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Bitcoin’s plunge intensifies, tanks 30% to $30k in single day
- wppick 5y agoI bought my bitcoin for under $10,000 about a year ago. No tears here. How has your fiat performed in comparison?
- aerodog 5y agoAny evidence for why or how this is happening? Who are the sellers?
- nashashmi 5y agoMakes sense after ethereum published their proposal to lower energy consumption
- petemir 5y agoAlthough ethereum’s price also went down, so it is not the case that it is seen as a better alternative.
- christophilus 5y agoIt happens like clockwork after every next step up. We don’t have a lot of history, so who knows how long the pattern will hold, but this was fairly predictable. If past trends are predictive, it’ll bottom in the mid 20s to low 30s, consolidate for a while, then hit 100k. Rinse and repeat. To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
- chii 5y ago> then hit 100k. Rinse and repeat that's purely speculation - it might or might not. It depends on the chaotic forces of the market participants, because there's no underlying intrinsic value for crypto.
- christophilus 5y ago> To be clear, I own some cryptos, but treat it purely as the speculative gamble that it is.
- halfmatthalfcat 5y agoThey're pointing out the hypocrisy of your speculation as you're speculating about speculative market trends as past trends can very well not be predictive.
- stephc_int13 5y agoIf you are a gambler, crypto is a dream asset, with a good combination of talent and luck you can make good money. But don't be dumb, it will plunge for real at some point.
- rcxdude 5y ago> Rinse and repeat Until it doesn't repeat, which gets more and more likely each cycle.
- ipaddr 5y agoChina bans cryto services companies.
- atatatat 5y agoIn 2017. and revamping that enforcement now. Possibly.
- snovv_crash 5y agoYeah, I wonder if they'll do the same thing for the miners who are turning Yuan --> BTC via graphics cards and electricity instead of through an exchange.
- Supermancho 5y agoAs I understand it, when China banned crypto transactions - "Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions."(1) and suggested not to use crypto "The slump for bitcoin comes after the People’s Bank of China was seen warning against using digital coins as payment."(2), people started to dump certain currencies and take their profits...perhaps to put in to other things. This resulted in drops that triggered floor price alerts and bigger players dumped, which cascaded around to the various currencies. 1) https://www.bbc.com/news/business-57169726 https://www.bbc.com/news/business-57169726 2) https://www.marketwatch.com/story/bitcoins-40-crash-does-feel-like-capitulation-says-crypto-specialist-but-heres-where-the-next-crucial-support-level-stands-11621429393 https://www.marketwatch.com/story/bitcoins-40-crash-does-fee...
- tfehring 5y agoAccording to [0] Tether has to file their first report today disclosing the composition of their reserves as a condition of their settlement. I haven't verified that, but if true the sell-off could be driven by insiders and/or smart money. [0] https://old.reddit.com/r/badeconomics/comments/nfv8vg/the_tether_ponzi_scheme/gynpsiw/ https://old.reddit.com/r/badeconomics/comments/nfv8vg/the_te...
- Clewza313 5y agoTether has already admitted that their reserves consist of under 3% cash.
- iabacu 5y agoLast year people would jokingly say that the headline this year would be "bitcoin crashes to 30k", and that was dismissed as stupidly bullish.
- ludamad 5y agoI mean doge is more direct - 35 cents after a major crash. It only just got lifted from 8 cents territory, where a crash was feared
- throwaway5752 5y agoYour comment appears to be the only one in Hacker News history that says, "bitcoin crashes to 30k". Maybe the phrasing was different? It's not good when an asset class drops by 30% in 24 hours.
- reasonabl_human 5y agoDon’t take it too literally, the point is YTD is still positive and 1YR charts are ridiculously in the green, beyond any bull’s dream not too long ago
- cma 5y agoThere were plenty that predicted over $100K by now.
- root_axis 5y agoYou can always construct an arbitrary timeline where the charts are green in order to support that argument. The issue with the huge drop is the insane volatility, there are a lot of people who are freaking out because they bought at 40k+.
- pessimizer 5y agoIt probably just means that it's not actually liquid at the values that btc people are crowing about. The real question is how much trade volume it took to drop it 30%. Being at $60K just means that a handful of suckers bought for $60K.
