Bitcoin Drops 10% in a Day

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AlphaAtlas

[H]ard|Gawd
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Yesterday, the price of one Bitcoin dropped from $7350 to about $6400 within a 24 hour period. Business Insider claims that the drop was exacerbated by their own report on Goldman Sachs backing away from their crypto trading desk plans. Meanwhile, Etherium has dropped to $229, its lowest price since August of 2017, while other currencies are facing similar steep drops. According the coinmarketcap.com, nearly $40 billion US dollars in virtual currency evaporated from the cryptocurrency market overnight.
 
On the one hand, I have a little bit invested in some crypto that I hope one day comes back up to make me a few bucks. On the other hand, I hope it crashes super hard and entirely goes away, so I can stop caring.
 
spintroniX said:
another day, another precipitous decline in crypto
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Be careful what you read and what you take from stuff like this. What HardOCP and other sites don't say, is that the previous month was more or less a continuous nice steady increase. Sites like this only post the negatives because it fits their narrative and the popular opinion on the forum. Stuff goes up, stuff goes down. That's life. Crypto is here to stay.

upload_2018-9-6_17-14-27.png
 
While i do not revel in folks loosing money. With regards to the fact that i need to purchase a video card soon........may crypto fall like like the sperm whale and bowl of petunias that were randomly created by the infinite improbability drive of the Heart of Gold over the planet Magrathea.
 
Look at the size of the failed economies in the world and look at the market cap Bitcoin and you will realize that it still has a lot of upside. Just Venezuela is 300 billion.
 
Well at least it wasn't another headline about more stolen bitcoins. That's something I guess.
 
davethehedgehog said:
Be careful what you read and what you take from stuff like this. What HardOCP and other sites don't say, is that the previous month was more or less a continuous nice steady increase. Sites like this only post the negatives because it fits their narrative and the popular opinion on the forum. Stuff goes up, stuff goes down. That's life. Crypto is here to stay.

View attachment 101936
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There have been plentiful news reports on [H] regarding cryptocoin increases and gains over the past years.

They are merely reporting the sharp drops that just happened, and provided the causational effect of why they sharply dropped.

And, now that we know why the more popular cryptocoins realized their record highs not long ago followed by insane losses: market manipulation, we are all more knowledgeable to the fact that there is some shady shit going on with it all, to the point that they are solely responsible for ridiculously raising the prices of key PC components, such as GPUs. Of course there will be lots of discontent for cryptocoins on a PC enthusiast forum!
 
DejaWiz said:
There have been plentiful news reports on [H] regarding cryptocoin increases and gains over the past years.

They are merely reporting the sharp drops that just happened, and provided the causational effect of why they sharply dropped.

And, now that we know why the more popular cryptocoins realized their record highs not long ago followed by insane losses: market manipulation, we are all more knowledgeable to the fact that there is some shady shit going on with it all, to the point that they are solely responsible for ridiculously raising the prices of key PC components, such as GPUs. Of course there will be lots of discontent for cryptocoins on a PC enthusiast forum!
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No doubt that's true perhaps over a span of years, but if you're seriously saying that the past 12 months or so haven't been largely focusing on the negative then you're not being 100% honest. I mean, they're catering to the majority of their audience. I was just saying that to say it's a daily constant collapse is not the case.

edit: I didn't catch your edit, you're right on why the view here is so negative. But on the first part of your edit statement again I think what you're telling isn't the whole story.
 
Wasn't that long ago it was at $16k

Has the bubble finally popped?

The #hodlgang must feel pretty silly now.
 
Vildayyan2003 said:
Turning electricity into money has got to be about as intelligent as turning corn into gasoline. Guys, I live in a backwards ass world.
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That’s basically what everything does to make money though.

Use some sort of energy to create wealth.

Would be pretty cool for companies to make products out of nothing.

What would be even cooler if the machines that print paper money didn’t use any sort energy to do so, like magic or something.
 
davethehedgehog said:
No doubt that's true perhaps over a span of years, but if you're seriously saying that the past 12 months or so haven't been largely focusing on the negative then you're not being 100% honest. I mean, they're catering to the majority of their audience. I was just saying that to say it's a daily constant collapse is not the case.

edit: I didn't catch your edit, you're right on why the view here is so negative. But on the first part of your edit statement again I think what you're telling isn't the whole story.
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Please elaborate. What part of the story am I leaving out?

