Bitcoin Tumbles Again, Loses a Quarter of Its Value during Thanksgiving Week

Megalith

Megalith

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The world’s most popular cryptocurrency has managed to fall under $3800. While crypto traders are convinced the bottom is in sight, Bitcoin has managed to lose over $1,400 in value in just one week. Supposed catalysts include “the aftermath of the Bitcoin Cash’s November 15th fork, an influx of institutional selling orders, the Bakkt Bitcoin futures vehicle delay, regulation measures from the SEC, and, arguably the most convincing, the final bout of capitulation from crypto’s 'weak hands.'"

The total market capitalization for cryptocurrencies fell to $138.6 billion Friday, according to CoinMarketCap data, its lowest level since September 2017. Since its peak, the market has lost about $700 billion in value, according to the data. The tumble for bitcoin started abruptly last week when it fell below $6,000 and hit a new low for the year. The plunge followed what had been a surprisingly calm few months for bitcoin and a break from the rest of its volatile trading year.
 
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seriously though this is that last time it falls.

next stop 10k!

/s
 
The people that stared using btc in the first place don't care if its value is a lot or a little. They just wanted something to use that wasn't government controlled and relatively untraceable. Once bitcoin went full on celebrity, it lost a lot of its convenience and ease of use. Will be interesting what history will remember of bitcoin.
 
Lakados said:
Every time you fork a project you devalue the original and it’s successor, when will these communities learn this?
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Problem was it's popularity. How long and how much power did it take to do 1 transaction? It was unsustainable.

But I agree whenever there's another derivative or new coin it just breaks the market more.

I should create 500 new types of coin just to break the market.
 
Lakados said:
Every time you fork a project you devalue the original and it’s successor, when will these communities learn this?
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wasn't one of the big ideas behind bitcoin that unlike all the evil fiat currencies you couldn't just create more bitcoins, It had however millions were setup and that's it. No idea how that jives with forks.
 
opfreak said:
wasn't one of the big ideas behind bitcoin that unlike all the evil fiat currencies you couldn't just create more bitcoins, It had however millions were setup and that's it. No idea how that jives with forks.
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Its my understanding that the first so many keys in the block chain are kept and recomputed so that a new hash key is created and that all future orders will use that new key processing.

So it's a shorthand hash of a block chain which is just a hash
 
RPKYGK said:
I want to see some updates on the giant mining farms that were opened up in Iceland and Washington state. How u doin?
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You mean the ones in warehouses they leased with gaurenteed commitment?

I wonder what that guy in China is doing that was walking dozens of rows of gpus in his warehouse. He was looking pretty glib then.
 
Lakados said:
Every time you fork a project you devalue the original and it’s successor, when will these communities learn this?
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At first they were like:

“OMG can only go up in value, 21 million BTC limit, supply and demand!”

Then they were like:

“Lol, forks.”
 
opfreak said:
wasn't one of the big ideas behind bitcoin that unlike all the evil fiat currencies you couldn't just create more bitcoins, It had however millions were setup and that's it. No idea how that jives with forks.
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Yeah that’s what people claimed, but it was obviously BS due to the fact that forking is a thing. I remember Charlie Munger pointing that out a long time ago but, you know, the Bitcoin twitterverse dismisses “old guard” thinking from guys like Munger because they’re oh so paranoid about Bitcoin taking over, or something like that.

But seriously, anyone who knows anything about how currency works would understand that you have to expand the money supply as the economy grows. The idea that Bitcoin would be limited in terms of supply is not a beneficial feature, it’s a fatal design flaw that should be obvious to anyone who understands the fact that the economy typically grows over time.
 
It has been dead multiple times in its short lifespan. I don't understand the negative approach. Anyone with half a brain knows its a long term game. It is not going anywhere. Its not for everyone. Are you guys so negative because you missed the boat the last go round >? :D
 
Lakados said:
Every time you fork a project you devalue the original and it’s successor, when will these communities learn this?
Click to expand...


