Cryptocurrency Prices Plummet Even More

Discussion in '[H]ard|OCP Front Page News' started by AlphaAtlas, Nov 20, 2018.

  1. AlphaAtlas

    AlphaAtlas [H]ard|Gawd Staff Member

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    Bitcoin plunged from about $6350 to $5500 last week, dragging much of the cryptocurrency market with it. After stabilizing for a couple of days, another big selloff started yesterday, as Bitcoin briefly dropped below $4400 and is sitting at about $4800 now. Etherium and XRP took similar nosedives, and about $45 billion of the entire cryptocurrency market's former ~$200 billion market cap has been wiped out since the beginning of November. Some publications are pointing to Bitcoin's forks and and a deluge of ICOs as a source of the trouble.

    Bitcoin Cash, the "big block" project that forked away from the Bitcoin blockchain in August 2017, "hard forked" (split) into two different coins: "Bitcoin Cash ABC" (BCH ABC) and "Bitcoin Cash SV" (BCH SV). At the time of writing, the Bitcoin Cash ABC chain has more accumulated proof of work, and its native currency, BCH ABC, is trading higher on (futures) exchanges. Most Bitcoin Cash ABC proponents, therefore, feel victorious - though many Bitcoin Cash SV proponents have not yet conceded defeat.
     
  2. Aireoth

    Aireoth [H]ard|Gawd

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    Is this scam finally failing? I hope so.

    Tribor.jpg
     
  3. Sonickrunch

    Sonickrunch n00bie

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    I don't know why people are saying XRP dived...it went from 51 to 43c...it was 43c back on Oct 28th and again on the 22nd...it's traditionally been a stable coin around the 30-70c mark and that's based on what it's meant for. It's not supposed to be a speculated coin like btc/eth/ltc/ etc. In the same timeframe eth and BTC are trading at prices they haven't seen in over a year. Those took a dive.
     
  4. Probleminfected

    Probleminfected [H]ard|Gawd

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    Always good to do the opposite of the crowd.

    When people thought it was the best thing ever, I was selling.
    Now people think its the worst garbage around, I'm buying.
    I'm hoping for 3K btc.
     
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  5. Master_shake_

    Master_shake_ Little Bitch

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  6. If you don't think a 16% is a dive then I have some stock to sell you at a bargain dip.
     
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  8. Sonickrunch

    Sonickrunch n00bie

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    The point is it was only 2 weeks ago it was at the same price, and a week before that it touched the same price...look at the chart over the last 6 months. It's not a dive when it's trading in a channel. Now look at BTC/Eth/ltc over the same period...that's not in a channel, that's in freefall.
     
  9. Abraxas601

    Abraxas601 n00bie

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    It's just the crypto Black Friday sale.
     
  10. Aireoth

    Aireoth [H]ard|Gawd

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    I made some money off crypto, still happy to see it burn.
     
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  11. The Cobra

    The Cobra 2[H]4U

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    LOL. I purchased $10 worth of Bitcoin back in 2009 (10 bitcoins for a buck each) I cashed 9 of them out last year when they were sitting at $12k a pop. Made some money, paid the taxes on them and never looked back. Still have that single one sitting in my e-wallet and won't sell it. If I lose a buck, I lose a buck. :-P
     
  12. Aireoth

    Aireoth [H]ard|Gawd

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    I hate crypto because the ultimate concept is flawed, a deregulated currency is and always will be a bad idea, not only that but it is/was/will be inevitable that the world's states would force regulation on it. I also hate how much power its consuming in an era where we have genuine resource problems, as well as climate difficulties (regardless of your stance, you cannot ignore the events actually transpiring around the globe). I hate the crypto salesmen, they are all blowhards regardless of how much money they make, a blowhard is still a blowhard, they just blow harder.

    Some of the transactional nature of crypto has marginal value, but that value can be easily replaced by other mechanisms. Blockchain itself has various degrees of value depending on industry and application, but it in and of itself is nothing that revolutionary other than a being a smart ledger. Blockchain is here to stay in some form, crypto can die in a fire.

