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Bitcoin and almost every other cryptocurrency crashed hard today
- danvoell 9y agoI blame Bitcoin Cash. But to put things in perspective, the crash wiped out like three weeks of gains. So this is just a counter part to the Bitcoin going through the roof article.
- CamelCaseName 9y agoThat's if it stops here. People say that we've had 30%+ crashes earlier this year and that's true, but not quite this fast.
- rc_bhg 9y agoSuper high volumes are making everything happen faster.
- mancerayder 9y agoNot saying I agree or disagree, but what's the relationship here between Bitcoin Cash (Bitcoin Crash?) and the drop across the board? If capital is moving into other currencies, it must be a small percentage of the capital, since the others aren't exactly rallying either. Capital's running for the hills.
- danvoell 9y agoJust sheer speculation. I was kind of assuming that when Bitcoin Cash hit Coinbase, everyone was looking at it as free money and looking to sell. Because everyone wanted to sell, coinbase didn't open it up, people were getting frusterated watching the price come down and unable to sell. So they started selling other stuff. Again total speculation. I've joined the tin hat club.
- shaki-dora 9y ago> I've joined the tin hat club. Indeed... This is like kitchen psychology, but the White Castle kitchen version.
- explorigin 9y agoBCH is the catalyst but not the direct cause. It's commonly agreed that BTC price was a bubble. Bubbles need an event to pop them. Coinbase opening support for BCH was that event.
- YCode 9y agoI like the term "correction", in that it's not over for bitcoin it's just now it's getting a more realistic value.
- vinchuco 9y agoIt's almost like everyone was trying to get rich quick and sold when they saw some profit.
- imustbeevil 9y agoAnd anyone who bought in at $15k-19k is left holding the bag, as expected.
- notheguyouthink 9y agoI've been avoiding buying for this very reason. I know bitcoin well enough to know it's going to crash, it's always going to crash, so never touch it on an upswing. Buying it now is fairly reasonable. Though, I wouldn't be surprised to see it crash yet again, even harder, but it felt like buying on that upswing to 20k was suicide.
- explorigin 9y agoIt's not even done crashing
- ssharp 9y agoIs there any evidence the price should have went from $1k to almost $20k other than hysteria and fraud? If not, why buy?
- spraak 9y agoA question for a recurrent neural network, maybe.
- LV-426 9y agoTo 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 $1k again for about three years (the start of this year or end of last year).
- cominous 9y agograbs popcorn watching the BTC burn
- deleted 9y ago[deleted]
- msmm 9y agoWhere do you buy XMR?
- b111coins 9y agoI used to ask others in last few months, at what point would you be comfortable buying? Is it 20K, 15K, 10K, 5K, 1K, 500$, 100$, or 50$? or less? See, the story changes, what was nice months ago now is an extremely high risk. Myself, I probably woudln't buy unless it's under 100$. Even that is questionable. Reason being, blockchain is a pipedream and BTC is a dinosaur within that dream. What future BTC has but speculation?
- nugi 9y agoWhy does price of a bitcoin matter? You can buy the equivalent of $50usd in bitcoin, and enjoy many if not all of the 'opprotunities'.
- amenod 9y agoThis. Who cares if it's $100, $10000 or $0.10? What matters is the price it will have, and yes, that is all just speculation, unless you have a crystal ball that actually works. What is great/weird/... (select according to your opinion) is that the gains were huge in the last year.
- rainbowmverse 9y agoThere are better things to spend on if you can only afford $50. For example, food and clothes. Buying Bitcoin is no better than buying a scratchoff lottery ticket until the price stabilizes. At least the ticket pays for part of someone's college education.
- HiroshiSan 9y agoWhy is blockchain a pipedream?
- flatline 9y agoPeople keep thinking it’s going to revolutionize entire industries when really it’s a highly limited and inefficient database technology that no one who isn’t trying to make a buck would suggest using for data storage unless you have the very particular constraints of something like bitcoin. There’s lots of mature, versatile database options out there: Postgres, SQLite, BerkeleyDB, and countless other NoSQL and CQRS solutions. Blockchain does one thing well, its immutability and intractability are not well suited to many applications.
- deleted 9y ago[deleted]
- carrja99 9y agoDuh, this was coming for some time. The market has also been artificially pumped up by Bitfinex and their money printing machine Tether. Expect some massive fraud investigations in the coming days. A lot of people are going to lose a lot of money.
