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Why the large drop? mod note: post 82

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    #152
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    asteroids over berlin wrote: »
    a natural correction is good, btc can jump 10k in a day,
    Nah, it has never jumped -- up or down -- by 10K in a day. If ever it does drop by $10,000 in a day you can be sure it is The End.
    But this weeks drop was substantial -- the largest drop in dollar terms since the beginning of bitcoin. Newcomers, driven by FOMO, who bought in at $19.5K have been hurt. They are looking at a 40% loss. There's a lot of pain out there -- people have taken out loans, mortgages etc to buy in. People who hadn't a clue, watched youtube video's posted by even more clueless eejits, people who bought into the "can't lose" talk.
    I'm a bit more cautious than you. My advice to anybody at the moment would be to keep your powder dry for the time being. Wait until the dust settles ............. until there are clear indicators of which way the price will trend. It's just too much of a gamble to buy into bitcoin at present. There is a lot of disillusion even amongst hardcore bitcoiners about the current state of bitcoin regarding the high fees, tx times etc. Some longtime hodlers have already bailed; more might follow.


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    #153
    EagererBeaver
    Registered Users Posts: 6,432 ✭✭✭EagererBeaver


    pro_gnostic_8 wrote: »
    Newcomers, driven by FOMO, who bought in at $19.5K have been hurt. They are looking at a 40% loss. There's a lot of pain out there -- people have taken out loans, mortgages etc to buy in. People who hadn't a clue, watched youtube video's posted by even more clueless eejits, people who bought into the "can't lose" talk..

    This is what convinces me that it's ultimately a bubble and the only way to succeed is to be aware of it and accept it and try to get out before it bursts. Too many morons jumping on board hoping there's a quick buck to be made without having the first clue about trading or valuations. You only have to look at some of the posts on here in the last month - "I moved my X BTC to a different exchange. Does this affect its value?" type posts.


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    #154
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    pro_gnostic_8 wrote: »
    Nah, it has never jumped -- up or down -- by 10K in a day. If ever it does drop by $10,000 in a day you can be sure it is The End.
    But this weeks drop was substantial -- the largest drop in dollar terms since the beginning of bitcoin. Newcomers, driven by FOMO, who bought in at $19.5K have been hurt. They are looking at a 40% loss. There's a lot of pain out there -- people have taken out loans, mortgages etc to buy in. People who hadn't a clue, watched youtube video's posted by even more clueless eejits, people who bought into the "can't lose" talk.
    I'm a bit more cautious than you. My advice to anybody at the moment would be to keep your powder dry for the time being. Wait until the dust settles ............. until there are clear indicators of which way the price will trend. It's just too much of a gamble to buy into bitcoin at present. There is a lot of disillusion even amongst hardcore bitcoiners about the current state of bitcoin regarding the high fees, tx times etc. Some longtime hodlers have already bailed; more might follow.

    i know it has never dropped by 10k in a day, but it probably will in 2018, when it reached 50k+ and it won't be the end, it isn't a bubble, i have been trading it for the last few years, the story is repeating itself over and over - the big boys have started to come, it is going to get huge, i guarantee you it will be above 20k by cob Thursday. Newcomers my ass - big money is moving the price now, not some joe soap buying a couple of bitcoins - obviously these joes have an impact but the big boys are controlling this party now!


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    #155
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    EagererBeaver wrote: »
    This is what convinces me that it's ultimately a bubble and the only way to succeed is to be aware of it and accept it and try to get out before it bursts. Too many morons jumping on board hoping there's a quick buck to be made without having the first clue about trading or valuations. You only have to look at some of the posts on here in the last month - "I moved my X BTC to a different exchange. Does this affect its value?" type posts.

    Everybody is forgetting the underling technology! The hurdles will be toppled, Bitcoin will always be number 1 and will become mainstream (child coins of BTC)


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    #156
    EagererBeaver
    Registered Users Posts: 6,432 ✭✭✭EagererBeaver


    Blockchain is off course here to stay. I work in finance and can assure you that anyone who's anyone in international finance is putting a lot of effort into blockchain. That doesn't mean BTC itself will always be king.


