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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

#61

Post by rcxdude »

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.

> Rinse and repeat

Until it doesn't repeat, which gets more and more likely each cycle.

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

#62

Post by jp555 »

newsclues wrote: post #34
jp555 wrote: post #20

Earlier quoted context omitted.

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

If you want people to adopt your viewpoint, education works better without being rude and condescending. If you want to promote others beliefs that Bitcoin has become a religious cult and MLM scheme, your attitude is perfect.

You're mind reading.

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

#63

Post by endisneigh »

spelunker wrote: post #58
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…

I view it as a similar asset class to gold - why own gold? No really though, I don't own any physical gold for the same reasons.

what does gold have to do with bitcoin? why even bring it up? did gold also crash today?

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

#64

Post by NhanH »

endisneigh wrote: post #22
jp555 wrote: post #20

Earlier quoted context omitted.

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

please, feel free to educate me. what's the value of bitcoin, other than the tautological argument around preserving its value?

I left the US a few years ago. Occasionally, I sent a few thousands to my US bank account via bitcoin + coinbase. I was then able to wire my money to a seller in Singapore for a lovely set of Go (the board game) problem books that I have been looking for.

I am a Vietnamese living in Vietnam, and I would have absolutely no way to wire $2000 to a bank in Singapore (I tried). I do wish bitcoin stay alive (along with the US financial system too)

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

#65

Post by robjan »

bko wrote: post #19
almost_usual wrote: post #13

Earlier quoted context omitted.

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

If you're from an undeveloped country you probably can't afford the huge transaction fees and wild swings in price

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

#69

Post by GhostVII »

NickM wrote: post #15
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.

He also cares about Tesla stock price though, and that is significantly down today since they have so much Bitcoin holdings.

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

#70

Post by whack »

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…

The stock market has plunged 30% in a short period of time. Sure, it might be over a few weeks as opposed to days, but that's just a quantitative difference, not qualitative.

The main value propositions behind bitcoin are:

- stable store of value in its end state (minimal inflation)(note: you'll see wild fluctuations during the interim period where its future is uncertain)

- not under the control of any government or central authority (no risk of hyperinflation)

- easy to store in large quantities (you don't need to buy a large vault just to store all your bitcoin)

- easy to trade in large quantities (you don't need to hire trucks to transport your bitcoin)

- easy to hide from a predatory tax regime (ie, communist takeovers)

- may one day be accepted as a common currency for the above reasons, just like gold 100 years ago

Investing in bitcoin is like investing in a startup. There are no guarantees, its value proposition is contentious, and it requires a leap of faith. I personally refuse to speculate on its success. But I don't see anything innately nonsensical or zero-sum about it

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