Cryptocurrency starts rapidly gaining value.
A huge amount of people start mining them.
GPU prices skyrocket.
Cryptocurrency values continue a steadily climb, then rapid record highs hit.
Seemingly out of the blue, their values crash...hard.
Investigations by multiple international business and government agencies reveal that the values were manipulated via outright fraud, thus artificially inflated...Arrests are made.
Major online retailers completely cease accepting cryptocurrency as payments for goods and services sold.
Huge public outcry that the massive investment required to effectively mine it is simply not worth it anymore.
Market gets flooded with used GPUs, while the inflated selling prices of new stock have completely tanked.
Cryptocurrency values start to steadily climb again, albeit a far cry away from previous values.
No where near the amount of people as before are investing in the equipment needed to mine it, though.
Another sudden sharp drop occurs and it's revealed that big corporations are abandoning their support of cryptocurrency trading because it's simply too volatile, risky, and the powers that truly control it are some shady-ass mf'ers.
Profit?
 
DejaWiz said:
Please elaborate. What part of the story am I leaving out?

Cryptocurrency starts rapidly gaining value.
A huge amount of people start mining them.
GPU prices skyrocket.
Cryptocurrency values continue a steadily climb, then rapid record highs hit.
Seemingly out of the blue, their values crash...hard.
Investigations by multiple international business and government agencies reveal that the values were manipulated via outright fraud, thus artificially inflated...Arrests are made.
Major online retailers completely cease accepting cryptocurrency as payments for goods and services sold.
Huge public outcry that the massive investment required to effectively mine it is simply not worth it anymore.
Market gets flooded with used GPUs, while the inflated selling prices of new stock have completely tanked.
Cryptocurrency values start to steadily climb again, albeit a far cry away from previous values.
No where near the amount of people as before are investing in the equipment needed to mine it, though.
Another sudden sharp drop occurs and it's revealed that big corporations are abandoning their support of cryptocurrency trading because it's simply too volatile, risky, and the powers that truly control it are some shady-ass mf'ers.
Profit?
Click to expand...

I'm not saying any of these events are untrue, I'm just saying you have to look deeper than such superficial things.

Basically this is a new technology. A technology with a lot of promise that is in it's infancy. Yes there's been manipulations, no doubt. I'm not saying what you're saying is wrong. But I feel that's an inevitability with how game changing crypto is, and the threat it represents to the financial industries. When people are filling the world with FUD all they're doing is the jobs of the people who *want* to see crypto die. The people who want to see crypto die are the people with the most to lose by the democratisation of finances, i.e. the Warren Buffets of the world. They've been playing this game a lot longer than the people involved in crypto, they know all the tricks, and they've got some big mouthpieces. Also, if you think the supposed current solutions for economic tools aren't being manipulated constantly then you're wrong.

So I guess my point is, by believing the constant FUD and echoing it back and forth, all people are doing is dragging something down that could make their lives a whole lot better, in the long run. It's like Edison electrifying an elephant to prove how dangerous AC is, and then everyone worldwide bouncing the BS back and forth, when in reality he's only doing it because he has a massive investment in DC and doesn't give a damn about what's actually the superior solution.

In my opinion crypto will probably come very close to death, if not die. Then a couple of years later you're going to start to see the big boys start to come out with their own crypto technologies. But they won't call it crypto, they'll call it something else and tell people it's revolutionary. Edit oh, it'll be completely closed and proprietary of course too

It's not about GPU and CPU prices, or the scammy coins that are also inevitable in a new world like this. Mining to my mind was a curiosity. It's heart was in the right place but the execution was poor. It ended in centralisation.
 
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davethehedgehog said:
Be careful what you read and what you take from stuff like this. What HardOCP and other sites don't say, is that the previous month was more or less a continuous nice steady increase. Sites like this only post the negatives because it fits their narrative and the popular opinion on the forum. Stuff goes up, stuff goes down. That's life. Crypto is here to stay.

View attachment 101936
Click to expand...
Here to stay as a niche hobbey?
 
davethehedgehog said:
No doubt that's true perhaps over a span of years, but if you're seriously saying that the past 12 months or so haven't been largely focusing on the negative then you're not being 100% honest. I mean, they're catering to the majority of their audience. I was just saying that to say it's a daily constant collapse is not the case.

edit: I didn't catch your edit, you're right on why the view here is so negative. But on the first part of your edit statement again I think what you're telling isn't the whole story.
Click to expand...

yup --

July 18th there was a nearly 10% boost in 10 minutes. I didn't see a headline article then? I posted this question in the crypto subforum.

Archaea said:
I sure don’t understand the jump to 7,400 yesterday. The jump was the equivalent to 9 billion USD being added to Bitcoin in about 10 minutes.

https://www.forbes.com/sites/billybambrough/2018/07/17/the-bitcoin-price-is-up-10-in-24-hours-to-over-7000-whats-pushing-it-up/amp/

Who did that and why?

