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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

#251

Post by mindfulplay »

LMYahooTFY wrote: post #31

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.

This is pretty silly.

There is no technology to bet. Nobody bet money on Linux or Android.

They just happened.

These things are not money problems...

They are people problems: greed, stupidity and thinking they are better than the average Joe or Jane.

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

#253

Post by oldpond »

jeletonskelly wrote: post #34
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…

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…

Sounds just like a ponzi scheme bursting. No surprise.

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

#254

Post by coding123 »

One of the people that decide the price of Bitcoin lost upward control so they are doing the next best thing. They will then re buy at the bottom which is a number only they know, then artificially Jack it up to 5k and sell off again and probably get out permanently.

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

#256

Post by npongratz »

hi5eyes wrote: post #35
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…

the recent fork/shit show within the bitcoincash camp (im not getting into this debate just an observation) resulting in 2 forks and split in hash power. the camps being btcsv and btcacb. yes those are their real names, and I think they're all stupid

> ... the camps being btcsv and btcacb. yes those are their real names ...

I think you might have a typo, I believe it would be btcabc:

https://www.bitcoinabc.org

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

#257

Post by SlowRobotAhead »

arijun wrote: post #10

Good. Bitcoin is too wasteful when it’s at a high valuation. The amount of resources in both electricity and gpu hardware that gets locked into mining is too high. It can still do it’s job as a currency with a lower valuation.

>It can still do it’s job as a currency with a lower valuation.

If in one year it can go from $2000 to $20,000 to $4000... Isn’t it better to think of it as a crypto-commodity instead of a currency? It doesn’t seem to me to share many properties of a successful currency, number one being confidence in its value.

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

#258

Post by bhaak »

nsomaru wrote: post #226
bhaak wrote: post #133

Earlier quoted context omitted.

They aren't cucumbers but over here in Europe, eggs do have a serial number. Making an analog asset machine readable and tied to a trackable digital asset is certainly an entertaining thought. Especially for an industry like the food industry where currently we have to trust that the state is controlling them correctly or even that they are controlling them themselves (which several food scandals showed that this isn…

do you have a counter argument for: "you still need to trust the devices that write to the blockchain" -- so ultimately you would be trusting the supplier.

But that is much less of a problem than other similar constraints.

You can use any computer, wipe it and use something like Tails to access the blockchain. There is not a centralized supplier of blockchain manipulation devices.

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

#259

Post by replies_to_all »

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.

And the KYC stuff worked to stop HSBC? Right?

This is why I can't stand ignorant stateists.

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

#260

Post by Daishiman »

jeletonskelly wrote: post #205
Daishiman wrote: post #183

Earlier quoted context omitted.

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

I think secondary markets could benefit from a distributed trusted database with smart contracts. I also think that behind the scenes on wall street there are some interesting things around securities settlement, something that is very time consuming and it's handled with some antiquated technology. If securities trades are settled faster and ownership is more easily verified it could lead to some very interesting sh…

For any solution for settling trades, the one without the blockchain will be faster. And the use of electronics for trading systems where it makes economic sense is already a done deal.
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