Bitcoin Tumbles Below $6500 As Cryptos Suddenly Plunge

No obvious catalysts for now but the crypto space just took another leg lower with Bitcoin now back below $6,500...

Bitcoin is back at its lowest since Feb 2018...which is perhaps the driver of the plunge as it breaks April support lows...

It's been an ugly few days...

 

 

Comments

Cryptopithicus Homme nope-1004 Tue, 06/12/2018 - 15:45 Permalink

One of my favourite things about crypto... all the dunces not involved in the space.  It reads like an 'A List' of people I would not want on the team...  people like nope-1004, ZENDOG, lester1, Chumbawamba and 96% of other people out there walking around living life.

If crypto-evangelists seem like arrogant douche-bags, that's because we are and we can afford to be.

In reply to by nope-1004

Karl Marxist Cryptopithicus Homme Tue, 06/12/2018 - 16:01 Permalink

Look, the naysayers don't get it, don't want to get it. Let them rot in their fixed ideas of yesteryear and fake news about crypto. We know there's market manipulation. That is a good thing to shake out a lot of bad players in the space. We also know the central banks are an endangered species but the sad thing is gold and silver holdings will not save a one. Because the bankers have all the gold and silver. Crypto, no matter their price at this point at time and space, must be understood for a longer haul because they are the future of money and exchange free from those who have created the planetary FUBAR in all the universe. Peer to peer is what it's all about. It must be this way because mankind is in much need of new innovation concerning these. Central banks have gone mad. How many dead and maimed in their wake? Will their be foreign interventions to establish central crypto banks? No. Venezuela is on the right track with their Petro Crypto but US merchants of chaos and IMF and global corporations are the opposition to their freedom and prosperity. Maduro's government is sold through fake news as socialism is bad. But to hear the people themselves (ref.: Abby Martin) is to hear completely the opposite. You dis crypto but cheer on the fake news against their workable socialism? Central banks have proven "capitalism" is tyranny because the people failed to act because the correct and full news and information was buried. They're doing it again with articles like this which omit BTC's fundamentals. So, it is fake news.

Jes' my two Satoshis worth....

In reply to by Cryptopithicus Homme

Karl Marxist gatorengineer Tue, 06/12/2018 - 16:18 Permalink

"Shart" your crypto into what again? More worthless paper whose worth diminishes by the second by centralized rackets? Cryptos are still worth more than they were a year ago and as central banks crumble starting with Deutsche Bank the rest will fall. No one is there to prop them up or hide their reality much longer. The big crash is coming. Maybe not today, not tomorrow but in perhaps your childrens' lifetime leaving them with what to survive? Answer-- crypto. What you do here and now with them will guarantee their future far better than leaving them with nothing.

In reply to by gatorengineer

Decoherence Karl Marxist Tue, 06/12/2018 - 17:13 Permalink

You sound like you're trying to convince yourself more than others.  Markets bottom when people hit the panic button.  If these posts are any indication, we're not even close to the bottom.  Get ready to lose your ass when crypto owners actually panic.  I love hearing no one gets it but those who own it.  It's like listening to a Jim Jones cult, or listening to mormons who have already given up their retirement to LDS, Inc telling people they don't get it.  Anytime money is involved, so are sociopaths, sycophants, true believers, and dumbasses.  Bullshit flows down and power and money flow up.  

In reply to by Karl Marxist

Decoherence Brazen Heist II Wed, 06/13/2018 - 09:22 Permalink

Never said it was dead.  I said it hasn't bottomed because people haven't panicked yet.  Soon they will and crypto will hit new lows.  I keep hearing this stuff is the next crises currency, but where is the proof?  Currencies around the globe are getting hammered, and so it crypto right along with them.  Crypto had it's best moments before any currency crises started.  

In reply to by Brazen Heist II

Superlat Cryptopithicus Homme Tue, 06/12/2018 - 17:41 Permalink

One of my favorite things about crypto is how the evangelists are like every other bubble lover - 'but, this time, it's different!'

BItcoin was considered high at $200 coin 24? months ago. What determines whether it should be there, or 20k or one dollar. NOTHING BUT SENTIMENT! I don't care what technology blockchain has. Obviously it's NOT unique, since there are 1000+ coins out there and anyone can start one.

On top of that, it's not easy to buy bitcoin in the USA, at least in my state, and on top of that stories abound of hacking and losing it all. I can't buy squat with bitcoin. If I want something I have to convert back to dollars to hedge the dollar, well, there's GOLD, coveted by ALL humans for thousands of years.

Hope you bought in early, and if you didn't sell at 20k, you were dumb, because this thing is following the line of every bubble into the basement.

Code is one of the least durable things out there. It is constantly being jacked changed deprecated etc. Sorry, no, I don't understand blockchain. That's for the real jockeys. Somehow all those security guys are still taking dollars for payment. But yes, maybe it will be the intl currency as the dollar collapses. MAYBE. To me, it's just like any other sentiment stock, especially in that it has no earnings. Then again, it isn't a money burner either. It's just another currency.

In reply to by Cryptopithicus Homme

Nature_Boy_Wooooo Bay of Pigs Tue, 06/12/2018 - 17:55 Permalink

Does TA work on an unregulated market that is being manipulated?

 

Anybody trying to trade crypto is an idiot if they think the market is predictable. Unless you're part of the crew of billionaires who are controlling the price.....forget about it.

 

If you believe in the long term for Bitcoin try and buy at whatever you think may be the lowest price and HODL.

In reply to by Bay of Pigs

Harry Lightning Cryptopithicus Homme Tue, 06/12/2018 - 19:09 Permalink

I was the one who told you in this forum that one the Futures contract started trading for bitcoin and speculative sellers could enter the market that the price would drop to 9,000 or even below to 6,000. That was when bitcoin was trading at over 15,000. 

Bitcoin is to your wealth what laetrile was (and is) to cancer. A phony representation of a currency that has no value except in the imagination of the holder. Its because bitcoin - unlike currency - has nothing of value backing it. A national currency, regardless of how much of it is printed, has the value of the nation in which it is issued backing it. The dollar's value is based on the value and strength of the US economy, the same for the Euro representing the value of Europe's economy, and the yen and all other national currencies. You can use a nation's currency to buy anything you want within its nation of issue. You cannot do that with cryptocurrency, its no different than counterfeit representations of an actual currency. 

Now that does mean that should there be a near uniiversal acceptance of any cryptocurrency in the barter of goods and services, then at that point the accepted cryptocurrency will have a value. But that time period is a rather long way into the future that very well may never occur.

So a person buying cryptocurrency now is making a very expensive bet that the day will come that the cryptocurrency s/he is buying will attain such universal acceptance. I don't know how to price such a situation, but I do know that I can get better odds on nearly any other type of investment or gamble I can make. And that's why buying cryptocurrency is a foolish endeavour and why the price continues and will continue to drop faster and lower than any major national currency.

 

In reply to by Cryptopithicus Homme

tmosley free_as_in_beer Tue, 06/12/2018 - 16:04 Permalink

Not really. All the people who liked Bitcoin as a platform moved on to BCH. These are the builders who actually get things done. All the people who understand economists went that way too.

All that is left in the BTC community are the hucksters and the people who got taken in by the propaganda.

What is disturbing is how easily so many of them were swayed by it to stick with BTC despite its utter abandonment of Bitcoin's core principles and its takeover by banksters.

In reply to by free_as_in_beer