Crypto Chaos As Bitcoin Drops $800 From Spike Highs

Tyler Durden's picture

Having surged higher to almost tagged $7900 on the heels of news that the SegWit2x 'hard fork' would be suspended, Bitcoin has now crashed back to $7100.. before surging back to $7400...

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Turin Turambar's picture

Crypto chaos?  LOL, errr, check out WTI today.  This is a daily feature of so-called "markets." and I don't hear anybody complaining about all of the chaos with them.  :-O

JimmyJones's picture

I picked the wrong day to stop smoking meth.

PS, BTFD

BlindMonkey's picture

It appears to have already rebounded. 

tmosley's picture

"Surely THIS will be the end of bitcoin", said the increasingly nervous oldbug for the 109348th time this year.

CH1's picture

$7400.... cry me a river.

IH8OBAMA's picture

That's sort of ugly on the chart.  But I didn't do it.  I didn't sell my 1/4 Bitcoin.  It must have been someone else liquidating a few hundred dollars worth.

 

ilion's picture

Brokerage house Tickmill made cautious comments to its clients today saying that Bitcoin cannot only go higher and Clients should be prepared for sudden pullbacks.

IH8OBAMA's picture

Just look at a chart.  It has large, violent pullbacks from time to time.  Expect 10,000 to be one of those points.

 

Gap Admirer's picture

Crypto is **not** driven by emotions. Not at all.

Within a 4 hour period:

AAAAAHHHHH!!!!!!!

buy, Buy, BUY!!!!!

AAAAHHHHH!!!!!

buy, Buy, BUY!!!!!

It's a fun ride to watch. Very entertaining.

Bud Dry's picture

Same as Dot.com...  This is Daytrader heaven right here.  You can make bank riding these waves.  Info for those that weren't there last time...  these swings get much bigger.

Gap Admirer's picture

Yep. All you have to do is buy at the bottom and sell at the top. It's almost an hourly thing now.

YUNOSELL's picture

Sell the Fucking Peak, wait wait I mean Buy the Fucking Dip

MagicHandPuppet's picture

"I'ze buyin in when dat shit drops back tuh like tree fiddy."

mrtoad's picture

everyone was buying into bitcoin before the fork. The fork got cancelled so now they are putting that back into the other crypto businesses. Its so funny hahahahaha reading ignorant comments..

Gap Admirer's picture

As these YUGE swings happen pretty much on a daily basis.

All for rock solid, technical analysis based, not emotion based, reasons... of course. LOL!

Heavy McNuggets's picture

But did this cause the CME circuit breakers to kick in?

Winston Churchill's picture

Some FBI agent that didn't hand everything over to the bureau from the silk road bust is

the only seller probably .Just how high it can go before returning to its intrinsic worth 0 is anyones guess.

Easy come,easy go.

BarkingCat's picture

No idea how far it can go but my 2-week experience with Bitcoin taught me something.

Bitcoin is neither money not currency.

It cannot be a currency if I have to pay a third party (miners) a fee to transfer it to someone else or even to move it from one wallet to another.

I put $2K into it and that is where I stop.

 

Kafir Goyim's picture

Upvoted because you were open minded enough to put $2K into it.

Txpl9421's picture

And that $2k is now worth $2.2k.

Not bad for two weeks.

adr's picture

You can spend $20k trying to mine Bitcoin and maybe after two months you'll get .002 Bitcoin. Not exactly a good investment.

GoinFawr's picture

Well now that all depends on how easy it was to bank that "$20k" in the first place doesn't it? Eg. if a ten-bagger BTC play handed it (and more) to you the ROI has already taken care of itself...also, computing power is a lot like building a fast car: if you're long on brains you can be short of cash, not just vice versa.

"You come from nothing, you go back to nothing, so what did you lose? NOTHING." - Eric Idle

kochevnik's picture

Or you can hire miner and earn 300% yearly

Bill of Rights's picture

Amazing with all these porifts you have time to post here...

 

Of course I seriously doubt your even in, but thats me.

tmosley's picture

>People who have netted a huge amount of income passively can't possibly have leisure time

WEW.

slyhill's picture

De Beers bid it hard at 7150, dont think they want to see a 6 handle.

