Cryptocurrencies are collapsing • Hacker News Board

Re: Cryptocurrencies are collapsing

#41

Post by Theodores » Tue, Jan 16, 2018, 10:54 AM UTC

They were, but, in the last few minutes the last hour numbers have all gone green. They were definitely all red when I checked this half an hour ago.

I think the whole thing is a scam and that it is incredible the willingness of people to be scammed. Yes I see merit in a decent online currency that works like cash but securely, however, these crypto things are speculative tulip stocks in a book-keeper's window and the people that have bought into it are very much in a cult of their own devising. It is comical. When fools rush in.

Re: Cryptocurrencies are collapsing

#42

Post by tedeh » Tue, Jan 16, 2018, 10:54 AM UTC

zerostar07 wrote: post #32

Coinmarketcap shows prices in USD while most cryptos are trading against BTC, so what you’re seeing is mainly the drop of BTC against the dollar. Coins are also dropping against BTC of course, but not all of them, you can see that in an exchange like binance

The "BTC Dominance" chart from Coinmarketcap sheds light to this: https://coinmarketcap.com/charts/#dominance-percentage

It actually shows that Bitcoin has lost a lot of value against altcoins since the early December top.

Re: Cryptocurrencies are collapsing

#43

Post by HenryBemis » Tue, Jan 16, 2018, 10:57 AM UTC

stillbourne wrote: post #38

flowctrl wrote: post #14

A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…

Or it could be, gasp, perhaps bitcoin was overvalued? No, anything but that.

IMO BTC's value could sensibly fluctuate around $10k. The hype/trend and the media frenzy caused the spike of $20k.

Let it rest for a while and I believe it will have more races up-and-down the 10k-22k range so people can enjoy their gambling ;)

Re: Cryptocurrencies are collapsing

#44

Post by storafrid » Tue, Jan 16, 2018, 10:59 AM UTC

stillbourne wrote: post #38

flowctrl wrote: post #14

A confluence of factors: 1. China cracking down harder: https://www.nytimes.com/reuters/2018/01/16/business/16reuter... 2. South Korea cut off access to banks by cryptocurrency exchanges in December, and access to exchanges by foreign traders. As a result the prices in the country spiked, and the largest price aggregator CoinMarketCap removed Korean exchanges from the index because they were skewing the averages. Thi…

Or it could be, gasp, perhaps bitcoin was overvalued? No, anything but that.

How would you define "overvalued"? Is it the current average price compared to a very low price three months from now? What if it recovers a few weeks after that — would that change the fact that it was once "overvalued"? Valuation is not based on nothing, in vacuum. The challenge is to understand the underlying factors. The post you replied to actually tried to shed some light.

Re: Cryptocurrencies are collapsing

#45

Post by panzerboy » Tue, Jan 16, 2018, 10:59 AM UTC

shroom wrote: post #37

Novice crypto question... I read a comment here about 1 month ago someone predicted a correction of BTC value to mind january because some coins would "expire" then. I'm trying to find the comment now to learn more. Anyone have any insight what I'm talking about?

Probably those futures somebody was mentioning in another comment.

Re: Cryptocurrencies are collapsing

#46

Post by dmichulke » Tue, Jan 16, 2018, 11:00 AM UTC

coinmarketcap doesn't show all the price changes that its API offers.

Here is another view on 1h, 24h and 7d price change of the top 10 coins:

http://cryptoport.net/sample-portfolio

Re: Cryptocurrencies are collapsing

#47

Post by HenryBemis » Tue, Jan 16, 2018, 11:02 AM UTC

shroom wrote: post #37

Novice crypto question... I read a comment here about 1 month ago someone predicted a correction of BTC value to mind january because some coins would "expire" then. I'm trying to find the comment now to learn more. Anyone have any insight what I'm talking about?

Perhaps it was not BTC or cryptocurrencies expiring but "investors" (gamblers) betting that X or Y commodity's value (gold, oil, USD, EUR, BTC?) will be on $Z, and the closer they places their bet on value Z the more money they make.

Re: Cryptocurrencies are collapsing

#48

Post by thisisit » Tue, Jan 16, 2018, 11:04 AM UTC

The strange fascination with cryptocurrency price continues. I wonder if there should be a rule against posting every other price count on HN.

Re: Cryptocurrencies are collapsing

#49

Post by singularity2001 » Tue, Jan 16, 2018, 11:04 AM UTC

dmichulke wrote: post #46

coinmarketcap doesn't show all the price changes that its API offers. Here is another view on 1h, 24h and 7d price change of the top 10 coins: http://cryptoport.net/sample-portfolio

so much better. to me coinmarketcap is just broken (see below)

Re: Cryptocurrencies are collapsing

#50

Post by ric2b » Tue, Jan 16, 2018, 11:05 AM UTC

fgonzag wrote: post #25

flowctrl wrote: post #19

Earlier quoted context omitted.

The Lightning Network, coming soon to Bitcoin, will solve the performance & fee problems too. Stability will come with increased liquidity.

People keep saying that. I wonder if they have actually read the white paper. The lightning network will only work for exchanges who will keep channels open between them. Getting a graph of every wallet connected to every other wallet is a mathematical impossibility. The lightning network is essentially instituting central banking all over again, this time with bitcoin. "Oh so you want to transfer coins quickly? Bett…

> The lightning network will only work for exchanges who will keep channels open between them. Getting a graph of every wallet connected to every other wallet is a mathematical impossibility.

Transactions can be routed through multiple channels, you don't need to open a channel to every single wallet you want to transact with. That would not be a Lightning network, it would just be payment channels.

> The lightning network is essentially instituting central banking all over again, this time with bitcoin. "Oh so you want to transfer coins quickly? Better keep them at well connected exchange so it can be instantaneous, and you'll only be transferring between exchanges by the way."

Not even close to central banking, LN transacts real Bitcoins, not IOU's, so they can't print more base money or more debt-based money. There's also no trust needed (no counter-party risk and you can route around censorship attempts)