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- stevenmays 9y agoStill crashing. Down to 11k. ::grabs popcorn:: https://www.gdax.com/trade/BTC-USD https://www.gdax.com/trade/BTC-USD
- navaati 9y agoWow, 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.
- chillydawg 9y agoIt's a fairly standard order book view, with a nice log of trades on the right hand side. For most real exchanges (eg ones trading shares or commodities), this view would be impossible without some kind of downsampling as there would be too many trades/sec to display in real time. Your monitor probably isn't fast enough, let alone your browser rendering stack.
- navaati 9y agoOh the log is cool but I was more specifically referring to the order book with the spread, and the "green on the left, red on the right" view in the middle that shows the market. I would like to see such a view for regular stock markets but I don't know where to go. The stock exchange interface of my bank, for example, is far from showing such a nice thing, only a bare order book with only a few lines.
- flgr 9y agoI found TradingView to be very good. I.e. https://www.tradingview.com/chart/?symbol=BITSTAMP:BTCUSD https://www.tradingview.com/chart/?symbol=BITSTAMP:BTCUSD They also have regular stock symbols.
- spiralx 9y agoIt's sometimes called "level 2", stock markets do charge fees for access to the feeds - at least the LSE did when I worked on a site that showed the information :)
- jaywunder 9y agoSerious question: who didn't expect this? Did anybody think that the 19K high of last week was going to be the new normal?
- joshuahedlund 9y agoYes. https://news.ycombinator.com/item?id=15984381 https://news.ycombinator.com/item?id=15984381 (This commenter at least hedges at the end, but this kind of reasoning could be found all over the relevant sub-reddits and other corners of the internet this week. Every bubble has a "this time it's different" motivated-reasoning thing...) Edit: Here's another from the same thread, with a motivated response to "sell when the shoe shine boy gives stock tips" on why "this time that's different" https://news.ycombinator.com/item?id=15983811 https://news.ycombinator.com/item?id=15983811
- dbancajas 9y agoSome expected the 19k last week will go to the moon. Haha
- buttcoinslol 9y agoI 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."
- 52-6F-62 9y agoI've been looking into it after hearing a few thoughts this morning. I think its even more likely that: The timing of increased volumes and the beginning of bulk selloffs times pretty closely with the announcement of a large hack in South Korea — and exchange called Youbit. They've completely shut down. South Korea is a huge market. https://themerkle.com/youbit-hacked-again-closes-its-doors/ https://themerkle.com/youbit-hacked-again-closes-its-doors/ https://coinmarketcap.com/currencies/bitcoin/historical-data/ https://coinmarketcap.com/currencies/bitcoin/historical-data... > The South Korean National Intelligence service believes that North Korean hackers were behind that attack, as well as a separate hacking of South Korea’s largest exchange, Bithumb, back in February. The Korean Internet and Security Agency is currently investigating Youbit’s most recent attack.
- zeep 9y agoJust Wallstreet taking what is theirs...
- sharemywin 9y agodeleted
- gk1 9y agoI'm sure there was also someone who predicted 5k, 15k, 20k, and so on. Of course one of them will be right.
- gressquel 9y agoDownvote me all you want, but HN really needs to cure this bitcoin-jealousy. Yes, people who invested early became millionares and billionares with a single mouse click. I know it feels unfair when you spend countless hours creating and innovating and not being rewarded. But some of you here needs to stop hating and being bitter. I have been watching HN and bitcoin related threads for months now. Same pattern.
- JumpCrisscross 9y agoI think there are three elements contributing to the negativity: (1) People may get hurt. I was in an Uber two weeks ago where my driver talked about taking out a second line on his home to buy Bitcoin. By today's mark, he's lost money. That people who clearly have no idea what they're doing are being preyed on is disturbing to many, myself included. (2) ICOs are a cesspool of frauds. They allow promoters to make money without putting anything up. That's different from early Bitcoin adopters, who actually put time or money or computing power at risk. (3) Bitcoin is an article of faith. Discussions around its value often devolve into "does god exist" arguments.
- anonemouse145 9y agoAnd transaction fees. I saw someone reporting over $30 fee to get processed within 20 minutes. That's why Steam dropped Bitcoin. As a skeptic, people thinking this is a good currency are hilarious. Day trading and making money off them is simple sport.
