Price Of Bitcoin Rises 27%, While Price of Bitcoin Cash Triples (bloomberg.com) 83
A Bloomberg columnist asks whether this week's rise in bitcoin's price is a turning point -- or just a "dead cat bounce"?
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week. Short-sellers are closing their positions, while fans smell fresh opportunity. Even more eye-watering market moves are happening elsewhere in the digital currency's ecosystem. Bitcoin Cash, a spin-off intended to be more usable as a payments mechanism, has almost tripled this week from about $80 to $225. That this is happening at the same time as a U.S. stock-market selloff will no doubt warm the hearts of crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble....
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
A cursory glance at the price of Bitcoin Cash over the past year shows that it has fallen about 95 percent from its December 2017 record. So, anyone refusing to crystallize their losses this year has seen their 98-percent loss narrow over the past few days to, well, 95 percent. Celebrating now is like the Monty Python knight calling it a draw after losing all his limbs. It's not entirely clear either what kind of investor has the appetite, let alone the resources, to make meaningful bets on digital currencies today after a boom-and-bust cycle driven entirely by speculative hype rather than the adoption of Bitcoin in the real world. The long-awaited wave of money from Wall Street looks as far away as ever. So we're probably getting back to more natural territory for crypto: True believers and small-time gamblers.
Their conclusion? "One still can't rule out that these particular crypto-cats are dead."
Obvious it was going back up (Score:2, Insightful)
Just as the rise to fantastic heights of last year was manipulation, so too was the decline - engineered so that others would have a chance to buy into Bitcoin before it inevitably climbed up again.
One interesting thing no-one seems to consider is, that as more investors get into Bitcoin the price will naturally stabilize (not for some time though).
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Re:Obvious it was going back up (Score:5, Informative)
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week.
Lies, damned lies and percentages:
The "80%" in that sentence is 80% of $20,000, ie. $16,000.
The "27%" in that sentence is 27% of $3,000, ie. $810
ie. The rebound is really only a 4% rebound, not a 27% rebound.
And as noted, Bitcoin price is highly manipulated by the Chinese Bitcoin Mafia. They trade small quantities between themselves to keep the price up, hoping to suck people in.
Artificial waves lift all boards (Score:1)
And as noted, Bitcoin price is highly manipulated by the Chinese Bitcoin Mafia. They trade small quantities between themselves to keep the price up, hoping to suck people in.
Yeah but if you figure out the cycle you can ride on their coattails, so to speak. :-)
Not that I personally would try to day-trade anything, I still see Bitcoin being good long-term.
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https://en.wikipedia.org/wiki/Clanging
>In psychology and psychiatry, clanging refers to a mode of speech characterized by association of words based upon sound rather than concepts. For example, this may include compulsive rhyming or alliteration without apparent logical connection between words. This is associated with the irregular thinking apparent in psychotic mental illnesses (e.g. mania and schizophrenia).
IIRC somebody dumped a bunch of cash into it (Score:2)
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Once all of the suck-- specu-- investors buy in, the BTC price will stabilize at a price premium that reflects the utility of being able to anonymously purchase crokodil.
Many, many people have considered this, which is why the price has dropped.
The first bottom isn't the last bottom (Score:2)
commodities are day-traded (Score:1)
for a reason.
What a great investment? (Score:5, Interesting)
Oh so the groups likely manipulating this scam are now moving it back "up in value" (value for a product that you can't do anything with).
Yes, folks should invest their life savings in something that can move 80% in a week. I am sure it's completely legitimate and safe long term investment!
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Re:What a great investment? (Score:5, Informative)
Oh so the groups likely manipulating this scam are now moving it back "up in value"
Yep. The Chinese miners who hold most of the world's Bitcoins are trading small quantities between themselves to pump the price a bit, hoping to pull in a few more suckers before the final death.
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John Oliver on Cryptocurrencies scam (Score:2, Interesting)
https://www.youtube.com/watch?... [youtube.com]
Tulips are making a comeback too (Score:1, Funny)
Historically, tulips have each been worth the modern equivalent of tens of thousands of dollars each. It would be foolish to ignore that legacy while considering investment opportunities.
