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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

#381

Post by repomies6999 »

tialaramex wrote: post #282
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…

Yup. Liquidity isn't something you need to care about if you trade something listed on an exchange, at reasonable volumes (neither very tiny nor enormous). If nobody else wants it the market makers will automatically take the other side of any trade at the listed buy/sell price, and keep the difference, that's their job. But Bitcoin, BBS stocks, weird instruments that aren't listed anywhere, those you can only sell i…

LOL, numerous listed stocks are way more illiquid than bitcoin.

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

#382

Post by pc86 »

aphextron wrote: post #330
pc86 wrote: post #27

Earlier quoted context omitted.

You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

>You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy. It's not "down 80%" for anyone but dumb money who jumped in at the peak last November. BTC is up over 10,000% since 5 years ago.

Feel free to explain me at what price point the brilliant technocrat early adopters became dumb money.

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

#383

Post by chrisseaton »

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…

> This is also the result of the federal governments of the world

Why federations in particular?

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

#384

Post by kevingrahl »

AndrewGaspar wrote: post #307
kevingrahl wrote: post #210

Earlier quoted context omitted.

It’s questionable if the data can even be restored. Plus there’s more sensitive data than just Bitcoin private keys on that disk I’m not really that comfortable sending that in to some lab for data recovery. When the disk broke I inquired what it would probably cost to retrieve the data and I was quoted with something around 150-300€ which to me is too much just for the small chance to actually get those coins. I don…

Discounting the sensitive data issue (I don't know what keeping that confidential is worth to you), a few hundred bucks for what I presume is a good chance at a 1000x up-side doesn't seem like much of a gamble to me.

I assume you have more disposable income than me.

For me this would be a gamble and like I said the chance of data recovery isn’t to high in my case that’s why I haven’t done it mainly. I had someone who works with HDD’s take a look at it and he assumed that most likely the platter itself was severely damaged/scratched. And there was something about the encryption in addition to the scratches that would’ve made recovery not that likely.

Please note that I have absolutely no idea about HDD data recovery and am only remembering what I’ve been told a few years ago.

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

#385

Post by tshannon »

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

Is any of that hardware useful or anything other than mining? Or is all of that hardware investment a loss?

If it the latter, then what an incredible waste.

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

#386

Post by anonyppppp »

mancerayder wrote: post #370
anonyppppp wrote: post #270

Earlier quoted context omitted.

It's the holidays and the market is a bit bearish on crypto so folks are selling to free up some $$$

Wrong hypothesis: the big run up started exactly this week last year.

That big run up was at the tail end of a slow and gradual incline which contributed to the massive bull rush. Now the market has been in a slump so easy timing to dump.

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

#387

Post by godDLL »

projektfu wrote: post #321
apo wrote: post #308

Having seen four of these major wipeouts over the years, here's the pattern for this highly cyclical spectacle: 1. Nobody cares about Bitcoin. If you tell anyone you bought it, they either shrug or laugh. 2. Bitcoin refuses to die. The long-predicted technology show-stoppers never happen and the network keeps chugging. A small but dedicated group of users continues using it on a regular basis. 3. Speculators who had…

"13. After months or years of flat to downward USD/BTC motion, the only people left holding bitcoin are those who understood it and wouldn't sell at any price." Lol

the hodl gang

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

#388

Post by andrewla »

habitue wrote: post #354
andrewla wrote: post #341

Earlier quoted context omitted.

I'll go out on a limb and say that if we expand "buying illegal drugs" to "buying anything", or more accurately, "sending money securely, reliably over the internet in a censorship-resistant fashion" then that seems like a sufficiently interesting use case. Even treating Bitcoin as a settlement layer, and saying that we have "an electronic bearer currency that is deterministically produced and cannot be forged" is pr…

There's this big wall between "buying illegally" and "buying anything". The only reason people are using it to buy things illegally is because they can't use normal methods like credit cards. It's strictly more annoying and higher friction to use than a credit card for non-illegal purposes. It's kind of like those free speech platforms. If you're a free speech anything goes platform, but everyone who isn't saying ter…

I don't see it being higher friction per se; spending Bitcoin and most other cryptos is actually pretty easy (modulo fees, which I'll grant is a not great area right now). If you look at Bitcoin more as a cash replacement than a credit card replacement, then it works better, and there really is no "cash" alternative in online systems, which is fine, mostly, for consumers, but not great, mostly, for vendors.

Credit cards are convenient because there are so many protections for consumers in terms of fraud, but that is an increasing burden on the consumer, as credit cards get rejected because of "unusual spending patterns", and dealing with credit card theft and arranging a replacement card, and having to answer questions like "did you spend $7.23 at MTG ENT LLC last Thursday". Consumers get the benefits of reward systems and deferred payment (which is a blessing and a curse for many consumers).

For vendors the advantage is clear (except for the problems involved in storing bitcoin); in a hypothetical world where bitcoin's value is stable, they could offer substantial discounts for purchases made with bitcoin instead of credit cards, because of the diminished counterparty risk.

All of that said, there's no reason that credit cards can't be offered for cryptocurrencies as the settlement currency, and offer many of the same benefits of existing credit cards; this more goes to the notion of Bitcoin as a settlement system.

The biggest problem with adoption of Bitcoin as a spending platform is price volatility, which is a chicken-and-egg problem; if the supply chain is denominated in bitcoin, then that will make the price stable, but nobody will denominate their supply chain in bitcoin unless the price is stable. I've expressed the idea before that power companies in particular could charge for electricity in bitcoin very easily, because the conversion is pretty direct -- the price of electricity is the number of bitcoins you could mine for that amount of electricity, and the electric companies have a built-in solution if demand falls too low -- they can just mine bitcoin with the "unused" power. This is a little pie in the sky, though.

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

#389

Post by charlesdm »

agumonkey wrote: post #290
strasse86 wrote: post #50

Earlier quoted context omitted.

"You're not going to see that happen again." I've heard that during the last 4 bear markets. Give it some years it always comes back stronger to absorb fresh money

I know the feeling, but at one point you gotta stop repeating the same thing forever. Bitcoin is not a new thing that will repeat 1000% growth.

You are aware Apple was worth $1tn as a company? $150bn more or less in the grand scheme of things isn't a lot of money, which is about the size of the crypto market.

I just don't see banks and institutions (i.e. Nasdaq and Vanguard) building out crypto capabilities to then not use them. They'll market the hell out of them at some point, and the cycle will repeat.

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

#390

Post by sdinsn »

apo wrote: post #308

Having seen four of these major wipeouts over the years, here's the pattern for this highly cyclical spectacle: 1. Nobody cares about Bitcoin. If you tell anyone you bought it, they either shrug or laugh. 2. Bitcoin refuses to die. The long-predicted technology show-stoppers never happen and the network keeps chugging. A small but dedicated group of users continues using it on a regular basis. 3. Speculators who had…

The past is not always the future.
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