chimaxi83
Diamond Member
- May 18, 2003
- 5,456
- 61
- 101
Looks like it's time to bail, guys... the price of Bitcoin just slipped below $600 and Litecoin just went below $20. The ride has been fun while it lasted...
Lol, mmhmm :sneaky:
Looks like it's time to bail, guys... the price of Bitcoin just slipped below $600 and Litecoin just went below $20. The ride has been fun while it lasted...
Chase bank (USA) has banned bitcoin related purchases and transfers:
http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/
I think this is a large part of why BTC value dipped so much today.
Chase bank (USA) has banned bitcoin related purchases and transfers:
http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/
I think this is a large part of why BTC value dipped so much today.
Chase bank (USA) has banned bitcoin related purchases and transfers:
http://www.reddit.com/r/Bitcoin/comments/1t0yk5/final_word_from_my_rep_at_chase_all/
I think this is a large part of why BTC value dipped so much today.
Plus the Chinese central bank started to wield the ban hammer on bitcoin/litecoin/etccoin (about 50% of bitcoin market is currently in China) by prohibiting 3rd party transaction platforms (like Alipay) to provide any kind of service to bitcoin/litecoin or other similar products. News just starting to roll out.
http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12
China's crackdown on Bitcoin has begun in earnest
A communist regime that exhibit centralization tendencies and cruel anti-humanism and anti-freedom bans a currency that promotes freedom and de-centralization?
Color me surprised!!
For those who don't care about politics, the translation is: easy come, easy go: bitcoin prices skyrocketed from $100 because Chinese money entered, and bitcoin prices are plunging because Chinese money is leaving, since it's mostly a one-way-road now in China: you can withdraw but can't deposit money to buy bitcoins. This means we'll see a LOT of selling pressure really soon. We could very well see $100 bitcoin or lower. https://bitcointalk.org/index.php?topic=373851.0
And no, alt-coins won't save you. Like precious metals the lead commodity whipsaws every other commodity. If gold surges, it drags silver with it sooner or later. If bitcoin surges, its halo effect drags all the other alt-coins with it, sooner or later. But if bitcoin drops, it takes everything else down with it, too, as we're seeing before our very eyes. For instance, litecoin has crashed even harder than bitcoin today, as a percentage of value. It's comically naive to think that you can dodge a bitcoin crash simply by moving to an alt-coin. We see the pump-and-dump schemers emerge out of the woodwork now, claiming that their junkcoins and pre-mined scamcoins are somehow different. Um, no. They aren't.
Bitcoins are to "blue chip stocks" as altcoins are to "small caps". During each recession/bear market, there is a flight to safety. During each bull market, there is a flight to risk. Has been this way for hundreds of years.
No. Coins are not shares of businesses with revenue, expenses, incomes, etc. Coins are NOT STOCKS.
And if you look at the ups and downs of cryptocurrencies over the 4 years that they have been around, bitcoin is by far the biggest market and whatever happens there affects everyone else, whereas the reverse is not true. Where bitcoin goes, all other coins follow. This halo effect is well-documented among precious metals though they can become de-sync'd for some time, especially since gold has fewer industrial uses than, say, nickel and silver and platinum. But the halo effect is very much real in commodities like bitcoin. And it is a commodity, not a currency, given high volatility and rampant speculation.
There may be a slight effect as you suggest where people become emboldened if bitcoin is surging, to spread money around the trashcoins hoping one of them will become the next bitcoin. It's low cost insurance and even I recommended doing a little bit of that. But overall, if bitcoin goes up or down, everything else follows proportionately.
This thread is near three years old and if you look through it you see the same doom & gloom posts about cryptocurrencies dying, as well as over zealous hopes on its proliferation. Plenty of ups and plenty of downs.
Here we are three years later and the one thing that is clear is that these currencies are going nowhere.
With every dip in the charts there are cries of doom and an open door for the hopeful. I just don't know if I should sell a portion of my BTC now, in order to buy back in later or just hold.
I'm certain it will drop more, at least to 500-ish because btcchina is already in the 500's, but not sure how much further....
Your name doesn't have anything to do with Grooverider does it?
Luckyminers is back!!!! luckyminers.com
Website still down for me, is stratum back up?
That's what I was trying to open as well. Just use www instead of doge. It seems to work. And my coins are there, fortunately.Hmm, still can't connect to http://doge.luckyminers.com/