Very orchestrated play by the whales? That’s a big play on no real news.

Reality is there are decidedly few individual people in the world that can throw 9 billion dollars at something like this... nation state perhaps?

And it’s interesting it seems to stick there through today mostly unwavering. So we go from holding mid 6k to hold on mid 7k in 10 minutes with really steady hold pattern to follow?

142512_312298AD-B4AB-45B1-96CB-A7BD917B9DF5.jpg


Yeah that sounds organic!!! /s
Click to expand...
 
singe_101 said:
Isn't that inflation? Why wouldn't a good currency be stable?
Click to expand...

40% inflation? what?

It's not a stable 'currency' right now, I don't think anyone would say it is. It's been taken way beyond what it was originally designed to do into the realm of wreckless speculation on exchanges.

The volatility will continue to die down, if/as more adopters come online. Right now too many coins are based in the hands of the 'whales' and speculators who can manipulate the market. That should die down as more people hold and use coins on a typical basis.
 
singe_101 said:
Isn't that inflation? Why wouldn't a good currency be stable?
Click to expand...

The fan boys gave up on that argument and switched tactics to it being more of an investment now. Well that and defending anything negative relative too bad news, comments and stolen coins as you can gather.
 
davethehedgehog said:
I'm not saying any of these events are untrue, I'm just saying you have to look deeper than such superficial things.

Basically this is a new technology. A technology with a lot of promise that is in it's infancy. Yes there's been manipulations, no doubt. I'm not saying what you're saying is wrong. But I feel that's an inevitability with how game changing crypto is, and the threat it represents to the financial industries. When people are filling the world with FUD all they're doing is the jobs of the people who *want* to see crypto die. The people who want to see crypto die are the people with the most to lose by the democratisation of finances, i.e. the Warren Buffets of the world. They've been playing this game a lot longer than the people involved in crypto, they know all the tricks, and they've got some big mouthpieces. Also, if you think the supposed current solutions for economic tools aren't being manipulated constantly then you're wrong.

So I guess my point is, by believing the constant FUD and echoing it back and forth, all people are doing is dragging something down that could make their lives a whole lot better, in the long run. It's like Edison electrifying an elephant to prove how dangerous AC is, and then everyone worldwide bouncing the BS back and forth, when in reality he's only doing it because he has a massive investment in DC and doesn't give a damn about what's actually the superior solution.

In my opinion crypto will probably come very close to death, if not die. Then a couple of years later you're going to start to see the big boys start to come out with their own crypto technologies. But they won't call it crypto, they'll call it something else and tell people it's revolutionary. Edit oh, it'll be completely closed and proprietary of course too

It's not about GPU and CPU prices, or the scammy coins that are also inevitable in a new world like this. Mining to my mind was a curiosity. It's heart was in the right place but the execution was poor. It ended in centralisation.
Click to expand...

I have not echoed any FUD regarding cryptocurrency...just the facts that occurred during the timeline of it's existence so far. Many people's lives were bettered by cryptocurrency when they hit their record highs along the way. But more lives have been completely ravaged by the manipulation and fraud by the powerful few that essentially control it all. Until it truly becomes a publicly controlled currency (the whole basis of it...to overthrow current government controlled currencies), then the risks are far too great thanks to the investigations to uncover the truth behind it, and the more people that realize it, the more people's lives will be bettered by simply avoiding it altogether until a true worldwide universal public currency comes along.
 
DejaWiz said:
I have not echoed any FUD regarding cryptocurrency...just the facts that occurred during the timeline of it's existence so far. Many people's lives were bettered by cryptocurrency when they hit their record highs along the way. But more lives have been completely ravaged by the manipulation and fraud by the powerful few that essentially control it all. Until it truly becomes a publicly controlled currency (the whole basis of it...to overthrow current government controlled currencies), then the risks are far too great thanks to the investigations to uncover the truth behind it, and the more people that realize it, the more people's lives will be bettered by simply avoiding it altogether until a true worldwide universal public currency comes along.
Click to expand...

Just to clarify my point. The bettering of lives isn't related to the money they make on betting on it. The bettering is in it's utility. The utility has been lost in the money and greed frenzy, so I'm not surprised that isn't what you're focusing on.

I do like your thoughts on the worldwide universal public currency, however. That's more my thinking when it comes to crypto. A universal currency that can be easily and quickly traded for all sorts of services, goods and even currencies with other utilities
 
Archaea said:
40% inflation? what?

It's not a stable 'currency' right now, I don't think anyone would say it is. It's been taken way beyond what it was originally designed to do into the realm of wreckless speculation on exchanges.

