Slashdot Mirror
Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)
Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.
JP Morgan's CEO referred to bitcoin as a fraud, and made reference to tulips (the first recorded bubble).
Not only is Coindesk showing a rebound above USD$3400 but let's not forget that Bitcoin's value was only around USD$1000 at the beginning of january 2017. So it's still up 200% right now. That USD$5000 value was a bubble and it had to burst.
#DeleteFacebook
"percent" and "per cent" aren't the same thing, and this is especially grievous when talking about money. I assume Bitcoin didn't fall 36 bitcoins per US cent, but fell 36 percent.
Better known as 318230.
Silver continues to bounce between $17 and $18 per ounce. No reason to move my cash pile.
And, nothing of value was lost.
Wait a minute????
Wait a darn minute...
I just bought like a $100 of bitcoin a couple months back. It was $1,500 a coin. How does something get labeled "plunging" when it's doubled in a mere few months.
I would say, BitCoin as "dipped" back down under $3,000 showing some likely minor correction in the BitCoin market.
news at 11 I guess....
"Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
So far as I can tell Bitcoin's value is mostly tired to illegal things (drugs, ransomware, money laundering, tax evasion, etc). I base this on the fact that there's very little else I can but with it. It was only a matter of time before it got too big for its own good. And I'm not sure I'll miss it. Fiat currencies are a lot more stable since they'll stable so long as the country and it's government are...
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
I thought there was 2 bit coin forks.
They have 3 separate values?
Shouldn't they each be worth 1/3 of pre-fork?
The real fork hasn't happened yet. The one where Ethereum or Bitcoin replaces proof-of-work with one of the many alternatives that allows the currency to grow without attaching processors directly to nuclear power plants.
Lets also remember that a few years ago Bitcoin spiked to $1,1000 and then dropped to $250 and spent a couple years around there. Yes, people who bought around $1,000 are up in the long term, but more patient people who were cautious due to the spike and bought a year later at $250 are up 4x more than those who bought on the spike.
The current spike to $5,000 looks a lot like the 2014 spike to $1,100. I am *not* saying we will see a similar $75% drop, merely that waiting to buy might be prudent and even at $3,400 we might still be at an overly enthusiastic level. We seem to currently be on the downward side of the spike, perhaps wait until things stabilize and prices are relatively flat before buying? Waiting on the scale of months not days?
See subject: APKoins are far superiror to other cryptocurriences
Get by post links to hosts file engine
Get by dusting no BALL 'ner-do-wells'
Get by catching Soros funded puppets
Get by give POOR security advice
Get by shitty english
Get by post ANTISEMITIC ravings
Get by be ragaing asshole
Redeemable for some premium moose dick. You can suk or take in ass.
P.S.=> Beware I have cornered market but might share. Moose dick orgy... apk
Hei, what to expect to say a banker.. They are making millions of USD and they are behind wars, political issues, Africa daily robberies etc... The bankers DO NOT WANT BITCOIN, The same was years ago when some politicians did not encourage Interner. Btw Bitcoin price is again well above 3000 USD. Money are trust, bitcoin is well in this category. Sorry but bankers are not good.
People sometimes conflate the commercial interest in blockchain technology with interest in Bitcoin. They are two very different things. Will blockchain be around in 20 years and be an important part of asset management and the financial industry, quite possibly. Will Bitcoin be around in 20 years, worth tens of thousands of dollars per coin or largely forgotten and worth $0.25 again? Who knows. Bitcoin could be easily displaced that far out. But on a timescale of a few years its got a decent chance to still be around.So maybe its OK for trading but not investing your passive retirement savings in.
What we need is a car analogy. Blockchain is like the internal combustion engine. Bitcoin is like a particular automobile manufacturer. Is it a Maxwell, a former member of the top 3, a peer of General Motors and Ford, who went defunct in 1925, or is it a survivor like Ford? It could go either way. Bitcoin is just one of many consumer products based on a technology, a different product may suit consumer needs better, its only the technology that is likely to persist.
for commerce seems to be a variation of Embrace, Extend, and Extinguish.
1) Become member of Chinese equivalent of Politburo.
2) Short bitcoin
3) ????
4) Profit!!!!!
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
Do you not understand that reasonable currencies don't behave this way? These are death throes.
Bitcoin is not a currency, it is an asset. An easily transferable asset since it is a digital asset. An asset with no gatekeepers to impede that asset transfer.