- stephc_int13 5y agoMeanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412 https://twitter.com/elonmusk/status/1395027147161489412
- NickM 5y agoSo bizarre that he would tweet this after coming out against Bitcoin for environmental reasons. The higher the price goes, the greater the incentive to spend more electricity on mining; for anyone who cares about the environment this crash is great news.
- stephc_int13 5y agoI think the guy is not completely sane, to be honest. Also, not as smart as most people tend to think he is.
- margalabargala 5y agoCould be that he has separate money pools, and his "toy with markets for amusement" money is kept apart from his "get to Mars" money. It isn't "not smart" if he's just viewing it as a game and he has the means to do so. Lots of people have messed around with various systems for no reason other than to see if they can.
- stephc_int13 5y agoHe has been vocal on many subjects unrelated to Bitcoin and came out "not so smart" in my opinion. It is easy to intellectually overestimate someone with this kind of success and reach.
- Ekaros 5y agoI don't think he has "get to Mars" money. It's just fun idea to sell and think about it. Like hyper loop, boring company, solar roof and so on... He got traction and now he just keeps throwing things at the wall...
- endisneigh 5y agoother than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the value of bitcoin is, other than things surrounding preserving its value
- almost_usual 5y agoSomething something hedge against 4% YoY inflation
- bko 5y agoNot everyone in the world lives in an economy that has 4% YoY inflation. And not everyone has access to financial services or a developed banking sector
- yunohn 5y agoBut almost everyone with Bitcoin live in low-inflation developed countries.
- sueders101 5y agoThat’s incorrect. If I’m remembering correctly Nigeria was the second largest Bitcoin market pretty recently.
- 8note 5y agoSecond largest doesn't mean large. That could be anywhere from 1 person has a bit coin in Nigeria to just under half the bitcoins
- dragontamer 5y agoIf you don't have a financial service / developed banking sector, how do you get your local currency into BTC and back? Mt. Gox proved that you can't just trust random exchanges. Even in the best of times, the exchange can get hacked and all the holdings disappear.
- blantonl 5y agoThe value of cryptocurrencies is currently comprised of just a 3 components: 1) Speculation 2) Electricity 3) Compute There's going to be volatility.
- cblconfederate 5y agoIf you could convert between gold and usd at the same rate that one can convert btc to usdt, gold would be just as volatile. Strangely the energy and human cost of gold is rarely mentioned
- rcxdude 5y agoremove 2 and 3 and you have an accurate list. Electricity and compute don't drive the value of bitcoin, they follow it.
- majani 5y agoActually the cost of mining puts a soft price floor on Bitcoin. When prices touch the cost of mining, they face heavy resistance since miners rage quit at that point
- deepserket 5y agoand if miners rage-quit then those who are left will make more bitcoin per unit of energy, thus lowering the cost of mining... rinse and repeat and you can go to 0$$
- rcxdude 5y agoNot really, the supply of bitcoin is, except in the short term (< 2 weeks), independent of the amount of mining effort. And that's all that really matters (especially because there's no single price where all miners stop making a profit, and miners will continue to mine and sell even when they are no longer making a profit just to lessen losses on hardware).
- root_axis 5y agoAlso dark-net commerce.
- jasfi 5y agoWhat's interesting is how many other cryptos rise and fall similarly to Bitcoin. They are definitely linked in the crypto market.
- outside1234 5y agoWho could have predicted that the Tulip bulbs would plunge...
- drcross 5y agoPeople have been using the tulip comparison for over ten years and yet bitcoin is still worth over 30k euro today, a price never reached until last January. When will you eventually get tired of saying the same repetitive trope?
- outside1234 5y agoThe markets can stay insane longer than you can stay solvent. :) Don't worry, its coming.
- aazaa 5y agoIngredients for a Bitcoin correction: - a recent steep increase in exchange rate - heavy mainstream media coverage - announcement from China - outages at one or more exchanges As the article shows, all of these factors are present now. Those celebrating "the crash" either have short memories, or haven't been paying attention. This has all happened before. Several times. The only difference today is the scale.
- tudorizer 5y agoScale, but not %.
