SharedHalucination
Bluelighter
$8100. How low you think it will go before it starts to climb again Xorkoth?
BITCOIN Discussion v. 8 Coins on an Old Computer
- Thread starter Thou
- Start date
so this is kind of messed up, and not surprising, and probably explains that recent price spike
https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html
https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html
Xorkoth
Bluelight Crew
It's anyone's guess. To be honest I'm over 50% down on my initial investment at the moment. It was inevitable for a correction to happen and a lot of people are spreading FUD and panicking. I'm hoping we'll stop the free-fall very soon but I'm preparing for the worst... either way though it's only temporary. Blockchain is here to stay. Bitcoin itself is of limited utility but crypto goes far beyond currency now. Most people know very little about cryptocurrency/blockchain so you hear a lot of uninformed opinions but if you spend a lot of time researching you can see just how much sensationalism there is in the media about it.
In the past, crypto has had 3 big crashes and every time people said crypto was dead, that it was a scam, etc. -93% of its all-time high in 2011, -70% in 2013, and -86% in 2014. Right now it's down ~64% from its all-time high. The longest of those crashes took around 400 days to recover, and one of them took just a couple of months. Each time, not only did it recover, it went well past its previous all time high when it did recover. The fact of the matter is, Bitcoin started at under a dollar, hell, like 11 cents I think, way back in the day. Through that lens, wow, it's been outrageously successful and still is. I mean the media hyped Bitcoin so hard in November/December, trying to pull in naive first-time investors with the fear of missing out. The market grew exponentially in the course of a month, Bitcoin went from $2 to $19k. It's inevitable that there was be a huge correction. Right now there is a runaway process of people afraid of losing their investment entirely pulling out in panic. As it drops lower and lower, more and more people break and panic and sell, making it worse. Predatory ads are making it even scarier for people... I;'m on a crypto forum and this guy was freaking out because he had answered an ad that helped him take out his entire 401k retirement account into crypto (for a percentage fee), and he was 60% down and considering sell to avoid losing it all. If you're gonna invest in crypto, only invest what you can afford to lose because it's the wild west of investing. Personally I have $1875 in, which is a chunk of change for me and it'll hurt to lose it but I'll be fine, I'm not in debt, I'll just lose some money I wish I still had. And I believe we'll recover and I'll be in the green again.
I'm just holding... maybe it'll take months to recover, maybe a year. Once the bleeding stops and it stabilizes, I am going to take advantage of insanely cheap prices (compared to recently) and invest in a couple more projects I believe in. I have only invested in good projects that are developing or already have working products that have real-world use cases, so these projects are bound to pan out eventually. Some of them aren't even planning to have their products working until the end of 2018. So I'm just holding on. Crypto investing is pretty intense but I'm learning about patience and taking emotion out of it.
I don't buy that the Tether thing causing the market to crash, by the way. I mean, yeah Tether is sketchy, no doubt, but its market cap is only around $2 billion, which is such a tiny piece of Bitcoin's market cap, let alone all of crypto combined. I don't get how such a (comparitively) small part of the total market cap can influence the market dramatically in either direction. I think the FUD (fear, uncertainty and doubt) from the articles and reactions to the articles has already done more damage than Tether crashing could do on its own. Obne thing is for sure, people are heavily manipulating the market through media and ads, alternately creating fear of buying and then fear of not buying. If you look at the graphs of the past month, it's a series of huge dips and spikes. Some big-money investors are making a killing off this situation. If everyone realized that and steadied their hands, we'd be in a different situation right now.
