keep a close eye around any volatile times (potentially related to scares of manipulation) :) for checking up on trends and ai forecasts of the next few hours checkout https://bitbank.nz
No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
441–450 of 463 posts
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#442Earlier quoted context omitted.
"I'm really curious if somebody here could venture a guess about the reasons for the sudden drop" A more telling question is how it has held any value at all for as long as it has. There was a period where BTC's rise was rationalized via its promise to become the currency of the future. Does anyone actually believe that now, though? BTC instead has become nothing more than a speculation vehicle built on a foundation…
TF are "GWs and GWs" ?
GigaWatts
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#443Earlier quoted context omitted.
At 4$ I was pissed I traded 150 for WoW gold. AT 10k+ I was once again reminded the universe hates me.
>AT 10k+ I was once again reminded the universe hates me. Why? You'd have sold them at 150.
Maybe, more likely I would have halved my amount each time I sold. Which is what I did with my cheap ETH.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#444Earlier quoted context omitted.
Yeah I'm sure nobody's ever going to care about bitcoin again you're right.
Not nobody, sure, but the halving really only matters if interest is at least half what it has been in prior bubbles. Reduced supply may push up the price... or it may not if there isn't much of a market for the supply anyway.
The interesting thing is is that bitcoin enthusiasts tend to buy a fairly steady supply over time, this is what's maintaining the current price. Eventually demand will starts to wane off after a big run up but the core people are still buying in steady amounts, then once the halving comes and the demand stays relatively steady you start to see the price trend up, this draws in new interest and runs the price up even more, then you have all the rest of the people who are tuned out and they come rushing in and you have full blown FOMO, all the people who've been buying steadily begin to cash out and the price drops off.
It's happened before and it'll happen again like clockwork and that's because bitcoin is just an algorithm.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#445Earlier quoted context omitted.
Maybe I misread your comment. What did you mean by "Given the US's $20 trillion GDP, that's quite a lot"? What is "that" in this sentence referring to?
That "that" refers to the implied product of 16% times $20 trillion. It's meant to provide an order-of-magnitude notion of what rampant organized crime could cost an economy, so that people who had previously read "costs of such bureaucratic monstrosities is in the range of hundreds of billions, whereas the benefit is a few orders of magnitude lower" could more usefully think about what the benefits of crime reductio…
Exactly. You have provided no reason at all to think that repealing KYC laws (which were introduced by the Patriot Act in the 2000s) would transform the US into Italy, which is frankly just silly.
It also flatly contradicts the fact that the US didn’t lose 16% of its GDP to mafia activity before KYC laws were introduced.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#446Earlier quoted context omitted.
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…
Can you provide me with just one example why money laundring is supposed to be a good thing? And can you explain how the average person is inconvenienced in any way, shape or form by AML / KYC regulations? Sorry, but your argument, so far, is just libertarian drivel.
> Can you provide me with just one example why money laundring is supposed to be a good thing?
Money laundering isn't good; the actions which are termed 'money laundering' in the law are neutral.
> And can you explain how the average person is inconvenienced in any way, shape or form by AML / KYC regulations?
https://www.washingtonpost.com/nation/2018/09/01/police-seiz...
https://www.thestreet.com/story/12793654/1/file-10000-irs-fo...
https://ij.org/michigan-man-cleared-wrongdoing-still-fightin...
https://www.chicagotribune.com/news/nationworld/ct-customs-a...
https://www.forbes.com/sites/instituteforjustice/2018/05/15/...
And on, and on, and on. It's a real problem.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#447Having 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…
FWIW, the universal convention in FX markets is to quote in terms of UNDerlying currency/ACCounting currency (sometimes also called BASE ccy/QUOTE ccy), ie the price of one unit of the underlying ccy in terms of accounting ccy.
Thus, the generally quoted price is BTC/USD (around 5000 as of this time), namely the price of a Bitcoin in USD. USD/BTC, on the other hand, is the price of one USD in BTC, or about 0.0002. (Of course it might well be the other way around in a year or so.)
Note that CC1/CC2 * CC2/CC3 = CC1/CC3, and thus
CC1/CC2 / CC3/CC2 = CC1/CC3,
which is where that odd convention originates from (because setting eg CC2=USD, you divide the dollar price of CC1 by the dollar price of CC3 to get CC1/CC3).
EDIT: clarify
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#448Earlier quoted context omitted.
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…
Please don't post any more flamewar comments to HN. https://news.ycombinator.com/newsguidelines.html
Satire and sarcasm are allowed here, yes?
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#449Earlier quoted context omitted.
Not nobody, sure, but the halving really only matters if interest is at least half what it has been in prior bubbles. Reduced supply may push up the price... or it may not if there isn't much of a market for the supply anyway.
The interesting thing is is that bitcoin enthusiasts tend to buy a fairly steady supply over time, this is what's maintaining the current price. Eventually demand will starts to wane off after a big run up but the core people are still buying in steady amounts, then once the halving comes and the demand stays relatively steady you start to see the price trend up, this draws in new interest and runs the price up even…
>> this is what's maintaining the current price
The price that's tanked about 30% in the last week alone?
>> It's happened before and it'll happen again like clockwork
I'm afraid this is a very bold prediction.
Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250
#450Earlier quoted context omitted.
That "that" refers to the implied product of 16% times $20 trillion. It's meant to provide an order-of-magnitude notion of what rampant organized crime could cost an economy, so that people who had previously read "costs of such bureaucratic monstrosities is in the range of hundreds of billions, whereas the benefit is a few orders of magnitude lower" could more usefully think about what the benefits of crime reductio…
Exactly. You have provided no reason at all to think that repealing KYC laws (which were introduced by the Patriot Act in the 2000s) would transform the US into Italy, which is frankly just silly. It also flatly contradicts the fact that the US didn’t lose 16% of its GDP to mafia activity before KYC laws were introduced.
Well I'm glad that after 4 comments, you've finally gotten to stating a point.
Unfortunately, your point is shallow and dismissive, rather than engaging substantively. It obviously doesn't seem silly to me. If you're saying it seems silly to you, an anonymous rando, I can live with that. If next time you would like a writer's help in understanding what they've written, try asking succinctly and with at least a modicum of respect. Because people generally have better things to do than spoon-feed anonymous jerks.