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Crypto-currencies have lost 30% of their value in the last 3 weeks
- predavlad 9y agoAny speculations on why this is happening, and whether/how much they will grow in the near future ?
- tluyben2 9y ago1st of aug there is a fork (maybe) which makes people very nervous. Most people I know sold off because of that (and not understanding what stuff means as in ; all crypto is the same and this sounds dangerous!). And correction which was needed anyway. I'll be buying.
- weavie 9y agoThere's a good explanation here : https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/ https://bitcoinmagazine.com/articles/bitcoin-beginners-guide...
- flashmob 9y agoOther metrics indicate could be just that it's holiday season. In the northern hemispheres, people are outdoors & enjoying the summer. This coincides with the sudden drop in Google searches for bitcoin and others, also I've noticed the number of users online on poloniex has dropped significantly. This seasonal pattern was first observed with bitcoin, check this out: https://medium.com/@octskyward/bitcoin-s-seasonal-affective-disorder-35733bab760d https://medium.com/@octskyward/bitcoin-s-seasonal-affective-... Also, other negative news: 1. Alphabay, the largest darknet market went offline, not sure if that is significant. 2. Bitnumb, largest(?) crypto exchange in South Korea got hacked, also not sure how much impact this had, but usually an exchange hack has a short term effect on prices and there has been a lot of recent activity in SK. Other reason may be that boom and bust cycles are a natural occurrence of crypto markets. They were getting white-hot for the last few months and finally need some time to cool. So move along, nothing to see.. The cycle continues. The next boom might be bigger than anything we've seen before :-)
- TaylorGood 9y agoExactly. Most the crypto guys I know are now 50%+ in fiat due to the Aug 1st. Bitcoin fiasco. I basically won't refresh my portfolio until mid-August.
- sharemywin 9y agoIn 2014 it was a year and half before bitcoin started growing again.
- keymone 9y agothe usual hype cycle - https://trends.google.co.uk/trends/explore?q=ethereum,bitcoin https://trends.google.co.uk/trends/explore?q=ethereum,bitcoi...
- h1d 9y agoFunny people don't want to question the reason on a bull run but requires a reason on a bear run. $3000 was way off chart in the first place, a little correction is normal.
- danmaz74 9y agoFor now it's just a rather small correction, keeping in mind how much they had gone up in the last 60 months. On the other hand, the uncertainty with Bitcoin's Segwit activation, possible chain split etc won't help in the next few weeks including August. It could make the bubble pop... or not. What's weird is that coins that have already adopted SegWit, like Litecoin, seem to suffer even more than BTC during the dips (even if LTC was the best alt during the one since yesterday).
- mtgx 9y agoYeah, the theory that people would be moving money into LTC when the BTC potential split approaches doesn't seem to be holding, at least not yet. For now, the main theory, that all altcoins, including LTC, take their value from BTC, and react based on BTC's movements, seems to remain true. When people lose trust in Bitcoin, they lose even more trust in other cryptocurrencies, in aggregate.
- arisAlexis 9y agoyes actually it's like playing with leverage, I notice that every 2% move from BTC can results in 10% or more movements in all other coins
- this_user 9y ago30% is not a small correction. Per definition, anything that is down more than 20% is in a bear market.
- vocatus_gate 9y agoMaybe in normal markets. In the cracked out world of cryptocurrency it's just another day of trading.
- empath75 9y agoOver a two-month period, usually. If the price shoots up from here (and that would be pretty normal for btc, etc), then it was just a correction. It could also drop another 50% from here. cryptocurrency markets are nuts.
- ukd1 9y agoIt looks like if you stack them it would be largely flat; just movement from btc --> ripple, eth?
- yread 9y agoIs there blood in the streets already?
- gravypod 9y agoHopefully everyone looses confidence in mining and I can start buying cheap used GPUs.
- vbezhenar 9y agoIs it a good idea to buy GPU from mining farm? Surely it was overclocked and in bad thermal condition, so it could barely survive. I think, electronic circuits degrade in those circumstances, so this GPU won't last long.
- zootam 9y agoa lot of ETH miners underclock and undervolt the cards.
- keymone 9y agogpu mining becoming not profitable will not only flood the market with cheaper used gpus but also reduce the excessive demand for new gpus, both will lower prices.
- Anderkent 9y agoMining is about flop/$, rather than flop/s, so overclocking is actually rare. The best mining GPUs are the ones that are most efficient, not most powerful; overclocking usually trades efficiency for power.
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- throwitlong 9y agoHopefully now I can buy a 1080ti which increased 30% in price in the last months on Amazon DE.
