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Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

cnbc.com

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Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#11

Post by stephc_int13 »

christophilus wrote: post #5
aerodog wrote: post #2

Any evidence for why or how this is happening? Who are the sellers?

It happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat. To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.

If you are a gambler, crypto is a dream asset, with a good combination of talent and luck you can make good money.

But don't be dumb, it will plunge for real at some point.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#12

Post by throwaway5752 »

iabacu wrote: post #3

Last year people would jokingly say that the headline this year would be "bitcoin crashes to 30k", and that was dismissed as stupidly bullish.

Your comment appears to be the only one in Hacker News history that says, "bitcoin crashes to 30k". Maybe the phrasing was different?

It's not good when an asset class drops by 30% in 24 hours.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#13

Post by almost_usual »

endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

Something something hedge against 4% YoY inflation

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#15

Post by NickM »

stephc_int13 wrote: post #7

Meanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412

So bizarre that he would tweet this after coming out against Bitcoin for environmental reasons. The higher the price goes, the greater the incentive to spend more electricity on mining; for anyone who cares about the environment this crash is great news.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#16

Post by christophilus »

chii wrote: post #9
christophilus wrote: post #5

Earlier quoted context omitted.

It happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat. To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.

> then hit 100k. Rinse and repeat that's purely speculation - it might or might not. It depends on the chaotic forces of the market participants, because there's no underlying intrinsic value for crypto.

> To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#18

Post by Supermancho »

aerodog wrote: post #2

Any evidence for why or how this is happening? Who are the sellers?

As I understand it, when China banned crypto transactions - "Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions."(1) and suggested not to use crypto "The slump for bitcoin comes after the People’s Bank of China was seen warning against using digital coins as payment."(2), people started to dump certain currencies and take their profits...perhaps to put in to other things. This resulted in drops that triggered floor price alerts and bigger players dumped, which cascaded around to the various currencies.

1) https://www.bbc.com/news/business-57169726 2) https://www.marketwatch.com/story/bitcoins-40-crash-does-fee...

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#19

Post by bko »

almost_usual wrote: post #13
endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

Something something hedge against 4% YoY inflation

Not everyone in the world lives in an economy that has 4% YoY inflation. And not everyone has access to financial services or a developed banking sector

Re: Bitcoin’s plunge intensifies, tanks 30% to $30k in single day

#20

Post by jp555 »

endisneigh wrote: post #10

other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…

Your self-admitted lack of understanding is not evidence there's no value in Bitcoin.
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