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Bitcoin Plummets Below $8,000 For First Time Since November (axios.com)
Bitcoin's value dipped $8,000 this morning -- the first time since November 24, according to CNBC -- just hours after the cryptocurrency made news after going under $9,000. From a report: After the news that Bitcoin had headed south of $9,000, CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.
I think it's time that we categorize the "BTC to USB exchange rate" officially as a "strong random number generator" and call it a day ~
:-D
(NOTE: Jokes aside, that doesn't preclude that idea of the cryptocoins' decentralized protocols can be useful).
"Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
I invested a lot of money in Bitcoin when it hit $10k. I better just hold onto it until it goes over $10k again, then I will sell. Until then, I'll just sit back and collect the dividends from it.
Products that are getting more expensive because they are expected to be sold for more money later. Is often creates a bubble condition.
The Bit Coin price kept on going up, so people wouldn't spend them, thus cause the price to go up further. Until they hit a peak were they decided to sell them. Then the market gets flooded with bit coins who's guaranteed value to increase is no longer expected. So they will sell them for less to get as much as they can out of it.
This happened with the Housing Market
This happened with the Tech Market
This happened with the Comic Book Market
Lucky for us, the Bit Coin Bubble wasn't a big part of the economy, so the looser in the Bit Coin Gamble arn't bringing the rest of the economy down.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
Normally I'd point out that Bitcoin's typical cycle doesn't prevent it from dipping low, it just won't settle low, it will settle at a price higher but they are calling the current version Bitcoin Cash instead of Bitcoin and acting like the obsolete blockchain is Bitcoin so who knows what the impact will be. By acting like it is something brand new you create the illusion of something just as untested as all the other cryptocurrencies out there even though it is the same coin that has been unhackable and unstoppable from the start.
On the bright side, Bitcoin doesn't die just because the speculative market flashlight goes off, Bitcoin isn't going anywhere.
CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.
I know CNBC has fantastic track record. No matter how unlikely the event is, it would predict it just minutes after it has happened. Just minutes.
How can it be a prediction if it has already happened? The lesser mortals might want to know. So, I will come down from the heights and mingle with the commoners as Scar would like to put it.
Just seconds after an event the fantastic AI powered search will go through the archival footage of CNBC and find one talking head who predicted it. Within one minute that guy will be called. Within 3 minutes the video link would be set up. Within 5 minutes he (or sometimes she) would be on air, looking very intelligent and knowledgeable and explain how he predicted it.
People who fancy themselves to be intelligent, people who worship Scientific Method would ask stupid questions like, "on the same session when this talking head predicted it there were six other talking heads predicted the opposite. What happened to them? Why don't you call for their explanation? How many predictions by this talking head has been proven right?" etc etc ad nauseum.
To them, I say, "You are an index fund investing guy. Why are you even watching CNBC? Just chill, and get lost. CNBC owes you nothing. "
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.
Based on what reasoning? There is no price support for BTC. There is no equity or guarantor behind BTC at all. Control is centralized in a small handful of "owners". They could make it go from zero to 100,000 in a day, if they decided to.
So what genius pundit decided there was a floor to the price, and how much does he get paid to make shit like that up?
Learning HOW to think is more important than learning WHAT to think.
FTW
this is GOOD for Bitcoin because...
It's under nine thousaaaaaaaaannnnd!!
A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.
Dad: What? $12,250??? $19,350 is a lot of money! What do you need $8,800 for anyway?
Never happened. True story.
Crytpo is 100% fear driven. The same reason why casinos make so much money. In fact, right now, you have better odds at playing a conservative Roulette game or Black Jack.
Cryto has yet to deliver anything except blockchain tech, which anyone can use and implement. You can't buy anything with it because it's so volatile, you can't convert it to cash without laundering it through other crypto, exchanges have gone bankrupt losing millions, Tether is under investigation for secretly "printing" too many tokens, and they are still a Middle Man (some cases Middle Men) for transferring currency.
The whole thing is ridiculous. The only thing propping up this dead monkey is fear (fear of missing out/fear of losing) and that investors are A) ignorant of how to invest wisely, or B) gambling. The tech is kinda cool, but it can be replicated for all sorts of other useful things.
Even here, it's crashing and people are clinging to the sinking ship hoping it will pop back up. Why? Give me one good reason why it should go back up? Really - just one good sound reason why Bitcoin, Ether, Litecoin, or any number of useless clones will rise from the dead?
