Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

bloomberg.com

Post reply on HN
Print view View original

291–300 of 463 posts

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

#291

Post by dopamean »

aviv wrote: post #214
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…

The Saudis facing confiscation and raids back home dumped their cash into Bitcoin which fueled the rally to $20k. They are now pulling the money out.

This reminds me of an anecdote from Liar's Poker where the writer talks about how not even the oil traders understood what caused the price of oil to move and so they'd just make up outlandish stories about the Saudis.

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

#292

Post by ceejayoz »

prolikewh0a wrote: post #271
criddell wrote: post #245

Earlier quoted context omitted.

> Bitcoin still has a long way to drop. Is there a way to short Bitcoin?

Some exchanges allow this.

Some of the sketchier ones are suspected of pumping/dumping to liquidate their customers' shorts all the way to their own wallets, too.

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

#293

Post by foepys »

natmaka wrote: post #277
wpietri wrote: post #230

Earlier quoted context omitted.

I think it's fascinating that this is 100% different than what Bitcoin was sold as. The theory of Bitcoin was basically "money without people". You wouldn't have to worry about governments and politics; value would be sent and stored in pure pieces of math. Mere governments couldn't possibly do as well as the glorious algorithms wisely fixed in advance by, etc, etc. But if you're right, Bitcoin has way more politics…

The problem here is not Bitcoin per se, it is the current state of the real world, where anyone can "buy" and "sell" Bitcoin for legal tender. Bitcoin, in a world where it is the sole currency, has the benefits you quoted.

No. There are currently two super powerful individuals fighting and are allegedly dragging down every thing on the market just because they don't like each other. What makes you think that this would be a good state of affairs for a world currency?

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

#294

Post by sbierwagen »

natmaka wrote: post #277
wpietri wrote: post #230

Earlier quoted context omitted.

I think it's fascinating that this is 100% different than what Bitcoin was sold as. The theory of Bitcoin was basically "money without people". You wouldn't have to worry about governments and politics; value would be sent and stored in pure pieces of math. Mere governments couldn't possibly do as well as the glorious algorithms wisely fixed in advance by, etc, etc. But if you're right, Bitcoin has way more politics…

The problem here is not Bitcoin per se, it is the current state of the real world, where anyone can "buy" and "sell" Bitcoin for legal tender. Bitcoin, in a world where it is the sole currency, has the benefits you quoted.

If the design of bitcoin requires it to be the only currency in the world, then it will never function correctly.

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

#295

Post by Nursie »

zeveb wrote: post #229
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.

AML is bad because it makes a crime out of something which isn’t actually bad. Yes, criminals are bad people who do bad things and they should be caught & punished. But KYC/AML are about making it easier to find criminals by their behaviour, not about crime directly. They violate the right to privacy, among other things, but most people don't care because — by definition — most people are normal: they don't carry $10…

Such 'abnormal' people can usually work within the law too, by declaring currency etc.

AML is good because it makes it much more difficult for the proceeds of criminal activity to be blended in to the legitimate economy.

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

#296

Post by chillacy »

tim333 wrote: post #284
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…

Speculating here but if you look at the price graph this year it looks like someone was trying to prop it up and keep it above $6000. Maybe tether/bitfinex or the Chinese miners, dunno. But anyway this would require $17m or more coming in to the market each week to cover the mining rewards. Maybe that dried up and the buyers ran out of money, then once it broke people tried to sell out before it got worse?

Perhaps a dumb question but how do you know it was one person/organization as opposed to general market forces?

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

#297

Post by hi5eyes »

npongratz wrote: post #256
hi5eyes wrote: post #35

Earlier quoted context omitted.

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

you're right mb

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

#298

Post by mywittyname »

lhl wrote: post #224
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…

To me, it’s obvious that the Bitcoin Cash “hash war” has been what’s triggered the fall of the 5K support level (and to me, it’s telling that 200 messages in, no one has really even mentioned it). The contentious fork has been very disruptive, causing BCH trading to be halted and lowering trading volume across the board. At the same time you have a huge redeployment in mining resources, up to 4exa on the Bitcoin.com…

The public is finally seeing the structural weaknesses in crypto. The sales pitches never really talk about forking or it's impact. Now it's clear, I think, to most layman investors that forking is going to result in a long-term erosion of crypto value.

Each fork is dividing the value of your holdings, and most people don't have enough information to know what to do about it. Initially, they might be happy they doubled their holdings, but when the sum value of the forks don't add up to the pre-fork value, then people will eventually feel like they are getting scammed and exit.

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

#299

Post by hanniabu »

mindfulplay wrote: post #281
all2 wrote: post #274

Earlier quoted context omitted.

Technology doesn't just 'happen'. Someone has to foot the bill (sign at the bottom).

The point is that these things are free already. There is nothing to invest. Linux took the creativity and hard work of several people. Nobody involved in it actually got richer as you might imagine people did with shitcoins... People are investing into cryptocrapto like it is some fintech.

It is fintech. Since they carry utility it intrinsically has value. Since thousands are unique that value is amplified. If the was a limited number of linux images and they could not be copied, you would see them carry a value.

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

#300

Post by lostmsu »

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

Why would it affect BTC, let alone ETH and others?
Post reply on HN