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Cryptocurrency Markets Lost $18 Billion Overnight (yahoo.com)
An anonymous reader quotes CryptoCoinsNews:
Over the past 24 hours, the crypto market has recorded a loss of $18 billion, as major cryptocurrencies including Bitcoin, Ether, EOS, and Bitcoin Cash dropped by 4 to 13 percent. While Bitcoin ended the day with a 4 percent decline in its value, Ether, the native cryptocurrency of Ethereum, plummeted by 13 percent against the US dollar, becoming one of the worst performing major cryptocurrencies alongside NEO. Tokens recorded the steepest drop in their value on August 11, as most Ethereum-based tokens such as Theta Token, Aion, Pundi X, Aelf, DigixDAO, WanChain, and VeChain recorded a drop of around 14 to 18 percent
For the first time in 2018, Bitcoin, the most dominant cryptocurrency in the global market, has obtained 50 percent of the market share, securing its year-to-date (YTD) high on the dominance index. The sudden increase in the dominance index of Bitcoin which coincided with the spike in the volume of Tether have demonstrated that investors have become reluctant towards taking high-risk and high-return trades, mostly due to the lack of confidence in the short-term trend of the market. Over the past few weeks, tokens have lost over 50 percent of their value against Bitcoin, which has also fallen by more than 20 percent since late July.
"During this 13-day stretch, the total market cap for all cryptocurrencies has fallen $70 billion," reports MarketPlace, in an article headlined "Bitcoin looks 'very sick' and the pain is not over, says analyst."
For the first time in 2018, Bitcoin, the most dominant cryptocurrency in the global market, has obtained 50 percent of the market share, securing its year-to-date (YTD) high on the dominance index. The sudden increase in the dominance index of Bitcoin which coincided with the spike in the volume of Tether have demonstrated that investors have become reluctant towards taking high-risk and high-return trades, mostly due to the lack of confidence in the short-term trend of the market. Over the past few weeks, tokens have lost over 50 percent of their value against Bitcoin, which has also fallen by more than 20 percent since late July.
"During this 13-day stretch, the total market cap for all cryptocurrencies has fallen $70 billion," reports MarketPlace, in an article headlined "Bitcoin looks 'very sick' and the pain is not over, says analyst."
Using the money I got from shorting TSLA.
How much have fiat money market losts? WAY MORE. This is a good thing for the Cryptocurreny, because it is much more stable than FIAT currency that fluctuates and this emphasizes how much better an investment cryptocurrency is. I know I'll be buying more and more every day because I make A LOT of tax free money already. Guaranteed.
Excellent, I'm in the market for a good video card.
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
Because their adepts refuse to accept that bitcoins and other coins like it, were a bubble that's slowly deflating and only the ones who got in early made any sort of money worth talking about. Also the ones who are doing "pump and dump", who btw are responsible for raising the price so high in the first place.
Nt
Those beans were never worth a damn.
We are in it for the technology!
You're not a peace officer if you sit at the side of the road with a radar gun. You're a revenue collector to the largest organized criminal organization ever made aside from the UN.
Enjoy your so called service to the people.
Bitcoin prices increase = it's a bubble
Bitcoin prices decrease = it's collapsing
Bitcoin prices are stable = it's a dead market
My Other Computer Is A Data General Nova III.
But there's no article on the rise! Only pain sells advertisements...
I see problems with long-term feasiblity. Power consumption is through the roof, as is ineffciency in validation/resolution.
Digital currency is a very, very good idea, but a massive simple one-dimensional set of tokens managed by a single trusted service is way more likely to offer real-world advantage over bitcoin and Co. I believe digital currency will take off when we get one that doesn't require obscene amounts of processing power to handle and transfer via transactions. When you can have an app on your cheap-ass asian semi-feature-phone and transfer 50 cents with a push of a button and the guy selling you his fruit can see if on his phone in 3 seconds. This isn't going to happen at a global scale with any of the current cryptocurrencies. Hence their real-world usefulness is notably limited and thus they won't succeed as currency IMHO.
We suffer more in our imagination than in reality. - Seneca
It's always a fascinating story when connected communities come up with an idea, especially when "connectedness" might provide an opportunity for transforming wishful thinking into currency, or anything else. But goddamn I'm impressed by work they've put into it and the energy of their unusual convictions.
"He's using a quantum encryption scheme! That'll take hours to break!"
Meanwhile, everyone who has Dogecoins can still rely on the one and only 100% reliable 1:1 trade ratio of Dogecoin-to-Dogecoin.
#DeleteFacebook
I thought Bitcoin was dead in 2011 when its price went from about $35 per Bitcoin to $2 per Bitcoin. Boy, I wish I bought a lot of Bitcoin back then and held on to it!
Until the CFTC concludes their investigation of Tether Ltd. and Bitfinex, expect a slow bleed of capital from the market. Everyone is going to get hurt.
that's all.
I hate fat people.
Inflation causes just as big losses, even if one still has the face value at hand.
Blockchain exists for ~10 years and still there are no mainstream use cases where it replaced the incumbent tech, other than illegal activity. There is a fundamental reason for that.
BCh offers a single unique feature: distributed trusted transaction (DTT). DTT competes with a centralized transaction == transaction with a trusted third party (T3P). DTT is by definition distributed and as such is *always* more expensive than a T3P all other things being equal: reaching consensus with multiple parties is harder than with a single party. In order for DTT to be competitive with the old tech T3P, the distributed nature of DTT must offer some advantage for people to be willing to pay the required premium. So far the only use case where people or willing to pay this premium is circumvention of regulation, when the trusted third party does not exist. This brings us to this list of use cases:
1. Circumvention of regulation.
This is the only meaningful use of DTT.
China has capital flow controls which effectively bar companies and individuals from moving money out of China. To get around these regulations people buy video cards and electricity in China for CNY, mine cryptocoins, sell them in the States for USD. That's the largest market right now, much bigger than buying drugs on the likes of Silk Road. This use case also includes ICOs and other pump and dump schemes.
2. Selling picks and shovels.
Derivative of (1). If 1 goes away, 2 will go away too.
https://finance.yahoo.com/quot...
3. Marketing & FMO
Add blockchain to the company name and see your valuation pop.
"We must work on blockchain because it's the future".
All kinds of blockchain projects in banks, etc which are going mainstream "any time now". All of them can be done easier/cheaper/more reliably with a T3P, no exceptions.
Get ready for the biggest buttfuck in history on the dollar. Decentralized currency is the future. Just wait until confidence falls on Fiat and a simple phone app let's people use a "bank" without the bank and minus the fed. Anyone with half a mind can see this future. I challenge anyone to describe an alternate future where the dollar, yuan or ruble wins.
EMP bombs all over the planet, no computers and no internet for decades. Physical currencies wins.
But in the meantime, I'm hoarding all the Dogecoins I can!
#DeleteFacebook
You are describing Paypal? We already have that, and it does work much better than cryptocoins hence it is widely used.
Using cryptocurrency as a short-term speculative investment is foolish. What happens today can reverse itself dramatically tomorrow. Ultimately of the over 1800 cryptocurrencies available on the market, over 99% of them will fail to become anything useful. Cryptocurrency is just that... currency. It's internet money. Your primary use of cryptocurrency should be in financial transactions, not speculative investment. More and more people are beginning to accept cryptocurrencies as payment for goods and services. I myself am in the process of developing an application for this purpose. Cryptocurrency itself is going to be world-changing, never mind blockchain technology. But these things don't happen overnight. I have absolutely no concern for or over what market speculators do. I know where this is heading. It's obvious to anyone who's really paying attention. So articles like this really aren't helpful.