Bitcoin Drops 10% in a Day

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Remember the 10,000 BTC pizza? Just remember that there are many people out there with thousands of bitcoins and they got them by being around early enough to mine, probably with a P4 CPU or some nonsense. At one point or another, people like that will cash out and tank the price again.

People talk about bitcoin like it's going to be the savior of the people from today's elite, when what they're really getting into is a system with no controls in place that was rigged from the start to benefit a different "elite" group - one that hopes to trade you their BTC for your real money...which they can then use to buy more BTC and pump the price all over again.
 
davethehedgehog said:
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.
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Amusing....

Take note all, before you have an opinion on crypto you will want to run it buy davethehedgehog to verify its validity. It's vitally important its one he respects. Given his expertise on the issue i would have hoped for at least a score on a 1-10 scale, but alas. Apparently those of us plebs who have been forced to put off building a pc or upgrading our video cards due to the astronomical price increases directly caused by the almighty crypto should pipe down and not stand in the way of "progress". Savages.
 
It's not real money. The supposed wealth in cyber currency would be impossible to convert any significant percentage to anything useful without the rest losing almost all its value. Yes, a *few* people have made money on it. The majority have not.
 
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.

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Crypto may be "here to stay" in some form or another, but it's golden years are over. You are not likely to see the massive profits that were seen since it's birth as it is now starting to settle out. After having massive boom, a crash (multiple) was inevitable (Mr. Anderson).

Crypto might flounder around for awhile, but it's "yay free money" days are over.
 
BTC has been doing this dance all year. $6.5 is not really a precipitous drop considering the big picture.

The alt coins have been absolutely getting destroyed though. BTC goes up, they don't necessarily follow as much, then BTC drops, and they drop even more. It is the folks who have lots of money in alts that should be sweating. BTC will probably be OK in the long run.

And I say this as someone with too many alt coins.
 
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.

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no what your seeing is rats getting off sinking ship people saw a local high and cashed out
 
Good!

One day I'm gonna look like the smart guy that got out early and traded off my 10,000 Bitcoin.

Best 2 pizzas I've ever ate.
 
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.
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But how is anything he said much less the original article "superficial" then?

If all that he said was unequivocally true then its anything but superficial and is in fact quite damning.

davethehedgehog said:
Basically this is a new technology.
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There is nothing new about Bitcoin and if you think it is then you don't know what you're talking about.

Its just a combination of various existing things (ie book keeping, cryptography, number hashing methodologies) that have been around for decades before Bitcoin ever showed up. And Bitcoin itself has been around for quite a while now. Nearly a decade.
davethehedgehog said:
Yes there's been manipulations, no doubt.
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Half the point of Bitcoin and other alt coins is they're supposedly immune to manipulation!!

If others can manipulate their value, particularly if its easy to do and commonplace for said manipulation to be occurring, than that is a GIGANTIC issue that you're attempting to downplay here.

davethehedgehog said:
But I feel that's an inevitability with how game changing crypto is
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LOL Jesus man read up on the history of the Wildcat Banking period in the US in the early-ish to mid 1800's. Various private competing currencies that were promised to be manipulation free and offer anonymity has been done before and failed over and over and over again. It did nothing but fail and complicate things for decades before the practice was banned.

davethehedgehog said:
When people are filling the world with FUD
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Its not FUD if people are actually going to jail for fraud and such and been caught red handed manipulating things. That is the exact opposite of FUD.

davethehedgehog said:
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.
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This is conspiracy BS that doesn't make any sense. Shit those guys and Wall St. were all in on cryptocurrency up until very recently when it was shown to be more volatile and corrupt than even they could deal with. And these are the guys who did all the MBS tranches, CDO's, and such that blew up in 2007!!
 
griff30 said:
Good!

One day I'm gonna look like the smart guy that got out early and traded off my 10,000 Bitcoin.

Best 2 pizzas I've ever ate.
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10K in Bitcoin? That's a good reason to cry!

I hope the market goes to the moon and proves all the naysayers wrong!
 
building the bottom of the bowl, ignore the fud and negative press. look at the 1day-week graphs instead of the 1hr graphs
you'll see its about to start forming a curve up.. there will be more dips but not as bad as previous ones.. the curvature is about to go up now.
 
Hagrid said:
10K in Bitcoin? That's a good reason to cry!

I hope the market goes to the moon and proves all the naysayers wrong!
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Uh it's a joke.
You do know someone actually paid 10,000 Bitcoin for 2 pizzas right?
Yeah that really wasn't me.
Yes 10k of whole honest to God bitcoins for 2 pizzas. $60 million now even its decline
I have maybe $100 in it. Not worth crying over.
If it goes to nothing I won't be hurting or regretful.
 
griff30 said:
Uh it's a joke.
You do know someone actually paid 10,000 Bitcoin for 2 pizzas right?
Yeah that really wasn't me.
Yes 10k of whole honest to God bitcoins for 2 pizzas. $60 million now even its decline
I have maybe $100 in it. Not worth crying over.
If it goes to nothing I won't be hurting or regretful.
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I heard of lesser stories, but holy crap, 60 mil.....
 
Zarathustra[H] said:
Wasn't that long ago it was at $16k

Has the bubble finally popped?

The #hodlgang must feel pretty silly now.
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As a 2014 hodler, sure. Then again, I divested a small portion of my original investment for a 8x return. Paid more in taxes last year than I made on paper at my Bay Area job. So BTC could go to zero and I’m still way ahead. Long term crypto is here to stay. I’m not planning my next withdrawal till it hits $100k.
 