- Erlich_Bachman 9y agoYou are missing the reason the fees are high: it's because Bitcoins it the most widely used cryptocurrency today. Scaling something like Bcash, which doesn't have that many transactions - is easy. The fees can be low because nobody wants to use it. Because there is no real demand for those transcations, and so the price can be low. For a crypto like Bitcoin, which does have high demand for transactions, some of the fees have to be high right now. (Does not mean they will be high in the future.) Are there scalability problems? Yes they are, it's very evident in the transaction fees. But are technical solutions being developed to mitigate this? Yes they are - that's the real work that actually goes on in the background, by the people who actually work, instead of spending their time on internet posting about the price. It's not an easy task, but it is being done. When people bring up the transaction fees, sometimes it sounds like they think that real Bitcoin developer's don't know that this is a problem. They do, and they work on it! It's just that regular person doesn't want to hear developers, he wants to hear someone that tells them they can make 3x their money over a weekend.
- deleted 9y ago[deleted]
- jefe_ 9y agoCboe & CME must have some extensive performance clauses with exchanges used for futures pricing. A few weeks ago, selloffs like this would result in exchanges closing.
- thisisit 9y agoThird thread on the same topic: https://news.ycombinator.com/item?id=15987110 https://news.ycombinator.com/item?id=15987110 https://news.ycombinator.com/item?id=15986302 https://news.ycombinator.com/item?id=15986302 Edit: So the downvotes now. It seems pointing out regurgitation of the same topic is somehow wrong. Learned my lesson here.
- tromp 9y agoIf this keeps up, we can look forward to the "It's under 9000!" memes...
- Alex3917 9y agoThis time I think we’re done for the year. Unlike in July, this time if you look on Reddit there is very little appetite in ‘buying the dip’. People are fed up after the Coinbase shenanigans and are wary about Tether, IOTA, etc.
- rc_bhg 9y agoCoinbase did not do any "shenanigans". Take off the tin foil hat.
- gchokov 9y agoCrash and burn. Much more to come. When even my friends who haven't touched a computer ask me how to buy it..
- mtgx 9y agoThe Big Boys (bankers) entered the market now, so expect some Big Manipulations to happen.
- djsumdog 9y agoI think big manipulations were already happening. That's why we saw the price driving up. With a currency so based around absolute mathematical constants, with just a little coin and testing, it'd be a really easy system to manipulate as well.
- joshvm 9y agoThis 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 Bitcoin, however virtually everything is down at the moment.
- deegles 9y agoOnly if the fees are low.
- MuffinFlavored 9y agoOnly if you like catching a falling knife and holding a bag. :)
- coralreef 9y agoDollar cost averaging makes sense, but does it work? http://www.moneysense.ca/columns/does-dollar-cost-averaging-work/ http://www.moneysense.ca/columns/does-dollar-cost-averaging-...
- htormey 9y agoI 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 of money like you said and it went up!”. The door guy was gesturing at his phone and I vaguely saw a blue and white interface that looked like coinbase. I’m 95% sure this conversation was about bitcoin or etherium. This occurred about two weeks ago. It really made me think of that old story about the shoe shine boy talking stocks promoting a guy to exit the stock market prior to the 1929 crash: http://archive.fortune.com/magazines/fortune/fortune_archive/1996/04/15/211503/index.htm http://archive.fortune.com/magazines/fortune/fortune_archive...
- nlh 9y agoThe key moment of bubble insanity for me was overheating the security screeners at Heathrow talking about how they just signed up for “this new app called CoinBase” which was going to make them all rich.
- gthtjtkt 9y agoYeah I knew it was time to get out when my neighbor's dog started telling me about this hot new ICO.
- solotronics 9y agoBuying 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!
- crististm 9y agoRemember to sell before the Friday before 2018 Christmas
- qbrass 9y agoBetter sell before the winter solstice, just in case.
- bsaul 9y agoWhat 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.
- snissn 9y agoWhen it's been moving sideways for a while
- monob 9y agoFirst the mempool clears, second >30% of top value.
- 55555 9y ago> it has no utility People buy drugs with it. People evade tax with it. People evade currency controls with it. When will people stop making this crazy false claim?
- bsaul 9y agoYes, illegal activities, you're right. But betting on something as famous and easily accessible keeping evading law for a long time is a risky bet. As for "Evading currency control" it doesn't mean anything for individual, i'm sorry (unless you're an autonomous region trying to get rid of central bank policy, but i don't think any has adopted bitcoin yet)
- 24gttghh 9y agoHa! I needed a good laugh this morning. Thanks internet. What I don't get, is how do these prices actually change? For btc or a stock. The mechanism seems very voodoo.
