Bitcoin Drops Over $1,000 In Value Over 48 Hours (reuters.com) 107
sqorbit writes: Bitcoin dropped below $7,000 after hitting an all-time high. After the so-called "fork" was suspended, Bitcoin reached a peak of $7,888 around 1800 GMT on Wednesday before dropping down below $7,000. Some investors appear to be selling in order to buy "Bitcoin Cash" which was a split on August 1st. Bitcoin Cash reached $850.
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Seriously? Let me know when people are using it for toilet paper.
Bitcoin has no physical existence. At least when the farmers had all been driven out and dysentery ravaged the Zimbabwean countryside you could use those famous trillion dollar bills as TP.
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I've already started using e-paper. The future is here!
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We would presumably have to spend something other than a penny, yes.
I hereby patent the unblockchain.
AC has it right. (Score:3)
How is this worthy for a /. thread? 5,000 other speculative bubble are inflating and deflating daily and bitcoin is usually at the top of the list.
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Just stop it. Just fucking stop it. I don't give a fuck about Bitcoin.
Apparently you give a small fuck, because you took the time to go to the article page and post a comment. Someone who doesn't give a fuck would have stopped reading after the headline and moved on to the next story.
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You know what else is up?
Giggity.
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Just stop it. Just fucking stop it. I don't give a fuck about Bitcoin.
Apparently you give a small fuck, because you took the time to go to the article page and post a comment. Someone who doesn't give a fuck would have stopped reading after the headline and moved on to the next story.
Why do you give a fuck that he gives a small fuck? If you didn't give a fuck you wouldn't have bothered to comment that he gives a small fuck? Are you trying to create a big fuck to give?
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Just stop it. Just fucking stop it. I don't give a fuck about Bitcoin.
Apparently you give a small fuck, because you took the time to go to the article page and post a comment. Someone who doesn't give a fuck would have stopped reading after the headline and moved on to the next story.
Why do you give a fuck that he gives a small fuck? If you didn't give a fuck you wouldn't have bothered to comment that he gives a small fuck? Are you trying to create a big fuck to give?
Obviously he gives a fuck about receiving news about Bitcoin. He still doesn't give a fuck about Bitcoin itself.
I'm not sure how you could confuse these things. If someone who doesn't like cars gets shown photos of cars all the time by his friends he could ask them to stop showing him cars all the time without it meaning he suddenly gives a fuck about cars.
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Thanks for the homework.
But no thanks.
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I have no idea how to play poker.
May I join your game? I'll just learn as I go.
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"would suggest anyone who is tired of the stock market manipulation seriously consider this but do your homework first"
And yet you're too fucking blind to see the bitcoin manipulation happening right under your nose thanks to wealthy Chinese investors.
Shill spotted.
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it's not just "wealthy chinese investors". it's almost everyone involved in bitcoin.
bitcoin is finance industry scam practice for little con-men - for basement dwellers who wish they had the resources to rip off everyone else on a huge scale like the big boys in the finance industry. they look with envy rather than outraged horror at the financial industry manipulations that leave other people bankrupt and homeless...they may not get to scam hundreds of billions and government bailouts as well but they g
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"it's not just "wealthy chinese investors". it's almost everyone involved in bitcoin."
If you bother checking where all the equipment is coming from - China. Who holds the most hash power? China. Who is dumping the most national currency into Bitcoin? China.
In other words, it's wealthy Chinese investors. 'Everyone else' is nothing more than their plaything right now for them to drain and move on.
NEWS!!!! The values of things go up and down!!! (Score:1)
OMG Ponies!
That brings up an interesting question... (Score:3)
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Yeah, like the geniuses shorting Apple and Tesla made fortunes.
If you think you are smart enough to call the peak of bitcoin, by all means squander your money.
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Is there any way to short bitcoin? Somebody could make a fortune!
Yep, and that somebody is probably going to be the broker. While others speculate, he pockets the fees.
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There is a difference between permanent growth and a bubble. BitCoin is actually expanding into a new market, similar to how Apple expanded into the MP3 player, tablet, and phone markets, and still keeps on making the quarterly profit numbers.
BitCoin, overall, has nowhere to go but up. There is a distrust of fiat currencies, couples with only a limited amount of BTC available, both making the value go higher and higher. Yes, BTC went down when Mt. Gox collapsed, but it is now several times that.
It only w
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Now for the BIG BUT... TO the extent that BTC "goes up," is hoarded by speculators, it loses value as a currency. Call it what it really is, a virtual commodity. Don't call it a medium of exchange.
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A virtual commodity based upon beliefs, more a religion of greed, than a currency. I am surprised the scientologists have not taken to bitcoin in a big way, kind of their corporate market forte, religion for profit and exploitation. They take in real dollars and pay only in bitcoin to their zealots. Through their extensive psychological manipulations as standard corporate practice, they should be bitcoin billionaires in no time at all, watch out bitcoin hoarders you will become their number one target (hone
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Yeah, that's called deflation. And as us more educated people do not tire of explaining to the BitCoin fanbois, that's a bad thing.
Think of it: if your currency increases in value, the incentive is to hoard it, taking it out of circulation. This is called a 'credit crunch', which leads to economic contraction. This is why central banks and governments want a stable currency or even mild inflation.
