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Author Topic: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)  (Read 302087 times)
acegooner
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« Reply #840 on: February 02, 2018, 12:21:33 PM »

Looks like the bottom has fallen out of the crypto market,

It's scary how the word "regulator" has everyone running for the exit.
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acegooner
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« Reply #841 on: February 02, 2018, 12:26:51 PM »

Looks like the bottom has fallen out of the crypto market.

It's scary how the word "regulator" has everyone running for the exit.
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lucky_scrote
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« Reply #842 on: February 02, 2018, 12:38:33 PM »

I think we have a long way to go before the bottom has fallen out.

 Click to see full-size image.



 I personally don't care, I will just regret not having more liquid funds to buy more if it keeps dropping.



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TightEnd
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« Reply #843 on: February 02, 2018, 12:52:23 PM »

Reuters

Bitcoin slides as Facebook ad ban, India clampdown unnerve investors http://reut.rs/2DTJVov
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« Reply #844 on: February 02, 2018, 12:52:58 PM »

Bitcoin's January fall wipes off $44bn in value

https://www.theguardian.com/technology/2018/feb/01/bitcoins-january-fall-wipes-off-44bn-in-value?CMP=twt_gu
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nirvana
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« Reply #845 on: February 02, 2018, 01:20:04 PM »

I think we have a long way to go before the bottom has fallen out.

 Click to see full-size image.



 I personally don't care, I will just regret not having more liquid funds to buy more if it keeps dropping.


True dat, still up 300+ % since the thread started - gonna be fascinating to see if it trundles all the way down to sub $3k or if it finds a new stable (ish) kind of level
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acegooner
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« Reply #846 on: February 02, 2018, 01:21:19 PM »

I think we have a long way to go before the bottom has fallen out.

 Click to see full-size image.



 I personally don't care, I will just regret not having more liquid funds to buy more if it keeps dropping.





60% in one month is catastrophic to a lot of people. The tech crash was more severe but over a longer period of time.

I wouldn’t be surprised to see it fall 95%+ from top to bottom, and even at those levels the price still can’t  be justified.
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byronkincaid
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« Reply #847 on: February 02, 2018, 01:32:31 PM »

lol it touched 7700 and started shooting up. 8500 in a couple of nanoseconds. Totally addicted to watching numbers on my screen Sad Must get out more

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lucky_scrote
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« Reply #848 on: February 02, 2018, 01:52:01 PM »


I wouldn’t be surprised to see it fall 95%+ from top to bottom, and even at those levels the price still can’t  be justified.

I would be very surprised with a drop of that much, but we value btc and crypto differently.

The prices are definitely justified, it's just from one person to another there will be agreements and disagreements. That is what markets are for, they decide the price. I will however agree that the reflection of the price to actual market sentiment can often be puzzling and confusing and far from what a lot of people think it should be, but overall you can't disagree with the overall market price too much. In any case, people who have a better understanding of how close the market price is to what it ought to be, make a lot of money.
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EvilPie
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« Reply #849 on: February 02, 2018, 02:50:44 PM »

lol it touched 7700 and started shooting up. 8500 in a couple of nanoseconds. Totally addicted to watching numbers on my screen Sad Must get out more



Presumably some gazillionaire put in a big buy order at $7700. I guess he or she has added a few billion to their personal wealth in a few minutes. Mbn.

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acegooner
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« Reply #850 on: February 02, 2018, 03:14:03 PM »


I wouldn’t be surprised to see it fall 95%+ from top to bottom, and even at those levels the price still can’t  be justified.

I would be very surprised with a drop of that much, but we value btc and crypto differently.

The prices are definitely justified, it's just from one person to another there will be agreements and disagreements. That is what markets are for, they decide the price. I will however agree that the reflection of the price to actual market sentiment can often be puzzling and confusing and far from what a lot of people think it should be, but overall you can't disagree with the overall market price too much. In any case, people who have a better understanding of how close the market price is to what it ought to be, make a lot of money.

The stock market has been on a one way tear for the last two years, companies are reporting record profits and yet despite this news the markets have tanked for the last week.

