Bitcoin Plummets Below $7,500

Something weird going on with ETH. Every time is drops there is a following bump but it doesn't keep rising as in the market isn't buying it as a whole. Some parties are trying to keep it afloat imo.
 
Elios said:
ETH is already at 600 and droping ...itll be under 400 by the end of the week
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Glad you showed us your crystal ball. What is the stock market going to be at in a week? What is a good investment strategy? With your skills you should know. Except any person that predicts the future either is extremely lucky, or has some knowledge that is water proof that most people don't know, otherwise it's what most people refer to as CACA.
 
Let's stay on topic and remember rule number 1, please.
 
I hope this is relevant. A whole bunch of banks took away the ability to buy bitcoin or any cryto with credit cards, and the market tanked, even though they still allow you to buy junk food, lottery tickets, gamble and all kinds of other not so smart things. Can I sue?
 
triwolf said:
I hope this is relevant. A whole bunch of banks took away the ability to buy bitcoin or any cryto with credit cards, and the market tanked, even though they still allow you to buy junk food, lottery tickets, gamble and all kinds of other not so smart things. Can I sue?
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Wow, it is almost like it was noted in the OP.

Going to sue yourself for being a dolt using debt to try and leverage one of the most volatile investments on the planet?
 
triwolf said:
Sorry, El Chingon, not really going to sue myself, so I don't follow. The reality is lots of money was lost, and outlawing everything would never work. To each his own, we disagree.
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Who do you want to sue besides yourself? Can I sue the casino because I bet $100k on red and it came up black?
 
Below 7k again, may want to hit me up about that Vega 64 before I drop my offer to $75 :p
 
Mchart said:
They're fucked honestly. They could try to hold and hope for the best, but from everything I've read this will likely never see over $10k again.
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I'm pretty bearish on Bitcoin. I think that by the end of 2018, Ethereum will have assumed the mantle as king of cryptocurrencies. I also think that there are a few potential candidates that will, sooner rather than later, replace BTC as the go-to coin for every day transactions. We know know, definitively, that Bitcoin sucks at that. The only hope that Bitcoin has of remaining relevant long term is if people identify it as a store of value and use it that way. I think there are better options in this space as well, but it is possible that BTC remains a factor for that reason. I think it is more likely that in a number of years Bitcoin will fade to irrelevant.

All that said, I could still see Bitcoin hitting 10k or even 20k again. There's no guarantee it will happen and I would not count on it, but it still may. People are irrational and there's a lot of big bucks behind Bitcoin in the form of ASICs and utility bills.

Elios said:
it will when ETH is under 100 bucks
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If there's an extended crypto correction, sure ETH may go under $100. I don't think the bottom will be that low, though. Even if it is, ETH will be worth much, much more than that in the long term.

Aireoth said:
They took my vidya cards! or better yet, 'They terk err vidah cerds!'
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LOL


triwolf said:
I hope this is relevant. A whole bunch of banks took away the ability to buy bitcoin or any cryto with credit cards, and the market tanked, even though they still allow you to buy junk food, lottery tickets, gamble and all kinds of other not so smart things. Can I sue?
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It is relevant. As is the news that China will firewall block offshore crypto exchanges. That and the continuing Tether saga are the main drivers of the crypto selloff.
 
I just love all the bitcoin predictions, both up and down. In reality it is pure gambling and that's the only rationale it follows. Reminds me a bit of why we left the gold standard.
 
triwolf said:
The banks for drastically reducing the number of people able to buy cryto, like was mentioned in the OP!
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Funny you think the banks are doing this to protect the people making those risking transactions on credit. The banks are making those decisions to protect themselves from the people making those risking investments.
 
thesmokingman said:
Something weird going on with ETH. Every time is drops there is a following bump but it doesn't keep rising as in the market isn't buying it as a whole. Some parties are trying to keep it afloat imo.
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yup some one is trying to keep it up since its tied to the mining market they have been trying hard all day too
 
Elios said:
yup some one is trying to keep it up since its tied to the mining market they have been trying hard all day too
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Whoever was trying to hold up BTC must have went to lunch, been stuck below 7k for a while and falling
 
The market in general has been shitting itself pretty hard recently, it's not just BTC. Dow flushed 600+ on Friday and a HUGE turd today, down 1175. Insanity.

A couple more days of this and I'm going to have to cash out and stick it all under the mattress.
 
