Crypto Chaos As Bitcoin Drops $800 From Spike Highs

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...

Comments

Turin Turambar Wed, 11/08/2017 - 13:51 Permalink

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

GoinFawr adr Fri, 11/10/2017 - 13:40 Permalink

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

In reply to by adr

JimmyJones Two Theives an… Wed, 11/08/2017 - 14:12 Permalink

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.

In reply to by Two Theives an…

shamus001 tmosley Wed, 11/08/2017 - 17:23 Permalink

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"

In reply to by tmosley

DelusionOfTheCrowds tmosley Wed, 11/08/2017 - 17:31 Permalink

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... 

In reply to by tmosley

tmosley DelusionOfTheCrowds Wed, 11/08/2017 - 18:02 Permalink

>volatilty will increase once people start mass selling itWell 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 scaleAntifragility 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.>ponzyA 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.

In reply to by DelusionOfTheCrowds

DelusionOfTheCrowds tmosley Thu, 11/09/2017 - 10:22 Permalink

>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..

In reply to by tmosley

nope-1004 tmosley Wed, 11/08/2017 - 14:41 Permalink

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-fi…

In reply to by tmosley