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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

#181

Post by 52-6F-62 »

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'm generally with you— but the value in a public chain is probably just not having to set up the larger infrastructure yourself, and rather just tie into the existing network.

Couldn't you say, why invest in companies that support the internet backbone rather than Cisco?

Definitely couldn't answer why one is more valuable in dollars over another. There does seem to be more practical use and development of Ethereum out there than the others (at least from where I've stood).

But that more or less would support your point—I've definitely seen more groups just creating their own private fork or networks rather than directly tying into the public chain— JP Morgan, Microsoft, etc...

Disclaimer: I do own a few Eth, I bought some time ago and have just been sitting on. It was never to be a serious investment, just wanted to play along. Never bought into the ICO madness.

All that said, I always thought this was interesting as a use case (also further supporting your point):

https://qz.com/1118743/world-food-programmes-ethereum-based-...

> Building Blocks replaced the payment part with a ledger that records the transactions on a private version of ethereum that it developed.

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

#182

Post by Brockenstein »

koonsolo wrote: post #67
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…

I am a firm believer that cryptocurrencies can offer major value to the world. But if you look at what's out there, Bitcoin etc are outdated technologies. Since Bitcoin was always leading the charts, in my opinion the whole market had to crash, and out of that it will show which ones offer true value. You shoudn't focus too much on price, but mainly focus on applicability and adoption/use. Most doctors here only offe…

>We have email, which is basically instant, free and worldwide. Why can't we have the same for payments? Only time will tell if such a major shift can happen.

Ever had a free email account compromised? Good luck. Not to mention email isn't free. Someone is paying for it and making money from it. Even if that is concealed behind several layers that aren't obvious to most users.

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

#183

Post by Daishiman »

jeletonskelly wrote: post #22

Cryptocurrency crash will hopefully bring expectations back in line with reality. Legit blockchain projects will only have to deal with the stigma from being associated with a giant pump and dump when they approach VCs.

I have yet to see a single blockchain project that's actually interesting and worthy of anyone's attention.

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

#184

Post by [deleted] »

simias wrote: post #152
mdgrech23 wrote: post #122

Earlier quoted context omitted.

Quite the lexiphanicism aren't you?

Not purposefully I assure you. English is not my mother tongue and I know that my vocabulary is all over the place at times. If you have some feedback about things I could've worded better I'll gladly hear it.

[deleted]

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

#185

Post by kadendogthing »

scient wrote: post #74
superkuh wrote: post #66

Earlier quoted context omitted.

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…

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.

Tech enthusiasts always seem to lack education around general civics and law. But it's especially bad in the area of tech-beanie-baby fanboys who pontificate around subjects by acting totally disingenuous or just willfully ignorant. Their cult-like excitement over a merkle tree with a distributed consensus/integrity algorithm is truly insane.

* What REALLY gives currency it's value, LOL? As long as other people just blindly accept the currency it's totally fine!

* My currency is increasing in value dramatically so it's Working (TM) right, haha take that bootlickers.

* We demolished a power grid but you know cryptocurrency is totally going to help the poor and disenfranchised!

* Why do governments need to track how I spend MY money? I should be able to give it to whoever I want without question and totally don't have to pay taxes!

* We don't need banks, but we do need these private entities with no oversight to manage and store our currency and facilitate trading. Definitely different and Free (TM) 1984.

* Those same "banks" can easily fake trading volume but no one would do that, right? I don't understand why we have laws against that with real banks?

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

#186

Post by jeletonskelly »

Novashi wrote: post #134
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…

It seems like the bitcoin selloff coincided nicely with the general stock market selloff. I think someone wanted out of bitcoin after staring at a flat price line for 6 months.

Someone wants out and they know there's limited buy side liquidity. Once the primary market maker algos detect a big move, they get out of the way so they aren't overexposed long or short. Once they pull the liquidity it becomes a race to sell first.

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

#187

Post by dd36 »

xiphias2 wrote: post #115
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…

With BTC this is just normal volatility. The usual drawdowns that are happening every 1-3 years are about 75% - 95%. If the price of BTC goes under $1000 that will be something new. I can't speak of other coins as they are a very different market (and I'm a Bitcoin maximalist).

Demand will not recover.

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

#188

Post by all2 »

ladybro wrote: post #116

Miners in China supposedly throwing out their rigs after this latest crash made them too expensive to keep running. https://twitter.com/DoveyWan/status/1064878600594305025

Does this mean GPUs will be flooding the market? I've been looking to buy something for gaming...

https://us.bidvoy.net/gtx_1070/27386

Guess not. I suppose if most of the miners are on BTC, they'll be using custom ASICs.

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

#189

Post by airstrike »

danaos wrote: post #89
hyperpape wrote: post #46

Earlier quoted context omitted.

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.

As a counterpoint, bitcoin has dropped faster than Ethereum, the principal ICO platform.

Only because Ethereum dropped significantly more earlier in the year (from $293 in September to $193 a few days later...)
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