checks price 40.3k...yeah it really plummeted. Everyone who upvoted this is a FUDster
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Bitcoin Plummets Below 40K
51–60 of 91 posts
Re: Bitcoin Plummets Below 40K
#52Earlier quoted context omitted.
My point is nobody has an answer to " Why did people bid up Bitcoin 5x from September 2020 to mid-Feb 2021?" Maybe Elon is the trigger for the 30% drop over the last few days... but remember he didn't announce his initial holdings until mid-February 2021, which was after the 5x surge. If anything his timing was awful. Everything in hindsight is pure speculation and rationalization. Nobody has a clue, markets are comp…
In this particular case I don't think the market is all that complex. People were valuing bitcoin on the assumption that other people would keep buying it at higher prices before they sell. People didn't cut nearly half a trillion dollars from the value of bitcoin on the word of a person known for blurting out impulsive and weird things. He didn't reveal any deep new insights into this thing. What Musk said just spoo…
It would be interesting to figure out how much $USD has been paid for all the coins currently held, rather than looking at just market cap.
Shame it can't be calculated.
Re: Bitcoin Plummets Below 40K
#53I wonder if this has anything to do with recent Tether reserve report: https://www.coindesk.com/tether-first-reserve-composition-re... Since the report does not really specify what exactly the reserves are we can expect NYAG to not be happy with it, and taking further steps against Tether.
A mix of that plus Elon dunking on it plus China tightening regulations plus Ethereum news about PoS progress, probably.
Isn't PoS really good news for Ethereum, especially in light of Elons energy concerns? Ethereum has tanked 25% as well.
Re: Bitcoin Plummets Below 40K
#54Things that go up for no apparent reason can come down for no apparent reason.
In this particular case, the no apparent reason is certain person known to speculate with cryptocurrencies suddenly decided he'd go on to publicly bash the thing he pumped in the past "for no apparent reason". I mean, we couldall speculate the price was a bit high for his taste and wanted a discount, or maybe he really believes what he said. That said, I agree that bitcoin price is kind of a bubble, and something tha…
The guy has built and is managing multiple multi billion dollar companies at the same time. Tesla buying bitcoin and profiting from it led to Musk meeting one of the requirements for being awarded options worth billions.
Re: Bitcoin Plummets Below 40K
#55'I hope you didn't buy BTC at >$60K.' [0] Do not invest at the all time highs. [1] [0] https://news.ycombinator.com/item?id=26843806 [1] https://news.ycombinator.com/item?id=26937153
At least for stocks i don't think this is valid. The great index funds have more all-time-highs then not, for bitcoin this has also partly been true i guess. Still i am wary of crypto investments, easy to get burned.
Well the context in my replies there is clearly only talking about Cryptocurrencies here. I did not mention anything else.
> Still i am wary of crypto investments, easy to get burned.
So, since I stayed away from the late Bitcoin mania up to >$60K (and DOGE) and warned others, I am downvoted?
This is why people get burned because they don't understand these 'investments' and join in when it is late, or when Elon Musk and Tesla start a pump and dump scheme and baghodl at all time highs, which is what I am talking about.
I am now congratulating the BTC short-sellers who took advantage of the sea of red in the cryptocurrency markets just 12 days ago. [0]
Re: Bitcoin Plummets Below 40K
#56Things that go up for no apparent reason can come down for no apparent reason.
> "Things that go up for no apparent reason can come down for no apparent reason."
Many of the previous sharp increases do have explanations, e.g. the $150 to $1,500 rise was largely due to manipulation by the Willy and Markus bots[0], the $10,000 to $20,000 rise was largely due to manipulation by Tether and Bitfinex[1]. Will probably take a while for the dust to settle to see if any manipulation was responsible for the recent rises.
[0] https://www.investopedia.com/news/bots-drove-bitcoins-150to1...
[1] https://cointelegraph.com/news/research-tether-bitfinex-mani...
Re: Bitcoin Plummets Below 40K
#57Does anybody use bitcoin for payment at all or is it only speculation at this point?
It's too volatile to do large business. Unless it settles at some price point, I think it will be hard to be adopted.
Re: Bitcoin Plummets Below 40K
#58Does anybody use bitcoin for payment at all or is it only speculation at this point?
I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days. The BTC payment was credited to my account in 10 minutes.
You've just deferred going to the bank and filling in that form to a later date.
...but now you're exposed to massive volatility, regulatory uncertainty, probably capital gains tax on the upside, the risk of having to work through yet another third-party (an exchange), and your tax affairs are likely more complicated
Re: Bitcoin Plummets Below 40K
#59Things that go up for no apparent reason can come down for no apparent reason.
It is all a scam. Buy when it's low for a few months, sell after a big run for a few months going down. Only suckers believe in it
How is this different from fiat currencies and stocks? Those go up and down all the time for no reason, or at least for irrational reasons. There's no reason why Bitcoin and other coins couldn't mature into a more stable up/down cycle to mirror those.
Re: Bitcoin Plummets Below 40K
#60Unless they patch bitcoin to remove energy intensive proof of work concept, bitcoin is goner in couple of year.
Absolutely not. There are plenty of markets that don't care about energy intensive use. Literally no one gave a shit about it a year ago, they won't start now.