- Wh1zz 9y agoIf the last traded price was 20k, then that's the price. If you have some btc and are looking to sell really quickly before it goes down, and I make a buy offer for 19k that you accept, then the last traded price is now 19k, and that's the new price. Nothing voodoo really, just a bunch of people making buy/sell decisions based on how they think the value will move.
- 24gttghh 9y agoI guess the voodoo i feel is the speed at which these happen, and the unseen offers for prices different (+/-) from what is the "current price"
- fragmede 9y agoYou can see the ones happening on GDAX on their main page, https://www.gdax.com/trade/BTC-USD https://www.gdax.com/trade/BTC-USD If it seems ridiculous to look at this single exchange's order book and extrapolate a whole market from that, yes, it is.
- djsumdog 9y agoMarket manipulation. The prices are really set by the coin exchanges; what they are willing to take/pay. They're all really competing with each other on the best prices for BTC. All of this becomes a feedback loop. A lot of people I talked to really believed prices were being driven by some kind of market manipulation. Either within the coin exchanges or people who were finding a way to manipulate things on the blockchain. There was this post not too long ago about how someone might be stealing coins using well known keys: https://pastebin.com/jCDFcESz https://pastebin.com/jCDFcESz
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- repox 9y agoI never invested in Bitcoins. I've been asked by many people the past few weeks whether or not they should invest - truthfully, I told people not to and wait to the current "wave" of popularity was over. I genuinely don't know that much about speculation in currency, but is this "burst bubble" really it this time? Is this supposed to be the actual end of actual value for Bitcoins now?
- bpicolo 9y ago> actual end of actual value for Bitcoins Do keep in mind that people tend to massively overreact to any bitcoin-related movement. It's at 13k now, back where it was like 3 weeks ago.
- asciimo 9y agoBitcoin has "died" hundreds of times. Here's an article discussing its doom when it dropped 50% (down to $108) back in 2013: http://nymag.com/daily/intelligencer/2013/06/bitcoin-sees-the-grim-reaper.html http://nymag.com/daily/intelligencer/2013/06/bitcoin-sees-th... It has been the same technology since 2009, regardless of the market around it. I think that there is real value in that technology. The world is trying to measure this value, and having an awkward time of it. Let's check back in 10 years. :)
- zeep 9y agotime to cash in some bitcoins if you need to lower your income to get in a different tax bracket
- deleted 9y ago[deleted]
- cocktailpeanuts 9y agoAs someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping. It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. I was at a couple of Bitcoin meetups recently and was surprised to find that most attendees were proudly saying that it doesn't matter if they understand how the technology works. It's one thing to not understand what you're gambling with, it's a whole another matter if everyone is actually proud about their very ignorance and even thinks of their ignorance (yet I'm still making money!) as being clever. Unlike what some people pointed out in this thread, the price going down is not from people who got rich quick and sold. It's a panic sell. That's what happens when you gamble with something you don't understand.
- nxsynonym 9y agoUnfortunately the high price and get-rich-quick stories associated with Cryptocurrencies in general will overshadow and hinder meaningful technological progress. The best thing that could happen for any meaningful development would be a crash down to 2016 levels and a stagnation period. Let the hype fade away and get back to making something useful, instead of trying to pump and dump.
- canes123456 9y agoYeah but if it falls to 2016 levels it will spike and fall many times as people try to get it back to 2017 levels.
- aviv 9y agoJust FYI and very anecdotal, I know a guy who was confronted in the parking lot after a bitcoin meetup by 2 guys demanding that he send some coins to their wallet. Be careful at those meetups.
- ohquu 9y agoWell, what did he do?
- closeneough 9y agoMaybe a lot of people want to trade this at the same time for really currency to buy Christmas gifts.
- swlkr 9y agoYou can call it a crash but bitcoin still up 1000% this year...
- deleted 9y ago[deleted]
- perseusprime11 9y agoTime to buy?
- wmeredith 9y agoIf you believe in it and are long. Yes, buy (be greedy) when others are fearful. If you're trying to time the market for short term gains, I'd skip it. You're just going to get skinned by the big players doing the manipulation unless you're lucky.
