The State of Cryptocurrency

[FordGT90Concept]

i think we have just found the floor about 8000.. its up and away from here on in.. he he..

It's stuck at 9000. Everytime it goes over, there's another sell off:
https://www.coindesk.com/price/

I could reasonably see it hitting $10k followed by a big sell off resulting in prices falling to $7K or lower. Probably going to see this trend of small climbs followed by big sell offs for a while (months).

 

[LPide]

even at 8000, its still 8x what it was Jan 2017...its just part of the correction. It will bounce back

 

[trog100]

It's stuck at 9000. Everytime it goes over, there's another sell off:
https://www.coindesk.com/price/

I could reasonably see it hitting $10k followed by a big sell off resulting in prices falling to $7K or lower. Probably going to see this trend of small climbs followed by big sell offs for a while (months).

this is the one i watch.. https://coinranking.com/

it targets nice round numbers.. as you say its now going sideways around 9K.. i think it will soon target 10K but its impossible to know for sure.. it could go the other way and head for 7k.. a new lower bottom..

trog

 

[Space Lynx]

The problem is the ones selling off are being bought up by the big boys... there is going to be another 1% controlling this currency just like in USD markets. I honestly wouldn't be surprised if the top 5 miner companies already hold 95% market share, and they are the ones buying the droves of people selling to create a false image to re-invest, so they can keep their buy low sell high game going, instead of the stock market with companies and some checks and balances, the masses are getting played hard in the Crypto world. The exchanges will never get shut down fully, so the top coin holders are just milking everyone and watching their fiat banks skyrocket.

Just a theory of mine, meh. I don't really care if I am right or wrong, I worked hard for the little 20k in savings I have now, and I don't intend to lose a penny of it. So my money will be staying in the bank. For those of you getting rich, more power to you.

 

[Vya Domus]

The problem is the ones selling off are being bought up by the big boys... there is going to be another 1% controlling this currency just like in USD markets. I honestly wouldn't be surprised if the top 5 miner companies already hold 95% market share

I am always fascinated seeing people hold onto speculation and faith that one day the little effort that they've put into something will make them rich beyond belief. I guess it is human nature to believe in this sort of stuff even when literally everything else suggests you have no chance at it.

 

[trog100]

its in the nature of humans to believe what they want to believe.. mostly whatever makes them happy.. i am old and a died in the wool cynic.. yet i am currently playing the crypto game..

faith my arse.. he he

trog

 

[dorsetknob]

Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.

The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.

It will not apply to debit cards, only to the banking group's eight million credit card customers.

The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.

Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.

 

[R-T-B]

Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.

The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.

It will not apply to debit cards, only to the banking group's eight million credit card customers.

The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.

Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.

Buying crypto on credit, while foolish, shouldn't be any different than any other foolish cash transaction they allow.

This is part of the reason I like crypto: I hate the banks telling me what I can and can't buy.

 

[dorsetknob]

Buying crypto on credit, while foolish,

Their position is Very understandable
They are Trying to Safeguard their Position ( and to prevent irresponsible people from making a foolish and life alterating mistake).
It could Be worse they might have banned the buying of Graphics Cards on Credit as they could be used for Crypto mining Luckly they have not joined the dots and done that as that would be a paranoid step too far

 

[R-T-B]

Their position is Very understandable
They are Trying to Safeguard their Position ( and to prevent irresponsible people from making a foolish and life alterating mistake).
It could Be worse they might have banned the buying of Graphics Cards on Credit as they could be used for Crypto mining Luckly they have not joined the dots and done that as that would be a paranoid step too far

I understand their reasoning. I don't agree with the basic premise though. Either you feel an individual can repay a line of credit, or you don't. It matters not what they do with it. That's none of the banks concern, IMO. (I know, this is not how the world works).

My libertarian is showing...

...I blame Bioshock.

 

[dorsetknob]

Its not just British Banks now some US banks have also joined in

US banks are queueing up to stop customers from buying bitcoin using credit cards, as wild price swings continue on the biggest cryptocurrency.

JP Morgan Chase and Bank of America both last night said they will ban the practice, according to , which could leave customers chasing the big price rises which bitcoin has seen over the past year with big losses. Citigroup also joined in the ban, according to Bloomberg.

Credit card providers which allow transactions with cryptocurrency exchanges could be left exposed to higher risk than usual because of the massive volatility of the assets.

 

[trog100]

BTC has broken below the 8000 level.. i cant see many noobs wanting to load up their credit cards with it at the moment and the ones that do will have already done it..

i thought it would bottom at 8000 but i was wrong.. where to next.. 7000 maybe..

trog

 

[ShiBDiB]

Banks (multiple decent sized EU ones) are banning the purchase of crypto. If this trend spreads to the big names and US based banks it could be the beginning of the end. Not so much because of how it affects buying power of coins for joe blow (who probably has his piggy bank invested already and is crying on the inside right now), but big money investors (that are steering the market) will pull their money if the banks go the anti crypto route.

 

[arroyo]

From left side: whale, ICO founder, two hodlers watching stocks.

