Now with this temporary crash what will happen to the farms that heavily invested in ASICS, and that with difficulty will be mining at a loss in weeks? (honest question)
What makes you say temporary?
China bans new Bitcoin deposits
51–60 of 131 posts
Re: China bans new Bitcoin deposits
#52Earlier quoted context omitted.
Who knows, maybe the example to learn from is not getting scared when you go from $11k to $5.1k and waiting for a month until it's up to $20k. On the other hand, maybe it's that you should sell having only lost $5.9k rather than wait until that $5.1k drops to $5.10.
Depends on your wager. If you think bit-coin will never rise again sell now and walk away wounded. But that wager makes no sense at all since people accidentally delete there wallets all the time and there's a limited supply of bit-coins. If you factor in time bit-coin can only go up as long as people are still using it and i have confidence bit-coin will reach wide adoption.
The wager makes perfect sense if you don't think BTC will rise again though...
Re: China bans new Bitcoin deposits
#53I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again.
>> Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again.
I agree entirely BUT I can see how someone might be misled by all the bitcoin cheerleading.
Re: China bans new Bitcoin deposits
#54For serious entertainment, Bitcoin markets now are great places to try some day trading rodeo. Instant buy/sell with lots of drama and reasonable depth. Stick with your stop-loss strategy and it's a real adrenalin rush. I trade a small amount up and down and even made 40% profit for the last two weeks just by trying to catch bottoms and selling a little higher. Cheap entertainment IMO.
Same here, done OK just watching the BTCWisdom charts with a few basic indicators. Its good fun...
Re: China bans new Bitcoin deposits
#55This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…
> Bitcoin might topple the dollar hegemony if popularized, which might be what China wants Why would China want this? The current system works in their favor, even they admit RMB isn't ready to be a world currency yet by disallowing full convertibility. > but central banks lose their power to control the money flow in the system Exactly. Also, this is a big loophole over the RMB's non-convertibility limitation/featur…
Who is taking the other side of the trade with these Bitcoin/RMB exchanges? I mean, I often come across people who have RMB but want USD. Far less often do I come across people who have USD but want RMB.
Re: China bans new Bitcoin deposits
#56Earlier quoted context omitted.
U.S.A. Suicide Hotline 1-800-273-TALK (8255). Remember, it's just money.
I love when people just like that are assuming that everything has to happen in U.S.A. and that world around it doesnt exist ;)
I'm truly annoyed when people latch onto a single word, and forget everything else you are saying.
Re: China bans new Bitcoin deposits
#57Yes, Bitcoin dropped 40% today- but keep in mind that on any average day it swings 20%.
If you invest because you believe in the underlying technology, you'll have to ride out the volatility waves until it matures(or dies).
But, it's going to take more than people holding onto their bitcoins and waiting for the value to go up- people need to spend them on things for it to work.
Re: China bans new Bitcoin deposits
#58I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
You need patience with Bitcoin. It does swings like this all the time. The last spike topped out at around 250 in spring this year and then dropped to 100 for some time. Then as you know it recently spiked at 1200 and now is down again. Hold it two years, and if you don't have a 10x increase, you can decide it was stupid. Deciding now is indeed stupid, so I would advise against it. Take a deep breath, see it as a ris…
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Re: China bans new Bitcoin deposits
#59I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
maybe this will cheer you up a bit:
i bought after the last bubble burst, but still to high at a rate of 150$.
BTC continued to fall and dumpled around 100$ for months, but i decided to hold on instead of selling with a loss.
The decision has paid off, i sold at ~1000$.
Re: China bans new Bitcoin deposits
#60Earlier quoted context omitted.
Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again.
>> Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again. I agree entirely BUT I can see how someone might be misled by all the bitcoin cheerleading.
>> I agree entirely BUT I can see how someone might be misled by all the bitcoin cheerleading.
I don't. Every time I see the comments on BTC articles, I get the impression the groupthink among BTC optimists is so strong it effectively kills their ability to form an individual opinion. I mean, seriously, why on earth would anyone in their right mind ever think an 'asset' (which isn't even an asset) can rise 200x within a year and not be one gigantic bubble, just because the BTC echo chamber says it's 'the currency of the future', despite the fact that ~100 people hold over ~50% of all BTC, and not much more than 1% of BTC transfers are actually used for actual trades? I'm really lost for words when it comes to the naivity of people (still) holding BTC.
But go ahead, buy the dip, hope for the best, I mean, Winklevoss says it will go to $40K :-/