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

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...

Comments

MalteseFalcon Arnold Mon, 06/26/2017 - 07:50 Permalink

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.

In reply to by Arnold

2ndenlightment mkkby Mon, 06/26/2017 - 05:23 Permalink

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? 

In reply to by mkkby

nmewn overbet Sun, 06/25/2017 - 20:35 Permalink

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 ;-) 

In reply to by overbet

AtATrESICI e_goldstein Sun, 06/25/2017 - 19:58 Permalink

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.

In reply to by e_goldstein

SybilDefense e_goldstein Sun, 06/25/2017 - 20:43 Permalink

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

In reply to by e_goldstein

Lordflin wulf Sun, 06/25/2017 - 19:26 Permalink

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...

In reply to by wulf