All in the eye of the beholder. With no money to be made and no demand for coins, if you see it as good or bad, ultimately the market will decide if it's a good future or not. You think used hardware is cheap now, as this continues you may see prices going so low you wouldn't believe it. Seems a coin like Bitcoincash and all it's forking problems dragged the whole boat down.

Also even people in the mining game since 2013 and even earlier are really wondering where it may go right now, seems so much negative comments, the scams, ICO lies, the government intervention, etc. may soon drive it lower, and how it can recover in all the downward environment is deterministic, if miners and traders and the whole ecosystem is admitting defeat, it dies. With no miners, the coins don't actually work, no way to validate transactions.
 
BCH fork has nothing to do with the low prices. The entire thing falling on its face. Can someone explain to me why most exchanges are expending. >? :D
 
Imhotep said:
BCH fork has nothing to do with the low prices. The entire thing falling on its face. Can someone explain to me why most exchanges are expending. >? :D
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Umm, I guess you don't agree, seems lots agree with me that it placed so much uncertainty with all the other coins that it drove away buyers, but that's fine. Seems any person following the market saw lots of contention on both the chains, as in, buyers were unsure where to place their bets on which chain would win, so the whole market took a big hit while they all stayed out to see what would happen.

I guess your theory is crypto sucks and should die or something along those lines? Ok.
 
I don't think it should die. I made some change last December and well into '18. Some forks will die. The fact that most of the big exchanges are expending is the writing on the wall... Keep on hating :D
 
i'll quote myself
griff30 said:
There seems to be a lot of butthurt among the blockchain kids, that no one gives a fuck if crypto crashes to zero value.

Spoiler alert : NO ONE CARES.

Its arbitrary value at best. There is nothing backing it except empty, anonymous promises: Like "God" or "Santa"


Those who promote investing in blockchain shit, sound like a cross between Sidewalk Preachers and Vegans, or that long lost friend that invites you to Panera for coffee, then asking you to start selling AMWAY with him.

Pathetic and glad to see the SEC inquiries have started to work.
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TheHig said:
Cmon guys those fomrerly enslaved 1070s need to be less than 200 now right? ;)
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Sold one for $225, the other is standing by in rig turned off - waiting for the big return of Crypto mining :D

The thing is for mining, as more and more people drop out the better the mining becomes. Even Bitcoin as machines are turned off will it become more profitable for the ones remaining plus the energy costs will go down with it. In other words it will self adjust.
 
DigitalGriffin said:
You mean the ones in warehouses they leased with gaurenteed commitment?

I wonder what that guy in China is doing that was walking dozens of rows of gpus in his warehouse. He was looking pretty glib then.
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bitcoin went asic a long time ago, so most of those farms are doing other currencies. Would have to be more specific, however, there is a cautionary tale in here somewhere.
 
noko said:
Sold one for $225, the other is standing by in rig turned off - waiting for the big return of Crypto mining :D

The thing is for mining, as more and more people drop out the better the mining becomes. Even Bitcoin as machines are turned off will it become more profitable for the ones remaining plus the energy costs will go down with it. In other words it will self adjust.
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Not true; due to increasing difficulty of future hashes, processing requirements (and thus, energy requirements) will continue to go up, making any form of mining unsustainable over the long term. There's already communities that are putting extra surcharges on miners because they simply can't meet their energy demands.

Nevermind the long-term problem that all these coins have: As the blockchain gets larger, it becomes harder and harder to actually store it in it's entirety. What happens when the blockchain size reaches hundreds of Gigabytes? Terabytes? Exabytes?

As a currency, blockchain has already failed. All it is now is an investment tool.
 
Eickst said:
As someone who actually had some of those during the tech sector crash in 2001..... F U for making me remember that lol
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I gobbled all those stocks up when they crashed; never sell on a downturn, and buy anything that doesn't go bankrupt on the downswing.

