Cryptocurrency

[smelmoth]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

it will, i have orders in at 23 and 18, should be another big downswing to shake everyone out then rocket up again

Should?

Talk me through the mathematics and market performance data on that prediction?

[yellowcard]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

it will, i have orders in at 23 and 18, should be another big downswing to shake everyone out then rocket up again

Do you care to explain your rationale for making this prediction? In the same way posters were predicting $100k for Bitcoin a few weeks ago we now have posters predicting $20k. I'm not saying either can't or won't happen but it seems that a lot of people are just getting sucked into the herd mentality with absolutely no logical rationale for their prediction. I'm all ears if somebody can sway me otherwise.

[RedHand88]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

An investment strategy based on hope.

When this shitshow blows up sympathy will be as scarce then as logic is now

Whats with the attitude?

[Eamonnca1]

I hear Dutch tulips are going to bounce back any day now.

[smelmoth]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

An investment strategy based on hope.

When this shitshow blows up sympathy will be as scarce then as logic is now

Whats with the attitude?

Getting a bit tired of the crypto fans willing to encourage investment in this "asset" but unwilling to provide any analysis of how it's value is determined other than some hope based modern day tulip

[RedHand88]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

An investment strategy based on hope.

When this shitshow blows up sympathy will be as scarce then as logic is now

Whats with the attitude?

Getting a bit tired of the crypto fans willing to encourage investment in this "asset" but unwilling to provide any analysis of how it's value is determined other than some hope based modern day tulip

It's value is determined the way it is for any asset or commodity. What people will pay for it.

[Eamonnca1]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

An investment strategy based on hope.

When this shitshow blows up sympathy will be as scarce then as logic is now

Whats with the attitude?

Getting a bit tired of the crypto fans willing to encourage investment in this "asset" but unwilling to provide any analysis of how it's value is determined other than some hope based modern day tulip

It's value is determined the way it is for any asset or commodity. What people will pay for it.

There's market value and intrinsic value. Crypto has plenty of the former, f*** all of the latter. Corporate stock has some value, there's usually a profitable company behind it with actual assets and the ability to generate revenue. Crypto's usefulness is a lot more limited than that. 

[smelmoth]

Huge Losses across all crypto today!

Bitcoin 13%
Ethereum 19.55%
Litecoin 17.77%

Beginning of the end??

No. Its experienced worse weeks than this and bounced back stronger. Waiting to this bottoms out before buying.

How will you know when it bottoms out?

What is its core value that you think it will bottom out at?

Was hoping for under $20k but it doesn't look like that's going to happen.

An investment strategy based on hope.

When this shitshow blows up sympathy will be as scarce then as logic is now

Whats with the attitude?

Getting a bit tired of the crypto fans willing to encourage investment in this "asset" but unwilling to provide any analysis of how it's value is determined other than some hope based modern day tulip

It's value is determined the way it is for any asset or commodity. What people will pay for it.

Yeah that's the tulip argument. We are 24 pages in none of the proponents of crypto as an investment have been able to come up with a better argument than bloody tulips. Is that not a tiny bit concerning?? The whiff of Ponzi only grows when those endorsing an investment can't come up with a better supporting argument

[RadioGAAGAA]

Yeah that's the tulip argument. We are 24 pages in none of the proponents of crypto as an investment have been able to come up with a better argument than bloody tulips. Is that not a tiny bit concerning?? The whiff of Ponzi only grows when those endorsing an investment can't come up with a better supporting argument

Again, what is the difference between crypto and FIAT currency?

Can you eat or drink pound coins?

[smelmoth]

Yeah that's the tulip argument. We are 24 pages in none of the proponents of crypto as an investment have been able to come up with a better argument than bloody tulips. Is that not a tiny bit concerning?? The whiff of Ponzi only grows when those endorsing an investment can't come up with a better supporting argument

Again, what is the difference between crypto and FIAT currency?

Can you eat or drink pound coins?

The value of Fiat currencies are largely influenced by dynamics in the real economy. You can establish the true value of a currency and whether it is under valued or over valued. The only argument put forward for the value of crypto here has been the tulip argument. Feel free to point out a better argument

[thejuice]

Massive overleveraging has been washed out of the market the last week. It was way over heated and a correction was badly needed/inevitable. Big investors and institutions are buying this up while the Average Joe's are selling in a panic, many at a loss.

Probably a slow grind up from here possibly but CME futures gap at about $49,000 might pull it up quicker than we might expect.

[seafoid]

Crypto is a subset of the money supply.
Same as Dublin house prices.
The global economy is a series of asset bubbles.
When everything is mispriced the concept of value is a joke.

[Eamonnca1]

Yeah that's the tulip argument. We are 24 pages in none of the proponents of crypto as an investment have been able to come up with a better argument than bloody tulips. Is that not a tiny bit concerning?? The whiff of Ponzi only grows when those endorsing an investment can't come up with a better supporting argument

Again, what is the difference between crypto and FIAT currency?

Can you eat or drink pound coins?

Fiat currency is regulated by central banks and has a stable value. Crypto is not. A stable value is one of the things that makes currency useful and helps everyone to trust it. Crypto is only trusted by a small number of tinfoil hat-wearing fanboys who don't understand what central banks do, plus a handful of speculators. Its utility as a means of exchange is limited to say the least. Paying for your big mac with US dollars is a lot easier than paying for it with Bitcoin.

[trailer]

Been a f**king rollercoaster this past week.

[RadioGAAGAA]

The value of Fiat currencies are largely influenced by dynamics in the real economy.

And a cryptocurrency is not constrained by national boundaries. Therefore, in theory (which we may see over the ultra long term - or to be fair, never see), be more resilient to fluctuations than national currencies.

Obviously, now its still an immature sh!tshow.

But, rewind to the 2016 Brexit vote - if there were a stable currency that kept you on the fence and you could put your money in which wouldn't cost you an arm and a leg in bank fees and you could quickly liquidate to a currency of your choosing later on and would leave you at least neutral to any change in GBP vs. Euro - would that concept not be worthwhile?

Or, say, if I wanted to buy a car in Japan and import it to here. The choices are:
- go through a bank, taking the x% hit on the transaction from GBP/Eur to Yen
- go via cryptocurrency, 0 transaction fees.