This is the only time in my life I have felt compelled to use this phrase.
"Bitcoin's value dipped $8,000 this morning "
In English there is a difference between the verb **to dip** and **to dip to**. The latter is probably what was intended.
"Prepositions" are important and they do not like to be ignored.
You can't see ANYTHING from a car, You've got to get out of the goddamned contraption and walk...Edward Abbey
A (crypto) buyer's market. Otherwise, #HODL
....is starting to look more and more like the boys at Davos got together and decided to take Bitcoin out. That being said, a lot of large banks and governments are very interested in using the blockchain for finance. They just want to control it and bitcoin was getting to big and they can't afford to let it get mainstream while they don't control it. It doesn't matter how good bitcoin is, the power that be aren't going to let their control of money get away from them. It will be interesting to see what happens with Ripple though. There have been a number of large institutions testing it. That doesn't mean they are going to use it, but it does mean they can see the value in it. Also note that Ripple isn't really all that tied to XRP. They can use other currencies to transfer as well.
I reserve the write to mangle english.
Actually you can pay all of those things with it, look up bitpay.
When you cant win, ad hominem.
Wait for $1k. Then watch another 24 hours.
deleting the extra space after periods so i can stay relevant, yeah.
Things always continue upwards.
False.
Depends on whether the initial thrust was sufficient to achieve orbital velocity.
Bitcoin's actual value is under a dollar. Until its price crashes down to that level, it is vastly overvalued. The word, "bubble" doesn't even come close to describing Bitcoin's current price.
Finally reality has caught up with this inflated bubble. The lack of retailers accepting bitcoin as payment method and the horrible scaling issues which rendered micro payments impossible really made BTC a horrible option for what it actually was meant to be used for. Let just hope that the next big cryptocurrency can be used for anything other then speculation. Personally I spent my tiny investment a couple of weeks ago. The main SELL signal for me was when Steam stopped accepting BTC.
SELL SELL SELL
Yes. You should always sell when the price drops.
Once it goes back up again, buy.
The companies buy bitcoin because criminal actors demand payment in bitcoin. They demand payment in bitcoin because it enables much easier movement of funds outside the reach of the things that tend to work with law enforcement, such as banking system.
Remind yourself what currency overwhelming majority of ransomware asks for as a good example of this.
You appear to be unaware that this form of criminality is common today, and has been for at least a decade at this point.
You can find sources on this in any reasonable university level lecture on information security and crime. Security companies themselves often send people to hold such lectures, and they will literally provide you with screenshots of such intrusions and demands, which are extremely common, when they actually get bad enough to require hiring their experts to solve the underlying security problem.
The thing that is coming with new EU directive is the fact that it sets up stiff fines. Something utterly absent in the past.
Uh, with bitpay, aren't you're just using the Visa payment network? In effect, bitpay just loads dollars into a re-charchable Visa card that they get from converting your bitcoins. One *might* be able to use bitpay to pay for a jet engine, but GE gets paid in dollars, not bitcoin.
Don't be a sore loser.
"I'm so moist I'm sticking to the leather." -Kermit the Frog on The Late Late Show
Of course I am for real. This is the Internet.
There is something in investing known as the "Bigger Idiot Theory". It states that an investment is good as long as there is a bigger idiot who will pay more for it.
It appears that BitCoin investors don't have any bigger idiots left. They win the prize.
You are welcome on my lawn.
When your autocorrect's auto trained dictionnary fixes "USD" as "USB", you know that you've been geeking way to much.
"Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
It isn't completely insane advice. Buy low, sell high.
The question is this the low, or whats left of the high? If enough people buy now it could stabilize the stock, staving off panic, and potentially creating another bubble. Which means he might be right that this is the time to buy. But remember, this is a very expensive game of hot potato. I'm leaning more towards this being the end of bitcoin, or the beginning of the end. If this crash is slow enough it might actually become a currency.
An imaginary thing without any real value (Bitcoin,) was hyped by con-men so its pretend value went up. Morons bought some of it for REAL, ACTUAL, WORTH-SOMETHING MONEY, which was handed to the con-men. The con-men, when they had taken the morons for all they felt the were worth, cashed out, walking away with the real, actual, worth-something money, leaving the morons holding the bags full of imaginary, pixie dust-money, which is objectively worth nothing.
The dumb fucks who bought Bitcoin got ripped off, and deserved it, under the axiom that a fool and his money are soon parted.
Any questions?
I believe "bigger idiot" is more apropos in this context.
