Bitcoins/Litecoins/Virtual Currencies

Bitcoin tanks as Facebook bans cryptocurrency adverts

Likely the reason for the big selloff today.

Not gonna lie. I lost non-trivial amounts of BTC. Although I had long since sold more than I had bought with USD.

I did a tiny short on ETH at 0.12 though and exited at 0.116 an hour later. Felt good to short the world computer and profit. Was easy money; should have shorted more. Going from 0.025 to 0.124 in a few weeks is begging for sells.

We are nearing 'blood in the streets' territory. Most of the get-rich-quick idiots sold at a loss at this point. Whales are buying their coins. Bitfinex has been trading considerably higher than Coinbase, which I hypothesize is due to the moonkids who don't understand the tech dumping on Coinbase and whales buying on Bitfinex. I've been watching the large BFX buy walls put up over and over and slowly chewed through, which has been preventing a larger fall. If you wanna buy BTC, now's the time. This dump is entirely from hands being weak and not due to poor fundamentals, which remain strong.

How can you say the fundamentals are not poor?

There is no underlying asset, all it is is a way of anonymizing cash deals, so allowing for more drugs, hookers and tax evasion. It furthermore has a significant tax on the environment.

The stabilization price is totally unpredictable, and could be 0, as long as common use is not widespread. That is the "fundamentals".
Sure you can wrap it in alot of techno and economist babble, but eventually the above is true.

Why do people who don't bother to read about the tech chime in about how bitcoin is toy fake money that offers nothing of value every time it crashes? Most believers started out as skeptics before learning about it.

It's not even anonymous because it's a public ledger and the IRS is subpoenaing Coinbase for user info and exchanges require loads of KYC nowadays. Good luck evading taxes when trying to convert to fiat. Using bitcoin to buy drugs was so 2013. Environmental impact of mining is wildly exaggerated because miners most go to the cheapest sources of electricity, which means renewables like hydro. Fossil fuels are too expensive. In fact mining can mitigate costs of renewables because they tend of have periods of surplus energy.

Bitcoins/Litecoins/Virtual Currencies

Bitcoin will really start to get fun when anybody can receive micropayments of a fraction of cent and fully automate payments for online services without any middle man after setting up operations for new services overnight. If content creators could get paid even 1/10th a cent for every download, it would change their lives and allow them to create much better content.

The whole 'if you have nothing to hide, then you shouldn't want privacy' argument is getting rather old as well. All crypto does is return us to the days of cash. I'm also an advocate for the legalization of drugs, so the 'omg drugs!' argument doesn't really work on me; but drugs are a tiny fraction of what crypto is used for regardless.

Also, banks starting to charge poor people $12/mo to use checks at a time when they have record profits as a result of taxpayer bailouts and the working poor has been losing buying power for 4 decades is grotesque. Not to mention the whole opening accounts in their name without consent stuff. (and much more)

LachiusTZ said:

But here is a real question.

Now that it's losing value, if you aren't chasing the appreciation in value, or doing illegal shit, what's the point?

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That's what we're going to see. It's definitely a tech bubble type scenario and what I think will happen is we will see one or two that survive (or emerge) as a value store and one or two that survive (or emerge) as a currency.

If this is that actual bubble bursting and not just a panic sell scenario I'd be surprised. That volatility and uncertainty along with every Tom, Dick and Harry offering scam ICOs makes this entire market ripe, though.

Curiously I have not heard anyone here talk about IOTA.

Torrid said:

If you wanna buy BTC, now's the time. This dump is entirely from hands being weak and not due to poor fundamentals, which remain strong.

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And yet, people were saying that at $12k, and $10k.

Maybe stop thinking you know what the fuck is going on.

Torrid said:

Why do people who don't bother to read about the tech chime in about how bitcoin is toy fake money that offers nothing of value every time it crashes? Most believers started out as skeptics before learning about it.

It's not even anonymous because it's a public ledger and the IRS is subpoenaing Coinbase for user info and exchanges require loads of KYC nowadays. Good luck evading taxes when trying to convert to fiat. Using bitcoin to buy drugs was so 2013. Environmental impact of mining is wildly exaggerated because miners most go to the cheapest sources of electricity, which means renewables like hydro. Fossil fuels are too expensive. In fact mining can mitigate costs of renewables because they tend of have periods of surplus energy.

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Why? Because this isn't the first time shit like this has happened. Don't need to be a rocket scientist to figure it out.

Gravel said:

And yet, people were saying that at $12k, and $10k.

Maybe stop thinking you know what the fuck is going on.

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I wrote that 5 hours before the price spiked upward 17% in the span of an hour after some whales did some massive market buys.

Also I wrote this two weeks ago:

Torrid said:

I'm also fairly significantly long at this point. Money, mouth etc. Unfortunately I had a position at 13.5k already for the past month and that was using up much of my equity.

If it drops to a new bottom again, I expect heavy buy pressure at 8k since that's the number I see traders throwing around a lot. (probably because of Novogratz's tweet)

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What the price did: all exchanges except Bitfinex (the largest) went down to 7.5 or so, and as soon as Bitfinex went under 8k, boom. I had an order at 8k.

I didn't tell people to buy at 10k, I just said that I longed myself. I certainly bought way too early since this dump was massive.

Remains to be seen if this is the real bottom, but I think it a high likelihood. Nobody knows for sure. I'm taking some profit early this time and longing more if it dips near 8k again. Bears were relentless this year so they may not give up so easily.

I don't see the cause for resentment of people who post price predictions in a bitcoin thread, meanwhile people criticize crypto for only being used for speculation.

So glad I sold all my coin (minus LTC) before this crash.

Torrid said:

Remains to be seen if this is the real bottom, but I think it a high likelihood. Nobody knows for sure. I'm taking some profit early this time and longing more if it dips near 8k again. Bears were relentless this year so they may not give up so easily.

I don't see the cause for resentment of people who post price predictions in a bitcoin thread, meanwhile people criticize crypto for only being used for speculation.

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No resentment. But you are crazy if you think the real bottom is in.

Cad said:

How is saying "you're crazy if you think this is the real bottom" any different than speculating that this is the real bottom? Both of those are highly speculative statements with no basis in fact.

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Personal historical perspective.