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Bitcoin Is Crashing (businessinsider.com)
An anonymous reader writes: Bitcoin is getting smashed. The cryptocurrency was down 18% to about $892 per coin as of 8:17 a.m. ET on Thursday. It is the biggest drop in two years. Earlier this week, on its first trading day of the new year, Bitcoin crossed above the $1,000 mark for the first time since 2013, but it has now tumbled below that level.
https://news.slashdot.org/stor...
Probably a lot of people took the news of a 1000$ high as a chance to sell now?
NB: The message above might reflect my opinion right now, but not necessarily tomorrow or next year.
$950 as of this comment. These articles are always out of date.
Secession is the right of all sentient beings.
I really think that a lot of folks had just said "oh 1k maybe time to "cash in"...
I bet it rebounds and will go through some oscillations every time it crosses 1k until folks get used to the idea that it can go to /higher than 1k then it will creep up and probably take a dip at 1.5k and/or 2k
The Digital Sorceress
Number of instances of word "bitcoin" in your comment about a Bitcoin article: 0.
I do not want your cheap brainburning drugs. They are useless for work. And I am a working man today.
So what?
Well, the article's goal is either to spike Bitcoin further or to try and delay the fall because they are not done dumping it.
I cannot tell which one because TFA thinks that they are important enough to make me turn off ad-blocker or convince me to get ad-light(??) access for less money. But nowdays even with ad blocker, some websites manage to play video with obnoxious sound or freeze the browser, so I am too afraid to turn it off and see the real web.
So lots of fascinating discussion topics.
This is it...Bitoin is dead!! It's up 300% over the last 12 months but down 18% over the last 24 hours. It's fucked! Bitcoin is dead!! What idiots use this crap??
This is not news. If I wanted to know what the BTC value is I'd not check on /.
He isn't selling, he's BUYING!
SJW: Someone who has run out of real oppression, and has to fake it.
Since when is bitcoin's instability news?
All investment is a gamble. And with Bitcoin, like any other investment -- don't risk more than you are prepared to lose completely.
You know what traditional currency like the Dollar was really missing? All the excitement of the random wild value fluctuations inherent in a dot-com stock! I for one find it tedious and boring to walk up to the checkout line in a retailer or grocery store already knowing that I have sufficient funds to pay for my purchase. Yawn.
I've always seen bitcoin as I've seen Pirate Bay. Bitcoins biggest selling point afaik was that you could pay anonymously, and anonymous pay is good for the black/dark marked. For the same reason, I can't just walk down to my local bank and say "1$ bitcoin, please!".
The dilemma starts when you're selling something, and want the money into normal money you can actually pay your utility bills with.
Also, the bitcoin to me also seem like the "poor man's fake gold reserve", if you believe it is worth something, then it is worth what you pay, so essentially the value of the bitcoin could go fictively up and down all the time, and if you sell it at the right time (if anyone is willing to buy when the value is high), then what do you do with the money? In Sweden you'd have to prove where the money comes from if it is a sum over 10K SEK. Otherwise the bank wont heed it and say no to your money because it doesn't come from any known source to them. They claim this is to prevent drug trafficing, but we (the citizens) know all too well that this is a plot from the gov. to control all the money and tax even already taxed second-hand sales, whatever you sell - we want a cut.
So all regular citizens really can do - is to lean back and watch the online show called "Bitcoin raises/loses value/dives/jumps" whatever....
What this world is coming to - is for you and me to decide.
Aaaand.... it's gone.
https://www.youtube.com/watch?...
-- You are in a maze of little, twisty passages, all different... --
I understand that BC is not a "widely accepted" currency and odds are that you have to cash-in eventually, but the point of Bitcoin is to become an alternate way to ease the trade of goods and services, and it should be used like that. Trying to convert it into "real" money misses the point completely. I think that if people have bitcoins, they should use them only to replace conventional currency in their transactions, not to try to convert them.