You are welcome on my lawn.
The criminals can claim due diligence wasn't done but that doesn't mean the companies will go for it, especially if they can show due diligence via paperwork. Remember, one can't do due diligence against a zero-day that no one knows about yet.
There is no "-1 offended" or "-1 you don't agree with me" mod options for a reason.
Problem being that your average corporate intrusion is among the lines of "they got in because you had administrative account on default port for this server left on". Expensive tailored attacks are very rare in comparison. Pretty much every decent university lecture on the issue done by specialists will feature slides of such intrusions just to demonstrate how lax the weakest link in security actually was.
Benefit is that people who get through those holes are usually not well versed in economics, and ask for hilarious sums to undo the damage. That's another permanent fixture of such lectures. You have people who will manage to hit a company that has revenue in tens or hundreds of millions, do potential damage that would be measured in millions at the very least. Then ask for 500-ish USD to undo the damage and help you fix the problem they got in through. Not a joke - this is the reality of infosec professionals today.
The change that is coming with EU directive is that now perpetrators actually have something to use as a measuring stick on how valuable their intrusion is to the company, and adjust their pricing accordingly.
hah!
Is certain Asian and southeast nations cracking down on crypto-currency. Governments in those places are cracking down because they realized they had nowhere to track payments using BitCoin, Ripple, Ethereum etc.
>
But like it or not it's coming, Ripple is interesting though. They're looking to super-cede the SWIFT banking transfer method and of course extract their pound of flesh for the doing. And they've got some big banks on board, like Santander, American Express, etc.
Maybe. The thing is, a bit coin's intrinsic value is nothing. Not even the electricity used to mine it. So it could easily drop all the way to zero.
OTOH, it's useful to those who want to do unrecorded transactions. Until that shield is broken, it will retain some value. (Send me 8,000 bitcoins or all your files will remain encrypted!) It's not clear that the social value of bitcoin is positive. It's certainly expensive to generate new ones, and it's designed so that the cost of that can be expected to increase without limit if it continues to be used. Which means that over time, if it continues to be used, it will consume more electricity (or at least computations) than everything else that humanity does put together....unless P = NP, or there's a bug in the algorithm, or some other unlikely thing. (Is a bug *that* unlikely?)
Thus I think that bitcoin is likely to be a net social detriment. And this is without regard to whether some small group could take it over.
I think we've pushed this "anyone can grow up to be president" thing too far.
OTOH, it's useful to those who want to do unrecorded transactions.
Bitcoin is the opposite of unrecorded. The history of bitcoin transactions are stored, immutably, as an unencrypted public record on the computer of everyone who has a Bitcoin wallet. As soon as a Bitcoin transaction is deanonymised by linking with any other dataset, the entire bitcoin transaction history of both parties can also be linked to that dataset.
Ask me about repetitive DNA
Bitcoin might wind up becoming the Myspace of cryptocurrencies... notable as a pioneer, but others supplanted it. Already, we have Ethereum and other coin offerings which can handle a number of BTC's shortcomings, and ICOs are happening on an hourly basis. Eventually there will be a Bitcoin 2.0 which fixes the biggest shortcomings, be it anonymity, cost of transactions, time for transactions to propagate to the blockchain, having to have the entire blockchain stored locally to ensure you are not double-spent, etc.
Turns out Jan Ludovicus van der Velde has likely just been printing money via Tether. Why wouldn't he?
See http://thehill.com/policy/tech...
I upvote your BIT.
Finally, somebody gets it.
You are welcome on my lawn.
Almost any other cryptocurrency out there is better than bitcoin for that. Bitcoin can be traced, and also, it is really slow and expensive to do transactions.
Hard to spend BTC without transferring it to those other currencies... At least for most things one needs/wants in life!
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
And unattributed transactions doesn't work either. Perhaps anonymous transactions.
And it has been asserted (by implication) that I made another mistake in my estimate of the amount of energy required for transactions. If the cost of the computation is really related to the volume of transactions in such a way that it's not monotonically increasing then I severely overestimated the potential eventual energy cost.
I think we've pushed this "anyone can grow up to be president" thing too far.
Suicides skyrocket among over leveraged geeks who didn't understand finance, news at 11.
Once everybody and their dog joins the market because they dream of getting rich it is almost trivial to make money because the process is always the same. First you heat up their dreams and make money from the rise, then you start selling off and make money from going short once the panic sets in.
.... will participate in the slump. Hooray!