:-)
Bitcoin is a competitor to PayPal and other such payment vehicles, not to currencies like the US Dollar or the Euro. Not anytime soon despite the enthusiast's fondest wishes. However it is also a speculative trading vehicle, and also a highly speculative investment vehicle. Trading with a timeframe of some small number of years is one thing, investing on the scale of decades is something else entirely. I missed two highly speculative investment opportunities, Bitcoin when it was $0.25, and Star Wars: The Empire Strikes Back action figures when I worked in a warehouse in the 1980s and unloaded and stocked thousands of cases of those action figures. If only I had the foresight to have bought a couple of cases at the time.
I doubt this has anything to do with china this pattern has been happening for quite some time. Seems to me that since bitcoin prices are often simple mean values of multiple exchanges it is possible to sell short (to yourself) on many exchanges to "manipulate" price?
+$700 USD since the publication of this news.... WTF is happening ?
For things like gold and tulips which lack significant underlying intrinsic value the price is set by a speculative market. ( yes I'm ignoring golds use in the semiconductor industry for exposition).
Bit coin differs in two fundamental ways that ideally should link its price to a fixed value but empirically do not. I am struggling to figure out why the theory fails.
To be specific , first there is a cost to mine bit coin and this cost rises as more mining capacity is working because bitcoin adapts its difficulty towards a fixed rate of solution. Ergo there is a cost in dollars and this cost keeps rising . Ideally, the price of bitcoin should be this cost plus a small incentive.
But that's not all. The second key difference is that to transact bitcoin there has to be a mining event. A mining event won't happen if the marginal cost of mining is less than the reward( a payoff denominated in bitcoins).
This last feature is very different from gold and it should prevent the price from dropping below some ratio to the mining cost. I.e. If you get 12 coins for mining a transaction then the price of a coin can't be less than 1/12 the cost to the miner.
If the price of bitcoin is far above the mining cost then more miners enter, the difficulty ratchets up and thus the cost of mining should rise to almost 12x the price.
Under this logic bitcoin should have a very stable and slowly rising valuation. There should not be fluctuation when there are changes in exchanges or other competitive coins happen etc. it should be always tied to the mining cost due to those two factors .
So why is this logic so off when we observe the actual price???
Some drink at the fountain of knowledge. Others just gargle.
Bitcoin will still have nostalgia value. Magic the Gathering cards and Beanie Babies are still worth something, after all. People look back at their youth and smile, even when it is foolish things they did that they remember.
The fact that there is no tangible relic to keep 15 years down the road is sort of a problem. Mount Gox 'investors' of the more recent era don't have trading cards they can get out of a shoebox and look at, like earlier Mount Gox 'investors.' Amway has that problem, too, as the soap is all eventually down a drain... Tulip bulbs grow into flowers and are gone... It's just how it goes.
If you had a few cases of those Star Wars figures, you could now crater their value almost immediately. I suppose you could sell them out into the market slowly instead, because there's a slow steady return in that sort of hustle.
Penny for your thoughts is just a saying, nobody ever pays the penny.
A case only had 24, but yeah eBay slowly. Same with bitcoins, large holders have to sell slowly. :-)
See subject: APKoins are far superiror to other cryptocurriences
Get by post links to hosts file engine
Get by dusting no BALL 'ner-do-wells'
Get by catching Soros funded puppets
Get by give POOR security advice
Get by shitty english
Get by post ANTISEMITIC ravings
Get by be ragaing asshole
Redeemable for some premium moose dick. You can suk or take in ass.
P.S.=> Beware I have cornered market but might share. Moose dick orgy... apk
I have no idea what you're talking about. All I got from your post is that you like moose dicks.
Penny for your thoughts is just a saying, nobody ever pays the penny.
US$0.000864 for your doge coin. :-)
Much as I'd love to jump at any chance blame Trump for anything, I'd say North Korea is closer to the mark. They've pissed off the Chinese, and the Chinese are attacking their revenue stream. There was a related story here two days ago.
keep going.
maybe i'll finally get to upgrade my damn video card without getting fucked in the ass by scalpers jacking prices up past msrp.
I've been checking over the Bitcoin reddit, there is some real insanity going on over there, like this:
https://www.reddit.com/r/Bitcoin/comments/70afah/to_every_poor_soul_who_sold_his_bitcoins_at_3000/
Apparently, people there think you should hold onto an extremely volatile asset/currency. Logically, if someone bought BC at 4800, sold at downswing at 4300 (-500), they could then buy at a lowpoint of 3000 and still profit on the upswing.
Bought big at $3K yesterday.
Two years ago, I bought Bitcoin to enable dark web purchases. Now I am buying and holding Bitcoin as an investment.
As a bonus, my dark web purchases are now free because of what I have earned on Bitcoin.
I have some rare vintage microprocessors. I recognized what they were by the part number when somebody listed five or six tubes of them (25 to the tube) on eBay, and spent about $100 to snap them all up. I can sell them at about $25 each to collectors, but only if I don't try to sell them ten at a time.
