Bitcoin Falls to a One-Year Low and Drags the Cryptocurrency Market with It.

cageymaru

cageymaru

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Bitcoin dipped lower than its one-year low to $5,533.09 BTC=BTSP on the Bitstamp platform. It was down 9 percent at $5,690.47. Analysts placed a price of $6,200 as the litmus test to see if buyers were waiting on the sidelines. The loss of value in the Bitcoin market spread to Ethereum and other cryptocurrencies which pushed the sector below $200 billion for the first time since September.

"What you are seeing... is a breakout on the downside. Sometimes when things happen, it takes a while for the true reason to become clear - an exchange trade or regulatory action," said Charlie Hayter, founder of industry website Cryptocompare in London. Other market participants suggested that Thursday's impending "hard fork," or split of bitcoin cash - another cryptocurrency that emerged out of bitcoin - into two separate currencies, has caused some volatility as well.
 
I wish it would crash and burn already, or pick back up. I worry we'll be seeing this news continue for years to come as it slowly chases $0.
 
arnemetis said:
I wish it would crash and burn already, or pick back up. I worry we'll be seeing this news continue for years to come as it slowly chases $0.
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To many idiots threw alot of money into it for it to crash quickly.
 
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What does this mean for my cryptokitties?!!! Is my 10,000,000 ETH kitten worth shit now?!
 
Still mining with my gaming rigs.

Gives me something to mess with.

But instead of selling, now I'm holding, as a speculator. It's highly likely I'll be stuck holding the bag... But it's all right. I didn't leverage my life savings to do this.

Its costing me just a few bucks of electricity each month.
 
Riccochet said:
Just sold what was left of my bitcoin yesterday. Apparently, I chose wisely. LOL

Either way, I still made a solid profit from when I purchased it at $1500.
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Nice Gains, but I expect to see it north of 8K by EoY...This recent price drop is due solely to the infighting among the scammy BitCoin Cash crowd. ..It might not hit 8K but it will be worth over 7500 imo.
 
Fuck me, “Breakout on the downside”... that would be a breakdown.

It’s true that anyone can call themselves an analyst but fuck there’s some bottom feeding mouth breathers trying to make money off selling shovels with crypto.

As for the assertion it takes a while to find out why a dropped, no it doesn’t. You should know. If you don’t know then you’re a fucking idiot or it’s no market to support the price. It’s not fucking rocket science.

Can you imagine if you worked for a bulge bracket bank and they said they were moving you to crypto research. The sound of your heart breaking and career dying would be indistinguishable.
 
I always get a kick out of the people yelling "pretend money", while at the same time they fail to realize or understand the dollar in their wallet is backed by nothing but some words and a historical pattern of 3% purchasing power loss every year.
 
collegeboy69us said:
I always get a kick out of the people yelling "pretend money", while at the same time they fail to realize or understand the dollar in their wallet is backed by nothing but some words and a historical pattern of 3% purchasing power loss every year.
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And the dollar in our wallets isn't even valid in a lot of places, aside from settling bank debts. My local land office won't even take cash for property taxes anymore, even in exact change -- it's check, or credit card. We don't have a federal mandate that insists that you can purchase goods/services with cash, as any organization, or private vendor can stipulate their own payment terms. Moving crypto-currency to cash, and then into my bank account via ACH transfer is basically just as instant as any other form of currency transfer, and I can convert it into a unit that I can use to pay for goods; so like you, I fail to see how it is "pretend money". Hell, CoinBase is even FDIC insured.
 
Jagger100 said:
It's all pretend money. Just not a state one.
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State currencies like the US dollar are backed by vast national assets and military might. Short of a nuclear war a dollar will still be worth a dollar tomorrow. People are cool with getting their paychecks and buying their groceries with dollars.

Cryptocurrencies are backed by blockchain hype. People got duped by technobabble.
 
DeathFromBelow said:
State currencies like the US dollar are backed by vast national assets and military might. Short of a nuclear war a dollar will still be worth a dollar tomorrow. People are cool with getting their paychecks and buying their groceries with dollars.

Cryptocurrencies are backed by blockchain hype. People got duped by technobabble.
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Governments have never crashed? So state dollars have never crashed? Great Depression showed that there's no way to back up the Government based money that is out there. It's been virtual money predominately for quite some time. We've been spoiled by the stability the Post WWII Cold War and Comparative Benevolent Hegomony of the US in the Post Cold War and relative Economic stability as well which has spared us another Great Depression Reminder of how fragile it all is. That period is coming to an end.
 
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Aireoth said:
Do you not understand the difference???
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Perceived confidence only wrt currency.
Wrt Gold, bitcoin is scare and difficult to make more. Gold is scarce and difficult to make more. Gold has some slight utility in high tech electronics, shiney things, etc. But in comparison to the dollar value it holds the utility doesn't justify it. You can't eat it. You can't build cars from it, you can't make weapons with it. It is situationally useful but much of that arose after it gained its value not before. It's scarce and prone to speculation is the only reason it commands the prices it has.
 
The energy requirement of crypto transactions is so large that it is impossible to use as a currency. If all financial transactions were done in crypto, we'd use our yearly electricity in less than a day. Do the math.
 
M76 said:
The energy requirement of crypto transactions is so large that it is impossible to use as a currency. If all financial transactions were done in crypto, we'd use our yearly electricity in less than a day. Do the math.
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Trust me, people will not be transacting most purchases with bitcoin anymore.
 
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