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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

#101

Post by mcbits »

overcast wrote: post #41
doubt_me wrote: post #30

Earlier quoted context omitted.

Reddit heard plenty before 1000$ I was there the week it was released. Lost 100 bitcoins to a hard drive crash and never looked back. They use to literally hand them out like candy. Mt gox happened and I never took it seriously ever again.

If I asked my mother what Reddit is right now, she'd have no idea what I was saying.

If your mother has never heard of Instagram, Netflix, eBay, or Yahoo, that doesn't mean nobody has heard of them. They're still almost as popular as Reddit.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#102

Post by sodafountan »

mbreese wrote: post #47
apexalpha wrote: post #28

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.

They don’t always recover. It’s hard to recover when you are a commodity that doesn’t have any inherent utility other than being a method for completing transactions. Also - Tulips.

It's a lot easier to recover when a recovery mechanism is built in - aka the halving. We're a solid year and a half away from that event happening, it'll go lower than this in that time but once the new supply restricts it'll make its slow ascent back up, people will see the opportunity and the demand will skyrocket again.

I say this a lot, it's helpful to think of bitcoin as an algorithm, I just see this pattern playing out the same way over and over and over again every four years.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#103

Post by dragontamer »

Danieru wrote: post #82

The price has been bouncing off the 6k magic "resistence" for ages now. Each bounce reaching lower and lower highs. It was only a matter of time before the that energy disapated. 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 advi…

> The price has been bouncing off the 6k magic "resistence" for ages now

"Resistance" is from above, "support" is from below.

Last week, the 6k USD / BTC price looked solid. Every time 6k was tested, the community would buy up BTC and the price would go back up. Today, we have blown through the 6k USD / BTC "Support" and selling has continued down, beyond the 5k mark.

Its hard to say what the next support mark is. If you asked me yesterday, I would have thought that 5k was the next support. But now that's been pushed out now. So 4.5k is my assumed support area for now.

There's no "resistance" on the upper-end of the BTC market depth charts until ~7k USD/BTC. Someone really wants to sell at 7k USD/BTC, where there is ~300,000 BTC waiting to be sold (if the price ever got back to that height). The community as a whole would have to spend over $2.1 Billion to grow from $6.9k to $7.1k (wiping out the 300k BTC available at 7k). Such a huge-sum of money is why that point is called a "resistance", because it will "resist" efforts to bring the price above 7k

Just an FYI.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#105

Post by kevingrahl »

emerongi wrote: post #42
rusk wrote: post #14

Still nowhere near low enough for me to feel okay about ditching back in 2016 ...

I remember looking at the price of Bitcoin when it was $23, $250 and $400. I didn't have any money, so I couldn't buy, but still fun to think about 10x-ing my current bank account. To be completely honest, even if I did have money, I wouldn't have bought. The price used to go up and down by 10% like daily. At that point it feels like gambling.

Sometimes I nearly shed a tear when I open my wallet that shows me how many coins it held over its lifetime. It even converts it into my local currency as if to mock me. I remember times where those Bitcoin faucets (is that still a thing?) gave you 50BTC every X hours just for entering your wallet address. Of course I spend nearly all of them on stupid stuff later on but before they gained considerable value. I still have an old external HDD with somewhere between 20-50BTC on it that I broke and haven’t had the money to fix it and retrieve them.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#106

Post by qaq »

aphextron wrote: post #5

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.

Man all those hedge funds with 100s of data scientist are just waisting resources when the situation is so simple "Everything sells off this time of year"

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#108

Post by nathaner »

aphextron wrote: post #5

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.

Why is this downvoted so much? I don't hold any crypto and my portfolio is not looking too great this last few months either. One of my tech stocks lost dropped over 30%.

The recent behavior certainly goes against the notion that BTC is digital gold. Seems like it's correlated with general market sentiment like most other financial instruments.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#109

Post by pault »

quickben wrote: post #92
simias wrote: post #20

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…

> could venture a guess about the reasons for the sudden drop It has to decline, I was giving it 2-5 yeas, but it seems it dropped much faster: https://news.ycombinator.com/item?id=15760415 As for the faster than usual now, my guess is few things. Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, so the gig that everybody is increasingly mining was…

Hasn't GPU mining been unprofitable for at least five years now? I remember everyone moving to asics back in 2012.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#110

Post by icedchai »

ceejayoz wrote: post #94
tboyd47 wrote: post #69

Earlier quoted context omitted.

Occam's Razor - could just be a symptom of the current stock market crash.

Barring time travel, I'm not sure how a stock market correction starting in September 2018 can cause a Bitcoin crash starting in December 2017.

He's probably talking about the most recent drop. BTW, what bitcoin crash? I'm still up over 2000% ... /s
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