- EGreg 9y agoThere is one big upside to Bitcoin's price dropping The hash rate may drop or at least stop growing, wasting tons of electricity. Mining operations currently consume more electricity than 159 COUNTRIES https://e27.co/alarming-environmental-impact-bitcoin-mining-20171128/ https://e27.co/alarming-environmental-impact-bitcoin-mining-... PS: why is this getting downvoted? Is the bitcoin mania so high now even in HN that people care more about short term financial gains than the environment?
- ajmurmann 9y agoWhile cryptocurrencies price is clearly decoupled from any real work value. However, I'm really can't imagine what a realistic endgame will look like. Even if the bubble pops completely and Bitcoin goes to below $100, I am somewhat certain that the game will restart. There are enough believers to keep this going as a Ponzi scheme machine till the technology has matured enough and it's actually useful. If not that I expect it to longer around as some shady, mostly illegal gambling thing.
- IkmoIkmo 9y agoThere's essentially nothing driving the price increase in 2017. Payment processing, remittance, asset-backing, digital identities, micropayments, bitcoin ATMs, VC-backed bitcoin startups, none of these things took off at all in 2017, in fact if anything the exciting years regarding these usecases/infrastructure ventures were 2013-2015. I bet if you ask 100 people why they bought and if they use bitcoin for anything in particular, 99 will say no. That's why none of this is a real surprise. On the other hand, apart from appreciation of gold as jewellery (partially because it's expensive) and some industrial use (fraction of the gold industry), in large part gold too exhibits price growth sustained by nothing but a simple cultural notion that it's scarce and valuable. Countries, banks, pension funds etc aren't putting hundreds of billions of dollars worth into stacks of gold bars locked in vaults because of their industrial or jewellery usage, after all. Bitcoin, as little the growth of real-life usecases has been in 2017, may have established itself as an alternative store of value. I don't agree with that myself (just as like I think it's utterly useless to invest in gold as a store of value), but who cares about me. So it remains to be seen what'll happen the next ten years, maybe it'll still remain as a store of value. I'm no longer buying though. The 'using bitcoin' vs 'bitcoin as store of value' became completely lopsided in favour of the latter, which was the point I cashed out.
- monocasa 9y agoAnd a big piece of gold's value is that it's been a store of value for longer than recorded history. Hell, if the world went belly up, Mad Max style, there's a good chance that whatever gold you have would be worth even more.
- jcranmer 9y agoSerious question: what value would gold have in a post-apocalyptic world? If I'm selling something, why should I take gold in exchange for it, instead of something useful, like ammunition or food or water?
- CamelCaseName 9y agoBecause there's an expectation that you can use gold to buy something else you need. This expectation may not hold, but whatever the post-apocalyptic world settles on first will likely be there to stay for a while.
- RmDen 9y agoWorst than black Monday in 1987 when the Dow dropped 22% in a single day
- benmorris 9y agoIf you looked at all of this objectively it was clear it was coming. What is alarming we have not seen yet is one of the larger exchanges shady behavior become exposed (hello Bitfinex). I still think this is coming and will likely make the fall even worse (oops we're out of money!). In the past sharp BTC movements have been triggered by external events.
- hbk1966 9y agoFinally, now maybe you can get a GPU for a reasonable price again.
- stillhere 9y agoTulips.
- chrischen 9y agoMania or not historically prices have been going up, even taking into account all the crashes.
- cs702 9y agoWhat we're seeing right now is a shakeout of all those unsophisticated individuals who have been purchasing crytocurrencies in growing numbers, mostly without understanding them, and in many cases with borrowed money and even by taking out home mortgages.[a] Those unsophisticated buyers are the ones who pushed the price of Bitcoin from ~$1000 at the beginning of the year to $18000+ a couple of weeks ago.[b] Now they're surely wondering what the heck is happening to them. The question is: who is buying? Remember, for every sale there is a purchase on the other side of the transaction. Trading volumes have grown from around US $2B/day at the beginning of the year to $20B/day right now, excluding Futures volume, which means that there are people or firms buying $20B/day of Bitcoin in the face of a substantial price decline.[c] Who are these buyers? [a] https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buy-bitcoin-says-joseph-borg.html https://www.cnbc.com/2017/12/11/people-are-taking-out-mortga... [b] https://www.coinbase.com/charts https://www.coinbase.com/charts [c] https://coinmarketcap.com/currencies/bitcoin/ https://coinmarketcap.com/currencies/bitcoin/
- aviv 9y agoMy theory is still Saudi Arabia. The government as well as individuals fearing further confiscation of their assets.
