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Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream

Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.

czechdeveloper 8y ago
Except the amount it's falling is not normal.
- castis 8y ago
  What would be normal behavior?
  - Uberphallus 8y ago
    Not freefall
    - castis 8y ago
      And how do we know this isn't what this system was bound to do eventually? It's not really been around very long.
      - kiriakasis 8y ago
        How is this a relevant question?
        castis 8y ago
        Because I'm curious what the other person thinks? Did I miss the syllabus?
metalliqaz 8y ago
No, it is almost certainly related to the network split, as mentioned in the article. There are issues with bitcoin that limit its long term potential. For example, the effective limitations on the number of transactions per second, and the huge energy cost for providing proof of work.
- dragontamer 8y ago
  > No, it is almost certainly related to the network split, Please explain how turbulence in BCH affects Bitcoin and Ethereum. BCH is a totally different coin, on a different blockchain, with a far smaller market cap than the "big boys" BTC or ETH. Its a poor explanation at best. Its the only thing that correlates to the drop, but it doesn't make sense as an explanation.
- stjohnswarts 8y ago
  You mean the fact that it can be split ad infinitum and new bit coin like currencies with much better properties can be had at the drop of a hat by any dude or dudette in his-her den?
pc86 8y ago
You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.
- aphextron 8y ago
  >You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy. It's not "down 80%" for anyone but dumb money who jumped in at the peak last November. BTC is up over 10,000% since 5 years ago.
  - pc86 8y ago
    Feel free to explain me at what price point the brilliant technocrat early adopters became dumb money.
    - deleted 8y ago
      [deleted]
lagadu 8y ago
Exactly one year ago btc price was heading to the moon.
stjohnswarts 8y ago
yeah just volatility in a relatively new market, I expect 10,000 by February
- SmellyGeekBoy 8y ago
  If that's the case I'd expect you to be investing every spare penny you have into BTC at the moment...
qaq 8y ago
Man all those hedge funds with 100s of data scientist are just waisting resources when the situation is so simple "Everything sells off this time of year"
- deleted 8y ago
  [deleted]
nathaner 8y ago
Why is this downvoted so much? I don't hold any crypto and my portfolio is not looking too great this last few months either. One of my tech stocks lost dropped over 30%. The recent behavior certainly goes against the notion that BTC is digital gold. Seems like it's correlated with general market sentiment like most other financial instruments.
acjohnson55 8y ago
I'm reminded of the "dog in the burning house meme".
airstrike 8y ago
> Everything sells off this time of year. Come again?
jobigoud 8y ago
One year ago it was at 8K and a month later at 18K. It's not linked to "that time of the year".
- aphextron 8y ago
  >One year ago it was at 8K and a month later at 18K. And two years ago it was at $600. Everyone who jumped on the bandwagon last November during the $18k pump completely misses that fact. BTC has been the single biggest wealth transfer from institutions to individuals of our generation.

Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.

czechdeveloper 8y ago

Except the amount it's falling is not normal.

castis 8y ago
What would be normal behavior?
- Uberphallus 8y ago
  Not freefall
  - castis 8y ago
    And how do we know this isn't what this system was bound to do eventually? It's not really been around very long.
    - kiriakasis 8y ago
      How is this a relevant question?
      - castis 8y ago
        Because I'm curious what the other person thinks? Did I miss the syllabus?

metalliqaz 8y ago

No, it is almost certainly related to the network split, as mentioned in the article. There are issues with bitcoin that limit its long term potential. For example, the effective limitations on the number of transactions per second, and the huge energy cost for providing proof of work.

dragontamer 8y ago
> No, it is almost certainly related to the network split, Please explain how turbulence in BCH affects Bitcoin and Ethereum. BCH is a totally different coin, on a different blockchain, with a far smaller market cap than the "big boys" BTC or ETH. Its a poor explanation at best. Its the only thing that correlates to the drop, but it doesn't make sense as an explanation.
stjohnswarts 8y ago
You mean the fact that it can be split ad infinitum and new bit coin like currencies with much better properties can be had at the drop of a hat by any dude or dudette in his-her den?

pc86 8y ago

You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

aphextron 8y ago
>You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy. It's not "down 80%" for anyone but dumb money who jumped in at the peak last November. BTC is up over 10,000% since 5 years ago.
- pc86 8y ago
  Feel free to explain me at what price point the brilliant technocrat early adopters became dumb money.
  - deleted 8y ago
    [deleted]

lagadu 8y ago

Exactly one year ago btc price was heading to the moon.

stjohnswarts 8y ago

yeah just volatility in a relatively new market, I expect 10,000 by February

SmellyGeekBoy 8y ago
If that's the case I'd expect you to be investing every spare penny you have into BTC at the moment...

qaq 8y ago

Man all those hedge funds with 100s of data scientist are just waisting resources when the situation is so simple "Everything sells off this time of year"

deleted 8y ago
[deleted]

nathaner 8y ago

Why is this downvoted so much? I don't hold any crypto and my portfolio is not looking too great this last few months either. One of my tech stocks lost dropped over 30%. The recent behavior certainly goes against the notion that BTC is digital gold. Seems like it's correlated with general market sentiment like most other financial instruments.

acjohnson55 8y ago

I'm reminded of the "dog in the burning house meme".

airstrike 8y ago

> Everything sells off this time of year. Come again?

jobigoud 8y ago

One year ago it was at 8K and a month later at 18K. It's not linked to "that time of the year".

aphextron 8y ago
>One year ago it was at 8K and a month later at 18K. And two years ago it was at $600. Everyone who jumped on the bandwagon last November during the $18k pump completely misses that fact. BTC has been the single biggest wealth transfer from institutions to individuals of our generation.