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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

#141

Post by acjohnson55 »

tgb29 wrote: post #83

Investing in crypto currencies because you believe in blockchain technology doesn’t make sense. Any good use case I’ve thought of doesn’t require public chain. 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…

I also continue to believe that true value will be in firms and products, not tokens. Token prices reflect an assumption that people will actually need to own these tokens at some point in the future, which is extremely far fetched to me.

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

#142

Post by pault »

kevingrahl wrote: post #105
emerongi wrote: post #42

Earlier quoted context omitted.

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…

You can't afford to fix a hard drive with $250,000 on it? Can't you borrow some money against that?

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

#143

Post by zanny »

sct202 wrote: post #104

Is there something useful that all the custom built bitcoin mining rigs can do now that it probably is less economical to use them to mine?

Bitcoin mining has been custom ASIC dominated for years now. Almost all miners (in terms of hash power) are custom purpose built machines. So no, they really can only do sha256 hashing on payloads of comparable size to bitcoin blocks.

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

#144

Post by glenneroo »

praneshp wrote: post #119
mkohlmyr wrote: post #79

Earlier quoted context omitted.

If it makes you feel any better I have been cut off from my CB account since around the time I opened it, because your ID (for password recovery) seemingly has to be issued by the country you live in. (And their customer support is non-existant). My bad for being unwilling to become a UK citizen for a few steak dinners worth of bitcoin I guess!

Nice snark. In reality, a driver license is enough.

I was fighting with them over the same issue for several months in order to get access to GDAX. I finally gave up and used competitors services. I sent pictures (via their webcam tool) of drivers license, passport and green card, and they wouldn't accept any of them. Emails to support detailing my situation were always answered with useless canned responses. I like the simplicity of Coinbase, but their authentication procedure fails when dealing with people who reside outside their country of origin.

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

#145

Post by type-2 »

booleandilemma wrote: post #19
tom_ wrote: post #9

Earlier quoted context omitted.

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.

Same but I brought some at 19000 fomo

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

#146

Post by ceejayoz »

icedchai wrote: post #110
ceejayoz wrote: post #94

Earlier quoted context omitted.

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

> BTW, what bitcoin crash? I'm still up over 2000% ...

An individual's stocks being up during a recession doesn't mean there's no recession, does it?

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

#148

Post by ahakki »

superkuh wrote: post #66
jeletonskelly wrote: post #34

Earlier quoted context omitted.

Trading volume has dropped significantly over the last 6 months. Large holders have been patient waiting for new money to enter the market. Eventually, when the only activity is a few automated traders and the exchange liquidity provider, large holders are faced with opportunity costs of investing in something else and the limited liquidity the market can absorb as they exit. It's a domino effect as they see each oth…

This is also the result of the federal governments of the world, the US in particular, choking off all the fiat crypto exchanges with their expanded and draconian know your customer laws. As an anecdote, I didn't buy my monthly bitcoin purchase early this month because I've been (and still am) locked out of my ~5 year old coinbase account I use constantly because they are being required to require new forms of ID and…

Damn bro I‘m rly sorry. I thought Bitcoin was a decentralized system free of government influence. That was the USP, right?

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

#149

Post by kiriakasis »

antidesitter wrote: post #113
scient wrote: post #74

Earlier quoted context omitted.

Yeah, KYC/AML is totally bad because of trying to actually prevent money being funnelled into crime organization etc. This is why I cant stand ignorant crypto-fans.

I bet you also can’t stand people who oppose mass surveillance. Those ignorant people! Don’t they understand the government is just trying to prevent crime?

Money is by far a more delicate topic.

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

#150

Post by kart23 »

Scoundreller wrote: post #90
tboyd47 wrote: post #69

Earlier quoted context omitted.

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

What stock market crash? Vanguard’s Total Market Index (VTI) is up 2% for the year, and only down 10% from its All Time High (excluding dividends): https://finance.yahoo.com/quote/vti Tech stocks aren’t the whole market.

Even index stocks are in free fall right now. Check again. VOO has dropped 1.5% today, which is pretty bad for an index stock.
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