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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.
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"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.
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/
Hey! Lots of people get paid to change the order of those ones and zeros, you insensitive clod!
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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?
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.
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.
A case only had 24, but yeah eBay slowly. Same with bitcoins, large holders have to sell slowly. :-)
+$700 USD since the publication of this news.... WTF is happening ?
Common sense. People see "X" hits new recent low. So they buy it so they can cash it out when it his new recent high again.
Just like when headlines were made that it hit $5000 everyone started selling.
"That's the way to do it" - Punch
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.
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.
Microsoft, Steam, Newegg, Overstock, Dish Network, and Expedia are a few well established companies you probably have heard of that accept Bitcoin as a payment method. You also can donate to the likes of Wikipedia or EFF with Bitcoin. Then you have places like Gyft or even CardCash where you can buy gift cards. There are plenty of places to spend Bitcoin
"When life gives you lemons, don't make lemonade. Make life take the lemons back!" -- Cave Johnson
People still buying 65C02 to upgrade their //e ? :-)
That is not a rare microprossor.
Is APK an alias of Martin Shkreli?
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.
Are you selling 6581's?
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The processor I have are 12 bit processors that run the PDP-8 Instruction Set.