The volatility will continue to die down, if/as more adopters come online. Right now too many coins are based in the hands of the 'whales' and speculators who can manipulate the market. That should die down as more people hold and use coins on a typical basis.
Click to expand...


It's not a stable currency now, and it never will be.

The clowns that support decentralized non-government currency are nuts. All the value in any cryptocurrency is all hype. It's a house of cards with no foundation. Without a government to back and endorse a currency it will never become stable.

Cryptocurrencies today are just a way to con uneducated small investors out of their money.

While the concept of blockchain is great and has some real world applications that are very interesting and have potential for usefulness, IMHO cryptocurrencies are nothing but scams and pipe dreams and always will be.
 
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davethehedgehog said:
Just to clarify my point. The bettering of lives isn't related to the money they make on betting on it. The bettering is in it's utility. The utility has been lost in the money and greed frenzy, so I'm not surprised that isn't what you're focusing on.

I do like your thoughts on the worldwide universal public currency, however. That's more my thinking when it comes to crypto. A universal currency that can be easily and quickly traded for all sorts of services, goods and even currencies with other utilities
Click to expand...

When just about every online retailer has abondoned acceptance of cryptocurrency as payment, then what utility is there?

Those that held on to it even when it reached its record highs are now left with a fraction of that value...and no where to spend it.

Those that got in to it to purely profit AND were able to sell prior to the crash did it up right. But those people are but a tiny fraction of the overall whom lives have been altered in the most negative of ways.
 
DejaWiz said:
When just about every online retailer has abondoned acceptance of cryptocurrency as payment, then what utility is there?

Those that held on to it even when it reached its record highs are now left with a fraction of that value...and no where to spend it.

Those that got in to it to purely profit AND were able to sell prior to the crash did it up right. But those people are but a tiny fraction of the overall whom lives have been altered in the most negative of ways.
Click to expand...

The ability to shift moneys about isn't only limited to buying stuff from a retailer. Just like blockchain as a technology isn't only limited to financial services. I'm not sure though, why you want crypto to fail, or at least you seem to.
 
Archaea said:
40% inflation? what?

It's not a stable 'currency' right now, I don't think anyone would say it is. It's been taken way beyond what it was originally designed to do into the realm of wreckless speculation on exchanges.

The volatility will continue to die down, if/as more adopters come online. Right now too many coins are based in the hands of the 'whales' and speculators who can manipulate the market. That should die down as more people hold and use coins on a typical basis.
Click to expand...

Which will never happen. Crypto is already too expensive for joe-average to perform in most parts of the country. Practically no one legally accepts it, and it has no backing in any other form of hard currency. It's an investment tool, one that will always be volatile as hell. As a currency, it has no future.

And never mind the long-term problem of how the hell you are going to store the entire blockchain as it increases in size.
 
Jinto said:
Look at the size of the failed economies in the world and look at the market cap Bitcoin and you will realize that it still has a lot of upside. Just Venezuela is 300 billion.
Click to expand...


Bitcoin simply cannot help failed economies in any way.


Keep holding on to the dream though.
 
people who bought at 18000 still crying haha

those who can rinse and repeat every month could make some nice money, but you better hope shit doesn't collapse further and wipe out all previous earnings.
 
davethehedgehog said:
The ability to shift moneys about isn't only limited to buying stuff from a retailer. Just like blockchain as a technology isn't only limited to financial services. I'm not sure though, why you want crypto to fail, or at least you seem to.
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I've already stated it numerous times now: because it has been proven to be controlled and manipulated by a mere powerful few, which is one hundred percent counterintuitive to it being a publicly-controlled universal currency.
 
pizzathehutt said:
While i do not revel in folks loosing money. With regards to the fact that i need to purchase a video card soon........may crypto fall like like the sperm whale and bowl of petunias that were randomly created by the infinite improbability drive of the Heart of Gold over the planet Magrathea.
Click to expand...

If you look around video card prices are way down from just a couple months ago.
 
DejaWiz said:
I've already stated it numerous times now: because it has been proven to be controlled and manipulated by a mere powerful few, which is one hundred percent counterintuitive to it being a publicly-controlled universal currency.
Click to expand...

Well, I can respect that point of view. It's a better one than "muh GPU prices". Myself I see that as a problem to be overcome rather than a reason to give up and fail. That's one of the other beauties of crypto, it can evolve more quickly and change, unlike more legacy methods of holding value.
 
As a miner who sold who knows how many BTC between $40 and $4, I will hold my last BTC and some LTC until I can retire early or they are worthless. I no longer follow short term gains or losses, too stressful.
 
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