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Bitcoin Drops Below $6,000, An 8-Month Low (reuters.com)
An anonymous reader quotes Reuters:
Bitcoin's value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year's frenzied interest fizzled. Recent hacks and the "cyber intrusion" of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12... So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak... The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.
Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that "None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished."
My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.
So this means that all you peeps that want to get in and HODL at a lower price will have your chance.
Let the games begin!
Or not. NOBODY KNOWS
“Common sense is not so common.” — Voltaire
already recovering over $6300
Do it now before it's too late. No money? No problem! Pawn your vehicle! Get your money back in no time and double it by the end of the year. What more can you dream than this OPPORTUNITY OF A LIFETIME! Do it NOW!
"BitCoin defies logic by remaining just under $6000 over priced."
"Fratboys across the country pissed as their 'sure thing' trust fund investment continues to fall"
"Drug dealers pleased to inform customers of lower bitcoin prices to increase sales"
half dozen locked away probably forever
really, really sucks
(yeah I've tried the crackers, won't work, I was too clever for my own good)
I was the pizza guy who received the first BTC (assuming I didnâ(TM)t lose them).
There is still too much corruption and non-hardened exchanges for me to take BTC seriously.
However, the tech is cool and some people made a lot of money.
It's actually up 8% since yesterday. That's an awesome return for 1 day. This is more proof of why investment analysts do worse the the market as a whole.... They are either lying or don't know what they are talking about. I'll assume the later.
https://www.coinbase.com/charts?locale=en-US
When does this 'sure thing' start to rise in price again?
Actually it possibly is. If Bitcoin is slowly inflating, rather than violently oscillating between extremes, it might start to be possible to take it seriously as a "currency".
You are not alone. This is not normal. None of this is normal.
Time to call them what they are.
...and up 5.36% (at 2pm EDT) for the week so can we stop spamming click-bait stories every time BTC wobbles? It's erratic and unstable, we all know that. It goes up, it goes down, it goes round and round.
I browse on +1 so AC's need not respond, I won't see it.
...bitcoin actually becomes a seamless, ubiquitous and useful currency and is not just an instrument of speculation and gambling for desperate suckers. In the meantime, I will just keep accumulating greenbacks.
It's above $6000 again.
One year ago it was about $2,400. For US tax purposes, long term investing starts at a year of holding an asset. So for the minimum definition of a long term investing, bitcoin has more then tripped. At this very moment it's up 262% over the last year. Now of course most sane people would say that bitcoin is gambling not not investing, but for those that insist it's investing, an over 250% return in a year is pretty damn good. Two years ago the price was about $650 or a 974% return. Three years ago it was about $250 or a 2533% return.
Should have read "and not investing", I didn't intend a double negative.
Hopefully as more halving cycles occur most miners will give up as it's not worth the effort, reducing the damage to the planet in the process. I'd rather have a healthy planet than some fancy 0s and 1s.
The story (click-bait or not) is about the overarching trend - which is, "Sell, sell, SELL!" $20,000 down to $6300 is quite a turn in a matter of six months.
Like another person suggested already: Current Bitcoin owners are holding the hyper-inflated bag of Dutch tulips.
It was all over when a recent Bitcoin conference announced that it would no longer accept Bitcoins for admission. The transaction fees were too high and the confirmation times too slow. The Bitcoin architecture naturally gives miners absolute power over the blockchain, and miners don't see high fees as a problem. Bitcoin could still be used for large, non-time-sensitive transactions, but an asset that is not easily divisible into small units -- it might cost 500,000 satoshis to send one satoshi -- is not money.
Bitcoin is like a 1000-unit apartment complex served by a three-inch water main. As long as most of those apartments are vacant, flipping from one absentee owner to another at ever higher prices, no one notices anything wrong. And the guy who refuses all permits for new water mains makes millions selling bottled water.
Exactly, it hit its peak. It has nowhere to go but down. People arent investing like they were. They realize it isn't worth the risk. Besides why buy in now? It's at 6k. It won't go back up to 15k, not happening.
... continues to enjoy the play money; as it has no purpose in the real world.
Bitcoin seems to be the tech equivalent of playing the lottery. I know several out of work techs, under employed or underpaid techs who bought a bit of some odd ball currency to see if they could make it rich. Mostly those "Proof of Stake" schemes.