- cs702 9y agoIt could also be Goldman: https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk https://www.bloomberg.com/news/articles/2017-12-21/goldman-i...
- aviv 9y agoExactly. No surprise they set up shop there. Two way street is now open. https://www.reuters.com/article/us-goldman-sachs-saudi/goldman-sachs-gets-approval-for-saudi-equities-trading-license-idUSKCN1B00GP https://www.reuters.com/article/us-goldman-sachs-saudi/goldm...
- SnowingXIV 9y ago
- scooter_de 9y agoWelcome to the future market. Now can make money on falling prices!
- encoderer 9y ago“Crashing” to a price not seen in.... 2 weeks. Shrug
- dmitriid 9y ago“Hey, our currency dipped 20% today. And swings any number of percent each way daily. You know, like Zimbabwean dollars and the like. Don’t worry, it’s value will only increase in 2018” People are delusional (except those who scam people out of their money)
- autokad 9y ago"What’s causing the depreciation is anyone’s guess" I thought it was obvious, a bitcoin exchange was hacked http://money.cnn.com/2017/12/20/technology/south-korea-bitcoin-exchange-closes/index.html http://money.cnn.com/2017/12/20/technology/south-korea-bitco...
- auggierose 9y agoSeems to be going up again pretty fast.
- k__ 9y agoDoes this really make a big difference? I mean it's a problem for the gamblers that came in late, but the people who were there at the beginning probably could care less.
- swiftting 9y ago“Be Fearful When Others Are Greedy and Greedy When others are fearful” -Warren Buffet
- increment_i 9y agoLooks like people have already started buying the dip. I've found the recent discussions around BTC and cryptocoins on this forum incredibly illuminating, from both the bulls and the bears. I'm beginning to think perhaps there's no point in discussing the fundamental financial flaws of cryptos, or their lack of inherent value. I'm beginning to think their main utility in is meeting a human need that's existed since antiquity - the need to gamble. As long as a solvent exchange remains, and another ready to come along when it fails, there will always be large numbers of folks entering the casino. Perhaps the only thing that can stop it now is strict government regulation.
- mrhappyunhappy 9y agoMost people here seem to be completely oblivious to the movement behind Bitcoin and what it means for the world as the antiquated financial systems are replaced with people in control of their own money. The fact that everyone is so fixated on price shows the lack of imagination and forward thinking about what is coming. You call it gambling, we call it being ahead of the curve when the rest of the world only wakes up. I've come to believe the HN crowd for the most part cannot comprehend what is about to happen to our financial, political and technological world. Entire industries are being revamped while the hackerpeneur is blinded by Bitcoin fog. You are correct, there is no point in telling a banker he is about to be unemployed.
- chii 9y agoThe state will never let its power to control its currency go. if (or when) Bitcoins become so ubiquitous that it poses a threat, it will just be out outlawed in a way that still protects Fiat.
- waytogo 9y agoSome call it 'crash', some see it as the long awaited dip to get in again.
- tom_mellior 9y agoMany people are writing this, but... if you had money to buy this dip, why didn't you buy at the exact same price two weeks ago? It wasn't exactly "long" awaited.
- FollowSteph3 9y agoI think the bubble is starting to burst. When just adding something related to crypto currencies in your company name can result in a 500% stock increase https://www.marketwatch.com/story/long-island-iced-teas-stock-rockets-nearly-500-after-changing-name-to-long-blockchain-2017-12-21 https://www.marketwatch.com/story/long-island-iced-teas-stoc... you there is a bubble. That like adding dot com in the dot com bubble or a tech sounding name in the early 80’s.
- xHopen 9y agoCome on , it didn’t crash. Is just a small correction , small dip. Is just 30-49% down that is , was, a normal day in crypto
- calvinbhai 9y agoI'm glad this will reduce the "what is bitcoin" queries from friends and family who are not aware of its intricacies.
- legohead 9y agoAnyone know how Bitcoin plans to deal with this: https://blockchain.info/unconfirmed-transactions https://blockchain.info/unconfirmed-transactions I saw this posted on HN, I think earlier this week? And it was around 220k. Now it's 280k.
- m3kw9 9y agoWhen you cannot really have a way to value something, I don’t think the world has seen a class of “investment vehicle” like this since the subprime packages that were being sold
- Froyoh 9y agoWhat does it mean by: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.
- deleted 9y ago[deleted]
- seba_dos1 9y ago...and jumped back moments later. How many of these we're going to get?