WhoMe said:
I just love all the bitcoin predictions, both up and down. In reality it is pure gambling and that's the only rationale it follows. Reminds me a bit of why we left the gold standard.
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You're right that nobody really knows with any degree of certainty what Bitcoin's long term value is going to be. However, I feel I have some solid ground to take a bearish stance on it. The mining power is basically in the hands of a monopoly, and one that has a vested interest in a competing coin even. There are major deficiencies in the transaction system. These deficiencies led to soaring transaction costs, a capped number of transactions per day, and literally hundreds of thousands of stuck transactions (which are now clearing because of the price crash and resulting suppressed transaction volumes). The worst part is that there's no guarantee that any of these problems can be fixed going forward, based on the lack of a central authority. Fixes could just lead to more forks and alternate coins.

Full disclosure - I hold $0.00 in BTC and actively avoid holding any, even as an intermediary as part of a transaction. I think there are a dozen cryptos with better long term prospects.
 
triwolf said:
It does still hurt, and that is thier line, by the way do you think the Banks like or dislike crypto today? Changes everytime, I am unsure. The whole thing is pretty crazy.
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You don't think the banks would do anything to manipulate the market one way or the other just to come in low to sell high after they reduced the demand by cutting off any credit card purchases do you? The banks are never to be trusted, it's enough to make you sick some of the utter lies they try to pull.
 
Burticus said:
The market in general has been shitting itself pretty hard recently, it's not just BTC. Dow flushed 600+ on Friday and a HUGE turd today, down 1175. Insanity.

A couple more days of this and I'm going to have to cash out and stick it all under the mattress.
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I'd be careful about relating those two markets very closely. During a recession I could see both going down simultaneously, but we're not in one. I think each market is responding to different factors. It is just that, at this time, the factors on each market are mostly negative, leading to big selloffs.
 
WhoMe said:
I just love all the bitcoin predictions, both up and down. In reality it is pure gambling and that's the only rationale it follows. Reminds me a bit of why we left the gold standard.
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Because gold isn't terribly practical? Fiat currency isn't the problem. Excessive debt undermining the issuing country is the problem. Though I suppose if you want to argue that the accumulation of excessive debt is inevitable, then you've got a point. The USA is certainly headed in that direction.
 
I'd just like to be able to find a reasonably priced 1600W psu that didn't amount to junk.

But in the meantime, while we're waiting for Team Lemming to harness up, because you just can't have too many surplus video cards:

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odditory said:
The banks don't like crypto for many reasons; obviously its a direct threat to their business model, they can't control it, it undermines their ability to get a government bailout every couple decades, and it drains their float of essentially free money that customers leave collecting dust in savings accounts receiving next to nothing in interest.

So they "ban" crypto under the guise of being for something other than their own self interest. Unfortunately it's an exercise in futility, just like one country or government thinking they can "ban the Internet".
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I hate retail banks as much as the next guy, but I wouldn't be so sure that the global banking system -- should it manage to act in concert -- can't put a serious dent in crypto. More likely is that they'll subvert it to serve their interests.
 
iamjanco said:
I'd just like to be able to find a reasonably priced 1600W psu that didn't amount to junk.

But in the meantime, while we're waiting for Team Lemming to harness up, because you just can't have too many surplus video cards:
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I hope you have good security, expect gamers on your front door step any second.
 
bugleyman said:
Because gold isn't terribly practical? Fiat currency isn't the problem. Excessive debt undermining the issuing country is the problem. Though I suppose if you want to argue that the accumulation of excessive debt is inevitable, then you've got a point. The USA is certainly headed in that direction.
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might not be practical for large trades, but for hundreds of years, ppl used curency that could be traded for gold to whatever org held your gold, so you had 1mil worth of gold when you were born and you still had 1mil worth of gold when you die, now you are born with 1mil and you die with 300k, 700k just vanishes overtime, so the problem isn't gold the problem is the gov that holds your gold.
 
bugleyman said:
Not terribly surprising...stock market is down as well. Personally, I think equities are overdue for a correction (10% or greater decline). Bitcoin will be much worse. I don't know the "real" value of bitcoin, but I know it isn't 20k per.
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The real value of BTC is 0, since it has no backing. At this stage it is only used for speculative or ilegal purposes, but mostly speculative. A currency that grows so quickly can't be used as currency. And since currency has no value on its own... BTC is worth 0 (long, long term). At this time, though...
 
bugleyman said:
Because gold isn't terribly practical? Fiat currency isn't the problem. Excessive debt undermining the issuing country is the problem. Though I suppose if you want to argue that the accumulation of excessive debt is inevitable, then you've got a point. The USA is certainly headed in that direction.
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The gold standard meant the currency was backed by gold and in theory you could trade your gold certificates in for real gold. The boom and bust cycle is what I'm referring to, look at the cycle in the Victorian era, almost like clockwork.
 
odditory said:
The banks don't like crypto for many reasons; obviously its a direct threat to their business model, they can't control it, it undermines their ability to get a government bailout every couple decades, and it drains their float of essentially free money that customers have happily left for them to collect dust in savings accounts while receiving next to nothing in interest.

