Slashdot Mirror
Price Of Bitcoin Rises 27%, While Price of Bitcoin Cash Triples (bloomberg.com)
A Bloomberg columnist asks whether this week's rise in bitcoin's price is a turning point -- or just a "dead cat bounce"?
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week. Short-sellers are closing their positions, while fans smell fresh opportunity. Even more eye-watering market moves are happening elsewhere in the digital currency's ecosystem. Bitcoin Cash, a spin-off intended to be more usable as a payments mechanism, has almost tripled this week from about $80 to $225. That this is happening at the same time as a U.S. stock-market selloff will no doubt warm the hearts of crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble....
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
Just as the rise to fantastic heights of last year was manipulation, so too was the decline - engineered so that others would have a chance to buy into Bitcoin before it inevitably climbed up again.
One interesting thing no-one seems to consider is, that as more investors get into Bitcoin the price will naturally stabilize (not for some time though).
"There is more worth loving than we have strength to love." - Brian Jay Stanley
for a reason.
Oh so the groups likely manipulating this scam are now moving it back "up in value" (value for a product that you can't do anything with).
Yes, folks should invest their life savings in something that can move 80% in a week. I am sure it's completely legitimate and safe long term investment!
https://www.youtube.com/watch?...
Historically, tulips have each been worth the modern equivalent of tens of thousands of dollars each. It would be foolish to ignore that legacy while considering investment opportunities.
...crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble...
Delusional people.
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week.
THAT in itself is trouble. That kind of volatility in an asset precludes it from being investment grade. To have an asset move lie that for no reason is a sign of gambling. How can one plan if the asset could lose 80% for no determinable reason? At least with real currencies, you can see what the underlying economy and political policies and get an idea of where its headed (That's all Soros does.)
Crypt-currencies are nothing but something that gamblers are using and rationalizing their behavior as "investing" or "speculation".
I mean seriously, I get it: Bitcoin is a 'tech' thing but we don't need to have a NEWS story every time it goes up or down, do we? We're not regularly seeing postings when RAM skyrockets or falls, are we? (Please...don't.)
It's an imaginary commodity that some people have agreed to treat like money; by its very nature it's going to be volatile.
-Styopa
Analyst: 25% Recovery In Bitcoin Price Was A “Zombie Rally”
https://www.newsbtc.com/2018/1...
Wall Street’s Biggest Bitcoin Forecaster Gives Up Forecasting Bitcoin
https://www.bloomberg.com/news...
Flash Hike: Bitcoin [BTC] smashes $4,000 resistance in a single rise
https://ambcrypto.com/flash-hi...
And as noted, Bitcoin price is highly manipulated by the Chinese Bitcoin Mafia. They trade small quantities between themselves to keep the price up, hoping to suck people in.
Yeah but if you figure out the cycle you can ride on their coattails, so to speak. :-)
Not that I personally would try to day-trade anything, I still see Bitcoin being good long-term.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
I forget who, but somebody dumped several million into it, so yeah, currency manipulation.
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BCash is fronted by a psychopath ex-convict and a cabal of his closest con-men.
https://medium.com/@tradertimm/forking-ver-rogers-reckoning-22c2a906b945 [Medium Post]
The only reason this shitcoin ramped up is because the order books on the small gaggle of exchanges that trade it are thin as hell. Its very similar to penny-stocks, where there's hardly any orders for buys and sells, so it moves with wild swings whenever some of them get matched to each other.
BCash's relative hashrate to Bitcoin has been falling ever since its introduction -- http://fork.lol -- down below 3% which indicates its declining health. BCash's transactions, when they're not being spammed with "stress tests" (ie., painting the tape to bring up their averages) they average about 60 tx's every three hours where Bitcoin does 2,000 - 2,500 over the same time frame.
By any metric, BCash is a losing proposition. After the last drama-fork, where BCash split into RogerCoin/ABC and CraigCoin/SV their combined value is LESS than what it was pre-fork.
Anyone into this particular dead-end will get precisely what they deserve. A big fat zero.