There is nothing justifying bitcoins price at $20k,$10k or even $1k. The same goes for every other altcoins valuation. So why are crypto currencies any different to any other asset class. They aren’t, it’s all based on nothing but pure greed.
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lucky_scrote
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« Reply #851 on: February 02, 2018, 04:06:59 PM »




Bitcoin isn't a company that has quarterly profit reports or such, it's a digital asset that people believe have value in the same way that people believe non-digital assets like gold have value.

Why would anyone invest in gold or store their value in gold?
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« Reply #852 on: February 02, 2018, 04:17:34 PM »




Bitcoin isn't a company that has quarterly profit reports or such, it's a digital asset that people believe have value in the same way that people believe non-digital assets like gold have value.

Why would anyone invest in gold or store their value in gold?

maybe after somone explains the price of bitcoin?

Besides gold is so very shiny.  platinum is so much more elusive dahling. 

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Most of the bets placed so far seem more like hopeful punts rather than value spots
acegooner
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« Reply #853 on: February 02, 2018, 04:53:27 PM »




Bitcoin isn't a company that has quarterly profit reports or such, it's a digital asset that people believe have value in the same way that people believe non-digital assets like gold have value.

Why would anyone invest in gold or store their value in gold?

And therein lies my point, gold is a store of value. It's been used in this way since the year dot. It has also been a reliable hedge against inflation plus offers inverse correlation when things like recessions and financial crises happen. What that means is generally when the markets fall, gold tends to go the other way as it is seen as a safe haven asset. 
 
Gold is a sensible diversifier away from stocks and shares, bitcoin and its altcoin relations aren't.

Not only that if there was ever an apocalyptic event, and our civilisation regressed a few thousand years. What is likely to have more intrinsic value, gold or bitcoin?

Bitcoin doesn't behave like a currency and let's face facts it's not a currency in the true sense of the word, there is no price stability.


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lucky_scrote
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« Reply #854 on: February 02, 2018, 05:08:03 PM »


And therein lies my point, gold is a store of value. It's been used in this way since the year dot. It has also been a reliable hedge against inflation plus offers inverse correlation when things like recessions and financial crises happen. What that means is generally when the markets fall, gold tends to go the other way as it is seen as a safe haven asset.  
 
Gold is a sensible diversifier away from stocks and shares, bitcoin and its altcoin relations aren't.


Gold is so very established I agree. It's a very safe reliable hedge against inflation and recessions because it's always there. It's properties are what makes it safe.

Bitcoin not being a sensible diversifier away from stocks and shares doesn't mean that it can't be a store of value, or valuated. It has value because we say it has value. The only properties that gold has that trumps bitcoin is the fact it's shiny and has physical properties that can be useful (computer parts, jewellery)


Not only that if there was ever an apocalyptic event, and our civilisation regressed a few thousand years. What is likely to have more intrinsic value, gold or bitcoin?


Now you're just being silly. If there is an apocalpytic event and our civilisation regresses a thousand years then I could care less about a fucking bitcoin. I would imagine gold would be something I would want if this were to happen but I would probably want some roasted lamb a lot more, or a gun. If there is world war 3 and the internet is still up and running around the world then that would be interesting to see which way bitcoin will go.


Bitcoin doesn't behave like a currency and let's face facts it's not a currency in the true sense of the word, there is no price stability.



Actually yes it can behave like a currency, just the price volatility through trading and it's lack of integration makes it unusable for day to day use. This is definitely not an argument against just because it doesn't work yet. When Satoshi Nakomoto created the bitcoin network he showed us that we can have a trustless network where we transfer data to one another through cryptography. It was quickly realised that when you have a network like this we can build a currency on the network. A completely trustless network that follows rules that cannot be broken. This absolutely has utility despite that less than a decade down the line since the network was created, it is encountering countless problems and outrageous volatility. In it's current state it's obviously not going to be a world currency, but to extract the fact that it doesn't act currently like a modern day currency, does not that mean it cannot be a future world currency.

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