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Bitcoin Drops Over $1,000 In Value Over 48 Hours (reuters.com)
sqorbit writes: Bitcoin dropped below $7,000 after hitting an all-time high. After the so-called "fork" was suspended, Bitcoin reached a peak of $7,888 around 1800 GMT on Wednesday before dropping down below $7,000. Some investors appear to be selling in order to buy "Bitcoin Cash" which was a split on August 1st. Bitcoin Cash reached $850.
Seriously? Let me know when people are using it for toilet paper.
Just stop it. Just fucking stop it. I don't give a fuck about Bitcoin.
I took some profits off the table after the first few hundred dollar fall. Waiting for consolidation and keeping dry powder before jumping back in again. I'm confident in the underlying value and will be back as soon as I see a little stability here. I've made tens of thousands already, I'm eager to make more and would suggest anyone who is tired of the stock market manipulation seriously consider this but do your homework first.
OMG Ponies!
The whales are going to dump everything they've made over the past 7 years.
NOW IS THE TIME TO BUY YOU FOOLS!!!!!!!
Is there any way to short bitcoin? Somebody could make a fortune!
I've abandoned my search for truth; now I'm just looking for some useful delusions.
MUST SELL ALL THE BITCOIN!
Guess what: The rich got richer and the poor got poorer.
How is this worthy for a /. thread? 5,000 other speculative bubble are inflating and deflating daily and bitcoin is usually at the top of the list.
I do not know what the future will bring for Bitcoin and friends, but it seems to be clear that, currently, they are vehicles for speculators and crooks. And little more.
We've seen this before.
https://en.wikipedia.org/wiki/...
A FAKE currency that operates like a pyramidal scheme! For SUCKERS only!!
Looks like somebody sold too much Bitcoins and bought too much Bitcoin Cash... These small-sized virtual currency markets are vulnerable to big investors. You sell BTC and you buy BCH and BTC dives while BCH rises... then you reverse the course...
No, BTC has no future. It just became the currency controlled by speculative capital without any real-world backing as the practical currency of daily goods exchange... Sooner or later we will need other solution. For normal people. For buying bread and toilet paper. :-) BTC is just for players.
Well, I've got to get back to work. When I stop rowing, the slave ship just goes in circles.
Surely some kind & caring soul will tell me where to flush all my money down this hole?
I just happened to see this today and while it's a long read it does a great job of explaining a hard to explain concept (crypto assets and decentralized applications). I thought I understood crypto currencies but after reading this I see a much bigger picture and why I should care.
"A person is smart. People are dumb, panicky dangerous animals and you know it." - K
This isn't the usual headline of "Bitcoin goes up" or "Bitcoin goes down". The Bitcoin community has been trying to solve congestion on the Bitcoin blockchain, which is limited to 6 transactions per second, for years. For various political reasons, no solution has been proposed that reached "consensus," and as such gridlock was created, causing transaction fees to rise and confirmation times to increase. Bitcoin Cash forked off in August, specifically to solve these problems and return Bitcoin to its roots. It did this by increasing the transaction capacity by 8 and removing features that were antagonistic to using Bitcoin as an actual payment network (RBF & SegWit). It was initially disregarded by the hype-cycle media, but has wide grassroots support and important backers. After the recent cancellation of the 2x upgrade, which was scheduled to happen on Nov. 16, it became unclear how Bitcoin could ever grow to keep up with demand. Bitcoin Cash, on the other hand, had more capacity than the old Bitcoin would have had even if the cancelled upgrade had gone through.
This $1000 drop in Bitcoin and corresponding rise in Bitcoin Cash is potentially a turning point. Bitcoin isn't usable for actual payments due to high fees, slow transactions, and RBF allowing payments to be cancelled after services are rendered. People are buying into Bitcoin Cash in a big way. In fact, the 24 hour Volume on coinmarketcap.com shows Bitcoin Cash beating out Bitcoipn for the first time ever. It's truly exciting times.
This may be the beginning of "the flippenning", where Bitcoin Cash replaces Bitcoin as the gold standard of crypto. Or maybe not. Time will tell.
Time for a bubble pop.
This is not the biggest percent drop ever. Here's a 30% drop I found quickly googling.. It wouldn't surprise me if it has many double-digit percent changes up and down. It's well known to be volatile. Call us when it's been bouncing around at last year's price for a while. Then you know it's in a real bear market.
For all intensive purposes, "whom" is no longer a word. That begs the question, "who cares"?
BUY BUY BUY
It'll be 70k soon :P
You know it will go back up in less than a month.
In the meantime, try and win up to $200 worth of Bitcoin, every hour, for free!
Certainly social media isn't full of speculators trying to pump up the price. No, definitely not.
I just ripped a massive fart. It created a warp bubble and killed the neighbor's cat and three squirrels.
The title is technically true but take a look at the chart and see if this is quite the devastating crash they're talking about
https://www.coinbase.com/chart...
Bitcoin Cash is Bitcoin
If you have an infinite growth economy, then a fixed resource limit (deflation) does not match with that economy so it increases in scarcity at the rate of economic growth and therefore in value; all other factors being equal. Obviously, at some point the rate of valuation exceeds other forms of investment so holding it smarter. (valuation > profit )
Investing in the economy keeps it moving and probably growing; it fights the economic becoming stagnant. A fixed economy with a cap on growth would fit better with fixed resources; then the valuation of the fixed resources would basically be flat. There wouldn't be incentive to hold them but then a stagnant economy would also have little return on investments in that economy either. Much of the motivations behind things being done today would be gone. Not to say that it wouldn't be possible to design an economic system which mirrors reality's fixed limits, it probably is possible... but we do not put any effort into finding something where a fixed currency would fit.
Eventually the whole mess will be unavoidable because of resource limitations. Massive die offs from over population etc, or simply a low birth rate becomes a human resource limitation. Automation and lack of jobs are going to be economically similar to a mass die off. If you do not work in the economy, you are economically dead. It's rather simple why people are exploring hand outs; it gives life to the economically dead. But as I said earlier, solve that and you still have a physical population limit.
Democracy Now! - uncensored, anti-establishment news
For investments, you want something that has a good stable return. In the economy, that is more fluid investing... Outside that, it's the valuation of something that just sits and has no economic value until it is sold.
Gold (minerals) or land (space.) They are deflationary... they are not too practical as currency. Same with any resource investment. Supply and Demand impact it's value; which is influenced by economic activity but it's not the sole driver unlike economic investments... which are less secure.
The problem is that a booming economy is going to return more on investing in it than a fixed resource and a poor economy is going to face increased competition with resource investments. If you wanted to measure an economy, you'd have to peg it to some fixed resources as a group to see it's actual progress; rather than just measuring relations to itself. Not easy to do this. But with us running out of resources but increasing demand it is not hard to see the economy will not be able to grow faster forever; before it collapses, it'll have huge problems competing with static investment (which will be part of the downfall as people pull out for more secure investments.)
Democracy Now! - uncensored, anti-establishment news
I am surprised it's still legal.
Supposedly, in the US, it's illegal to create an alternative currency.
If authorities ever decide to get tough, your bitcoin investment could be gone like a puff of smoke.
If you want mine your own crypto currency, you need a motherboard with 19 PCIe 1X slots to plug in 19 GPUs and a couple of 1200W PSUs.