Occident Mortal's picture

Bitcoin is so illiquid it’s a joke.

No other currency flip flops around by +/- 10% intra day.

tmosley's picture

No other currency has been adopted so widely so quickly by the free market before.

And its just getting started. Not even at 1% yet.

The volatility will decrease after we pass the asymptote of the adoption S-curve.

Two Theives and a Liar's picture

0.5% tmosley. The DJ hasn't even showed up for the party yet. I work in a tech company. Just for grins I walked around this morning asking "Who's buying cryptocurrencies?"...

...crickets...

This baby bull has a LONG way to go!

JimmyJones's picture

He is spot on right on the S curve.  The hint was when Central banks "agreed" that Bitcoin should be treated as a currency.  They accepted it, they could of killed it.  So we have 2 things that are possible.  The Powers that be are buying it up because they know the fiat system we currently use is on its last legs and we will have to have some type of reset or Jubilee of sorts and they don't want to be cash broke or this is a major setup for a major fleecing.  There was an article out not too long ago about one group or one person that was buying up almost all the bitcoin.  I can't remember when it was written but I saw it on here.

If I remember correctly about two years ago it was said that if all the bit coin was mined and it replaced all the worlds currencies, each one at that very day would be worth something like 11,000,000 or something like that.

Mister Ponzi's picture

The ECB explicitly stated that it does not consider Bitcoin a currency.

Two Theives and a Liar's picture

Neither do I frankly. I see it more as a store of value as it's transactional speed is too slow for real-world use as a currency. 

Txpl9421's picture

When was the last time you sent $100k to China.

Bitcoin looks like a rocket compared to just about any other system out there.

Stop thinking Starbucks. You wouldn't use an ounce of gold to buy a coffee would you?

Billy the Poet's picture

You wouldn't use an ounce of gold to buy a coffee would you?

 

Isn't a silver dime or quarter a better analogy?

Bud Dry's picture

Ask them who's buying Gold...  same response.  The key is to ask if they have ever heard of it.

Two Theives and a Liar's picture

LOL. This is very true and I have asked in the past. Actually about half the people I asked "heard something about it" (true for Gold and BTC). Now, if I bring up the new iPhone...no shortage of enthusiastic chatter.

All premonitions continuing to come true....

shamus001's picture

When the CME furures get their tentacles around BTC, the fiat speculation frenzy and shorting bonanza will begin. The FED will print shorts until BTC is reduced to nothing....which it actually is. Figure we're talking about converting fiat into bitcoin, back to fiat. Since currently, only investors can remove their investment, it hasnt begun to tank. When the leveraged shorts step in, its "Game Over"

tmosley's picture

You sound like a beaten woman talking to Mike Tyson in his prime about how strong her husband is.

DelusionOfTheCrowds's picture

dude:) .. free market will reject zero value currency sooner or later (if its not enforced by goverment. Won't comment option if goverment enforces it)

btw. volatilty will increase once people start mass selling it. Thats just my guess, while you have yours..

And value doesn't come out of thing air.. Perception of value does, but not the real value.

There are certain people in the world they will never use it. (lets forget about the fact that decentralized systems are waste of resources on mass scale)

So you have like ok 50% of the people adopted bitcoin right. So if people wan't to realize the profits they have to sell. The ones buying it last will be on the end of the ponzy scheme. Since it will stop going higher. So you have like speculative money already in, its going to be huge sell-off once we are at the end of the  ponzy. 

Imagine you have 4 people (or 4 countries) in the world. 1 has all the bitcoins , 2 have all the stuff and 1 has all the gold, right.

So the 1 (country) with Bitcoin says : "I want to buy stuff"  from any of other 3 and they say : "fuck off". Why would any of other 3 need bitcoins. What you need is stuff. But the one with gold could potentialy get some stuff since you can make your wife happy or you need it to build a spaceship for a rich guy to go into space or sth..the 2 guys with stuff can make their own crypto and make a deal how to trade with it.

Sooner or later, all the bitcoins will be worth excatly zero. Nothing...

 

tmosley's picture

>volatilty will increase once people start mass selling it

Well duh, of course volatility will rise if the market abandons the currency. But that isn't what is happening. The market is ADOPTING the currency. This is the exact opposite of hyperinflation.