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Bitcoin is in no way like tulip bulbs.
...
But yeah totally tulip bulbs.
Huh?!
The actual idea and technology behind it is fascinating and the fact that the creator is still a mystery makes it even better.
All great scams have great stories.
Also the Satoshi wallets are still worth billions currently and have never moved.
So? They could be on someone's misplaced laptop and he's probably saying, "Fuck Fuck Fuck Fuck Fuck Fuck Fuck! I'm a goddamn billionaire and I can't find that fucking laptop!" ..... $10 back!! Isn't that great!
And then his wife asks, "What laptop? Oh! THAT one! It was in the closet for years and you weren't using it so I donated it to Goodwill. We're getting a tax write-off for it! Let me see, the laptop was worth $50 and at our tax rate we'll get
Re: Tulips are making a comeback too (Score:2, Informative)
Entirely wrong. The Satoshi wallets are worth nothing.
Most people trade bitcoin on Exchanges, which have limited real currency reserves in their Slush accounts. They will SELL you an unlimited number of coin, but can only BUY until they run out of money.
Even if you ignore the fact that nobody would purchase all the Satosi wallets in a single transaction, or the fact that breaking them into small transactions would cause the price to instantly tank, there still isn't enough in the Exchanges' slush accounts t
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You just described the real stock market. What happens when someone tries to sell a massive lot? Alarms are raised and trading his halted to prevent a panic.
Re: Tulips are making a comeback too (Score:1)
Yes because the lesson is applicable until you dumbass coiners get the message or lose everything. Only a fanatic could see something go form 19k to 3k and think it was a good investment. Your money was safer and returned better sitting under your mattress.
Bitcoins: completely useless, manipulated, burns a lot of electricity to produce nothing and provide no service.
Tulips: pretty.
Tulip value >>> bitcoin value.
Oh God! (Score:4, Insightful)
...crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble...
Delusional people.
After hitting a year's low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week.
THAT in itself is trouble. That kind of volatility in an asset precludes it from being investment grade. To have an asset move lie that for no reason is a sign of gambling. How can one plan if the asset could lose 80% for no determinable reason? At least with real currencies, you can see what the underlying economy and political policies and get an idea of where its headed (That's all Soros does.)
Crypt-currencies are nothing but something that gamblers are using and rationalizing their behavior as "investing" or "speculation".
Why is this news? (Score:5, Insightful)
I mean seriously, I get it: Bitcoin is a 'tech' thing but we don't need to have a NEWS story every time it goes up or down, do we? We're not regularly seeing postings when RAM skyrockets or falls, are we? (Please...don't.)
It's an imaginary commodity that some people have agreed to treat like money; by its very nature it's going to be volatile.
Re:Why is this news? (Score:5, Insightful)
I mean seriously, I get it: Bitcoin is a 'tech' thing but we don't need to have a NEWS story every time it goes up or down, do we?
Bitcoin stories get posted because they generate page views and traffic. If you want to see fewer of them, then stop reading them and posting messages about them.
We're not regularly seeing postings when RAM skyrockets or falls, are we?
RAM prices are way more stable and uninteresting than they used to be.
It's an imaginary commodity that some people have agreed to treat like money
Actually, almost nobody treats it like money. Money is not something you invest in with an expectation it will appreciate in value.
by its very nature it's going to be volatile.
Bitcoin is not inherently volatile. It is mostly volatile because it is thinly traded. The total value of all Bitcoins is about $100B. There is about $8 trillion in gold, and about $10 trillion dollars in circulation.
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When they say "cash" they actually mean short term treasury bills. Nobody "invests" in actual dollars.
3 month T-bills are currently paying about 2.35%.
