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Bitcoin and almost every other cryptocurrency crashed hard today

techcrunch.com

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Re: Bitcoin and almost every other cryptocurrency crashed hard today

#71

Post by jachee »

navaati wrote: post #43
stevenmays wrote: post #14

Still crashing. Down to 11k. ::grabs popcorn:: https://www.gdax.com/trade/BTC-USD

Wow, this interface is very cool, very useful to explain how markets/pricing work ! Maybe (probably) it's some pretty standard way of displaying things but I had never seen one like this.

I've been using https://ohmyco.in for the last couple of months.

It's got order books and charts for quite a few coins and exchanges, which makes it easier to see if there's a market-wide trend or just one coin/exchange fluctuating.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#74

Post by LV-426 »

ssharp wrote: post #41
explorigin wrote: post #29

Earlier quoted context omitted.

It's not even done crashing

Is there any evidence the price should have went from $1k to almost $20k other than hysteria and fraud? If not, why buy?

To be fair, it probably will be pumped to $50k some time in the future (before crashing again). It's what Bitcoin does. After ten years, it's all it does.

In 2011 (or something, I'm going by memory) it rose to $30 before crashing back to about $5. In 2013 (still the days when all people had to do was spam a few forums) it reached $10, $100, $200 before stagnating until MtGox and Willybot pumped it up to $1k.

ISTR some people back then were predicting $10k BTC by the end of the next year (end of 2014). Instead it was about $500 or something, and BTC didn't reach $1k again for about three years (the start of this year or end of last year).

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#75

Post by bsaul »

solotronics wrote: post #52

Buying on the way down, see you all on the upswing in about a year. I bought after the MtGox crash in 2013 and can't wait to buy this bear market!

What do you consider a "bottom" price for bitcoin ? or a "high" price ?

This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#76

Post by regularhackerer »

htormey wrote: post #51

I do mobile software consulting. To give you an idea of the level of crypto currency mania: Every single one of my clients in San Francisco have some kind of slack or group chat devoted to crypto trading. I was waiting at the front desk of a client who has a floor in a fancy building downtown. Whilst waiting I overheard the end of a conversation between the door guy talking to the maintanence man: “I put in a bunch o…

Hopefully this crash scares away the door guy. Cant have poor people around in the big boys market. /s

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#77

Post by MuffinFlavored »

deegles wrote: post #54
joshvm wrote: post #44

This is why you buy over time, and not in one go (dollar cost averaging). Your gains are lower than if you coincidentally managed to buy at the bottom, but you won't be affected nearly as hard as if you put all your money in at the top. Does this suggest that people are dumping to fiat, rather than other coins? There was speculation that the reason Ripple shot up recently was because people were buying it with Bitcoi…

Only if the fees are low.

Only if you like catching a falling knife and holding a bag. :)

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#79

Post by buttcoinslol »

jaywunder wrote: post #16

Serious question: who didn't expect this? Did anybody think that the 19K high of last week was going to be the new normal?

I wanted to short bitcoin, I predicted a price correction of -50% after the CBOE and CME futures came online, and well, here we are. Unfortunately I can't post 200% margin even on a 20k contract :(

edit: The futures markets may not have even been the catalyst for this drop, more likely it's this: "The market has also been artificially pumped up by Bitfinex and their money printing machine Tether."

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#80

Post by comstock »

ckastner wrote: post #37
nihonde wrote: post #32

Earlier quoted context omitted.

I guess, but unless you bought in past few weeks, you’re still way up. This is more likely a huge payday for those who held long and liquidated at year end.

You're still way up on paper . The payday comes when you actually liquidate your position, and you get the funds out of the exchange. Lot's of people were way up on Mt. Gox.

Ultimately I feel like the payday comes when you’ve bought something you actually want. Prices of all things can go up and down.

If you goal was to buy a house and house prices suddenly increase, even after you cashed out your bitcoin, you might still be disappointed.

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