    I was never bothered with the GPU side, as I've said before I was and still am sitting happy on a Titan X Pascal that I got at normal prices, I get that it burned others, but now its burning nVidia and they deserve it.
     
  13. PaulP

    PaulP Gawd

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    This volatility is caused by the very same things that make it attractive to some people: decentralization and no regulation. Investing in cryptocurrency is not for the faint of heart.
     
  14. jojo69

    jojo69 [H]ardForum Junkie

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    time to buy?

    no, not quite yet, time to wake up and start paying attention again though
     
  15. Lakados

    Lakados Gawd

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    While blockchain has a number of uses cryptomining I see bringing no actual benefit to society as a whole except to make a select few a lot of money the generation of these digital tokens is just too economically and environmentally expensive at this point.
     
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  16. PeaKr

    PeaKr Gawd

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    Hoping the folks at bch sv and craig wright lose their ass.

    Crypto has its flaws but it solves the biggest problem with fiat, the power to print it until its worthless. Wait until your box of cereal is 12x10x.25".

    1.png
     
  17. Aireoth

    Aireoth [H]ard|Gawd

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    It doesn't solve that problem at all, that problem is called inflation and is dictated not by fiat but by production and scarcity. Those 'problems' of fiat that crypto lovers point out just show a fundamental lack of understanding of basic economic functions and principals, fiat isn't without risk, but it allows for greater options when dealing with outside factors like supply and demand, scarcity, global political shifts, economic shifts, etc.

    Printing more fiat to combat economic forces is a powerful tool, if you cannot print more then those external effects hit your economic system in a different manner. Greece found this out by joining the EU, losing control over their currency, they couldn't devalue it as the economy collapsed, which would have made their exports more favorable and boosted tourism.

    This isn't the bronze, silver or golden age anymore, we don't need metals to peg values, the values are dictated by a much more intricate system that allows for greater control.

    Edit: Someday's I feel like I was the only one who actually pays attention.

    Edit 2: This really gets my goat, yes fiat has a problem, but that problem has been baked into fiat for a reason. To allow for greater control and influence over a individual countries economy than would otherwise be possible. Yes because its a 'problem' some jackass can come along and say 'crypto solves it' but what they don't tell you is by solving that 'problem' they really have just made a whole bunch of other problems, many that are more serious.

    Its like millennial and hippies yelling for a diminishing of the American Military Industrial complex, without realizing the issue is much more nuanced then 'no one can currently challenge us, so why are we spending this money'? Well for one, a military is one of the best and simplest ways for a state to provide gainful employment to the broadest group, and usually the most underprivileged. Modern military forces encompass everyone from the basic bitch grunt to physicist and engineers, the depth and breadth of employment would be difficult to match with any other public project, and would take decades to build.

    Yeah, that was an off topic rant, but its the same thing, these issues and systems are setup the way they are for a reason, with sound long term development and strategies of some of the greatest minds in history. When someone says you can just change them on a whim today because 'look I solved something' they're full of it. The nuances in the system, or the devil in the details, will kill you.
     
    Last edited: Nov 20, 2018
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  18. umeng2002

    umeng2002 Gawd

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    Another early Christmas gift.
     
  19. triwolf

    triwolf Gawd

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    Why everyone likes being played by corporations and bankers, while they could have had control and a huge potential for more freedom to control and actually grow their monetary value with crypto I will never understand. Enjoy your slavery to the Federal reserve, they have some real fun plans for 2019, like raising interest rates four times. Too bad so many idiots want to kill a golden goose. Like I said, you made your bed, lay in it.
     
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  20. triwolf

    triwolf Gawd

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    Filled with fallacy, you drank the bankers cool-aid, it's not taxing the electric grids anymore than all the other power that is used all over the world for tons of other uses. While you suck up to your masters they find you are really really dumb, and fun to steal your money with interest rates. Too bad you won't do research and see your being oppressed. Enjoy your dollars decline.
     
