"It's A Virtual Bloodbath" - Cryptocurrency Carnage Continues

Tyler Durden's picture

Early this morning, cryptocurrencies were all simultaneously hit by selling pressure and as the day has worn off, it has accelerated with one witty trader noting "it's a virtual bloodbath."

Source: CoinMarketCap.com

29 of the Top 30 cryptocurrencies (by market cap) are in the red and while there remains no immediat catalyst, chatter is focused on uncertainty surrounding SegWit (another potential fork in the codebase) and some looming large ICOs...

As a reminder SegWit (or Segragated Witness) is a proposed update to the Bitcoin software, designed to fix a range of serious issues. As CoinTelegraph reports, originally, the update was aimed at solving transaction malleability, a well-known weak spot in Bitcoin software. Although this vector of attack is not the most damaging to the users, it has been exploited in several instances already, highlighting the need to patch it. However, SegWit offers a range of other advantages and by now the focus of attention has shifted from fixing the transaction malleability to solving the problem of Bitcoin scaling. As we have explained in the eponymous article, and in many others, Bitcoin is currently experiencing massive scaling problems, which are only getting worse with time.

However, some are noting today's moves are perhaps reflective of pre-positioning for some big Initial Coin Offerings (ICOs) rumored to be on the horizon.

Still others have speculated that it's a technical move as Bitcoin broke below its 20-day moving average...

Either way, the biggest players are suffering but the drops are not the magnitude that some recent 20%-plus retreats have been...

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wulf's picture

Hold the line! Trust Satoshi!

SHEEPFUKKER's picture

Coinbase down again.....nice business model. 

Sizzurp's picture

They have had tons of growth in a short period of time.  BTW, they made good on those bad ETH trades from a few days ago when they didn't have to.  Seem like a decent outfit to me. BTFD.

SHEEPFUKKER's picture

That's my point....I tried to BTFD but I couldn't.

CheapBastard's picture

"If you can't hold it...."

 

What's the rest of that saying?

kliguy38's picture

hey wtf.......its a fochin KEYSTROKE..........itsa a SCAM

BaBaBouy's picture

Phew... There are Only 600+ Various Digitized Coinz Out There...

DANG... My Trove of Smelly Coinz just hit Shit Stank !

BaBaBouy's picture

Is This Crypto Exchange Cyber Conglomerate Akin to the Paper GOLD / SILVER Perpetual Shorting Business Model ???

MalteseFalcon's picture

Look at all those virtual coins!!!
And nobody knows who backs which ones.
Oh, that's right, these coins were all created by mad geniuses in their garages.
Right now this market is in the phase where open source programmers all over the world are working out technical problems,
When these problems are largely solved, look for "Dark Horse" coin to emerge.
"Dark Horse" coin aka CIA/Banker/We-own-your-ass-coin will win because it will emerge with plenty of banker/media/government support.
Whenever you sense that "Dark Horse" coin has emerged, that is where you put your money.

And your ass.

Newbie lurker's picture

Am I the only one who doesn't have a fucking clue how any of this shit works?

Number 9's picture

you open and fund a coinbase account, transfer fiat from cb to gdax, start trading..

not that hard..takes about a week..

best thing about gdax is it never closes.. an insomniac traders dream..

mkkby's picture

You forgot the hard part.  Trying to get your money out.  That is harder than getting a real person on the phone from any tech company.  Harder even than getting a return letter from your congressman.

You won't get your *profits* out no matter how hard you try.

2ndenlightment's picture

It is very easy to withdraw from btc-e. Click Finances, then Withdraw. If you want to withdraw usd or eur, you will wait a bit longer, but if you want to withdraw coins, you get them immediately. I've been trading there for over 4 years, keeping a lot of money there and never had problems. Why do you people spread misinformation and say stuff that is not true? 

mkkby's picture

You pay money and get a number in return.  Now, you might think getting food, lead or some other *real* item may be better.  But no.  Numbers are way cool.

The only thing I don't understand is why didn't a banker think of this first?

2ndenlightment's picture

We don't exactly eat dollars and euros, we exchange them for food. It is very easy to exchange btc for eur, which means it is very easy to buy food with bitcoins. 

Perimetr's picture

Oh NO    Oh NOOO 

Oh WHERE, OH wheRe did my CRYPTO GO?

I don WANt to be Pough and Lonely no MoH

Oh WHERE, OH wheRe did my CRYPTO GO?

 

 

overbet's picture

Certainly instills confidence. Market tanks and you cant login to get out if you wanted to. Definately puts a cap on what I'd put into BTC

nmewn's picture

Well, thats one of the thingy-things about fiat, currency manipulation, internet exchanges and like...real money...isn't it? 

Yep, mines still here.

No account. No login passwords. No hacking, siffing or spoofing. No internet connection, devices, cable bill or electricity needed.

Sigh ;-) 

SILVERGEDDON's picture

 

' I'm 38 years old, living in a van, down by the river. "

All muh Bitcoinzes are belong to Satoshi.  

