Cryptocurrencies are collapsing • Hacker News Board

Re: Cryptocurrencies are collapsing

#51

Post by ric2b » Tue, Jan 16, 2018, 11:09 AM UTC

dan1234 wrote: post #26

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.

Is there an ETA for the Lightning Network? It seems to have been 'coming soon' for a while.

There's no ETA, people can start using it right now if they want (some crazy people are already using it on main net) but the developers don't consider it safe and stable enough to use with real money (only recommended on test-net right now)

Re: Cryptocurrencies are collapsing

#52

Post by ric2b » Tue, Jan 16, 2018, 11:10 AM UTC

BozeWolf wrote: post #39

eddz wrote: post #2

I would call it more of a "market correction" than a "collapse."

This is crypto logic. In 'real' stocks this will be called a collapse for today or at least an extremely wild ride. I wonder how much technical analysis can be done to predict this. Just HODL!

> This is crypto logic. In 'real' stocks this will be called a collapse for today or at least an extremely wild ride.

It is a wild ride. The reason this is a correction and not a collapse can be easily understood if you zoom out your charts enough so that you can see the ancient times of November 2017.

Re: Cryptocurrencies are collapsing

#53

Post by sethgecko » Tue, Jan 16, 2018, 11:11 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.

Please do tell what the correct value is for a bitcoin and how you arrived at that number.

Re: Cryptocurrencies are collapsing

#54

Post by skerit » Tue, Jan 16, 2018, 11:37 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.

I thought most people, even the hard-core believers, were waiting for a correction. The previous times Bitcoin grew so exponentially it was always followed with a hard crash, though this time it's taking a bit longer.

Re: Cryptocurrencies are collapsing

#55

Post by jhoechtl » Tue, Jan 16, 2018, 11:38 AM UTC

storafrid wrote: post #44

stillbourne wrote: post #38

Earlier quoted context omitted.

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.

The price of energy required to mine 1 BTC. What else? That's its inherent value.

Re: Cryptocurrencies are collapsing

#56

Post by CPLX » Tue, Jan 16, 2018, 11:41 AM UTC

anonytrary wrote: post #16

maze-le wrote: post #13

This site lists 1450 different cryptocurrencies. I wonder how many of them can be used as actual currency. Bitcoin adoption has stalled and at least one big vendor (valve/steam) dropped it because of the price instability.

Why businesses might not use Bitcoin: 1. Bitcoin remains speculative and volatile. This will cause it to be adopted by smaller businesses that can "do things that don't scale". We won't see big businesses support mainstream crypto payments until the demand is high enough to justify the risk. 2. Bitcoin itself is a clamped network, as such the fees are very high. You can't sell Lemonade at your stand with Bitcoin if t…

3. Because US dollars work fine

Re: Cryptocurrencies are collapsing

#57

Post by bhaak » Tue, Jan 16, 2018, 11:41 AM UTC

singularity2001 wrote: post #40

bhaak wrote: post #33

Earlier quoted context omitted.

Look at the headers on the OP page. Those are the percentage for 1h, 24h, and 7d changes. cryptowat.ch only shows the 24 hour change and that matches coinmarketcap.com's value.

Bitcoin: % 1h % 24h +0.13% +3.21% # Name Symbol Market Cap Price Circulating Supply Volume (24h) % 1h % 24h % 7d 1 Bitcoin BTC $237,388,220,556 $14,126.10 16,804,937 $12,931,700,000 0.13%

Caching issue? I can view https://coinmarketcap.com/all/views/all/ even in elinks and it shows the correct data.

Re: Cryptocurrencies are collapsing

#58

Post by glenneroo » Tue, Jan 16, 2018, 11:42 AM UTC

jhoechtl wrote: post #55

storafrid wrote: post #44

Earlier quoted context omitted.

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.

The price of energy required to mine 1 BTC. What else? That's its inherent value.

This will end very soon since 80% of coins have been mined already. So the energy consumption will only be miners processing transactions.

Re: Cryptocurrencies are collapsing

#59

Post by Agebor » Tue, Jan 16, 2018, 11:43 AM UTC

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 just price manipulation by big holders. External factors/news are often regarded as the cause of dips and gains, while other, often simpler reasons remain under appreciated.

This post about XRP applies to roughly every other cryptocurrency too: https://www.reddit.com/r/Ripple/comments/7pzd7f/heres_what_w...

Re: Cryptocurrencies are collapsing

#60

Post by rplnt » Tue, Jan 16, 2018, 11:48 AM UTC

hsxd wrote: post #31

It’s amazing how many people are against crypto currencies for some odd reason. A correction is being called a collapse, this is just pathetic.

I'm against cryptos in their current form. It was better, and hopefully it will get better, but now it's a mess. Investors, buzzwords, hype, ...