It's not a usable currency because one of the points of currency is a value store - a way of 'keeping score'. To do that it must have a relatively stable value, which is demonstrably doesn't. Bitcoin is a gambling mechanism, and a way of hiding transactions, but it is not a usable currency.
A useful currency is stable for the time you hold it.
If you are a merchant that takes bitcoin but sells it for local currency by the end of the day, you need intra-day stability.
If you are holding it as a currency for days or weeks at a time, you need short-term stability.
If you are holding it as a currency for longer, you need medium- or long-term stability.
On the other hand, if you are buying it as an investment, like a stock, or as a speculative "investment" (aka "gambling") then in addition to a long-term upward trend, you want instability so you can benefit from dollar-cost averaging as you buy and "dollar cost averaging in reverse" - selling a fixed amount of BC every day - when you eventually sell.
Of course, if you are a day trader who depends on intra-day changes in value, you want short-term instability and either a knack for timing the market right or a dose of good luck to keep from coming out in the red that day.
Knowledge is how to play a game, intelligence is how to win, wisdom is knowing what game to play.
Almost like people have never seen speculative corrections before...
Only if you look at it in very short terms. Over long term it is actually quite stable other then occasional speculative peaks which are easy to avoid. You could see this one coming at Christmas. And today (If you were watching) was the bitcoin sale at $900.
Fiat currency does have one advantage over bitcoin: It is almost always legal tender for paying current and past-due domestic debts, including tax debts.
There are of couse exceptions - minor coinage is typically legal tender for only small amounts, a particular bank note can by de-monitized like India just did, an entire currency can be scrapped as Zimbabwe did a few years ago, and some highly-regulated countries have government-run "hard currency stores" for tourists that won't accept local currency (e.g. the old Soviet Union).
Knowledge is how to play a game, intelligence is how to win, wisdom is knowing what game to play.
I should say the same thing.
Every fiat currency that has ever existed since time immemorial has crashed and burned. It's even happened several times in US history.
But somehow this time it won't?
As long as Satoshi still controls the first million bitcoins I fear it cannot be taken seriously as the creator has the power to single handily effect the market. No bank or government is going to back something where 1 individual has set themselves up with such disruptive power.
Sorry, teleporters just kill you and then make a copy. A perfect, soul-less copy.
Welcome to currency trading. The reason your grandparents did not bet the farm on currency is because of the wild swings. Somebody gains big and somebody loses big here. These sort of swings in currency are exactly how George Soros made his fortunes. I do not think the current swing indicates good or bad days ahead for BitCoin. It only indicates that it is being used for huge profits by some.
Here is a little explanation of what just happened:
One of the biggest emerging Bitcoin markets is in China. China's Yuan has been weak and even a small percentage of investors moving their Yuan investments in and out of Bitcoin can cause the market to fluctuate greatly. China's Yuan is much bigger than Bitcoin, so relatively small waves in China really rock the boats in the Bitcoin world. There was a spike in Yuan value, and some investors assumed better days ahead for China and cashed out bitcoins for Yuan. As you can see from the current charts, investors now saw cheap Bitcoin and are buying those again.
All investment is risk, but that's different from what people normally mean by gamble. Sure any investment bears risks such as global nuclear war, government/societal collapse, alien invasion, and so on, but the unexpected death of the investor is a higher risk than those sorts of things. Any investment is a risk somewhere on the scale between short-term US treasuries, and loaning money to a heroin addict, but that doesn't mean all risks are similar.
Also, volatility and risk are different things. At this point for BTC, I'd be much more concerned about its volatility than the risk it would go to 0, making it speculative regardless.
Socialism: a lie told by totalitarians and believed by fools.
I expect so much more from this crowd. Did you honestly not know that Bitcoin (and the general crypto market) was slowly trending higher during the end of 2016 and that, even after this latest price spike and correction, it has still gained compared to as little as a week ago? Seriously, you guys, if you can't manages a tiny little bit more journalistic integrity than that, go fuck yourselves.
The pointless article is still on the front page and Bitcoin is already back over $1000.
Bitcoin has died 119 times so far.
https://99bitcoins.com/bitcoin...