In the past, crypto has had 3 big crashes and every time people said crypto was dead, that it was a scam, etc. -93% of its all-time high in 2011, -70% in 2013, and -86% in 2014. Right now it's down ~64% from its all-time high. The longest of those crashes took around 400 days to recover, and one of them took just a couple of months. Each time, not only did it recover, it went well past its previous all time high when it did recover. The fact of the matter is, Bitcoin started at under a dollar, hell, like 11 cents I think, way back in the day. Through that lens, wow, it's been outrageously successful and still is. I mean the media hyped Bitcoin so hard in November/December, trying to pull in naive first-time investors with the fear of missing out. The market grew exponentially in the course of a month, Bitcoin went from $2 to $19k. It's inevitable that there was be a huge correction. Right now there is a runaway process of people afraid of losing their investment entirely pulling out in panic. As it drops lower and lower, more and more people break and panic and sell, making it worse. Predatory ads are making it even scarier for people... I;'m on a crypto forum and this guy was freaking out because he had answered an ad that helped him take out his entire 401k retirement account into crypto (for a percentage fee), and he was 60% down and considering sell to avoid losing it all. If you're gonna invest in crypto, only invest what you can afford to lose because it's the wild west of investing. Personally I have $1875 in, which is a chunk of change for me and it'll hurt to lose it but I'll be fine, I'm not in debt, I'll just lose some money I wish I still had. And I believe we'll recover and I'll be in the green again.
I'm just holding... maybe it'll take months to recover, maybe a year. Once the bleeding stops and it stabilizes, I am going to take advantage of insanely cheap prices (compared to recently) and invest in a couple more projects I believe in. I have only invested in good projects that are developing or already have working products that have real-world use cases, so these projects are bound to pan out eventually. Some of them aren't even planning to have their products working until the end of 2018. So I'm just holding on. Crypto investing is pretty intense but I'm learning about patience and taking emotion out of it.
I don't buy that the Tether thing causing the market to crash, by the way. I mean, yeah Tether is sketchy, no doubt, but its market cap is only around $2 billion, which is such a tiny piece of Bitcoin's market cap, let alone all of crypto combined. I don't get how such a (comparitively) small part of the total market cap can influence the market dramatically in either direction. I think the FUD (fear, uncertainty and doubt) from the articles and reactions to the articles has already done more damage than Tether crashing could do on its own. Obne thing is for sure, people are heavily manipulating the market through media and ads, alternately creating fear of buying and then fear of not buying. If you look at the graphs of the past month, it's a series of huge dips and spikes. Some big-money investors are making a killing off this situation. If everyone realized that and steadied their hands, we'd be in a different situation right now.
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Same here, Xorkoth, I have HLOD faith!
If not I should have sold at 18K like another BL'r suggested...
No, I keep the 'faith"
If not I should have sold at 18K like another BL'r suggested...
No, I keep the 'faith"
Xorkoth
Bluelight Crew
Would have been awesome to see the future, sell at 18k, then buy back in at the bottom here. But hey, most people can't see the future. 
HODL... it's a kinda dorky term but it's my strategy. I have learned my lesson in that regard in the past, panicked or gave in to hype, sold, missed out on future profits (if I had made every decision correctly I would have kept my investments I made in July and made about 100x before this crash and I'd be so far in the green still). No one can make every decision correctly because who knows for sure what will happen, but we can learn to at least make the best informed decisions we can and stick with them, and hopefully some of them pan out. Without that, it's just random.
HODL... it's a kinda dorky term but it's my strategy. I have learned my lesson in that regard in the past, panicked or gave in to hype, sold, missed out on future profits (if I had made every decision correctly I would have kept my investments I made in July and made about 100x before this crash and I'd be so far in the green still). No one can make every decision correctly because who knows for sure what will happen, but we can learn to at least make the best informed decisions we can and stick with them, and hopefully some of them pan out. Without that, it's just random.
I can't believe folks didn't sell at $16k when this thread really took off. Even my bro was telling me I don't understand bitcoin and it's not a bubble blah blah blah. As if the 90s dotcom bubble and every one before it didn't happen
History repeats...
History repeats...
Ah, it was you who told me to sell back then.
I think I implored you to (at least) cash in half then ride out the rest... lol
I had all these rules and tricks I followed when I used to daytrade back in the day. I think it's partly that experience that makes me not want to bother with the present cryptocurrency bubble.
I had all these rules and tricks I followed when I used to daytrade back in the day. I think it's partly that experience that makes me not want to bother with the present cryptocurrency bubble.
Xorkoth
Bluelight Crew
Well my point is that this same pattern has repeated now for the 4th time, but the first 3 times it corrected and recovered and reached even higher. That's what I think will continue to happen, but of course it's a bit of a gamble.