Dew said:
As a 2014 hodler, sure. Then again, I divested a small portion of my original investment for a 8x return. Paid more in taxes last year than I made on paper at my Bay Area job. So BTC could go to zero and I’m still way ahead. Long term crypto is here to stay. I’m not planning my next withdrawal till it hits $100k.
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You could have luck like that at a casino too.

Cryptocurrency speculation is less investing and more gambling, and I'll eat my hat if it ever hits $100k.

I'd be surprised if it even ever goes up to $16k again. Right now all of the value in any cryptocurrency is based on the speculative bubble. It has deflated a bit, rather than the pop I expected, but I'm sure the time is coming fairly soon when all of these cryptocurrencies hit junk status.

B00nie said:
I'm eagerly waiting for the day all the 'coins' get their real world value of 0.
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Exactly.

They fundamentally have no value outside the hype.

The underlying blockchain diatributed encryption technology does. It is fantastic. But a fake currency based on it has no fundamental value.
 
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Hagrid said:
I hope the market goes to the moon and proves all the naysayers wrong!
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TorxT3D said:
building the bottom of the bowl, ignore the fud and negative press. look at the 1day-week graphs instead of the 1hr graphs
you'll see its about to start forming a curve up.. there will be more dips but not as bad as previous ones.. the curvature is about to go up now.
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Here're the stages of a bubble. Looking at your comments, I guess we are right around at "Denial" and "Bull Trap".
 
This kind of high volatility is what makes crypto so attractive. If all you understand are bonds, buy your bonds.
 
davethehedgehog said:
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.
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That "evolve and change" you're championing here is the very reason it's worthless as a currency because that means it will always be volatile. It's funny because you were just championing it as a currency nirvana just a few posts previous.

There are two options here. You either don't know shit or you're trying to artificially inflate the hype but being about as inconsistent about it as possible.
 
bbqrooster said:
Here're the stages of a bubble. Looking at your comments, I guess we are right around at "Denial" and "Bull Trap".
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And I note again: No one seems to want to answer the question of "How do we store the entire blockchain once it reaches Terrabytes in size?".

When you consider the long-term problem that the blockchain is going to be unstorable for normal users, and combine that with the fact that it's non-economical to produce due to power draw (a problem that gets worse over time), and you realize the long-term, all crypto-currencies have no future.

All I see here is a pretty standard pump-n--dump.
 
gamerk2 said:
And I note again: No one seems to want to answer the question of "How do we store the entire blockchain once it reaches Terrabytes in size?".

When you consider the long-term problem that the blockchain is going to be unstorable for normal users, and combine that with the fact that it's non-economical to produce due to power draw (a problem that gets worse over time), and you realize the long-term, all crypto-currencies have no future.

All I see here is a pretty standard pump-n--dump.
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I do not think you know how this works.

Look up lightning network.
And
Look up difficulty adjustment.

The mining difficulty goes up as available hashing power goes up. Automatically. If available hashing power lessens the difficulty to do the calculations goes down. The amount of miners and thus the electricity used in mining is a function of the cost of the bitcoin since every 10 minutes a block is found which has a big bonus for the discoverer (or more likely the pool that discovered it). Bitcoin doesn’t need all this hashing power to survive. In therory it only needs three hosts of similar hashing power to avoid a 51% attack. Transactions per block is actually very small. That’s why they have developed lightning network to both limit block size and increase transaction speed.
 
Zarathustra[H] said:
They fundamentally have no value outside the hype.
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They have value because people worldwide have assigned it value and the math (not some particular goverment gatekeeper) keeps that value assigned to the private key owner— without exception.

What other currency or stock do you own, besides precious metals that doesn’t depend entirely (at least largely) on a single nation’s whim or financial health? A government’s regulations (or failure) can destroy a business model and therefore your investment entirely outside of your control. Gold can be seized. Bitcoin cannot.

Furthermore, with what other currency can you send value to another country and avoid all the hoops that occur with sending money internationally. No intermediaries, no conversion fees, no traditonal wire fees. With VPN use, no one entity can even stop you. I was just listening to a Federal Reserve Bank presentation last week where the speaker was talking about how much a hassle it is for a person to send money to China. It can take days and have stiff fees associated with it, not to mention trust concerns.

With Cypto, BTC and BCH specifically, I’ve bought three things from China with none of those concerns and a .0001 transaction fee. (And no minimum wire fee). There's nothing else that I'm aware of that can do that, and it's clearly of value in a worldwide market.

You can’t be told not to buy something, your money can’t be intercepted or stolen, and the fee for sending “money” is incredibly small. The value of bitcoin will never go to 0 until better crypto systems are developed and adopted, or the algorithm and protocols are discovered to have a destructive flaw. Since that hasn't happened in the decade or so bitcoin has been around, and the math/code is open source - it's a good indication of a robust starting platform.

Bitcoin has a recognized and growing value - outside of purely hype. It’s being accepted as a store of value at over 100,000 stores online, right now! Square adopted it, and promotes it. It’s growing in utility as we speak, not shrinking - so you can wish it to go to 0, or think it should go to 0 - but it won't. Not until something clearly superior replaces it at a future date.

Bitcoin fills in big gaps in current financial systems, and provides legitimate independence from standing government currencies -- therefore it has and will maintain worth, worth that will continue to grow as more people adopt using it --- worldwide! That's the keyword...worldwide.
 
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All would-be video card buyers can take a deep breath now, the bubble popped way back in January.

But where the future lies? No idea. But i don't revel in people losing money, even fools.
 
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