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

$7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

theblockcrypto.com

Post reply on HN
Print view View original

41–50 of 111 posts

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#41

Post by kijin »

treeman79 wrote: post #12
beforeolives wrote: post #6

It could be up to 100k in a week, could be down to 20k or anything in between. I honestly have no idea which one is more likely and wouldn't be surprised by any price, high or low. I'm also very skeptical of anyone who claims to know what's happening in the cryptocurrency market and why.

Zero to infinite. Good arguments all around. If governments decide it’s a threat I imagine it’ll go to near zero. Much to my personal shock that doesn’t seem to be happening.

Bitcoin seems to be approaching the realm of "too big to fail." A trillion dollars disappearing overnight could very well precipitate an economic crisis, and no democratically elected government wants to take the blame for that kind of eventuality.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#42

Post by ttul »

iso1631 wrote: post #10
mstipetic wrote: post #9

If you’ve been in the game 30 minutes and you don’t know who the patsy is, you’re the patsy

Said the people laughing at those who bought in at $20k in 2017/18

Said the people laughing at those who bought at the $30 peak in 2012...

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#43

Post by jpalomaki »

unyttigfjelltol wrote: post #7

Serious question: why does a reduction in hash rate lead to a loss of USD pricing? That's analogous to pricing USD based on the number of lights on at the NY Federal Reserve at 10pm on Tuesday. I recognize hash rate moves these markets, but seriously, why?

Value of Bitcoin is a matter of belief. There’s absolutely no way of putting a justified price tag for the coin (at least for now).

It can be that people just thought others might think the China news would be bad and therefore decided to sell. In speculative market you are all the time trying to guess what others are thinking.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#44

Post by literallyWTF »

amelius wrote: post #38
bradleyjg wrote: post #32

Earlier quoted context omitted.

If you don’t have any thesis beyond “hey, it could go up,” then you are gambling. That doesn’t mean you’ll lose, sometimes gambles pay off. You should no more feel bad about not having won gambling on btc than you do about not having picked the winning lotto numbers last week.

Old trading wisdom: there is more room for it to go up than down.

Yeah but based on what? That everyone decides to buy Bitcoin?

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#45

Post by fullshark »

hooande wrote: post #29
patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

if you legitimately have no idea, then you don't have any more information than the market does. why would you trade at all?

Cause you might regret your decision in 10 years. Not participating is a decision just as participating is.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#46

Post by Geee »

patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

Most people look at the stock-to-flow chart as the leading indicator. https://digitalik.net/btc/

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#47

Post by insert_coin »

fny wrote: post #28
polote wrote: post #11

Earlier quoted context omitted.

How is that different from the stock market ? Maybe you have 'more ideas' but that would not prevent you to be wrong. In both case nobody can predict what will happen next

The difference is that stocks can be "valued" whereas crypto and other assets that lack a revenue stream can only be priced.

And that "value" can also go to 0.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#48

Post by patentatt »

hooande wrote: post #29
patentatt wrote: post #4

What I hate about Bitcoin is that I have absolutely no idea if this is 1) a good dip to buy, or 2) the start of a much bigger crash. Everything I understand about the topic and the world at large tells me it should be #2, but in retrospect it always winds up being #1. Am I passing up free money today? Or am I smart not to gamble in such an obviously rigged game? Will I look back years from now longingly and wish that…

if you legitimately have no idea, then you don't have any more information than the market does. why would you trade at all?

I don't. But the 'what if' game keeps me up at night sometimes. Buying and holding BTC isn't as far-fetched as guessing the right lotto numbers. Even smaller-scale stuff, like if I had taken half of my vacation fund and bought BTC 6 months ago, which would have been a pretty acceptable risk (it's all gravy and already set aside), that would be a non-trivial amount of money to me. What if I could max out my kid's college funds just by making a few different decisions? That's the kind of thing that gets me.

Re: $7.6B in crypto long positions liquidated in 1 hour as Bitcoin plunges to $52k

#49

Post by raducu »

treeman79 wrote: post #12
beforeolives wrote: post #6

It could be up to 100k in a week, could be down to 20k or anything in between. I honestly have no idea which one is more likely and wouldn't be surprised by any price, high or low. I'm also very skeptical of anyone who claims to know what's happening in the cryptocurrency market and why.

Zero to infinite. Good arguments all around. If governments decide it’s a threat I imagine it’ll go to near zero. Much to my personal shock that doesn’t seem to be happening.

I don't like cryptos for multiple reasons, a lot of which could be fixed in the future.

But we're way over the phase where governments would ban it, on the contrary, I think bitcoin is a last resort fix for the immense global debt.

My wild theory is after elites load up on bitcoin(and also a lot of ordinary folks) governments would change bitcoin to bitcoin 2.0 and completely crash other forms of fiat currency, wiping the huge fiat currency debts in the process and also shutting up all the people who want anonimity in bitcoin(because they would lose a lot of money otherwise).

Post reply on HN