bitcoin down to $14000.."healthy correction" ..

[trog100]

all the other coins are down %20 to %30 overnight but seem to have bottomed out..

everything had got a bit silly of late so a pull back is probably no bad thing..

trog

 

[qubit]

...and the bubble bursts.

 

[64K]

Ars Technica hd an interesting article a while back about Bitcoin Mining and it's sustainability and the massive expense involved.

https://arstechnica.com/tech-policy/2017/12/bitcoins-insane-energy-consumption-explained/

I struggle to understand why anyone sees them as currency. I understand that most countries have fiat currency that isn't backed up by hard assets like gold but even looking at US dollars they are backed up by the US government (basically the US taxpayers). There is really nothing to support Bitcoins if they aren't perceived as valuable and their value plummets at some point.

 

[TheGuruStud]

Ars Technica hd an interesting article a while back about Bitcoin Mining and it's sustainability and the massive expense involved.

https://arstechnica.com/tech-policy/2017/12/bitcoins-insane-energy-consumption-explained/

I struggle to understand why anyone sees them as currency. I understand that most countries have fiat currency that isn't backed up by hard assets like gold but even looking at US dollars they are backed up by the US government (basically the US taxpayers). There is really nothing to support Bitcoins if they aren't perceived as valuable and their value plummets at some point.

US currency is technically monopoly money at the rate it's issued. What backs it is the fear of economic collapse by the rest of the world as they rely on lovely consumerism that we're really good at. And it helps to have enough firepower in a single carrier fleet to level a small country.

 

[Vya Domus]

I struggle to understand why anyone sees them as currency. I understand that most countries have fiat currency that isn't backed up by hard assets like gold but even looking at US dollars they are backed up by the US government (basically the US taxpayers). There is really nothing to support Bitcoins if they aren't perceived as valuable and their value plummets at some point.

And not just that , circulation is basically close to being nonexistent outside buying and dumping coins.

 

[dont whant to set it"']

"Wow!" interjected awe, this summer it was 3k$ a pop, and you what exactly?
All the best ,happy holidays and a fruitfull new year!.

 

[Sasqui]

...and the bubble bursts.

Maybe. Each historical bubble is prefaced by "this is different" and they all are. One difference (and similarity) is liquidity. It's hard to quantify (for me) how exchanges control the flow of this asset, and the ability to buy and sell ... aka liquidity. Is the price driven by supply and demand, or control of supply, or both?

 

[notb]

Love it!
https://www.tradingview.com/markets/cryptocurrencies/quotes-all/
Almost everything is down 30-50%.
I wish I had shorted it...

 

[qubit]

Maybe. Each historical bubble is prefaced by "this is different" and they all are. One difference (and similarity) is liquidity. It's hard to quantify (for me) how exchanges control the flow of this asset, and the ability to buy and sell ... aka liquidity. Is the price driven by supply and demand, or control of supply, or both?

If you have a look at this BBC video, there's a financial expert on there who explained that investing in bitcoin is gambling, nothing more nothing less, since there's nothing behind it to back it up.

I just wish I'd jumped in early a few years ago and mined a whole lot of bitcoins when it was easy to do so.

http://www.bbc.co.uk/news/video_and...in-bet-paid-off-but-is-it-too-late-for-others

 

[cdawall]

...and the bubble bursts.

I don't know if I would say that just yet. It will probably shoot up after the first of the year. We will see a new all time high around April I wouldn't be surprised if we see it around 36K

 

[qubit]

I don't know if I would say that just yet. It will probably shoot up after the first of the year. We will see a new all time high around April I wouldn't be surprised if we see it around 36K

Hey maybe, it's all a gamble!

 

[64K]

US currency is technically monopoly money at the rate it's issued. What backs it is the fear of economic collapse by the rest of the world as they rely on lovely consumerism that we're really good at. And it helps to have enough firepower in a single carrier fleet to level a small country.