- seibelj 9y agoDoes this include all of the altcoins built on top of ethereum? For example, BAT adds another $90million of value that isn't represented strictly by looking at the ethereum market cap[0]. [0] https://coinmarketcap.com/assets/basic-attention-token/ https://coinmarketcap.com/assets/basic-attention-token/
- beager 9y agoI'm not familiar with what "built on top of" means in this case, as it pertains to overall cryptocurrency value. Is it additional, actual coin with tradable value? Is it a derivative? Can someone describe in comparison to traditional means what this is?
- seibelj 9y agoEthereum is a blockchain technology where every block contains a list of Ethereum Virtual Machine (EVM) instructions. The EVM is a Turing-complete virtual machine that allows arbitrary programs to be built upon it, making it much more powerful than Bitcoin, which (although it has a limited scripting language) is really just for transferring value. Every program in the EVM is called a "contract" but in reality it's a program. One of the fundamental contracts built atop Ethereum are additional coins, traditionally sold in an ICO. Most coins follow a protocol called ERC20 that allows them to be easily exchanged with any other ERC20 coin and Ether itself. In liquid markets, like for the Basic Attention Token (BAT), one can sell off a lot of BAT for Ether without tanking the market too much.
- stefanwlb 9y agoHaha, just wait. It's the normal market manipulation...
- kreetx 9y agoLooks like it's Ethereum and Ripple which are falling, no? Bitcoin is pretty stable, Litecoin has been climbing, didn't check the others.
- dumbfounder 9y agoBitcoin is down over 20% from its high a month ago. Not exactly steady, but weathering a bit better.
- h1d 9y agoWhen ETH and XRP drop by 20% in 1 day, 1 month duration seems mild.
- GrumpyNl 9y agoCrypto currency, the currency for crooks based on air.
- arisAlexis 9y agoyou hate it cause you missed the train? not late still
- ghostbrainalpha 9y agoI didn't read that comment as hate. The rise of Bit Coin is absolutely fueled by criminal activity. Bitcoins utility in facilitating illegal drug purchases is possibly its greatest asset. As long as people want to buy drugs on the internet and use Bitcoin to do it, the BC value will rise. Can you imagine if Bit Coin becomes the most popular way for people to buy prescription medications from other countries? It would be a necessary to people as Western Union is now.
- uncletammy 9y agoThe rise of bitcoin is fueled by investment speculation. There are other coins much better suited for buying drugs online.
- ghostbrainalpha 9y agoWhat is the best crypto-currency for illegal activity today?
- arisAlexis 9y agoThere is an EU study online recent that says digital currency is not used much for illegal activity
- discombobulate 9y agoI used some bitcoin in place of a wire transfer last week. It worked well. Amazing what air can do these days!
- cs702 9y agoGold, which is possibly the oldest store of value used by civilization, is just as volatile. The inflation-adjusted price per Troy ounce of gold went from a high of around $2400 in the the late 1400's, to a low of $200 in 1919; then, it rose in fits and starts until it peaked at nearly $1600 in 1980; it then declined, again in fits and starts, until it bottomed just below $400 in 2002; then it rose to nearly $2000 in 2012; and since then, has dropped to just over $1200, today's price: 1490 1919 1980 2002 2012 2017 ----- ----- ----- ----- ----- ----- $2400 $200 $1600 $400 $2000 $1200 The price of gold is unstable over shorter time frames too. For example, since the start of last year, the price has oscillated between just over $1000 and nearly $1400 per Troy ounce. This kind of volatility seems normal for assets used as a store of value. Sources: [1] http://www.zerohedge.com/news/charting-price-gold-all-way-back-1265 http://www.zerohedge.com/news/charting-price-gold-all-way-ba... [2] https://en.wikipedia.org/wiki/Gold_as_an_investment#/media/File:Gold_price_in_USD.png https://en.wikipedia.org/wiki/Gold_as_an_investment#/media/F... [3] http://www.kitco.com/charts/historicalgold.html http://www.kitco.com/charts/historicalgold.html
- akhatri_aus 9y agoAn element of volatility is time, so Crypto is not reallt comparable to Gold..
- Twisell 9y agoExcept that during crisis Gold is guarantee to fall back at worst to it's "practical" value as a metal being used for jewelry. Even tulips bulbs have a practical value as every gardener could tell you. However the practical value of a crypto currency is zero. And no technical small talk was able to contest this truth so far. EDIT: Downvote what you can't contest, how mature!