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Re: Why is this news? (Score:2)
Sweet Zombie Bitcoin (Score:5, Interesting)
Analyst: 25% Recovery In Bitcoin Price Was A “Zombie Rally”
https://www.newsbtc.com/2018/1... [newsbtc.com]
Wall Street’s Biggest Bitcoin Forecaster Gives Up Forecasting Bitcoin
https://www.bloomberg.com/news... [bloomberg.com]
Flash Hike: Bitcoin [BTC] smashes $4,000 resistance in a single rise
https://ambcrypto.com/flash-hi... [ambcrypto.com]
BCash == Scammer Honeypot (Score:3, Informative)
BCash is fronted by a psychopath ex-convict and a cabal of his closest con-men.
https://medium.com/@tradertimm/forking-ver-rogers-reckoning-22c2a906b945 [Medium Post]
The only reason this shitcoin ramped up is because the order books on the small gaggle of exchanges that trade it are thin as hell. Its very similar to penny-stocks, where there's hardly any orders for buys and sells, so it moves with wild swings whenever some of them get matched to each other.
BCash's relative hashrate to Bitcoin has been falling ever since its introduction -- http://fork.lol -- down below 3% which indicates its declining health. BCash's transactions, when they're not being spammed with "stress tests" (ie., painting the tape to bring up their averages) they average about 60 tx's every three hours where Bitcoin does 2,000 - 2,500 over the same time frame.
By any metric, BCash is a losing proposition. After the last drama-fork, where BCash split into RogerCoin/ABC and CraigCoin/SV their combined value is LESS than what it was pre-fork.
Anyone into this particular dead-end will get precisely what they deserve. A big fat zero.
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Much value! Such stability!
Ah, now it makes sense (Score:1)
So this is the result of the hype train we hopped on last week. Gotta pump before you can dump.
https://news.slashdot.org/story/18/12/13/185207/ranks-of-crypto-users-swelled-in-2018-even-as-bitcoin-tumbled
https://news.slashdot.org/story/18/12/13/0525227/cryptocurrencies-are-like-lottery-tickets-that-might-pay-off-in-future
https://news.slashdot.org/story/18/12/08/1726229/cryptocurrencies-tumble-even-more-while-one-asset-manager-proclaims-bitcoin-is-dead
https://news.slashdot.org/story/18/12/13/1521207/ethere
Lies and statistics (Score:3)
Funny how anti-crypto-currencies news always talk about how much of a fall the value of Bitcoin took since last year, but they never mention that it also rose by a lot to get to that insane peak value.
Remember that Bitcoin was proclaimed dead by a number of fools every time it went down in value.
Let's look at the four-years chart [bitcoincharts.com] for a second. From july 2017 to december 2018 was simply a peak, but extrapolating that curve only shows it will keep going up.
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Don't be a moran.
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This. I remember when 1 BTC was worth less than 10 c, and I wish I'd bought some back then. I also remember when it crashed to about $2, then later to $100, then to $400, and so on. It's a strange variable if it can keep crashing/decreasing all the time, yet have local minima at ever increasing values.
If you look at stock prices or anything similar, you see a fuzzy fractal-like curve with ups and downs all the time. You need not worry about every single downturn if you look at the big picture. As Homer m
Makes sense (Score:2)
All the people selling stocks need somewhere to put their money. Some of them are going to see the dramatic drop in bitcoin and decide to buy in.
Color me skeptical (Score:3)
This looks more like "pump and dump" than any viable long term strategy.
The ability to support (Score:2)
As large politically motivated US sites ban and report content creators and publishers some way to support interesting people has to be found.
Freedom of speech and freedom after speech is not a sin.
A payment system may have some use in supporting people politically after politically motivated deplatforming and bans.
When a large company thinks it can shape politics by removing a publisher, people can still show their support with a different method of fun
manipulated markets (Score:2)
Markets are constantly manipulated to the benefit of a few at the cost of most and the biggest loser is truth.
Fools gold (Score:1)
Bitcoin is not real money. It is worthless except to scammers.
Investing in Bitcoin: Ethics (Score:2)
It doesn't bother me too much that I didn't get in "On The Ground Floor" because I see the people who invested or innovated as believers in a cause and innovators who will use their wealth to improve the system.
I think Bitcoin will rise again.
I also think there is too much talk about manipulation. People would need to intentionally lose money