  21. Aireoth

    Aireoth [H]ard|Gawd

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  22. Concillian

    Concillian Limp Gawd

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    Personally I hate crypto because it makes no goddamn sense. You are trading energy that could actually be used for something (or not used and not contribute to environmental issues) to create what? Imaginary value and a tiny amount of R&D into cryptosecurity & algorthms. It's a colossally inefficient use of global resources with very little overall benefit to society.

    The GPU side effect is merely an acceleration of what nVidia, and to some extent AMD, were already on a path towards.
     
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  23. triwolf

    triwolf Gawd

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    Yeah, like the stock market isn't one big gambling house. Too bad all of you are too blind to see your slavery.
     
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  24. triwolf

    triwolf Gawd

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    What is a paper dollar worth, really? NADA. Enjoy not understanding fiat. When your dollars are worth crap in 5 years, you'll beg to get some crypto. See Venezuela for proof.
     
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  25. Aireoth

    Aireoth [H]ard|Gawd

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    Do you even read what you type? Do you understand that 'slavery' gives you the very freedoms you've built your life on? You don't live in Burma bitch, or Venezuela. Grow up.

    Sure make money off Crypto, I have, but it ain't the boat your selling.
     
  26. Nebell

    Nebell [H]ard|Gawd

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    Spoken like a true American consumist born 50+ years ago and now sitting on top of the food chain.
    Sorry but your point if view is not shared by most people outside your social circle.
     
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  27. bugleyman

    bugleyman [H]ard|Gawd

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    Vociferous hatred of fiat currency makes a lot more sense considered in the context of antisemitism.

    But that's none of my business.
     
  28. Lakados

    Lakados Gawd

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    Don't engage, just walk away from the mad man yelling on the street corner.
     
  29. triwolf

    triwolf Gawd

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    Do some research on how you are traded by bankers with your social security number, slave! You won't believe it! You are a slave that is traded like a commodity! LOL So many idiots! LOL Have fun with your hate echo chamber!
     
  30. Aireoth

    Aireoth [H]ard|Gawd

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    You don't know what your talking about, that is literally all there is to say.

    I'm not even American.

    Edit: how about proving you know something rather than just spouting off like much of my millennial brethren.
     
    Last edited: Nov 20, 2018
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  31. triwolf

    triwolf Gawd

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    I do and you not being American lets you tell me I don't live in Burma? Troll. And it's YOU ARE Not your.
     
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  32. triwolf

    triwolf Gawd

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    They have all been indoctrinated by the bankers that crypto is bad. Too bad they don't see it as a path to freedom.
     
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  33. Atearen

    Atearen n00bie

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    In what world a 40% standard deviation is considered stable?
    Also, XRP have been $10+ only since the beginning of 2017, and the bubble started back in 2016.
    What tradition are you talking about?
     
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  34. triwolf

    triwolf Gawd

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    If and when it goes to $15K and up later, please try and stay hydrated when crying the "I lost out" tears. It's no less risky than the stock market, you know they will probably have run out of suckers by then to sell their "even more bullshit" than crypto scheme.
     
  35. SvenBent

    SvenBent 2[H]4U

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    130% swing is stable ?

    im not sure we have the same definiation from stable
    In the same case BtC has been sitting very stable since the beging between 0 and 1million dollars...
     
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  36. Neurofreeze

    Neurofreeze 2[H]4U

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    Why wait five years for your dollar to be worth crap when you can wait just a few months for your crypto to be worth crap? Now that's progress.
     
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  37. Joust

    Joust [H]ard|Gawd

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    No damn cat meme?

    Good.
     
  38. Aireoth

    Aireoth [H]ard|Gawd

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  39. Joust

    Joust [H]ard|Gawd

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  40. Aireoth

    Aireoth [H]ard|Gawd

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    SRSLY!

    (you asked I had no choice, this is really all your fault :p)