The US dollar has a unique position on the world stage right now because it's the World Reserve Currency but that could change if the EU and China institute an alternative basket of currencies to challenge the US dollars dominance and eventually with the never ending deficit spending here in the US and the lopsided foreign trade position that we are in there will have to be some kind of correction to this financial foolishness.

 

[Sasqui]

Love it!
https://www.tradingview.com/markets/cryptocurrencies/quotes-all/
Almost everything is down 30-50%.
I wish I had shorted it...

Wow, ouchies.

If you have a look at this BBC video, there's a financial expert on there who explained that investing in bitcoin is gambling, nothing more nothing less, since there's nothing behind it to back it up.

I just wish I'd jumped in early a few years ago and mined a whole lot of bitcoins when it was easy to do so.

http://www.bbc.co.uk/news/video_and...in-bet-paid-off-but-is-it-too-late-for-others

The people who buy into these things either see it as a gamble, or a sure thing ... or arguable both. Same thing was going on during housing bubble here in the US back in 2003-2008 and that didn't end well. Hindsight is 20/20, eh?

 

[qubit]

The people who buy into these things either see it as a gamble, or a sure thing ... or arguable both. Same thing was going on during housing bubble here in the US back in 2003-2008 and that didn't end well. Hindsight is 20/20, eh?

Don't get me started about hindsight! Now where's that crystal ball I had lying around...

 

[64K]

America is still great until the Federal Reserve debt unwinds and people retiring think that Social Security that they have been paying into for their whole life is guaranteed to be there. I was talking to a business associate the other day and she was under the impression that the Social Security Fund money was sitting in a bank somewhere and waiting to be withdrawn on retirement. It doesn't really exist. It's financial smoke and mirrors.

 

[trog100]

crypto has crashed back to where it was two weeks ago.. i have just lost the 6K or so i have made over the last two weeks..

easy come easy go.. he he..

trog

 

[verycharbroiled]

been in crypto since 2011. this is the roller coaster im used to. just sit back and enjoy the ride!

 

[Vayra86]

If you have a look at this BBC video, there's a financial expert on there who explained that investing in bitcoin is gambling, nothing more nothing less, since there's nothing behind it to back it up.

I just wish I'd jumped in early a few years ago and mined a whole lot of bitcoins when it was easy to do so.

http://www.bbc.co.uk/news/video_and...in-bet-paid-off-but-is-it-too-late-for-others

Gosh, that's what I've been saying ever since its existence

 

[ZenZimZaliben]

All these haters. LOL. It's down 30% for the DAY but only up you know like 1400% for the year.

 

[Vya Domus]

All these haters. LOL. It's down 30% for the DAY but only up you know like 1400% for the year.

If you dumped money like crazy into it just recently and then see it go down by 30% in just one day you wouldn't care about that at all.

 

[silentbogo]

My mining-obsessed friend told me few weeks ago that Bitcoin is gonna fall "a bit" by new year. I didn't expect that this "bit" will be over 25%

 

[ZenZimZaliben]

If you dumped money like crazy into it just recently and then see it go down by 30% in just one day you wouldn't care about that at all.

I knew what I was getting into when I started in crypto. It is volatile. It has crazy wild swings. If you invest more than you can afford to lose that is your problem and your decision. People that have been holding for a long time know this is nothing new and if noob investors actually looked at the charts closely they would see that 3-5 drops a year at around 30% isn't unusual and actually could have waited/timed for the inevitable drop to buy instead of buying at the ATH.

 

[flmatter]

according to cryptopia btc is around 12500 at the moment ltc 225 and etn is at .08 for reference.

 

[Papahyooie]

I was going to cash out the other day when it was at 19k and buy a graphics card with it. But I decided I'd wait until New Years to see if I could stretch it out to the next higher model. (Was going to get a 1070Ti, but decided to wait and see if it would go up enough for me to stretch to a 1080 or 1080Ti depending on my mining profits) Guess I'll have to wait a bit longer.

 

[ZenZimZaliben]

according to cryptopia btc is around 12500 at the moment ltc 225 and etn is at .08 for reference.

Yup I purchased more LTC\ETH early this morning. LTC was at 205 and ETH around 520.