Bitcoin price plunges $2,000 in 12 hours as year-end rally fizzles out
theguardian.com
theguardian.com
https://twitter.com/charliebilello/status/944048619174457344...
The only real difference is that because Bitcoin's value is now so high, even comparatively small dips are massive in USD terms.
Has HN been run over by corporate guys? Only their news are left, and many other news stories per day that got many upvotes and/or comments get hidden from the frontpage very quickly.
Still, looking at the graph for the year, recent months have seen a massive spike.
Everyone blindly jumps aboard because "get rich quick". I wonder if these Bitcoin "angel" investors actually produce things with their hands, or if they seek to reinvest their gains into building something useful to people.
You can buy a house with enough bitcoins as long as you have buyers. You can say the same thing for tulips as well.
http://www.businessinsider.com/one-of-the-co-founders-of-bit...
I have invested a small amount in bitcoins, and just wait until it hits $100k. If I lose all, bad luck. The amount invested is worth the risk.
While I'd love to see crypto disrupt the current financial system, it's just fun to be a part of the ride. I see this as play money. It's fun to track the price up and down.
It will have to do a repeat of the 2012-today run up for me to make huge money - something I'm not expecting - and unless it does this, I'll not be cashing out. If it happens then awesome, if it crashes tomorrow then I've spent a bit of money for a bit of added excitement in my day.
Late reply. I don't agree. I think a disruption of the financial system will create only trouble. Taking back control from the banks is something else, and stopping split second speculation by algorithms would result in more stability. If you mean that by disruption, I agree of course, but for me this is not a disruption, as it fits in the current system.
Currently it isn't there so we have a while yet.
I said earlier on HN to buy in at $3,800, roughly 3 months ago.
Then I said to buy in at $5,900, when BTC bottomed out after China started regulating it. It was a good price.
The time to buy is now, when it's been crashing. This is always true after a crash.
So, let me go 3 for 3: Hocus, pocus, $14,000 is a pretty good buy-in price. Those who have been waiting should do so now.
It's remarkable how influential groupthink is. Everyone is panic selling, so of course the logical action is to buy. It's never a good time to buy when everyone's been buying! This is the only correct time to do a long-term bet.
This is all quite mistaken for day trading, but that's not this strategy.
Those two reasons are enough to play the odds, for whoever's paying attention.
If the value stays at this level for a while and the hashpower increases so that miners rely on this level of income, a drop of say 30% could mean that almost all miners are running in the red (except those with free electricity). The resulting long block times could cause the price to crash more, discouraging even more miners, until a block is just never produced again. The difficulty adjustment requires 2016 blocks to be mined.
It will inevitably be forked to try and save it, but that might not take off...
I'd like to see something with GBI built in, and maybe less deflationary. Not completely, as it's nice when saving money makes it worth more, but the only reason to have btc now is to hodl and make more ... till it's worth shit... and you can't sell it at all.
I mean really you can't even really use it for utility any more... Say I wanted to buy hosting with bitcoin... I pay $15 a month for hosting, so that's 15 in btc, PLUS $26 to send the btc? well fuck that.. nvm.. guess I'll just hodl like everyone else...
A great many companies watch their stock crash... and then become worthless and cease trading. Buying those crashes was not a good move.
This is the only correct time to do a long-term bet.
A great many companies that didn't experience a crash in their stock nonetheless were great long-term bets, and some investors made their fortunes this way.
But what is your responde to the fact that Bitcoin is just not that useful anymore? What exactly is this outrageous value based on?
2. BTC is a speculator's currency. The whole point is to speculate, and not much more than that. But that's literally the point, and the fact that it's absurd doesn't change how real it is.
3. Fluctuations will be with BTC forever due to #2. This has always been true and will continue to be true. Periods of inactivity will become longer, but then eventually speculators will notice it's a lucrative deal again.
4. Speculators have a crucial ability: they can manipulate the market. It's common for people to dump N million into the market to cause a small rally, at which point everyone else starts buying. This happened to Ripple. No one cared about Ripple until however many months ago that was, when it suddenly surged overnight due to this.
5. BTC has immense inertia because it was the first, and continues to be the most valuable. As long as the core team doesn't screw with it at all – including trying to "extend" it with bigger block sizes or any other convenience features – then BTC should stay a fine store of wealth. Satoshi planned for the long term.
6, The above points do not hold for other currencies. Others have some of these points, but not all of them. Hence BTC remains a solid bet.
7. All of this can be mistaken, but after seeing this behavior many, many times, at this point it's fine to gamble that you won't be wrong this time.
8. Don't put in more money than you're willing to lose.
> 8. Don't put in more money than you're willing to lose.
Cryptocurrency-think
Also anyone saying to buy, sell, or hold BTC is doing so out of self-interest. People saying to sell? They shorted BTC. Buy? They bought a bunch and want it to climb, they intend to sell. Hold? They have a bunch and are looking for that dank 10x - 100x duplication bonus.
It goes without saying that BTC isn't an investment. It's speculation. But there's nothing wrong with this, and everyone comes to the table knowing the stakes.
While what you say has been true in the past, one thing has changed since the last ATH of Bitcoin... Wallstreet is now involved.
Also, it looks like some exchanges are temporarily locking the value of Bitcoin and other currencies at certain steps to control the drop?
https://www.reddit.com/r/CryptoCurrency/comments/7lch2d/coin...
Too bad I can't really take advantage of it. But if anything, that just makes me a disinterested player. Rather more persuasive than someone with a vested interest.
Bitcoin is only going to get bigger, much much bigger. For those doubting the scaling potential, don't forget it's software and software is not static thing. There is now too much money in it, and the money directly translates into interest to keep Bitcoin running and succeeding.
The protocol may change or even fork come time, but the chain will not, if you have coins now, your store of value is written in stone, and will be there in whatever form we have in the future.
It's going to be the new gold.
Like tech stocks in 1999? 2007 subprime mortgages?
> It's going to be the new gold
You mean my dentist can fill my teeth with it, I can give it as a shiny necklace to my girlfriend, I can use it as a conductor for my stereo? You mean it's actually something I can use?
Gold is valuable, because
a) There's a fixed supply.
b) The material itself is proof that you actually posses it.
c) It's durable and easily quantifiable.
It's a store of value, that cannot be overruled, either you have it or not, that simple. There is nothing quite like it, and that's why governments are hoarding gold reserve in underground basements.
Bitcoin takes this concept even further and ensures that your coins cannot be forcefully taken from you (given you store them right ofc). They are essentially just a piece of information, and that is enough to universally validate your ownership, without a doubt.
There is immense value in the technology, I'm sure its here to stay. Again, maybe not the current iteration, but whatever Bitcoin evolution we end up with, it will very likely come out of this blockchain.
But we will see. Maybe it IS gonna die tomorrow after all.
Whatever the future of bitcoin itself and whoever he is, "Satoshi Nakamoto" will go down in history as a great inventor.
Well it has all the negative of gold...