I don't think Bitcoin's value will drop too much more. Maybe to $5k. Money laundering and drug traffic will keep it around there. I could be wrong though. Canada just legalized pot. If the US follow suit (it would require Trump losing in 2020 since his people are vehemently opposed to legalization even if he doesn't care; maybe even a few senate seats and the Dems taking the house...) then that'll drop it below $3k. Crack down on money laundering and currency manipulation and we might see it back below a grand. But it would take all those things.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
...since when does slashdot or any nerd listen to "snobs"... LOL.
It simply the latest in modern day tulips. Someone wake me up when Bitcoin actually becomes a seamless, ubiquitous and useful currency and is not just an instrument of speculation and gambling for desperate suckers. In the meantime, I will just keep accumulating greenbacks.
Every conventional currency is anchored to a real-world economy, with millions (sometimes hundreds of millions) of people being paid in that currency, buying their daily needs in that currency, contracting their mortgages in that currency, etc. That gives it stability (you can't really cut the value of the dollar in half overnight because it's value is intertwined with too much real world commerce to turn on a dime) as well as substance. I know what a dollar is worth because a lot of people are being paid in dollars; I know a dollar will buy about X amount of human labor today, next week, next month, and next year.
But BitCoin has no such basis. There's not much reason for it to be worth $1 vs. $1,000,000. Nobody gets paid in it (barring some drug dealers and malware authors) and even they only use it transiently; nobody is paying their rent or mortgage at a contracted Bitcoin rate for the next year or thirty. If you're only using a cryptocurrency as an intermediate to a government backed currency, you won't hold onto it long, and there's not much reason to care what the value is. Again, there's no rational reason for it to have one value over another.
So what, then, does determine BitCoin's value? I've seen claims that Bitcoin is currently changing hands at a rate of around $5 billion a day. But the only people actually USING it for commerce on any real scale seem to be drug dealers and other criminals. Let's say ALL the drug sales on earth are being made in bitcoin. That gets you to perhaps $1 billion a day. What on earth is all the rest of that volume from?
Speculators. It's all bloody speculators.
And that's the entire basis of Bitcoin's valuation: People trying to make money by guessing what the next speculator might be willing to pay. Nothing else. The market is a phantom. Bitcoin isn't an asset. It isn't an investment. It's an interesting technology, but it will never be stable and it will never have a rational basis for it's valuation. All the quants talking about trends and fundamentals are talking out of their asses, pretending that the wagers of the speculators (which is most of the activity surrounding Bitcoin) has the same grounding as the behavior of producers and end users dealing with real commodities.
And to make it all worse, there's no real loyalty to Bitcoin among the few people who are actually using it in trade. We're one shift in fashion, one shift in technology away from Bitcoin being completely abandoned, like so many other cryptocurrencies. Any cryptocurrency is at risk of becoming the next MySpace (because again, there's no real-world economy with paychecks and mortgages and governments anchoring and stabilizing it.)
Bitcoin is not an investment. It's gambling. If that's your thing, fine and well.
Bag hodlers?
Is that some kind of incel chastity device?
Covfefe my friend, covfefe!
My guess is that within the next 5 days (maybe as many as 15, but probably closer to 5) it will go back down to between $5000 and $5500, basing it off of the unscientific theory of what my gut says.
Well a few months ago an Ars Technica article pointed out that Bitcoin has had 3 declines of about 75% and then plateaued at that point for 2 or 3 years. So $20K'ish to $5K'ish is about right using the existing pattern. In general, not necessarily on your stated timeframe.
Of course the previous patterns were established with speculators coming from the techie community, this time around we have had a massive influx of new speculators from wall street.
Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
For example, US Dollar and Bitcoin are really equals?
Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
Also, not to mention, US Dollars in any US Bank is insured by US Government!
What authorization/guarantee/insurance is behind Bitcoin? Nothing!
Sorry but that is the end of discussion then!
Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
He is just someone does not like media/fan attention?
Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
(So he knew very well that law enforcement would come after him sooner or later?!)
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
If so-called cryptocurrencies are really money; isn't people issuing their own money, illegal already, in all countries?
If so then, why they are still not banned in all countries?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
Also, since all so-called cryptocurrencies are actually financial scams (Ponzi Schemes), that means, they cannot be the solution for any of existing financial problems of our world!
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere (because people invested in cryptocurrencies, would try to stop anyone trying to ban cryptocurrencies)!
All cryptocurrencies need to be banned globally before it is too late!
At $6000, it's still 600,000 times what I would pay for it :-)
Captcha: contours: a group of Bitcoin enthusiants heading for a holiday.
I don't know or have an opinion, but what do you guys make of the theory that bitcoin was really created by SAmsung, TOSHIba, NAKAmichi, and MOTOrola working together: Satoshi Nakamoto?
