Why the large drop? mod note: post 82

EagererBeaver

jobless wrote: »

5th 30% drop this year...you'd think people would be used to it by now !

The thing is that every time there's a new one, a new batch of investors get whacked for the first time.

GreeBo

jobless wrote: »

5th 30% drop this year...you'd think people would be used to it by now !

It still doesnt get any easier to take!

People booking their profits before the end of the year.

PopePalpatine

FML, I cashed out of LTC & ETH around 8:45am-ish.

WhiteMemento9

Bitcoin is up how much this year? How much still this month alone? The bubble has popped

People who have claimed over and over that this is all one giant bubble will now love sticking the boot in. They claimed the same when it was 2k, 4k, 6k, 10k etc. Stopped watch is right twice a day and at some stage these people were going to be right if they kept shouting long enough. I said exactly the same thing when people were in here claiming the bubble had popped for BTC when it had pull back at 2-3k range.

It could easily correct and surge on in the coming weeks or continue falling and the truth is no one really knows. You should be in these markets because you believe in the Crypto and not because it is a money train to hop on. I would guess that most of the people shouting about the bubble popping have never used a Crypo currency. After you get it set up and running and you see the technology in action with the ease of being able to send money in such a fashion it is an incredibly empowering thing.

The market is mental at the moment but many people actually believe in the ideas behind BTC and are investing in those. That future may end up being another coin that is not Bitcoin but in my opinion it is the future in some form or another.

Tigger

server down wrote: »

Is there any way to short bitcoin?

yeah toro or the likes

brendanwalsh

Gone down to 10.8k euro.

Crashing Hard everywhere. Hope everyone is staying safe out of sight of the butcher.

This is a hunger game. The odds are not in your favour.

asteroids over berlin

Happened last few years (obviously the more money in the market the more transparent the dips), it's the last trading day before holidays. They will be all back up to levels they were by first 2 weeks in January. Bitcoin is not a bubble! As more institutional investors become involved, expect dramatic dips a number of times a year, Xmas, some date in the summer where they all bugger off to the Hamptons and i think easter - can't remember. Relax. Happy Xmas and a huuuuge crypto new year:)

JJayoo

The news of insider trading and North Korean hacking has probably something to do with it.

Bobeagleburger

10% drop in the last hour

smacl

PopePalpatine wrote: »

FML, I cashed out of LTC & ETH around 8:45am-ish.

Buy 'em back now, you'll be 20% up

Edit: 40%

smacl

Bitcoin at 9.4k, Coinbase and Kraken both a bit intermittent. I'd say some of those that were waiting on tier 2 clearance are suddenly grateful for the delay.



Something did indeed go wrong :pac:

Bobeagleburger

Wow, the drop is accelerating

smacl

RoboKlopp wrote: »

Wow, the drop is accelerating

Seems to be fluctuating quite a bit, showing €10.2k now. Coinbase graph shows it went as lows as €8.8k in the last hour, no idea how reliable that is. Edit: And in the time to post that back to €9.6k, makes for fascinating watching all the same.

asteroids over berlin

just wait for the bounce! They are nearing 50%, going to be a huge bounce within the next 24 hours

at9qu5vp0wcix7

smacl wrote: »

Seems to be fluctuating quite a bit, showing €10.2k now. Coinbase graph shows it went as lows as €8.8k in the last hour, no idea how reliable that is. Edit: And in the time to post that back to €9.6k, makes for fascinating watching all the same.

Can confirm - bought in at €8859 in the last hour on GDAX/Coinbase.

PopePalpatine

smacl wrote: »

Buy 'em back now, you'll be 20% up

Edit: 40%

I sold my ETH on Coinbase, I should have transferred the damn things to Kraken. If I bought back into it an hour ago, maybe then I'll have a 40% profit.

smacl

Valentina Unkempt Oxen wrote: »

Can confirm - bought in at €8859 in the last hour on GDAX/Coinbase.

Well played, now €11.1k.

Zascar

server down wrote: »

Is there any way to short bitcoin?

I think you can go to www.igindex.com and bet on it falling. Also no tax as classed as betting afaik

Wanderer78

has the blood bath started?

PopePalpatine

Can't be that much of a bloodbath if it's recovered 75% of its losses from its peak yesterday evening.

dan786

Yup all markets seem to have almost recovered. Bitcoin, Litecoin and Ether.

Thargor

brendanwalsh wrote: »

This is a genocide gentlemen. Total wipe out. Hope some of ye followed my advice the other day and got off the streets before the Bitcoin Butcher arrived in town.

Too dangerous to jump back in yet. I'll wait till Cryptmas has passed and reassess. Lot of wise men are holding gold, frankincense and mir this year and dumping bitcoin! Meanwhile, the shepherds are leading more blind sheep to the slaughter organised by bitcoin jesus. Judas In wall Street is cashing out for 30 pieces of silver.

brendanwalsh wrote: »

Lot of manipulation going on. Winklevoss boys will have to pump money back in to keep this afloat.

Writing on the wall when charlie lee sold all his stuff. Lads trying to appear noble while really just cashing out for Fiat profit.

brendanwalsh wrote: »

She's going down faster than a hooker at a stag party.

Feel blessed to have cashed out a few nights back. Will enjoy the prOfits over Christmas now and the pandemonium of watching the exchanges.

4 weeks ago this fool appeared in a thread called Noob - how to buy coins asking if Coinbase was safe and now he's spouting this crap pretending to be some kind of expert, Im sure he'll be back when it corrects from $30k down to $25k sometime next year :rolleyes:

ED E

Tiniest blip on the radar folks, dont let these things worry ya.

MightyMandarin

Thargor wrote: »

4 weeks ago this fool appeared in a thread called Noob - how to buy coins asking if Coinbase was safe and now he's spouting this crap pretending to be some kind of expert, Im sure he'll be back when it corrects from $30k down to $25k sometime next year :rolleyes:

lol his posts are just full of absolute rubbish talk. I doubt anyone would take such a clown seriously.

ED E

MightyMandarin wrote: »

lol his posts are just full of absolute rubbish talk. I doubt anyone would take such a clown seriously.

Except thats the staple of /r/BTC and some do :pac:

MightyMandarin

ED E wrote: »

Tiniest blip on the radar folks, dont let these things worry ya.

I agree. I think the only thing people need to ask themselves when questioning whether to hold or sell is 'Do I think btc/cryptocurrency in general, is the way of future?'. If your answer is yes, then there's no reason to sell imo.

I can survive even if I lose all the money I have in it, and I believe in btc so I'm sure as hell not selling.

MightyMandarin

ED E wrote: »

Except thats the staple of /r/BTC and some do :pac:

He's the classic "I invested at 20k and lost 1/3 of money. This bitcoin thing is ****." type of eejit.

4068ac1elhodqr

JJayoo wrote: »

The news of insider trading and North Korean hacking has probably something to do with it.

Reckon NK has a lot to do with it, after all Kim can't freely trade Fx, stocks nor metals. He probably already made a sack of coins from that wannacry jazz.

And now he's probably just bought a few thousand acres somewhere obscure in China/Siberia with all his coinage, for whenever he decides to flee NK (an inevitable plan B type scenario).

h0neybadger

Surprised we didn’t see a return of the guy shouting “hark!”

Yes, Crypto markets dropped a lot. It was scary for those heavily invested.
But it’s a young, growing market with many people on to make a quick few euro’s.
Long term holders who didn’t sell will see their portfolio’s return to green +++ very quickly.