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Comment by aphextron | Hacker News Reader

Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.

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You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

>You're right, a "store of value" product being down almost 80% in the past 11 months is completely normal and not at all newsworthy.

It's not "down 80%" for anyone but dumb money who jumped in at the peak last November. BTC is up over 10,000% since 5 years ago.

Feel free to explain me at what price point the brilliant technocrat early adopters became dumb money.

Man all those hedge funds with 100s of data scientist are just waisting resources when the situation is so simple "Everything sells off this time of year"

One year ago it was at 8K and a month later at 18K. It's not linked to "that time of the year".

>One year ago it was at 8K and a month later at 18K.

And two years ago it was at $600. Everyone who jumped on the bandwagon last November during the $18k pump completely misses that fact. BTC has been the single biggest wealth transfer from institutions to individuals of our generation.

Exactly one year ago btc price was heading to the moon.

I'm reminded of the "dog in the burning house meme".

No, it is almost certainly related to the network split, as mentioned in the article. There are issues with bitcoin that limit its long term potential. For example, the effective limitations on the number of transactions per second, and the huge energy cost for providing proof of work.

> No, it is almost certainly related to the network split,

Please explain how turbulence in BCH affects Bitcoin and Ethereum.

BCH is a totally different coin, on a different blockchain, with a far smaller market cap than the "big boys" BTC or ETH. Its a poor explanation at best. Its the only thing that correlates to the drop, but it doesn't make sense as an explanation.

You mean the fact that it can be split ad infinitum and new bit coin like currencies with much better properties can be had at the drop of a hat by any dude or dudette in his-her den?

Except the amount it's falling is not normal.

What would be normal behavior?

Not freefall

And how do we know this isn't what this system was bound to do eventually? It's not really been around very long.

How is this a relevant question?

Because I'm curious what the other person thinks? Did I miss the syllabus?

> Everything sells off this time of year.

Come again?

yeah just volatility in a relatively new market, I expect 10,000 by February

If that's the case I'd expect you to be investing every spare penny you have into BTC at the moment...

Why is this downvoted so much? I don't hold any crypto and my portfolio is not looking too great this last few months either. One of my tech stocks lost dropped over 30%.

The recent behavior certainly goes against the notion that BTC is digital gold. Seems like it's correlated with general market sentiment like most other financial instruments.

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