- Akujin 9y agoUnless said crises is global and the internet is dead world wide you would always be able to sell your cryptocurrency to someone in a stable economic market somewhere in the world. When the local fiat currency inflates to worthlessness cryptocurrencies shine.
- dx034 9y agoI still remember when Bitcoin was at $1,000 for the first time. The Economist ran a story and it was discussed nearly everywhere. The price fell by 30%+ after that. A few years later it was at $3,000. It's normal that markets crash when everyone starts talking about how high they are. Once booming stockmarkets make it to the front page of newspapers it's often the end of the boom. It wakes people up who realise they still have stocks (or bitcoin in this case) and quickly sell it. So the crash after hitting $3,000 was somewhat expected, given the attention in the media. Doesn't mean that it won't be strong over the next 2-3 years.
- anovikov 9y agoWhy am i not surprised? Nearly all or maybe all ICOs since May have been a deliberate scam. That is beyond the word 'bubble'. That is just it - collective scam. Crowdsourced Bernie Madoff.
- jorgec 9y agoExactly. People pay real money and get nothing in exchange. Plus, its amazing how people don't get how the system works.
- VirtruTyler 9y agoThe vast majority of people don't understand how our existing financial systems work either.
- Singletoned 9y agoI'd be genuinely interested to find out what you feel is real about the money compared to the nothing you got in exchange? Also how does the system work from your point of view?
- colorint 9y agoThe thing that's real about real money is that you can use it to pay your taxes. You may talk about how you could, in principle, barter goods and services and account for everything in terms of chickens, but the IRS doesn't accept chickens.
- h1d 9y agoBecause you don't need to, to get some return.
- regulation_d 9y agoThis seems overstated. Civic seems interesting. EOS seems interesting. They are both longshots, but are they longer shots than your typical startup?
- cm2187 9y agoPerhaps the Petya effect. If users don't trust paying bitcoins will help them recover their data, they don't have any reason to buy bitcoins to pay a ransom.
- louprado 9y agoEthereum traded around $380 three weeks ago and is now hovering around $200, which is quite a loss in value. Ethereum makes up 44% of the total market cap of altcoins, but does anyone know what percentage of the remaining altcoins are just ERC20 tokens ? My gut tells me those ERC20 tokens are vulnerable to ETH price declines since miners get paid in ETH. A token may lose value, for example, as transaction times start increasing especially during a sell-off. When trading volume goes up but network capacity goes down that can cause even more panic selling. Note, ETH mining is done with GPUs so it is really easy to just mine another currency. Mining CAP is about 7X more profitable than mining ETH at the moment [1]. [1] Coinwarz.com
- CamelCaseName 9y agoThere's not a huge difference, practically, between 17 seconds and 13 second block times.
- arcaster 9y agoInteresting to see the paradigm of "bitcoin is doing well, everything else must be less useful" is making a comeback? I the reason progressively larger corrections have been happening is due to more people who know nothing about crypto entering the space, therefore introducing more volatility and reflexive baseless reasoning. If you question this, join one of the "crpyto currency" groups on FaceBook and read through a majority of the posts... I've come across people who've taken out loans to purchase crypto and people who installed wallets locally and wondered why the crypto they bought on CoinBase didn't magically appear. The most disconcerting posts are those who constantly ask "why did the price go up or down" or blindly post their chart predictions as to why the currency will keep going up in value.
- libertine 9y agoThe fear emotion is really something else. People fear they are missing out on something - a quick scheme to make money...
- Strategizer 9y agoWhat I don't get is why alts are losing value against BTC. Like, if you look at this chart it shows that Bitcoin is gaining market share and alts are losing it: https://coinmarketcap.com/charts/#dominance-percentage https://coinmarketcap.com/charts/#dominance-percentage I would think that people would be leaving BTC and putting their money in alts due to August 1 jitters, but it seems to be the opposite that's happening.
- jcslzr 9y agoits not the same thing, Bitcoin is decentralized, the others have clear owners, just like regular fiat (dollars, euros, etc)
- davidgerard 9y ago"Market cap" is a vacuous and bogus number. Cryptocurrency advocates and lazy journalists like to talk about it, but it's not actually useful - it’s not money that was put into the crypto, it’s not a realisable value like a company market cap, it doesn’t affect prices. It’s just an easily-calculated number that sounds good in a headline. It literally doesn't indicate anything. Trading is so thin in any crypto, even Bitcoin, that you could never realise a fraction of the number in any way. If you want to compare interest and activity in crypto assets, you need to compare trading volumes, if you can find good numbers for those. What the drop indicates is that prices in all cryptos track each other, as is usual.