Bitcoin ROSE 1,300%! WTF did you think was going to happen? Who cares if it dropped 60%. You just went from being a poor sap to one of the wealthiest on the planet if you invested any significant amount of money a few years back. Now I'm not suggesting people mortgage there house- but come on. If you bought in a year ago at $2500ish you are still talking a significant profit in spite of the drop in price since its height. It really doesn't matter to me what the price is though because I don't "invest" in it anyway. I use it. It benefits me. I don't expect to make money off its increase or decrease in value though. Crypto currencies are awesome vehicles for cutting the transaction costs that most people are too stupid to realize exist relative to other payment methods like credit cards, debit cards, wire transfers, and similar. You are probably paying about 6% more than you should be every time you buy something online and it's probably closer to 12% in many cases. This is where crypto currencies shine. My *small* single owner company saved more than $10,000 in the past six months alone just by transitioning to spending more in crypto currencies, and this isn't including what we benefited from due to rising value in crypto currency nor what we benefited from as a result of customers spending crypto currency with us. This is just reduced transaction costs when buying for us. Yea- basically my personal income jumped something like $20,000 in a six month period and probably will be closer to $40,000 / yr. I make $65,000 / yr and closer to $100,000 with benefits included and now add another $40,000 / yr. The crypto currency critics are just plain stupid. I can only say I wish I had actually invested in crypto currency because I was there before this and I know some seriously wealthy people now- but the reality is I didn't invest. And humorously I've been using crypto currency (for business and pleasure) since 2011. Since before those crazy fucks started "investing" in crypto.
yep and now it is time to get out. People have realised it is not just free money anymore and they are either withdrawing what they invested/gambled or avoiding it entirely. The price still has a long way to fall, personally I would bet that in ones years time that $2400 price will be trading at a loss if you don't et out now.
Dude, correction territory is a 10-15% decline. $20k to $5k isn't a correction, it's a goddamn bloodbath.
Not for bitcoin. Wild extremes are the norm. Also you must consider the exponential rise from $400 to $20,000, a correction to $5,000 is not a bloodbath to some. As was the 2014 exponential rise from $20 to $1,000, which was followed by a correction to $250, again not a bloodbath to some.
Its hardly fair to call a 75% decline a bloodbath when that peak it is referenced against represents a recent 5,000% increase.
It is inappropriate to apply the normal rules and perspectives of investing in traditional stocks and commodities to Bitcoin.
It was a great investment if you had some for a year and tripled out, or had a 2533% return three years ago. That's the thing about hindsight. If Bob invested a thousand dollars into lottery tickets and won a million dollars, hindsight would make that look like a great investment too.
Time to buy tron. Much better model.
While the odds of surviving are not 100%, the odds of surviving for the survivors always is. You don't need hindsight to know that, you just need to know who that will be. You just need to know what, exactly, the game is. Bitcoin's $ value is not the game, it's just icing. I'm OK with that.
What is incredible to me is that nobody in the mainstream media seems to be really analyzing what's happening with bitcoin. Not just posting stories and press releases, but real, in-depth analysis. Maybe this is too much to expect. I haven't seen anyone truly analyzing the insane ups and downs in the general stock market since February either. But hey, guess what... that's EXACTLY what happened during the year leading up to the actual start of the Great Depression. Most people wrongly think that the stock market woes consisted basically of just two big drops in October 1929. Nothing could be further from the truth. By spring 1930, the markets had regained almost everything they had lost... or at least it looked that way. But there were many day to day wild swings. Hey, guess why? Several CEO'S and bankers got together and agreed to buy back stock in their own companies to stabilize the market. Which kind of, sort of, worked... until it didn't. Does that ring a bell? it should, because buying back their own stocks is exactly what companies are doing now (but in this case without even any kind of attempt to stabilize markets.)
Does bitcoin have an exact analogy in past recessions and depressions? It's hard to say, except the same analogy it has anyway: with sixteenth century tulips and 2006 housing prices. It is just beyond belief to me that any halfway intelligent person cannot see the looming economic disaster on its way within two years. Yet so many seem to see nothing. Personally... I'm getting a large annuity payment in June 2019 and not putting even one cent into the markets. Unless the FDIC is dissolved, it goes into the bank. If that happens... .maybe under the mattress.
But GOD I wish I'd had $100 worth of Bitcoin when it was still kinda young.
I'd be a millionaire several times over.
But, honestly, it always has seemed less reliable than the Lottery.
Seriously guys.