 

[FordGT90Concept]

I understand their reasoning. I don't agree with the basic premise though. Either you feel an individual can repay a line of credit, or you don't. It matters not what they do with it. That's none of the banks concern, IMO. (I know, this is not how the world works).

Remember, when you charge something to a credit card, that money is literally coming out of *their* pocket, not yours. I'd say it's completely within their right to look out for themselves. They don't want to be exposed to the volatility of the cryptocurrency market.

 

[arroyo]

BTC stocks are fighting tough ... there were BID walls at 8000, then at 7800 then 7600 and now at 7500.
Every of thoose walls failed to stop freefall.

UPDATE: 7500 broken... 7480... 7464... drag it down, make GPU market great again!

 

[SirEpicWin]

It's stuck at 9000. Everytime it goes over, there's another sell off:
https://www.coindesk.com/price/

I could reasonably see it hitting $10k followed by a big sell off resulting in prices falling to $7K or lower. Probably going to see this trend of small climbs followed by big sell offs for a while (months).

Spot on analysis lmao

 

[Liviu Cojocaru]

It seems like more and more people sell on top of the government regulations and that's why this is going down so bad...for us the gamers this could mean normal GPU prices again?

 

[RCoon]

Where's David Hasselhoff when you need him to start singing.

 

[R-T-B]

Remember, when you charge something to a credit card, that money is literally coming out of *their* pocket, not yours. I'd say it's completely within their right to look out for themselves. They don't want to be exposed to the volatility of the cryptocurrency market.

As stated,they should be trusting the person they are lending the money too to make their own decisions, IMO. What has lending come to if we can't trust the agent with the money?

As for the freefall, it is good to see a return to sanity... What did I tell you guys? "Just give it time..."

Banks (multiple decent sized EU ones) are banning the purchase of crypto. If this trend spreads to the big names and US based banks it could be the beginning of the end. Not so much because of how it affects buying power of coins for joe blow (who probably has his piggy bank invested already and is crying on the inside right now), but big money investors (that are steering the market) will pull their money if the banks go the anti crypto route.

No bank has banned debit card transactions yet. And it has spread to US banks on the credit side of things (BofA as an example).

 

[trog100]

Remember, when you charge something to a credit card, that money is literally coming out of *their* pocket, not yours. I'd say it's completely within their right to look out for themselves. They don't want to be exposed to the volatility of the cryptocurrency market.

cypto currency is anti bank.. they cant destroy it but they aint gonna help it.. the reasons given are bogus.. banks are scared of crypto and rightly so.. until they come up with their own versions of it that is..

only those still a little wet behind the ears believe what banks say in this day and age..

trog

 

[Space Lynx]

cypto currency is anti bank.. they cant destroy it but they aint gonna help it.. the reasons given are bogus.. banks are scared of crypto and rightly so.. until they come up with their own versions of it that is..

only those still a little wet behind the ears believe what banks say in this day and age..

trog

The 2008 crisis was caused by scumbags in the housing loan market / banks, so I understand the hate for banks. I would like to think its not 100% corrupt though, I would like to buy a house someday, and the only way I will be able to do that in my current area is with bank loan... so... :/ People can love Crypto all they want, but in reality its very very niche usage or "areas" that can use it to buy cars or housing. Also, if I was that person in Belgium that bought a Castle with Bitcoin, or in Dubai rented an apartment with Bitcoin... and then price of Bitcoin hits 19k like it did... :/ yikes. So much money wasted... cause you can't sell the castle or apartment...

Stability is key... the banks suck, no doubt about it, its the best option at the moment though and for the foreseeable future.


Bitcoin now under $7300. its falling... maybe now I can finally buy a gpu for gaming, neat.

 

[Vya Domus]

Bitcoin now under $7300. its falling... maybe now I can finally buy a gpu for gaming, neat.

The average miner isn't mining bitcoin though , as far as I know. At this point probably no one mines bitcoin with GPUs from what I gathered , it's mostly just people buying and dumping like crazy. It's part of the reason why it's value is dropping like a stone now. Everyone was just holding onto it for the past year and now that the shit hit the fan it keeps going in a downward spiral but it doesn't really have much to do with mining itself.

Bottom of the line is , no , you still ain't going to find cheap GPUs.

 

[dorsetknob]

No bank has banned debit card transactions yet.

Credit card purchases are made with their money ( A loan if you like untill you repay it)
debit Card payments are made with Account holder's money ( no Risk to any Financial institution )

 

[Papahyooie]

The whole idea of banning crypto purchases is dumb... People buy couches with credit cards all the time, and no credit company complains about the fact that couches depreciate by more than 50% the moment you buy them... And people default on couch payments all the time, but no credit card company bans couch purchases. And couches don't even have any possibility of appreciating.

Or cars, or whatever item you want to pick... I'm not hung up on couches, just saying... consumer goods get bought with credit all the time, and get defaulted on all the time. But nobody bans them. If they don't trust people to make the payments, they shouldn't be lending them the money whether it's a couch or a bitcoin. That's exactly what caused the housing crisis and the US recession.

That being said... don't buy bitcoin on credit, ya dummies...