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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

#321

Post by projektfu »

apo wrote: post #308

Having seen four of these major wipeouts over the years, here's the pattern for this highly cyclical spectacle: 1. Nobody cares about Bitcoin. If you tell anyone you bought it, they either shrug or laugh. 2. Bitcoin refuses to die. The long-predicted technology show-stoppers never happen and the network keeps chugging. A small but dedicated group of users continues using it on a regular basis. 3. Speculators who had…

"13. After months or years of flat to downward USD/BTC motion, the only people left holding bitcoin are those who understood it and wouldn't sell at any price."

Lol

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

#322

Post by narrator »

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…

I think the bell that rung at the top was the same bell I've seen in other speculative markets: The main people you would expect to see cheerleading throw in the towel and say it's crazy. That happened writ large at the beginning of 2018. There was one presentation at a Bitcoin conference I went to in early 2018 where this long haired huppy guy went through CoinMarketCap and called out every single thing on there as bullshit and scams.

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

#323

Post by projektfu »

sbierwagen wrote: post #294
natmaka wrote: post #277

Earlier quoted context omitted.

The problem here is not Bitcoin per se, it is the current state of the real world, where anyone can "buy" and "sell" Bitcoin for legal tender. Bitcoin, in a world where it is the sole currency, has the benefits you quoted.

If the design of bitcoin requires it to be the only currency in the world, then it will never function correctly.

No true Bitcoin has this problem, of course.

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

#324

Post by ojr »

overcast wrote: post #4

That's what happens when you screw over the general public in a giant pump and dump. There is just no more money left to steal. First time was for the early adopters at $1000, second time was for the late majority at $19,000. You're not going to see that happen again.

I sold around $14k after holding for years, and I was thinking about placing a short at $6500 but decided not to, the best traders in this space make money on the way up and down

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

#325

Post by oliv__ »

projektfu wrote: post #321
apo wrote: post #308

Having seen four of these major wipeouts over the years, here's the pattern for this highly cyclical spectacle: 1. Nobody cares about Bitcoin. If you tell anyone you bought it, they either shrug or laugh. 2. Bitcoin refuses to die. The long-predicted technology show-stoppers never happen and the network keeps chugging. A small but dedicated group of users continues using it on a regular basis. 3. Speculators who had…

"13. After months or years of flat to downward USD/BTC motion, the only people left holding bitcoin are those who understood it and wouldn't sell at any price." Lol

Quite the paradoxical statement.

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

#326

Post by kinggfxx »

wild_preference wrote: post #306
atomical wrote: post #228

Earlier quoted context omitted.

* Basic Attention Token (BAT), Brendan Eich, digital advertising * FunFair (FUN), Jez San, online gambling

How is BAT not just a money grab? It could've been done with cash. New blockchain tokens just create speculative hype and make the creator rich. Also, how does blockchain help in its objective over any other solution beyond making the creator rich?

They needed a way to bootstrap adoption and spread BAT tokens out into the wild. If they didn’t generate them they would have had to pay for something else and they didn’t have the money to do that.

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

#328

Post by alexvoda »

projektfu wrote: post #321
apo wrote: post #308

Having seen four of these major wipeouts over the years, here's the pattern for this highly cyclical spectacle: 1. Nobody cares about Bitcoin. If you tell anyone you bought it, they either shrug or laugh. 2. Bitcoin refuses to die. The long-predicted technology show-stoppers never happen and the network keeps chugging. A small but dedicated group of users continues using it on a regular basis. 3. Speculators who had…

"13. After months or years of flat to downward USD/BTC motion, the only people left holding bitcoin are those who understood it and wouldn't sell at any price." Lol

Aparently Bitcoin is emo now.

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

#329

Post by aphextron »

jobigoud wrote: post #275
aphextron wrote: post #5

Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.

One year ago it was at 8K and a month later at 18K. It's not linked to "that time of the year".

>One year ago it was at 8K and a month later at 18K.

And two years ago it was at $600. Everyone who jumped on the bandwagon last November during the $18k pump completely misses that fact. BTC has been the single biggest wealth transfer from institutions to individuals of our generation.

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

#330

Post by aphextron »

pc86 wrote: post #27
aphextron wrote: post #5

Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.

You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

>You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

It's not "down 80%" for anyone but dumb money who jumped in at the peak last November. BTC is up over 10,000% since 5 years ago.

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