So, it looks like Bitcoin's price hasn't dropped as far (percentage-wise) than the others - any ideas on why that is?
Bitcoin actually dropped at one point from $14000 to about $10500. It has since rebounded.
Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
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Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#42At the moment, Ethereum is still up 8000+% for the year, Litecoin up 6300+% for the year. I think this is end of year profit taking. I do think these ecurrencies are all speculative (my bias), but today's event doesn't strike me as a crash. When the bubble pops we'll see these currencies in the vicinity of their starting prices.
Bitcoin similarly is up 12000+%.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#43Earlier quoted context omitted.
Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for…
I'm not sure about this argument. You can also make a perfect copy of Facebook and you wont have a facebook. The brand is what makes Bitcoin, just like most of the companies that have perfectly good competitors with the same or better product utility but nowhere the market or profits. For Bitcoin to die out, every single person needs to decide that doesn't want it.
There is a social network using facebook. If that network moved, it wouldn't matter how respected the facebook brand was. The brand primarily has value only in the effect it has on growing the network. The same is true for Bitcoin.
Since people want bitcoin primarily because they believe other people want bitcoin, if 90% of the userbase shift to monero or ether or some other coin, there's really no reason for the 10% to hang around. Zero is a very plausible price for bitcoin.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#44So, it looks like Bitcoin's price hasn't dropped as far (percentage-wise) than the others - any ideas on why that is?
Bitcoin is the least risky of all the cryptocurrencies. It has the largest user base. It has the most widespread infrastructure. It has financial products and derivatives. Every other coin is unproven, many are mostly unheard of, and are the highest risk.
The things you say are true, but it's also suffering the worst from transaction fees, scalability problems and has worse technology and struggles to innovate.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#45Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.
You'll do fine. Invest those bitcoins to altcoins, like Ripple or Ethereum. Cryptocurrency capitalisation is still steadily increasing. People are just dumping BTC for altcoins now, which is normal at the end of a strong uptrend. 6 months ago it was the opposite, i.e. altcoins rallied and then were dumped for Bitcoin. Just don't panic. If you're trying to participate in this, you can't take it too seriously, otherwise emotions will wreak havoc on your decision making. The whole trick is riding these waves, without expecting them to be constant.
One piece of long term advice would be to keep greed in check. It's better to make small profits and be calm, than make large profits and be nervous.
Another advice is, before entering a trade, have a clearcut plan of where you will take profit in case the trade goes your way, and where you will leave if it goes against you.
I know the emotional trip can be tough. I added my email to my user page, so get in touch if you need any kind of support, technical or otherwise.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#46What goes up must come down. Cryptocurrencies have no real economic value other than whatever people think they should be worth (which is interesting by itself). Once people stop believing the emperors not just naked then everyone will see him that way.
Bitcoin has immense economics value. There's no other asset on the planet that allows me to put my faith in logic and mathematics instead of a person or institution. Meanwhile, there's a lot of people putting their faith in opaque corporations and unelected central bankers. With the markets sitting at all time highs by every historical measure and debt loads higher than ever it'll be interested to see how that works…
I believe crypto/blockchain will have tremendous use cases, and could end poverty via GBI... BUT BTC itself has MANY flaws, for instance if I want to send someone $10 of bitcoin it'll cost me $26 in transaction fees.
I might as well wire them the money it'd be cheaper...
The tech is good, but BTC itself not so much... My money is on Ardor. I'm putting all my money on their tech... so far I'm up 10x over what I started with.
edit: You also have to trust btc companies, miners, exchanges, developers, etc to all cooperate and move things in a positive way.. one bad fork, or 51% attack and it screws everything.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#47Earlier quoted context omitted.
I'm not sure about this argument. You can also make a perfect copy of Facebook and you wont have a facebook. The brand is what makes Bitcoin, just like most of the companies that have perfectly good competitors with the same or better product utility but nowhere the market or profits. For Bitcoin to die out, every single person needs to decide that doesn't want it.
There is a social network using facebook. If that network moved, it wouldn't matter how respected the facebook brand was. The brand primarily has value only in the effect it has on growing the network. The same is true for Bitcoin. Since people want bitcoin primarily because they believe other people want bitcoin, if 90% of the userbase shift to monero or ether or some other coin, there's really no reason for the 10%…
Definitely, it's just that moving away from Bitcoin is not much more easier than moving away from Facebook.
I agree that it can happen, like the exodus from Digg to reddit, but the brand is strong and it will have serious financial implications making it significantly harder than creating an account on the competitors product and continue as is.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#48Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.
This person is trolling all of you. Look at this post he/she made nearly four years ago: https://news.ycombinator.com/item?id=7803526
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#49Earlier quoted context omitted.
I hope this is a joke or sarcasm. But if not, you should definitely not invest money that's not your's, no matter what you think you will miss out on. As you know that's part of the investing 101. But on the brighter side, there are far too many people involved for this to go full bust, the tech is solid, there's more and more exchanges launching associated products(bitcoin futures), Goldman is launching a full tradi…
Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for…
>Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for a forked coin or possibly some other purpose altogether
Disclaimer: I own zero cryptocurrencies, but have a decent knowledge of the space
Here's why I think Bitcoin will never go bust entirely, regardless of the day to day price: it's the area under the curve of POW energy expenditure. At this point, so much energy has been expended mining bitcoin that that in itself creates value. Even if the price crashes 100x it will always be worth something. And whatever that "something" is, no one can say yet. But I would wager that it's much higher than whatever the initial players bought in for (in terms of cash or energy spent mining). Sure plenty of other altcoins can come along in the future, but catching up with the level of work that has been done on the Bitcoin blockchain at this point seems impossible to ever do. It's simply a matter of compute power that is physically available.
Re: Bitcoin, Bitcoin cash, ethereum and litecoin crash on Friday December 22
#50Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.
This person is trolling all of you. Look at this post he/she made nearly four years ago: https://news.ycombinator.com/item?id=7803526
I sold back then when it dropped to $300, wanted to get back into bitcoin, who knew that I'm going to buy high