Thank you for once mor
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Deflation is a bad thing for a national currency. It's not a bad thing if you want to store your wealth somewhere.
economics (Score:2)
If you have an infinite growth economy, then a fixed resource limit (deflation) does not match with that economy so it increases in scarcity at the rate of economic growth and therefore in value; all other factors being equal. Obviously, at some point the rate of valuation exceeds other forms of investment so holding it smarter. (valuation > profit )
Investing in the economy keeps it moving and probably growing; it fights the economic becoming stagnant. A fixed economy with a cap on growth would fit bet
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"infinite growth economy" is bullshit implanted in young MBA's heads by people who only understand numbers without any link to the real world.
But there's no such thing. We have a limited number of people who can live on this planet with a limited liveable area and a limited amount of ressources.
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Deflation is good. (Score:2)
For investments, you want something that has a good stable return. In the economy, that is more fluid investing... Outside that, it's the valuation of something that just sits and has no economic value until it is sold.
Gold (minerals) or land (space.) They are deflationary... they are not too practical as currency. Same with any resource investment. Supply and Demand impact it's value; which is influenced by economic activity but it's not the sole driver unlike economic investments... which are less se
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Gold (minerals) or land (space.) They are deflationary... they are not too practical as currency.
I agree. That's why we don't use them as a currency. But gold and land are still useful. Bitcoin is also useful in a similar way, it's more like digital gold than it is digital dollars.
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Sure, all you have to do is time the market. But if you're able to reliably time the market, you're probably already a billionaire anyway.
(OTOH if you're just somebody who thinks he can reliably time the market, then you're a what's known as a "fool" and you should prepare to be parted from your money shortly ;))
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Yes you can short bitcoin:
- by placing orders on a crypto exchange
- by investing in regulated financial instruments (depending where you live)
- by trading bitcoin for any alt currency
- by trading bitcoin for goods and services
- by trading bitcoin for fiat (the worst option) or gold
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Is there any way to short bitcoin? Somebody could make a fortune!
Shorting is the same as any other stock market game. Had you made that prediction the last 10 times we discussed bitcoin pricing you'd be a very poor man.
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Hardly surprising (Score:1)
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I do not know what the future will bring for Bitcoin and friends, but it seems to be clear that, currently, they are vehicles for speculators and crooks. And little more.
You have answered your own question. Are speculators and crooks going anywhere soon? The answer to that will help explain if Bitcoin has a future...
Southsea Bubble much (Score:2)
We've seen this before.
https://en.wikipedia.org/wiki/... [wikipedia.org]
Re:Bitcoin is for SUCKERS!! (Score:4, Insightful)
It's a unique pyramid scheme. Once you figure it out, you can cash out and sell your spot in the pyramid. Just don't be the one holding the hot potato at the end.
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It's a unique pyramid scheme. Once you figure it out, you can cash out and sell your spot in the pyramid. Just don't be the one holding the hot potato at the end.
A bit like our existing banking systems then.
Vulnerability (Score:2)
Looks like somebody sold too much Bitcoins and bought too much Bitcoin Cash... These small-sized virtual currency markets are vulnerable to big investors. You sell BTC and you buy BCH and BTC dives while BCH rises... then you reverse the course...
No, BTC has no future. It just became the currency controlled by speculative capital without any real-world backing as the practical currency of daily goods exchange... Sooner or later we will need other solution. For normal people. For buying bread and toilet pape
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Dogecoin to the moon!!!
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It does have some useful niches. It's good for tax evasion, stashing the gains of criminal enterprises in such a way that the authorities cannot find or seize them, or transferring money across borders when countries have regulations on large cash transfers. Hardly surprising that it has something of a sordid reputation.
I had been wondering about crypto-currencies (Score:3)
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Meh. 300k transactions a day for Bitcoin, versus billions of transactions per day in assorted fiat currency.
Bubble. Bubble. Bubble.
I will not be the bigger fool on this one.
Also, explain to me why Bitcoin will survive but not Dogecoin, Etherium, Litecoin, etc, etc? Why are the arguments for blockchain technology in any way going to mitigate the likelihood that a blockchain future will not include any of the current round of crypto assets? If the US government produced USAcoin and outlawed transactions
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Also, explain to me why Bitcoin will survive but not Dogecoin, Etherium, Litecoin, etc, etc?
Why does Ford survive while Tucker didn't? Some coins aren't designed as well for various applications. eg It's why we have Bitcoin Cash and Bitcoin Gold forks. Because some people are trying to improve perceived flaws in the original Bitcoin. Bitcoin may not survive long term, but for now it's the de facto standard.
Why are the arguments for blockchain technology in any way going to mitigate the likelihood that a blockchain future will not include any of the current round of crypto assets?
As above, the future could be Ford or Toyota, but if you were living in 1927 then one of them presents better returns in the short term.
If the US government produced USAcoin and outlawed transactions in existing black market shadow currencies, would their value not plummet?
Just explain how that would happen? Crypto's big appeal i
A lot of misunderstadings in these comments (Score:2)
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What you're not taking into account is that because the speculative value of Bitcoin is based on its algorithmically limited money supply. Introducing Bitcoin Cash doubled that supply. Add Etherium, and you have tripled it. There goes your speculative commodity value.
Bubble (Score:1)
Time for a bubble pop.
Bitcoin is volatile (Score:2)
This is not the biggest percent drop ever. Here's a 30% drop I found quickly googling. [fortune.com]. It wouldn't surprise me if it has many double-digit percent changes up and down. It's well known to be volatile. Call us when it's been bouncing around at last year's price for a while. Then you know it's in a real bear market.
A little misleading (Score:2)
https://www.coinbase.com/chart... [coinbase.com]