Bitcoin Is Crashing

Tyler Durden's picture

What goes up exponentially, falls vertically... or something like that...

Bitcoin has plunged 13% in the last few minutes... no catalyst evident for now...

Bear in mind this plunge merely corrects to the highs of yesterday.

And, in context, it's a fleshwound...

BITCOIN EXCHANGE COINBASE SAYS "WE'RE CONTINUING TO EXPERIENCE DEGRADED PERFORMANCE ON OUR WEBSITE AND MOBILE APP"

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SloMoe's picture

"RTRS - BITCOIN EXCHANGE COINBASE SAYS "WE'RE CONTINUING TO EXPERIENCE DEGRADED PERFORMANCE ON OUR WEBSITE AND MOBILE APP""

Thought Processor's picture

 

 

I think all big bubbles are made of little bubbles.  Anyone want to wager which one this is?

Arnold's picture

Plunge Protection Team...
To the Crisis Room....
Stat!!!

Harlequin001's picture

Nah, it's just idiots fucking around.

Buy gold.

chumbawamba's picture

Aww man, you mean it was just in a bubble after all?

WHO WOULDA THUNKIT.

Wait for the retracement, then sell 95% of your bitcoin. It's done for a while.

I am Chumbawamba.

Pandelis's picture

No way ... just as I was getting ready to get in .... f... my luck

FrozenGoodz's picture

CNBC just did an article about where to buy it ... reason enough

JRobby's picture

CB's found a way to short it?

spastic_colon's picture

"Bear in mind this plunge merely corrects to the highs of yesterday.

And, in context, it's a fleshwound..."

 

so not "crashing" then right?

espirit's picture

 

Meh, running a few stops is all.

 

Digital currency looks like a good way to clean some of the excess fiat off the paper table.

 

 

We Reverse Repo’d some folks.

 

 

    

sleigher's picture

webbot: "run up then pull back 400 or 500 before 3500+"

Something like that...  I will sell at 10k.  Nothing in it so why not?

BaBaBouy's picture

BREAKING... The Cabal Has Found A way to Print PAPER Blitzcoin...

fx's picture

It's funny to talk of fiat crypto as a cure for fiat paper. At least fiat paper gave you anonymity, which Bitcoin doesn't. And before any clueless idiot here talks of BTC being limited to 21 million pieces and therefore, being sort of a crypto-gold and not crypto fiat: That's not impressing me at all.
First, one bitcoin consists of 100 million satoshis, so you could talk of the true base being 2.1 quadrillion satoshis. Oops!
Second, since BTC is exchangeable against dozens and soon hundreds if not thousands of other "cryptocurrencies" we talk essentially about a fiat crypto system that actually dwarfs that of todays central banks' paper fiat system, because it is even less transparent and every moron could issue his/her fiat crypto.

eforce's picture

Was an excellent short.

fx's picture

In hindsight, it was a superb, if not totally awesome, great, flabbergasting long at each and every moment except for the past 24 hours.

taipalag's picture

Sorry but you don't make sense at all.

fx's picture

You mean, YOU cannot make sense of what I am writing. There, I fixed it for ya.

mrtoad's picture

I send digits to my son through the banking system so he can forward digits on to make a purchase. NO anonymity for they have all my details (age, address, transaction history etc). I sent btc to my son so he can forward digits on to make a purchase. no-one has my details because it is only me to him, no middle man.

TuPhat's picture

So why do they say that everything about each bitcoin is recorded in the blockchain?  All the owners and transactions are recorded, there is nothing anonymous about it.  If it was anonymous I could make up my own bitcoin and sell them to you.  I guess no one has thought of that -- no wait, that's already been done.

Mustafa Kemal's picture

"It's funny to talk of fiat crypto"

which cryptocurrency is fiat?

fx's picture

all of them are fiat currently. Prove the opposite, if you can.

Crash Overide's picture

"BREAKING... The Cabal Has Found A way to Print PAPER Blitzcoin..."

 

I thought the FED and COMEX already did that?

 

Haters are going to hate but blockchain tech is here to stay.

If you're so stuck in the old ways of stocks, bonds, and rigged LIBOR markets you might lack the ambition to learn something new about emerging technology that will change the world but hey what do I know, I have just worked in technology for years...

How many old school pit guys thought they would be humping a TT box or trading porn on a Bloomberg terminal 25 years ago?

I like physical gold and silver too, I also like investment opportunities.

Hedge accordingly bitchez!

JRobby's picture

"excess fiat" that's a good term.

"Ok folks! The big shoe is about to start (drop)! (clasps hands together) it's called the balance sheet unwind!"

(Laugh Track Deafening !!!)


BaBaBouy's picture

It's amazing, such value Given for stuff that really exists Nowhere, Backed by Nothing, and owned by No-one ...?

SILVERGEDDON's picture

All toilets full of shit get flushed and cleaned out eventually. 

Ahmeexnal's picture

But fonestar said buttcoin can NEVER go down!

Killtruck's picture

The shoe shine boy had JUST told me to buy! sonofabitch!

NoDecaf's picture

wait wait...too late for the party again dangit

just when I was about to jump on the bandwagon, what should I do now?

short AMZN?

buy dolla dolla bill y'all?

Jim Sampson's picture

I'm hearing Coinbase is having some troubles. 