There was a bubble because of the powers that be (whoever they are) purposely creating FOMO via news articles and such to nmassively pump the price. But in the long run, December 2017 was an unnatural spike which will average out and I think we'er still looking at a general upward trajectory over the course of years. Blockchain technology is revolutionary, I own tokens in a system that is working on being a decentralized phone and ISP provider by allowing users to buy and sell bandwidth from their own connections. There is one that is creating a distributed fog computing supercomputer in much the same. There are tons of projects in many areas of real-world applications, and it's virtually inconceivable to me that all development of blockchain technology will stop because a brief bubble we had burst. By 2020 blockchain will be integrated into many areas of of technology and owning stakes in those systems will be profitable. I mean as the technology becomes more and more a part of thingsm, eventually $1 trillion invesdted into all of blockchain technolpogy is going t0o start seeming pretty little... I mean look at how much money is out there in the stock market. I'm not saying this will happen quickly... people are way too into "get rich quick" with crypto IMO. But in 2 years, 5 years, 10 years, where will we be? That's where I'm looking to.
If I had managed to double or triple my money before this happened I would have cashed out my initial investment, but I got in a little too late so I've just gotta ride it out.
There was a bubble because of the powers that be (whoever they are) purposely creating FOMO via news articles and such to nmassively pump the price. But in the long run, December 2017 was an unnatural spike which will average out and I think we'er still looking at a general upward trajectory over the course of years. Blockchain technology is revolutionary, I own tokens in a system that is working on being a decentralized phone and ISP provider by allowing users to buy and sell bandwidth from their own connections. There is one that is creating a distributed fog computing supercomputer in much the same. There are tons of projects in many areas of real-world applications, and it's virtually inconceivable to me that all development of blockchain technology will stop because a brief bubble we had burst. By 2020 blockchain will be integrated into many areas of of technology and owning stakes in those systems will be profitable. I mean as the technology becomes more and more a part of thingsm, eventually $1 trillion invesdted into all of blockchain technolpogy is going t0o start seeming pretty little... I mean look at how much money is out there in the stock market. I'm not saying this will happen quickly... people are way too into "get rich quick" with crypto IMO. But in 2 years, 5 years, 10 years, where will we be? That's where I'm looking to.
If I had managed to double or triple my money before this happened I would have cashed out my initial investment, but I got in a little too late so I've just gotta ride it out.
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Well considering BTC;s long range history I still suggest holding
If I had accidentally sold off at $ 1 where would I be?
Same place as now... I HLOD.
If I had accidentally sold off at $ 1 where would I be?
Same place as now... I HLOD.
Xorkoth
Bluelight Crew
Oh I'm holding, no worries there. Just saying if I had managed to ride more of the December wave I would have cashed out my initial investment so i t would be all free money at this point.
Hahaha, you got it Xorkoth
At my age I tend to be less of a day trader, and more of a " I came here naked and will leave here the same" kinda guy.
Kudos to you and good vibrations !
At my age I tend to be less of a day trader, and more of a " I came here naked and will leave here the same" kinda guy.
Kudos to you and good vibrations !
It isn't market cap that drives price action, but liquidity. The allegations are that Bitfinex, the exchange that issues Tether (talk about a conflict of interest!), has arbitrarily been issuing their own currency to supply market liquidity and push the price of Bitcoin up.
As shown here, the majority of daily trade volume involves USDT, so it's fairly self-evident that Bitfinex has in fact been using Tether to not only act as a market maker but act as the primary market maker. That in itself is not the problem. Here is the problem:
Bitfinex claims Tether is pegged to the USD, which means that the current Bitcoin market cap itself is only a valid estimate of Bitcoin's total value if Bitfinex is actually holding Tether's current market cap in USD. However, this has not been validated by any third party. In fact, Bitfinex has even been fired by the firm that was contracted to run their books.
In short, Tether is currently the primary driver of Bitcoin price action, and nobody has any clue what Tether is *actually worth*, because nobody knows for sure whether $2b USD worth of Tether is actually backed by a secured supply of $2b USD.
SharedHalucination
Bluelighter
Good points Xorkoth. White_Rose not selling 23 coins @ 16K is incredible to me..
Cryptocurrency is fascinating me as of late.
Cryptocurrency is fascinating me as of late.