>And value doesn't come out of thing air.. Perception of value does, but not the real value.

Money only has value from perception. This has always and will always be the case.

>There are certain people in the world they will never use it.

They will use it when their fiat currencies start hyperinflating as everyone moves into crypto.

>lets forget about the fact that decentralized systems are waste of resources on mass scale

Antifragility is NOT a waste of resources. In fact, it is the most important thing you can spend your money on.

>So if people wan't to realize the profits they have to sell.

Why don't people sell dollars when their purchasing power falls (nevermind fails to rise)? Bitcoin is MONEY, not some investment. Those buying now are seeing real gains just like those who get rid of their cash early on in a hyperinflation for hard currency see real gains.

>The ones buying it last will be on the end of the ponzy scheme.

>ponzy

A good rule of thumb is if you don't know how to spell the word you are talking about, you probably shouldn't be talking about it.

>Imagine you have 4 people (or 4 countries) in the world. 1 has all the bitcoins , 2 have all the stuff and 1 has all the gold, right.

No, because that is a stupid example. Just HAVING a thing doesn't make it money. Money is a claim on human labor, and its value is determined by Say's Law. The people with gold and bitcoin need to have EARNED those things for your overly simplistic scenario to work, and really there needs to be a lot more people so Say's Law can kick in and make trade with tokens more efficient than barter. There is also the fact that crypto by neccessity includes a huge network.

>Sooner or later, all the bitcoins will be worth excatly zero.

You didn't prove that.

DelusionOfTheCrowds's picture

>Money only has value from perception. This has always and will always be the case.

False.

>They will use it when their fiat currencies start hyperinflating as everyone moves into crypto.

An assumption.

>Antifragility is NOT a waste of resources. In fact, it is the most important thing you can spend your money on.

You have to compare what are the costs compared to "antifragility". And costs are increasing more than linear with number of users in decentralized (in this case P2P) systems. The point of "economy" is to reduce costs and thereby increase the standard of living. In case of BTC, costs are rising, for having same features. So BTC is not economizing anything, its a waste of resources. Its like having a same car and costs of servicing it goes up 20% every year. Its actually more behind this. Price of BTC needs to be rising in order to perserve same fetaures. If BTC price stabilizes, miners will soon stop mining it, since cost of mining per coin goes up exponential (due to halving every 4 years). And once miners stop mining it, its a possible pin that pricks this bubble. Value of BTC goes to zero if all miners stop mining it. 

>No, because that is a stupid example. 

Thats your opinion. Example shows what unique properties BTC has beside being traded. None. Anyone can replicate them in a day. While gold, it has set of unique properties that are specific to it. Like wood, iron, etc..

nope-1004's picture

Shhhhh...... don't bring facts into it.  Just keep it like "blockchain good, ZH peanutz baaaaaad".

 

tmosley's picture

Are you implying that it is good for people to be in cognitive dissonance all the time?

nope-1004's picture

You are absolutely delusional to think that there exists a medium of exchange, operating in full view, supposedly free from manipulation, residing outside the control of the central banks.  My goodness, you bigcoiners are naive.

 

 

tmosley's picture

It's right there in front of you. If you can't see it, you are the one who is delusional.

Don't let your brain lie to you and tell you those grapes are sour. If you work hard, you can get some for yourself, and you will find that they are sweet indeed.

nope-1004's picture

The IMF said the following.  But stool pigeons that are currently members of the IMF outreach program (that'd be you lol), blinded by their greed and gambling addictions, are just gonna stool....

"Private sector de-cashing seems preferable to the public sector de-cashing.  The attempts to impose de-cashing by a decree should be avoided, given the popular personal attachment to cash.  A targeted outreach program is needed to alleviate suspicion related to de-cashing; in particular, that by de-cashing the authorities are trying to control all aspects of peoples' lives, including the use of their money, or push personal savings into banks.  The de-cashing process would acquire more traction if it were based on individual consumer choice....

 

http://www.zerohedge.com/news/2017-04-07/imf-de-cashing-soft-selling-fin...

Consuelo's picture

 

 

Why don't you address his point and the IMF's official comments?   

It isn't like the IMF is a nobody with no power, influence or control over markets.

tmosley's picture

Dinosaurs have no power over giant meteors.