- EGreg 5y agoAnd somehow MATIC is the safe haven for everyone, that project has been making insane gains ever since it listed. It went for an All Time High during everything else crashing around it. Wow.
- koolba 5y agoDo any trading platforms allow for crypto margin trading? If so, there's going to be quite a few margin calls today.
- spelunker 5y agoI believe there are bitcoin futures yes.
- hammeiam 5y agodydx is the first that comes to mind. There are also lots of collateralized loan providers (aave, ruler, alphahomora etc) that are probably seeing billions of dollars of liquidations.
- andruby 5y agoI think a lot of the exchanges do. Kucoin for sure (I offer USDT for lending), haven't seen any losses due to margin calls not being fulfilled yet. Binance, Coinbase, etc. all offer margin trading
- neatze 5y agoYou can trade bitcoin futures.
- maedla 5y agoIt gets harder every day to take seriously the people that say this is a viable currency alternative
- gher-shyu3i 5y agoTemporary. Back up to $37K now.
- deleted 5y ago[deleted]
- tinkerrr 5y agoAlternate discussion: https://news.ycombinator.com/item?id=27208119 https://news.ycombinator.com/item?id=27208119
- d--b 5y agoThis is supposed to be transparent, right? So who's selling?
- nodesocket 5y agoI don’t care to debate the merits of crypto, I am more interested how come the major US exchanges and players (Coinbase, BlockFi) all go down and then all come back up at the same time after bottoms were reached and the rebound. That’s incredibly suspect and warrants investigation. I’ve never not been able to access my ETrade account and trade (don’t bring up Game Stop) that didn’t affect ETrade and was debunked why they had to limit buying.
- 3np 5y agoIt’s not sketchy at all that price movements on exchanges are seemingly simultaneous. it’s because of automated arbitrage. Another factor (the prevalence of which is hard to measure) is that those who want to buy or sell large amounts (is whales) will chunk their orders and split them up across exchanges. These, especially the former, are signs of markets maturing.
- wmf 5y agoWas it also suspect that Walmart, Target, and Amazon sold out of PS5s at the same time? Large price movements create high trade volume on all exchanges which overload all the exchanges. AFAIK the real stock market is large and mature enough to not have crazy swings in volume.
- littlecranky67 5y agoMy - surely far fetched and with no evidence to back up - take is that Musk didn't go long on BTC when he announced TSLA would buy BTC for 1.5$bn, but actually went short. Musk wanted to take TSLA off the public trading market but failed due to lack of money/investors for a buy back. Buying large amounts of BTC with TSLA money, ties the TSLA price to the BTC price. And Musk is a very smart person, he definetely knows that a couple of tweets of him can sway the BTC courses. Question is whether Musk will come up with private investors or own money now to take TSLA off the stock exchance (doubt it as it is still too highly valued).
- wmf 5y agoThat sounds super-fraudulent.
- littlecranky67 5y agoYes, if that would be done on purpose, this would be very illegal. But I have a hard time believing Musk goes all-in into Bitcoin with 1.5$bn investment, just to suddenly realize 3 weeks later that the environmental impact due to high energy consumption is a bad thing and backs out of it again.
- gnrlst 5y agoAs someone with a substantial (for me) amount of money in crypto, I'm happy Bitcoin is tanking. For many, crypto === bitcoin, and "the rest" is grouped together as "shitcoins". I totally get this sentiment, as 99% of coins ARE scams / snake oil salesmen promising the world with over-engineered uselessness trying to solve problems that don't exist. But I do believe in a digital de-centralized currency. Not smart contracts, not DEFI, not all the latest buzzwords: just a fully decentralized medium of exchange that actually works as a currency that no sovereign nation can control. That's why I have invested in a project that is the most promising in that respect (not going to say it here, as I don't want to shill). For that project to be truly successful, the world needs to move beyond Bitcoin, its clones/equivalents and PoW in general.
- xnx 5y agoWhat's the opposite of "to the moon"?
- Balgair 5y ago- Actually, I invest in Miami condos - Tacitus and Sun Tzu are the real investments - I shouldn't tell you this, but: Optogenetics/plastics/Barca-coin I'm sure there are others.