So this is the result of the hype train we hopped on last week. Gotta pump before you can dump.
https://news.slashdot.org/story/18/12/13/185207/ranks-of-crypto-users-swelled-in-2018-even-as-bitcoin-tumbled
https://news.slashdot.org/story/18/12/13/0525227/cryptocurrencies-are-like-lottery-tickets-that-might-pay-off-in-future
https://news.slashdot.org/story/18/12/08/1726229/cryptocurrencies-tumble-even-more-while-one-asset-manager-proclaims-bitcoin-is-dead
https://news.slashdot.org/story/18/12/13/1521207/ethereum-thinks-it-can-change-the-world-its-running-out-of-time-to-prove-it
https://tech.slashdot.org/story/18/12/16/0221231/study-reveals-the-most-googled-should-i-questions-in-each-state
https://news.slashdot.org/story/18/12/21/1519217/facebook-is-developing-a-cryptocurrency-for-whatsapp-transfers-report-says
https://news.slashdot.org/story/18/12/13/222214/dozens-of-bomb-threats-reported-across-america-in-apparent-bitcoin-ransom-scam
https://slashdot.org/story/18/12/13/1729249/blockchain-developer-is-the-fastest-growing-us-job
https://news.slashdot.org/story/18/12/08/183253/bitcoin-options-purchased-for-1-million-will-soon-be-worthless
Much value! Such stability!
Funny how anti-crypto-currencies news always talk about how much of a fall the value of Bitcoin took since last year, but they never mention that it also rose by a lot to get to that insane peak value.
Remember that Bitcoin was proclaimed dead by a number of fools every time it went down in value.
Let's look at the four-years chart for a second. From july 2017 to december 2018 was simply a peak, but extrapolating that curve only shows it will keep going up.
#DeleteFacebook
All the people selling stocks need somewhere to put their money. Some of them are going to see the dramatic drop in bitcoin and decide to buy in.
Your ad here. Ask me how!
This looks more like "pump and dump" than any viable long term strategy.
People need a way to support the people they like.
As large politically motivated US sites ban and report content creators and publishers some way to support interesting people has to be found.
Freedom of speech and freedom after speech is not a sin.
A payment system may have some use in supporting people politically after politically motivated deplatforming and bans.
When a large company thinks it can shape politics by removing a publisher, people can still show their support with a different method of funding.
Free from the politics of large brands who want to curate the internet.
Domestic spying is now "Benign Information Gathering"
Markets are constantly manipulated to the benefit of a few at the cost of most and the biggest loser is truth.
Go well
Bitcoin is not real money. It is worthless except to scammers.
Corporatism != Free Market
https://en.wikipedia.org/wiki/Clanging
>In psychology and psychiatry, clanging refers to a mode of speech characterized by association of words based upon sound rather than concepts. For example, this may include compulsive rhyming or alliteration without apparent logical connection between words. This is associated with the irregular thinking apparent in psychotic mental illnesses (e.g. mania and schizophrenia).
I support bitcoin because I think it's innovative. I think there'a a lot of potential for an internet money free from a large organization or government control.
It doesn't bother me too much that I didn't get in "On The Ground Floor" because I see the people who invested or innovated as believers in a cause and innovators who will use their wealth to improve the system.
I think Bitcoin will rise again.
I also think there is too much talk about manipulation. People would need to intentionally lose money for it to be considered manipulation and people tend not to do that.
Also shorting doesn't necessarily lower the price of a stock or commodity. It just encourages behaviors to lower value which is why it's so tightly regulated. Selling short is no different than selling held value except for the person doing the selling and the organization that invests in their speculation.
It's sad to see Slashdotters not investing in bitcoin. It could be the golden goose which funds a lot of technological innovation if creative believers would get behind it.
It's particularly disturbing to consider right-wing nutjobs not investing in bitcoin, it's pretty much a wet dream for all those who believe in free markets and avoiding government intervention yet they're so skeptical they're not supporting their dreams coming true.
I'm pretty left leaning so I see a lot of potential for harm in a deflationary currency but I see a lot of potential to overturn the petrodollar and I think that's worth supporting.
Just like the first peak wasn't the final peak for Bitcoin, the first bottom at 3100 won't be the final bottom. These first dip buyers are going to panic and sell before the real bottom is in.