Automatic Choke's picture

just wait....somebody will do it.  nothing is too weird in today's "markets".

 

CJgipper's picture

DOS attack it appears.  Central banks be pissed.

Rhetorical's picture

Let it crash then buy some I just sold some that I had forgotten about nice thursday surprise.

Michael Musashi's picture

I'm buying more and stashing some in my rectum. Just because....

A82EBA's picture

its not crashing, still higher than yesterday, if hits 1900 handle load up

nmewn's picture

Spoken like a trader of stawks,  you better be careful or the bit-theologically pure will burn you at the stake as a heretic  ;-)

38BWD22's picture

 

 

Two days ago I bought Pt with some BTC.

Today I bought some Au with some more.

Hedging my stack.

 

Sir SpeaksALot's picture

weird thing is - many people dont understand that #bitcoin true value is much much higher than current 'kiddie" valuations.

the value of bitcoin is the blockchain technology that is capable of creating the economy in which noone can print more money.

a technology that will replace the banking cartel, where we all can have our little accounts (wallets) being able to transfer currency units free of anyone else's interference.

owning 1 bitcoin today is like owning 1/21000000th part of this system in the future.

buying bitcoin today is a bet that this system will mature and fulfill its purpose.

sure - it can go wrong, it can be delegalised, internet might blow off and other things like that can happen.

but I d rather have a little bit of that potential in my pocket (wallet) now, than miss the opportunity.

therefore - every correction, especially a big one - is a buying opportunity.

Mr. Universe's picture

Sure it's great in an ideal world, in a dystopian post-modern world not so much. Last time I looked it didn't require a plug, electricity and a computer with an internet connection to spend a silver dollar.

lil dirtball's picture

> a technology that will replace the banking cartel

Lol ... I stopped reading right there. BTC is the banking cartel.

They're going to crash this hard at some point so they can say "see how dangerous it is without regulation" - and so will come out with a 'regulated' product to replace it once they kick it to the curb.

anarcode's picture

No doubt there will be an epic battle between centrally planned fiat and the free market crypto but I'm betting on the free market. Betting against it is like betting against nature. The free market always wins long term without exceptions.

mbutler101's picture

LMAO Bingo.. Case in point, Digital Asset Holdings. Blythe Master's blockchain company backed by..drumroll...the banking cartel: ABN Amro, Accentrure, ASX, DNP Paribas, Broadridge, Citi, CME Ventures, Deutsche Borse Group, DTCC, Goldman Sachs, IBM, ICAP, JP Morgan, PNC, Satander InnoVentures.

It looks like you've read the script...where have we seen that play before? LOL No need to change the play because it works every time...

Crash Overide's picture

Isn't one of the differences between BTC and FED fiat is there is a limited number of Bitcoins? last time I checked there is not a limit of FED fiat hence trillions of "debt" that keeps stacking up... they keep adding zero's on a black screen and auctioning bonds.

There are a lot of blockchain projects besides Bitcoin and decentralization is a big theme in many of them.

Hate Bitcoin all you want but it's not the only game in town. I currently own 0 BTC but use it to invest in other projects that I see potential in.

espirit's picture

 

Where did you say you live?         

 

Are you sure Ma and Paw Sixpack don’t have a Keylogger installed?

  

Sanity Bear's picture

My bet is that governments will fuck up your dream.

Thought Processor's picture

 

 

Bitcoin is just a medium of exchange though one that is virtual (digital). One big problem with it is that people are not using it as much as a medium of exchange as they are in investment instument (at this point).  As such it will eventually end in tears as it has the potential to turn into a kind of ponzi scheme.  There are ample ways to trade all of this now on the virtual FX exchanges using gobs of margin.  As this develops it can and likely will get out of hand.  As these things usually do.  

 

Her's the real problem- if it's an investment instument how do I value it?   And if it's a currency to be used for future transactions, wouldn't I want it to be stabil?  These are big questions.

 

I'm all for the blockchain, but Bitcoin kind of has me scratching my head a little.

Pesky Labrador's picture

#Bitcoin is make believe coins in a virtual world. 95% of the sheeple wouldn't have a clue if their bitcoin was real or brand X using a different algorithm. I 'll take gold or silver any day over make believe money. It is impossible to create either of those metals therefor they cannot be abused like fiat or bitcoin.

kochevnik's picture

Actually gold can be transmuted from lead, but the radiation will kill you

TuPhat's picture

Yes it can but only inside of a star.  The intense heat and gravitational forces will kill you long before the radiation does.  It's called fusion.  Transmutation is an old alchemists dream but no one ever acheived it.

anarcode's picture

Do you acid test or drill into each precious metal coin that you buy? How do you know it's real then? Do you trust the seller? Do you store your precious metais in your safe or do you trust a third party to guard it for you? Do you have a hard time finding places to spend your gold or silver or do you have to trust a third party to keep track of it for you. Do you trust that the value of your gold is fairly valued by supply and demand and not diluted with futures contracts? Do you trust that it won't be confiscated?

Bitcoin is about eliminating the need to trust anyone with your money. You don't need to trust the banks, central or otherwise to do the right thing, to not confiscate your money, to invest your money wisely, to not inflate the money supply. With Bitcoin you only need to trust the software that you run which has a signature that can be validated by everyone who's participating. It's not a complete elimination of trust but a hell of a lot better than anything else that humanity has ever used.