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Bitcoin The Almighty Buck

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.

Bitcoin Drops Over $1,000 In Value Over 48 Hours

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  • OMG Ponies!

  • by Locke2005 ( 849178 ) on Friday November 10, 2017 @05:48PM (#55528613)
    Is there any way to short bitcoin? Somebody could make a fortune!
    • by Anonymous Coward

      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.

    • by GuB-42 ( 2483988 )

      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.

    • by Jeremi ( 14640 )

      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 ;))

    • 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

    • 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.

  • 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.
    • 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...

  • We've seen this before.

    https://en.wikipedia.org/wiki/... [wikipedia.org]

  • 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

    • 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.

  • by ArhcAngel ( 247594 ) on Friday November 10, 2017 @06:50PM (#55528879)
    I just happened to see this [chain.com] today and while it's a long read it does a great job of explaining a hard to explain concept (crypto assets and decentralized applications). I thought I understood crypto currencies but after reading this I see a much bigger picture and why I should care.
    • 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

      • Is the US government did this they would be on their own. They aren't that influential any more. In fact they are broke to the tune of > $15Tn.
      • 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

  • This isn't the usual headline of "Bitcoin goes up" or "Bitcoin goes down". The Bitcoin community has been trying to solve congestion on the Bitcoin blockchain, which is limited to 6 transactions per second, for years. For various political reasons, no solution has been proposed that reached "consensus," and as such gridlock was created, causing transaction fees to rise and confirmation times to increase. Bitcoin Cash forked off in August, specifically to solve these problems and return Bitcoin to its ro
    • 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.

  • Time for a bubble pop.

  • 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.

  • The title is technically true but take a look at the chart and see if this is quite the devastating crash they're talking about
    https://www.coinbase.com/chart... [coinbase.com]

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