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No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

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Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#111

Post by rebuilder »

simias wrote: post #20

Since the article states "the trigger for the latest sell-off is unclear" I'm really curious if somebody here could venture a guess about the reasons for the sudden drop. The Bitcoin Cash fork seems suspiciously correlated but is it big enough news to cause such a turmoil? Being a cryptocurrency-skeptic I won't pretend that I don't experience a little bit of schadenfreude when I see CC crash, however if I'm trying to…

The latest bubble continues to deflate. I'm not about to make any predictions at all, but a drop to 1500 or so would be quite "normal" for Bitcoin, historically speaking. Again, there's no particular reason to think it will go there, or if it does, stop there. The volatility in crypto is just so high it's hard to say there's any particular reason for price movements beyong trader's reactions to price movements.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#113

Post by antidesitter »

scient wrote: post #74
superkuh wrote: post #66

Earlier quoted context omitted.

This is also the result of the federal governments of the world, the US in particular, choking off all the fiat crypto exchanges with their expanded and draconian know your customer laws. As an anecdote, I didn't buy my monthly bitcoin purchase early this month because I've been (and still am) locked out of my ~5 year old coinbase account I use constantly because they are being required to require new forms of ID and…

Yeah, KYC/AML is totally bad because of trying to actually prevent money being funnelled into crime organization etc. This is why I cant stand ignorant crypto-fans.

I bet you also can’t stand people who oppose mass surveillance. Those ignorant people! Don’t they understand the government is just trying to prevent crime?

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#114

Post by dragontamer »

quickben wrote: post #92
simias wrote: post #20

Since the article states "the trigger for the latest sell-off is unclear" I'm really curious if somebody here could venture a guess about the reasons for the sudden drop. The Bitcoin Cash fork seems suspiciously correlated but is it big enough news to cause such a turmoil? Being a cryptocurrency-skeptic I won't pretend that I don't experience a little bit of schadenfreude when I see CC crash, however if I'm trying to…

> could venture a guess about the reasons for the sudden drop It has to decline, I was giving it 2-5 yeas, but it seems it dropped much faster: https://news.ycombinator.com/item?id=15760415 As for the faster than usual now, my guess is few things. Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, so the gig that everybody is increasingly mining was…

> Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well,

You've got cause / effect backwards. The slide started on Nov 13th, while NVidia's earnings report is Nov 15th.

The NVidia thing was my first hypothesis too. But it doesn't seem to hold up to scrutiny.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#115

Post by xiphias2 »

simias wrote: post #20

Since the article states "the trigger for the latest sell-off is unclear" I'm really curious if somebody here could venture a guess about the reasons for the sudden drop. The Bitcoin Cash fork seems suspiciously correlated but is it big enough news to cause such a turmoil? Being a cryptocurrency-skeptic I won't pretend that I don't experience a little bit of schadenfreude when I see CC crash, however if I'm trying to…

With BTC this is just normal volatility. The usual drawdowns that are happening every 1-3 years are about 75% - 95%. If the price of BTC goes under $1000 that will be something new.

I can't speak of other coins as they are a very different market (and I'm a Bitcoin maximalist).

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#117

Post by acdha »

mruts wrote: post #61
na85 wrote: post #45

Earlier quoted context omitted.

Has anyone come up with a use case for blockchains yet, that isn't buying illegal drugs or money laundering? I keep seeing pie in the sky hypotheticals like "supply chain trust" from people who think farmers are etching their cucumbers with serial numbers, but I've yet to see any use case presented for a blockchain that has real utility and isn't better solved by existing processes or systems.

stablecoins seem like a good idea. But, besides, isn’t buying drugs a pretty good application of crypto? I know I have derived value from that.

Ignoring the question of legality for the moment, it sharply limits the potential size and increases the costs. Legitimate businesses are going to be less likely to use a service which is strongly associated with criminal activity, exchanging for useful currency is going to be riskier and more expensive, and transactions are going to be easier to monitor with lower transaction volumes. All of those world-changing pitches are a lot harder to sustain when the volume is that much smaller and most of the players have a strong incentive not to talk about it.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#118

Post by dragontamer »

pault wrote: post #109
quickben wrote: post #92

Earlier quoted context omitted.

> could venture a guess about the reasons for the sudden drop It has to decline, I was giving it 2-5 yeas, but it seems it dropped much faster: https://news.ycombinator.com/item?id=15760415 As for the faster than usual now, my guess is few things. Main contribution is NVidia that had their earnings report, they told the planet flat out gpus aren't selling as well, so the gig that everybody is increasingly mining was…

Hasn't GPU mining been unprofitable for at least five years now? I remember everyone moving to asics back in 2012.

Any GPU mining is assumed to be on Ethereum, Monero, or ZCash. Which... at least a few months back... remained profitable. I don't know if its profitable anymore since the prices have dropped so dramatically.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#119

Post by praneshp »

mkohlmyr wrote: post #79
superkuh wrote: post #66

Earlier quoted context omitted.

This is also the result of the federal governments of the world, the US in particular, choking off all the fiat crypto exchanges with their expanded and draconian know your customer laws. As an anecdote, I didn't buy my monthly bitcoin purchase early this month because I've been (and still am) locked out of my ~5 year old coinbase account I use constantly because they are being required to require new forms of ID and…

If it makes you feel any better I have been cut off from my CB account since around the time I opened it, because your ID (for password recovery) seemingly has to be issued by the country you live in. (And their customer support is non-existant). My bad for being unwilling to become a UK citizen for a few steak dinners worth of bitcoin I guess!

Nice snark.

In reality, a driver license is enough.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#120

Post by pavel_lishin »

superkuh wrote: post #66
jeletonskelly wrote: post #34

Earlier quoted context omitted.

Trading volume has dropped significantly over the last 6 months. Large holders have been patient waiting for new money to enter the market. Eventually, when the only activity is a few automated traders and the exchange liquidity provider, large holders are faced with opportunity costs of investing in something else and the limited liquidity the market can absorb as they exit. It's a domino effect as they see each oth…

This is also the result of the federal governments of the world, the US in particular, choking off all the fiat crypto exchanges with their expanded and draconian know your customer laws. As an anecdote, I didn't buy my monthly bitcoin purchase early this month because I've been (and still am) locked out of my ~5 year old coinbase account I use constantly because they are being required to require new forms of ID and…

> they are being required to require new forms of ID and I cannot supply it.

Can't, or won't?

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