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    #157
    one world order
    Registered Users Posts: 592 ✭✭✭one world order


    I sold all my BTC a few weeks back when bitcoin.com cofounders sold all theirs for bitcoin cash. Now its spread across 20 coins rather than exposed to one whose future is uncertain


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    #158
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    one world order wrote: »
    I sold all my BTC a few weeks back when bitcoin.com cofounders sold all theirs for bitcoin cash.
    Seriously dude, you're gravely mis-informed with the above.


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    #159
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    asteroids over berlin wrote: »
    it probably will in 2018, when it reached 50k+ and it won't be the end, it isn't a bubble, - the big boys have started to come, it is going to get huge, i guarantee you it will be above 20k by cob Thursday. Newcomers my ass - big money is moving the price now,
    Stop it, man. Just please stop it.
    I admire your fervour, but this unfounded exuberance could persuade some newcomers into piling into something that may possibly turn out to be a busted flush. Nobody knows for certain how the bitcoin scenario will eventually play out.

    You say the big money is entering; I wouldn't be so sure of that. In fact, I do believe that a lot of "smart money" actually bailed out a couple of weeks ago ....... around the same time as the naive and unsophisticated small-time retail investors were piling in at the ATH of $20K because of FOMO.

    20K by Thursday, you reckon? I would like you to be correct, but I'll set a "remind me" for that. I won't gloat if you are proven wrong, I promise. :)


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    #160
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    pro_gnostic_8 wrote: »
    Stop it, man. Just please stop it.
    I admire your fervour, but this unfounded exuberance could persuade some newcomers into piling into something that may possibly turn out to be a busted flush. Nobody knows for certain how the bitcoin scenario will eventually play out.

    You say the big money is entering; I wouldn't be so sure of that. In fact, I do believe that a lot of "smart money" actually bailed out a couple of weeks ago ....... around the same time as the naive and unsophisticated small-time retail investors were piling in at the ATH of $20K because of FOMO.

    20K by Thursday, you reckon? I would like you to be correct, but I'll set a "remind me" for that. I won't gloat if you are proven wrong, I promise. :)

    *obviously this is not financial advice :) I won't be investing anything myself as i have everything invested quite a while back but if i had more cash, to invest i wouldn't invest in BTC, it costs too much now, easy to say though when you have some. My opinion, please do set our reminder and if you don't think big money has invested, you are crazy, a lot more to come (in my opinion).

    Where is everybody? 22:55 nye, fcuking light weights!


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    #161
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    pro_gnostic_8 wrote: »
    Seriously dude, you're gravely mis-informed with the above.

    To: "one world order",

    Oh dear.
    I AM sorry, mate, I realise ths morning that I misread your post.
    Somehow I read it as "bitcoin co-founders" rather than "bitcoin.com co-founders". You are, of course, correct; Roger Ver and the Swedish guy -- owners of the Bitcoin.com domain name -- DID sell BTC in exchange for BitcoinCash.
    I do apologise. :)


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    #162
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    ok so the Yanks are waking up now. I have a smilte on my face, i could be very wrong (by a week) or very right lol. If the yanks go for it, Asia will follow. Game on!


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    #163
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    hmm it may be starting, alts selling and btc buying


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    #164
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    asteroids over berlin wrote: »
    hmm it may be starting, alts selling and btc buying

    It seems so.

    I'm taking advantage and buying VeChain.


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    #165
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    pro_gnostic_8 wrote: »
    Stop it, man. Just please stop it.
    I admire your fervour, but this unfounded exuberance could persuade some newcomers into piling into something that may possibly turn out to be a busted flush. Nobody knows for certain how the bitcoin scenario will eventually play out.

    You say the big money is entering; I wouldn't be so sure of that. In fact, I do believe that a lot of "smart money" actually bailed out a couple of weeks ago ....... around the same time as the naive and unsophisticated small-time retail investors were piling in at the ATH of $20K because of FOMO.

    20K by Thursday, you reckon? I would like you to be correct, but I'll set a "remind me" for that. I won't gloat if you are proven wrong, I promise. :)
    apologies i am a few days out. Next week to 25k?? Bitcoin will never die, raiblocks and the like are chasing dreams!



    tongue in cheek mate - take no offence :)


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    #166
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    Looks like this weekend will be another big dipper on this coaster


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    #167
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    A hell of a lot of red on the exchanges.

    Never seen such wholesale falls across all coins.

