Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[typhoon13]

At these levels the early bird is still up 630% YOY

Agree, though Team December Bandwagon, when the buying rage (it seemed to me) to be at a peak can't be thrilled right now.

Team December who are still sat are licking deep wounds, which is not nice for them unfortunately but don't lets forget not everybody has lost money on crypto

Theres some healthy gains been had by punters as well

I think this is the only point I've ever felt worth making. Even fairly early adopters are going to get burned because so many people have a psych issue with selling for less than it was once worth and so sit like transfixed rabbits as their notional gains melt away. Well hear more generally from aftertimers who sold at the current known highs and less from those who didn't lock in profits.

Traders are a whole other thing and there are many fewer successful traders than nutso 'investors'

I wonder how many people who said "I'll sell when it hits $20k" are really, really upset with themselves.....?

Rule number one... Never fall in love with a stocks commodities etc

[Karabiner]

I had a lucky escape as I was poised to invest a chunk once it passed the $20K barrier.

[nirvana]

I had a lucky escape as I was poised to invest a chunk once it passed the $20K barrier.

Haha, so composed

[nirvana]

$6k!

Not far off tbf

[lucky_scrote]

This is quite special isn't it. Hopefully those that invested in the past couple of months didn't overinvest and are feeling the pain too much!

[tikay]

In solidarity with Team Bitcoin, stock markets across the world are having a hiccup, too.

The Dow was down almost 5% yesterday, it's biggest one day % fall for 7 years, the Nikkei followed it overnight, & we can expect London, Frankfurt & Paris to follow suit this morning.  

And, like Bitcoin, fans of equities believe it is simply a correction.

I wonder if there is any correlation between the fall in both? Instinctively, I'd have thought a fall in equity markets might have prompted a rise in cryptocurrency, but maybe there is minimal linkage.

[tikay]

At these levels the early bird is still up 630% YOY

Agree, though Team December Bandwagon, when the buying rage (it seemed to me) to be at a peak can't be thrilled right now.

Team December who are still sat are licking deep wounds, which is not nice for them unfortunately but don't lets forget not everybody has lost money on crypto

Theres some healthy gains been had by punters as well

Yes, agreed Trev, my point really was just to provide a bit of balance. Plenty have made very nice profits, & plenty have lost a packet. 

[tikay]

At these levels the early bird is still up 630% YOY

Agree, though Team December Bandwagon, when the buying rage (it seemed to me) to be at a peak can't be thrilled right now.

Team December who are still sat are licking deep wounds, which is not nice for them unfortunately but don't lets forget not everybody has lost money on crypto

Theres some healthy gains been had by punters as well

I think this is the only point I've ever felt worth making. Even fairly early adopters are going to get burned because so many people have a psych issue with selling for less than it was once worth and so sit like transfixed rabbits as their notional gains melt away. Well hear more generally from aftertimers who sold at the current known highs and less from those who didn't lock in profits.

Traders are a whole other thing and there are many fewer successful traders than nutso 'investors'

Now now Glen, I think you are being overly harsh on yourself. At least 2 of the 793 points you have made on this thread have been worth making.

[nirvana]

At these levels the early bird is still up 630% YOY

Agree, though Team December Bandwagon, when the buying rage (it seemed to me) to be at a peak can't be thrilled right now.

Team December who are still sat are licking deep wounds, which is not nice for them unfortunately but don't lets forget not everybody has lost money on crypto

Theres some healthy gains been had by punters as well

I think this is the only point I've ever felt worth making. Even fairly early adopters are going to get burned because so many people have a psych issue with selling for less than it was once worth and so sit like transfixed rabbits as their notional gains melt away. Well hear more generally from aftertimers who sold at the current known highs and less from those who didn't lock in profits.

Traders are a whole other thing and there are many fewer successful traders than nutso 'investors'

Now now Glen, I think you are being overly harsh on yourself. At least 2 of the 793 points you have made on this thread have been worth making.

Haha..I'll take one as record equalling for any thread I've ever contributed too

[acegooner]

In solidarity with Team Bitcoin, stock markets across the world are having a hiccup, too.

The Dow was down almost 5% yesterday, it's biggest one day % fall for 7 years, the Nikkei followed it overnight, & we can expect London, Frankfurt & Paris to follow suit this morning.  

And, like Bitcoin, fans of equities believe it is simply a correction.

I wonder if there is any correlation between the fall in both? Instinctively, I'd have thought a fall in equity markets might have prompted a rise in cryptocurrency, but maybe there is minimal linkage.

In my opinion, it's a correction.

It has been suggested, however, with the Bitcoin futures market, there may be some investors going in long when the price was above $15k that are exposed to big margin calls. The very nature of these markets involves investors gearing up on risk and if the market goes against them, they can be faced with having to stump up large amounts of cash. That, in turn, can lead investors to sell other assets to cover the margin call, including those in the stock market. In saying that the amounts traded in cryptos is a small percentage of trade on global stock markets.

Companies, especially in the US, have been reporting record profits and the stock market has only gone one way since the EU referendum. It's a healthy overdue correction.

The big difference between the stock market, BTC and its cousins is that it is clear when shares become good value again. The institutions will start to underpin shares at lower levels. No one can prove if Bitcoin is worth $1, $6k or $20k so I suspect with increased regulation there is more pain to come.

My portfolio has taken a beating, but with Gold and Bonds, I have good diversification. If stocks go a lot lower, I can start to look at adjusting my asset allocation more towards equities.

[lucky_scrote]

Goes live in 8 minutes: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

[EvilPie]

Goes live in 8 minutes: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

I guess judging by the 25% low to high swing on the day there has been some reasonable news?

[rfgqqabc]

Goes live in 8 minutes: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

I guess judging by the 25% low to high swing on the day there has been some reasonable news?

Looking heavily at ICOs, want to protect main street investors from potential scams.

Don't want to take a heavy handed approach, but stressed the exchanges aren't regulated.

Emphasized they aren't quite sure how to classify Bitcoin and other cryptocurrencies but reinforced the view that ICOs = Securities.

"Clayton: There are pure cryptocurrencies, then there are ICOs, which are securities offerings."

CFTC Chairman Giancarlo: “We owe it this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one.”

"Clayton explains that for a “coin” to be a security the person who buys is has to expect to profit from the efforts of the person offering it. Doesn’t sound like it fits Bitcoin.

Interesting stuff, the senators made a wide range of interesting points despite some qualms about the overall space. CFTC has a Bitcoin website and a cryptocurrency podcast! Crazy times.

Edit: Clayton is Chairman of the SEC.

[TightEnd]

How to interpret a market plunge

Whether a sudden sharp decline in asset prices amounts to a meaningless blip or something more depends on mass psychology

https://www.economist.com/blogs/freeexchange/2018/02/crash-course?fsrc=scn/tw/te/bl/ed/

[bergeroo]

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