Case in point: I'm out of the markets right now, since there's going to be a recession within the next 18-24 months; there's enough warning signs in the markets, and we're well past due for one at this point anyways. Recessions are shockingly predictable in time.
 
This was bound to happen. I have no doubt this shit will go back up again. I am gonna buy one just for the fuck of it in a few months. THis is actually good for crypto, all these mother fucking ICOs and mom and pops coin can die out. I am pretty sure alot of people that kept on throwing money at ICOs to flip it are learning a lesson right now. I bet alot of these projects took money cashed out and are going home now.

we will see some top cryptos survive and most of these no name crap will go bust.
 
gamerk2 said:
I gobbled all those stocks up when they crashed; never sell on a downturn, and buy anything that doesn't go bankrupt on the downswing.

Case in point: I'm out of the markets right now, since there's going to be a recession within the next 18-24 months; there's enough warning signs in the markets, and we're well past due for one at this point anyways. Recessions are shockingly predictable in time.
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You got any investment in 401k's or IRA's? If so, how you intend to distribute them without the tax penalty?
 
gamerk2 said:
I gobbled all those stocks up when they crashed; never sell on a downturn, and buy anything that doesn't go bankrupt on the downswing.

Case in point: I'm out of the markets right now, since there's going to be a recession within the next 18-24 months; there's enough warning signs in the markets, and we're well past due for one at this point anyways. Recessions are shockingly predictable in time.
Click to expand...

why do you think there will be a recession? just curious.
 
d3athf1sh said:
why do you think there will be a recession? just curious.
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Not the person you asked but my opinion...

Money was too accessible for Banks and businesses because the FRB had their interest rates at 0 since 2008s recession. Since Trump’s economy took off the FRB raised their rates each quarter and the economy is affected negatively becuase there’s no more interest free money for Banks and cheap loans/money for business. This affects everything from home loans to stock market investor speculation. This was going to happen when the economy started doing well again becuase the FRB needed to get off 0 where they leniately stayed through the entirely of the Obama administration, but they are punishing Trump and the US economy too quickly (IMO) by raising it every quarter under Trump. Between that and trade tarrifs, investors are a bit skittish. I don’t think the powers that be will allow another recession. I think this will be a slight pullback or maybe not correction before it takes off again. Trumps tarrifs will ultimately be good for the US economy bringing back manufactoring jobs and industry to the US, but it will take a few years, maybe a decade even, for business to ramp up in the gaps, in the meantime the market will likely suffer slightly. It needed to be done, but wasn’t necessarily ever going to immediately look good.
 
gamerk2 said:
Not true; due to increasing difficulty of future hashes, processing requirements (and thus, energy requirements) will continue to go up, making any form of mining unsustainable over the long term. There's already communities that are putting extra surcharges on miners because they simply can't meet their energy demands.

Nevermind the long-term problem that all these coins have: As the blockchain gets larger, it becomes harder and harder to actually store it in it's entirety. What happens when the blockchain size reaches hundreds of Gigabytes? Terabytes? Exabytes?

As a currency, blockchain has already failed. All it is now is an investment tool.
Click to expand...
You don’t understand how the difficulty adjustments work. I’ve explained it in the last few threads, so I won’t repeat it in full here.

Educate yourself.

Bitcoin could operate in current capacity with only three computers.
https://www.blockchain.com/btc/unconfirmed-transactions?show_adv=true

The difficulty adjusts automatically to available hashing power. It’s profitable to mine because of high price of bitcoin, and the block mining bonuses, but if hashing power were to die down, bitcoin won’t die, not at all. It’s nearly impossible to kill at this point - short of some yet unknown encryption vulnerability that breaks the private/public key infrastructure.
 
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Just looked at the chart. The next support levels (based on pivot points) are 2900 and 1900 ish. I see no widespread capitulation yet online, so the down trend will continue imo.
 
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