That's nerd cred, btw, when you can hustle rare microprocessors for a tidy profit.
Why don't you invest in mutual funds and utilities like a normal person?
I would accept that maybe you're trying to dodge mainstream investing for some reason. But silver and gold are actually popular investments during panics for people who don't know much about investing so it's not like you're sniffing out overlooked value.
Sort of cargo cult investing. Rich people move their cash their when their inside connections tell them the market will crash.. everyone else loses their shirt when the market tanks and then puts what's left in 'safe gold' cause that's what rich people are doing. This inflates the price... the rich quietly move their money out of precious metals while the filthy peasants* prop up the price.
*(that's you)
_____________________________________________
Don't miss today's BIG SALES of 'lifelike fully anatomically correct' My Little Pony/Sonic the Hedgehog merchandise on AMAZON.COM!! [link]
If Bitcoin is an asset and not a currency, then it is a pyramid scheme and will collapse eventually like any pyramid scheme.
Enron was the fastest rising stock in history for a long time, until the music stopped.
People still buying 65C02 to upgrade their //e ? :-)
Its an asset according to the US Internal Revenue Service.
You have the wrong financial theory. For Bitcoin it is not "pyramid scheme", its "greater fool". Two different things.
That is not a rare microprossor.
Is APK an alias of Martin Shkreli?
Would we have bankruptcy today without it being explicitly mentioned in the constitution? Debtor prisons and penal colonies were popular in Great Britain.
I dunno if you're so curious why don't you just go and look:
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
So that's what the constitution has to say about bankruptcies. It doesn't even get it's own fucking sentence!
We have bankruptcy because it's mentioned in other laws. Can you fucking believe it we have laws other than the constitution?
Constitution fetish? Virgin? Precious metal fetish? Obsession with christian religion? Fatness?
Are you sure you didn't vote for trump cause you fill all the boxes.
Why don't you invest in mutual funds and utilities like a normal person?
I do in my brokerage and retirement accounts. Precious metals should only represent 10% of your total assets.
Money management advice about Christopher Dale Reimer and autistic people:
Autistic people have obsessions about things normal people don't care. For example, one of our autistic patient went haywire when he realized that there was a penny missing in his pocket change.
To calm him down, one of our educator pretended to have found it on the floor and gave a penny to him.
The autistic patient condition went even worse because he realized it wasn't the same penny!
Chris has an obsession with budgeting every penny. He doesn't understand that most people do not budget to the penny and have a flexible amount they allow for miscellaneous items.
I am Nancy Guerrero and I am Director of Special Education for the Santa Clara County Office of Education. We use Chris' (a.k.a. creimer,cdreimer) picture in our document because he is the hardest case we have ever had to handle:
http://www.sccoe.org/depts/stu...
Our artists were inspired by the low carb diet that Christopher follows scrupulously for the small lunch box and by the picture linked below for the rest. I am sure that you will notice the similarities such as the bump on the side of his chest and more:
https://www.cdreimer.com/slash...
Please be easy on Christopher although, I am aware that some of our staff handling Chris post joke comments here and obvoiusly, the Santa Clara County Office of Education disapprove that behavior vehemently:
https://school.discoveryeducat...
But it isn't Chris' fault if he is the way he is. We do the best we can do with him and he is partially integrated into society. We try to cure his abnormal need for attention but he is kind of stubborn and won't listen to anybody.
Thank You dear users,
-Nancy Guerrero
Good point. You're right.
The thing it is not is a sound investment based on strong economic fundamentals.
You did nothing of the sort. You just tried, poorly, to excuse your first lie by doubling down with a bigger one.
Where are your non lying statistics then?
But did you buy the Sonic the hedgehog sex doll off of his Amazon affiliate link?
Are you selling 6581's?
#DeleteFacebook
What's the rationale for that number? Did you read it somewhere on the internet, like on a site that focuses on selling you precious metals?
As with most things, it depends on your retirement horizon. If you're 2 years from retiring, and you expect the market to do poorly in the next couple years, it makes sense to shift some of your funds into a relatively inflation-stable investment. If you're 20 years from retiring, you shouldn't be worrying about hedging against inflation, you should be worried about maximizing your returns with solid growth and blue chip stocks that will increase your portfolio's value.
You shift to a more conservative mix as you near retirement, you don't just say "10% has to be metals."
As a recent bankruptee still in debt, surely this is just a few thousand dollars he's talking about, in which case who cares if it's 10% or 20% or 50%.
Dude is planning on never retiring, so it's just a small amount of money he plays with so he can make believe he's doing what the big kids are doing.
The processor I have are 12 bit processors that run the PDP-8 Instruction Set.