    Many down 10% plus and more.

    Bitcoin is up but that's not always a good sign as you have to buy that in a lot of cases in order to cash out.

    Could get interesting over the next 48 hours


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    #168
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    Does putting your coin into the safest option count as cashing out? Unless people are converting to BTC and then selling for fiat then there's no issue. The price suggests people are buying BTC and hodling - at least in the short term.


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    #169
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    Dades wrote: »
    Does putting your coin into the safest option count as cashing out? Unless people are converting to BTC and then selling for fiat then there's no issue. The price suggests people are buying BTC and hodling - at least in the short term.

    I think the point was for many ALTs you have to cash out via BTC
    However your point could also be valid, depending on what BTC price people are willing to cash out at.
    Could be a small number buying all the BTC.


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    #170
    PopePalpatine
    Registered Users Posts: 11,945 ✭✭✭✭PopePalpatine


    GreeBo wrote: »
    Looks like this weekend will be another big dipper on this coaster

    FFS...I just bought some Litecoin @€;200/1LTC after my latest SEPA transfer came through on Kraken. I guess it's time to HODL.


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    #171
    Thargor
    Registered Users Posts: 17,945 ✭✭✭✭Thargor


    This thread sounds very panicky and pessimistic for a pretty normal Friday night after a great couple of weeks, scratching my head at some of these comments...


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    #172
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Thargor wrote: »
    This thread sounds very panicky and pessimistic for a pretty normal Friday night after a great couple of weeks, scratching my head at some of these comments...

    I regret not getting into crypto earlier.

    Made my first (and only investment) in btc at ATH...almost recovered my losses.

    Trying to get set up with more btc in my coinbase and also verifying (impossible ) on gdax so I can transfer to binance at cheaper fees. Hope I'm not too late to the game to make some money.

    Is there any exchanges people wouldn't recommend?

    I have coinbase and signed up to binance.

    I think kucoin is used to buy xrb?


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    #173
    seannash
    Registered Users Posts: 5,672 ✭✭✭seannash


    Pussyhands wrote: »
    I regret not getting into crypto earlier.

    Made my first (and only investment) in btc at ATH...almost recovered my losses.

    Trying to get set up with more btc in my coinbase and also verifying (impossible ) on gdax so I can transfer to binance at cheaper fees. Hope I'm not too late to the game to make some money.

    Is there any exchanges people wouldn't recommend?

    I have coinbase and signed up to binance.

    I think kucoin is used to buy xrb?
    Why dont you buy ethereum on coinbase and transfer to binance. Way cheaper fees and a lot faster


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    #174
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    seannash wrote: »
    Why dont you buy ethereum on coinbase and transfer to binance. Way cheaper fees and a lot faster

    Eth transfers still taking 6-24+ hrs from coinbase. Did two over the last 3 days ... One transfer took 6 hours the other 30 hours.


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    #175
    seannash
    Registered Users Posts: 5,672 ✭✭✭seannash


    jon1981 wrote: »
    Eth transfers still taking 6-24+ hrs from coinbase. Did two over the last 3 days ... One transfer took 6 hours the other 30 hours.

    He appears to be waiting for gdax to verify his account to get the transaction fees reduced. He should just transfer ethereum. If ethereum out if coinbase is slow i imagine so is bitcoin


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    #176
    h0neybadger
    Registered Users Posts: 321 ✭✭h0neybadger


    PopePalpatine wrote: »
    FFS...I just bought some Litecoin @€;200/1LTC after my latest SEPA transfer came through on Kraken. I guess it's time to HODL.

    Guess it worked out well for you :)


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    #177
    PopePalpatine
    Registered Users Posts: 11,945 ✭✭✭✭PopePalpatine


    Yeah, I guess the talk of yet another drop rattled me a bit, but thankfully not enough to sell up.


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    #178
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Sometimes it's hard to make sense of the drops. Some great coins backed by solid tech and teams drop fast while some of the more obscure ones rise. Makes me question my choices but overall holding on and not panicking seems to be the best action in the long term. For me anyway.

    I've tried to day trade but I don't have the time or more importantly the expertise to make accurate predictions. Im using Binance mostly.

    Are there any useful sites people are using to research and monitor the crypto market. Im aware of coinmarket cap.


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