So they "ban" crypto under the guise of being for something other than their own self interest, protecting the status quo and $35 overdraft fees. Unfortunately it's an exercise in futility, just like one country or government thinking they can "ban the Internet".
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I think you underestimate the power of the Government to regulate.

Why ban something you can tax the shit out of?
 
motomonkey said:
Bad debt is bad debt, be it a subprime mortgage or an idiot maxing his VISA to speculate on Crypto.
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you COULD argue shame on the banks for giving that person X amount of credit which they can not payback. if it's Crypto or porn.. it's all the same to the creditors spending of $ ya dont have.
 
motomonkey said:
Bad debt is bad debt, be it a subprime mortgage or an idiot maxing his VISA to speculate on Crypto.
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Personally I wouldn't do it and agree with you, an argument would be a bad debt is bad when it's bad, so not really a difference between other questionable purchasing, it does get to be a slippery slope to try to decide which risky behavior is OK.
 
prava said:
The real value of BTC is 0, since it has no backing. At this stage it is only used for speculative or ilegal purposes, but mostly speculative. A currency that grows so quickly can't be used as currency. And since currency has no value on its own... BTC is worth 0 (long, long term). At this time, though...
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Neither does the USD since they dropped the gold standard a few decades ago.... Yet somehow USD is better because it's 'backed' by the our 'Murcan gov'ment....... The same government that's now spending what, 2$ for ever 1$ in revenue and continuing to set record deficits, printing out more (unbacked) money whenever needed (non-stop), dumping it into the stock market to keep it afloat etc.... Yea, it's pretty obvious which currency is going to be worth 0 (long, long term).
 
prava said:
The real value of BTC is 0, since it has no backing.
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Dear Internal Revenue Service,

The real value of BTC is 0, since it has no backing. Mkay? I heard it on the internet so it's totally true. I mean, what is BTC anyway? Some kind of unicorn tulip monopoly money? It's not even real. How can it be real, AMIRITE? Hahaha.

Anyhoo, so I respectfully decline your request for $50K in capital gains tax on my 2017 cryptocurrency earnings, because 40% of zero.. is zero.

Are we cool? Phew.

Sincerely,

-Crypto investor
 
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Biznatch said:
Neither does the USD since they dropped the gold standard a few decades ago.... Yet somehow USD is better because it's 'backed' by the our 'Murcan gov'ment....... The same government that's now spending what, 2$ for ever 1$ in revenue and continuing to set record deficits, printing out more (unbacked) money whenever needed (non-stop), dumping it into the stock market to keep it afloat etc.... Yea, it's pretty obvious which currency is going to be worth 0 (long, long term).
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More accurate to say USD is backed by the American economy. I suppose you can try to argue that is worthless, but that is a rather losing battle.
 
odditory said:
Dear Internal Revenue Service,

The real value of BTC is 0, since it has no backing. Mkay? I heard it on the internet so it's totally true. I mean, what is BTC anyway? Some kind of unicorn tulip monopoly money? It's not even real. How can it be real, AMIRITE? Hahaha.

Anyhoo, so I respectfully decline your request for $50K in capital gains tax on my 2017 cryptocurrency earnings, because 40% of zero.. is zero.

Are we cool? Phew.

Sincerely,

-Crypto investor
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They'll accept that, actually, so long as you just hold bitcoins. You don't need to pay taxes on gains (nor can you claim deductions on losses) for Bitcoins. When you have to pay is if you want to actualize those gains and convert it to currency.
 
triwolf said:
Personally I wouldn't do it and agree with you, an argument would be a bad debt is bad when it's bad, so not really a difference between other questionable purchasing, it does get to be a slippery slope to try to decide which risky behavior is OK.
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I wasn't really aiming that at the consumer end, but from the lenders perspective as to why they are and should, disallow Crypto purchases. A Subprime mortgage is high risk, as is a Crypto purchase.

The argument can be made on the consumers behalf, that if I am trusted with a $10,000 credit limit, it should not matter what I spend it on, as that limit should be based on my ability to pay it back, not on what I purchase with it. after all, I can walk into a casino and buy chips with my CC...... oh, wait, you can't. guess that's high risk to!
 
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