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that was great to watch, went from $1300 to $975 in about 90 seconds. We'll see how long the dead cat lasts. See you at $600.
by joecool1029 10y ago
that was great to watch, went from $1300 to $975 in about 90 seconds.
We'll see how long the dead cat lasts.
See you at $600.
- paulpauper 10y agoimho it stabilizes and goes back to 1200. It surged from 2011-2014 without the ETF...Bitcoin is seen as a safe haven against global destabilization. A lot of money on the sidelines looking for a buying opportunity that has come
- ceejayoz 10y ago"Bitcoin" and "safe" in the same sentence is an odd look.
- paulpauper 10y agosafer than many foreign currencies, which have lost 30-99% of their value relative to the USD since 2013
- joecool1029 10y agoYeah but we're talking about a loss of 30% of its value in under 5 minutes. Brexit vote to the GBP wasn't even that bad.
- ratacat 10y agoEh, most of us were expecting it to fall worse.
- Frogolocalypse 10y agoYep. Was picking it to hit the 7's. Quite surprised. Still think it is going to move sideways for a few months though. But hey, I was wrong about the scale of the post-ETF drop, so maybe I'm wrong about that. By any measure, bitcoin has much more support than I thought it did.
- ceejayoz 10y agoAs opposed to Bitcoin, where the statement is sometimes along the lines of "lost 30% of its value since 20:13"?
- paulpauper 10y agoIn 2013, depositors in Bank of Greece lost 50% of their deposits above $100k, overnight, by decree. Not saying Bitcoin is perfect, but the alternatives are often not better.
- ceejayoz 10y ago"We're as bad as Greece during a financial crisis" isn't really reinforcing the "safe haven" argument.
- deleted 10y ago[deleted]
- tobltobs 10y agoWasn't that in Cyprus?
- rommelsLegacy 10y agoyes not only was it in cyprus but it was 60% and in addition the rest of the 40% you weren't allowed to touch it, or more generally you need to submit around 3 forms to get funds from the money that is still there that you and i state this "used to own"
- sneak 10y agoNice joke, but short term volatility aside, bitcoin has been fairly stable for the last year or two, compared to the early days.
- maxerickson 10y agoWhy is it seen as a safe haven? Like if the internet got broken up, Bitcoin would be even harder to use safely.
- paulpauper 10y agoit's much more liieky a country will default or fal ito chaos (5 countries nearly did in 2011 during the European debt crisis) than the internet suddenly ceasing to exist or being broken up.
- maxerickson 10y agoA small country defaulting isn't global destabilization.
- dragonwriter 10y ago> it's much more liieky a country will default or fal ito chaos (5 countries nearly did in 2011 during the European debt crisis) than the internet suddenly ceasing to exist or being broken up. There are countries for which that may be true, but there are other countries with currency to hedge against those events.
- srssays 10y agoWhen bad things happen, sometimes capital controls are introduced. This may restrict the ability for people in that country to purchase foreign currencies. Even in developed countries such as Iceland.
- 1001101 10y agoExactly. The bitcoin market is small compared to other financial markets, 15 billion or so, but has potential to get much larger. In a world of negative interest rates, capital controls, and cashless societies, it looks pretty attractive. It's wealth that you control and own. When the next financial crisis comes (and in the face of low yields and record PEs), the asymmetries of money flowing out of these markets into Bitcoin will be a sight to behold. I hold some BTC. It's been a wild ride from the 200s. -10, -20% is just another day in Bitcoin world. yawn
- Frogolocalypse 10y agoCurrently at 1180. https://bitcoinity.org/markets/bitstamp/USD https://bitcoinity.org/markets/bitstamp/USD Same place it was three days ago. You could have made a lot of money if you had followed your instincts. Or you could have lost it all.
- deleted 10y ago[deleted]