JethroBodien's picture

>> "If you can't hold it...."

 What's the rest of that saying? <<<

 

no when to fold it

shamus001's picture

"If you can't hold it..."

I believe the saying goes....

"You don't own it"

abyssinian's picture

Coinbase crashes every time Ethereum dips in prices. EVERYTIME!

nmewn's picture

Seems like stripping out the header & sending it separately is a bad idea, at least the fiat traders of BitCrypt think so.

But what do I know? 

Mine still scales to one ounce ;-)

Sizzurp's picture

GDAX, the coinbase exchange, is working fine. Get yourself over to GDAX.

Bunga Bunga's picture

Coinbase is fine too. There were some issues with Ethereum this afternoon.

https://status.coinbase.com/

But there are plenty of other exchanges. If one dies, you go to the next.

Crypto-World-Order's picture

U dont use coinbase for trading, you use it to buy in 

Raffie's picture

Clif High web bot report did say there would be a big pull back in BTC/ETH and it will freak people out then it will shoot top new highs.

So this is what I think we are seeing.

Rinauldi's picture

Agreed. Haters can laugh all they want, but Cliff has made me A LOT of money. I just keep sweeping some of the profits to physical silver.

SILVERGEDDON's picture

Your comment is the most intelligent one I have seen so far in any digital currency article ever posted here. 

Congratulations on not snorting too many Bitcoin rails and going off the deep end.  

Just for clarification - I am referring to the sell off digital currency to buy silver part of your narrative.  

Bay of Pigs's picture

Cliff "I am so fucking" High has been one the worst silver predictors on the planet for years now.

Glad one of his wild darts hit the target for you.

Rinauldi's picture

His crypto predictions have been extremely good. Yes, he sucks at silver and freely admits it. Lol

e_goldstein's picture

Coinbase down again.....nice business model. 

Knock the shit out of the price and lock your clients out of buying when it's lower,

then resell when the price goes up?

These guys must be learning from the JPM silver traders.


AtATrESICI's picture

I am on another board with crypto-kiddies and they cannot wrap their heads around the idea that someone could be manipulating the crypto markets. Fucking sad? The education system has failed these kids and they have not picked up a damn thing from the streets. I am thinking they will not make if too far in today's world much less in a TSHTF world.

Oswald did it's picture

There's never been a market on planet Earth that wasn't manipulated.

e_goldstein's picture

Yeah, I don't meet a lot of 20 somethings but with the exception of a couple, most of ones I have met are screwed.

SybilDefense's picture

What does the author mean "crypto crashes"??  These looses look like a normal day in the miners I own...sometimes when the PM's are up on the day!  When the folks with the notes want something to move (Duschebank,JPeeM, n co) it be movin'. I just took a %32 hit on a good miner buying another good miner, cornering PT and PD metals.  I thought aquisition we're positive for a stock.  And don't get me started about the JNUG fiasco BS. My new screen name is going to be monkeyhammered1. Maybe I'll try schlepwave and make $7k aday from my parents basement.  Geeez

dark pools of soros's picture

Coinbase are a bunch of fags..   Circle was way better but they shuttered when the IRS started giving heat to Coinbase...  I don't think coinbase is a good place to be if you are an active trader..    you can get entry from online sportsbooks these days and then trade overseas

 

 

AtATrESICI's picture

"Nice business model" can't blame them for taking advantage of market fluctuations...After all I am sure everything they do is for the children.

SILVERGEDDON's picture

Fonestar pulled out all the stops, sold off his stash, and bought a shit ton of gold and silver. 

Tough luck, digital cannon fodder.

Dog eat dog world of war out there for your store of value.

Poof ! Aaannnnddd - it's gone.  

phatfawzi's picture

tulip bubble all over again. 

Lordflin's picture

I find it interesting that folks are worried about a coming cashless society,and at the same time they are voluntarily jumping into digital currencies... at least with fiat I can stuff it into a mattress... and no, I am no more enamored with fiat than bitcoin or its cousins...

tmosley's picture

If you think that "cash" can only be little strips of paper with the faces of dead politicians on it, I've got some news for you.

AtATrESICI's picture

cash
1.
money in coins or notes, as distinct from checks, money orders, or credit.
"the staff were paid in cash"

https://www.google.com/search?q=definition+of+cash&oq=definition+of+cash...

???? Really CASH???

Lordflin's picture

And if you think that you read and understood my post I have some news for you...

Didn't down flag you btw...

SILVERGEDDON's picture

Fuck you Mosley - you were the biggest silver pimp ever through 2012 - 2014.

Now, you are the digital whorehouse owner it seems.

Living proof that a leopard can change it's spots to sneak up on the unsuspecting lunch entree.

Disingenuous prick.  

tmosley's picture

>How DARE someone change their mind based on new information!!!???

Hahaha, everyone that fails to adapt will die.