Xorkoth
Bluelight Crew
I don't think Tether is the primary driver of BTC price by any stretch of the imagination though. I mean a ton of traders use GDAX and Gemini for bitcoin, and in those exchanges you can convert to actual USD, which people do. Undoubtedly Tether is significant, but IMO the hysteria over an impending Tether crash is FUD at its finest. But thanks for the explanation, you're right, on any given exchange, the price of a crypto is not based on market cap.
I'm not seeing how that link shows that Tether is the majority of daily trade volume, though. Actually USDT is being listed for Binance and not Bitfinex in that link, for some reason. In any case the USDT/BTC pair is not the largest number in that link.
I'm not seeing how that link shows that Tether is the majority of daily trade volume, though. Actually USDT is being listed for Binance and not Bitfinex in that link, for some reason. In any case the USDT/BTC pair is not the largest number in that link.
Xorkoth
Bluelight Crew
Just got in my first ICO, Savedroid. Seems promising, and I got ~18,000 tokens for $230. Hopefully it goes somewhere nice.
SharedHalucination
Bluelighter
Bought 5 Litecoin @ $150. Currently at $207. Would you sell and reinvest in more altcoins?
Xorkoth
Bluelight Crew
I bought, personally. Likely LTC will experience a dip soon since it went up so quickly.
Personally I just rode the ETC pump (ETC is giving an airdrop of a new free token at 1:1 in a couple of weeks so it's pumping). Rather than get greedy, I sold for $100 profit and reinvested in more Lisk, which is one of my top picks.
I got kicked off coinbase and I'm banned because I sent money from there to a "disreputable place" without transferring to another wallet first, like last year... I've created an account on Gemini but it's been 2 weeks and I'm not verified yet. I'm getting antsy, I suspect there will be a mini-dip on BTC/ETH but I have a feeling we're finally on a steady slow upward track and I want to get in while it's still low. I've got a variety of alts to stock up on.
Personally I just rode the ETC pump (ETC is giving an airdrop of a new free token at 1:1 in a couple of weeks so it's pumping). Rather than get greedy, I sold for $100 profit and reinvested in more Lisk, which is one of my top picks.
I got kicked off coinbase and I'm banned because I sent money from there to a "disreputable place" without transferring to another wallet first, like last year... I've created an account on Gemini but it's been 2 weeks and I'm not verified yet. I'm getting antsy, I suspect there will be a mini-dip on BTC/ETH but I have a feeling we're finally on a steady slow upward track and I want to get in while it's still low. I've got a variety of alts to stock up on.
Yeah, I've been accumulating BTC by mining ETH LTC and ZCash and getting paid out in BTC. I average about .05 BTC per week which I sock away in my offline wallet.
I simply don't have the fortitude to be a day trader.
I simply don't have the fortitude to be a day trader.
Xorkoth
Bluelight Crew
Damn dude, I wish I had a mining apparatus, .05btc per week is pretty sick where I'm standing. Not prepared to invest in the hardware right now though, maybe in the future.
I just got my tax return... gonna pay off a small debt and reserve some, and then put maybe $500 into crypto. Problem is, I signed up at gemini because Coinbase closed my account and banned me for life for sending money to a less than reputable place (I know, I know, I was dumb and didn't send to intermediate wallet first), but Gemini is taking forever to verify me, and then it's 4-5 more business days before an ACH buy clears. The market seems to finally be recovering so I don't want to have to wait too long. I've got a variety of alts I want to get positions in or increase my positions in. QASH, SONM, Maybe Nebulas (but have to research more), DBC... I'm happy with everything I have and I'm holding them, but I'm only about half way there.
I just got my tax return... gonna pay off a small debt and reserve some, and then put maybe $500 into crypto. Problem is, I signed up at gemini because Coinbase closed my account and banned me for life for sending money to a less than reputable place (I know, I know, I was dumb and didn't send to intermediate wallet first), but Gemini is taking forever to verify me, and then it's 4-5 more business days before an ACH buy clears. The market seems to finally be recovering so I don't want to have to wait too long. I've got a variety of alts I want to get positions in or increase my positions in. QASH, SONM, Maybe Nebulas (but have to research more), DBC... I'm happy with everything I have and I'm holding them, but I'm only about half way there.