, but it looks like expectations have changed around whether ICOs would be required to classify themselves as securities: https://twitter.com/prestonjbyrne/status/1064714421061255168 This has been obvious to everyone paying attention for a long time, but most people in this market are there because they don't pay attention.
Since 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…
Occam's Razor - could just be a symptom of the current stock market crash.
https://finance.yahoo.com/quote/vti
Tech stocks aren’t the whole market.