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But it has nothing to do with Bitcoin, which at this point is no longer a currency, but just pure speculation and gambling. It never really worked as a currency, nobody priced things in bitcoin because it was far too volatile, instead anybody accepting bitcoin either priced things in fiat currencies and specified "equivalent in bitcoin" or used an intermediary to convert bitcoin to fiat currencies so they didn't have to hold bitcoin.
The problem is that a digital system designed to be used as currency is for several reasons not fit for that purpose, and is now being traded purely as a speculation.
Meanwhile every shit than Elon Musk flushes down the toilet is plucked out of the stream and saved like baby Moses. Only if you assume that your two cents is worth more than the billions of dollars involved in bitcoin.
In the long run, the market is the mechanism we use to determine the "correct" price of something. You may be right now and then in the short term, but over longer terms, if your opinion and the market are in disagreement, it is you who is wrong, not the market. An investor may believe from time to time that the market is mispricing something, and occasionally he can be right. But if he believes, for example, that stocks in general or bitcoins are worthless, then no amount of analysis or strong opinion will help him - he is wrong.
No matter how sure he thinks he is, his opinion does not outweigh the opinions of thousands or millions of people and billi. One is part of a financial standard that has evolved over millennia. The other looks a lot like a ponzi scheme.
BTC continues to be unusable as a currency because when it's not dramatically increasing in value, it's plummeting in value. It has no stability. It'll continue to damage the crypto-currency sector for the foreseeable future, until it loses mindshare and relevance. More like a point that it isn't affordable anymore. The Rate of mining new bit-coins gets exponentially more complex, while demand more or less had a linear increase. This creates bitcoins which are too valuable to trade, because they are growing too fast.
Like the guy who once bought a pizza for 20 bitcoins. So people are not trading them, so its value goes further up. If bit coins price is too low, people don't want them because they are too worthless for the effort, if they are too valuable, people.
It was two pizzas for Bitcoins. Considered to be the first ever Bitcoin-USD-equivalent transaction. Just compare the charts for the last 5 years.
It drops off like this every year about this time. This is not that unusual. It's a good time to buy cheap altcoins. Take bucks; buy 10 top-falling altcoins from topspend dollars worth on each. Wait until market recovers, sell them for a profit. In the meantime I'll keep mining Vertcoin and Unitus, 1. I usually don't touch anything less than 2 years old, and which doesn't have a proper mining infrastructure. If I had money to play with, that's probably what I'd be doing.
Though instead of just looking at which are falling most, I'd probably cross-correlate with currencies that already have a presence in a few major stores, to sort of boost their prospects at legitimacy and longevity.
For instance, I think I've heard the Apple store took a few of them. If other places that I shopped also did, that would probably make them a more likely buy. I've been meaning to look into some that are also sti. Just compare the charts against that of a standard economic bubble. It drops off like this every time about this time, I suspect that's more to do with "It's a new year so I'll change X" and in years where Bitcoin did well X was taking the opportunity to cash-out, this could be what's motivating the Asian traders as well.
Bitcoin ownership is massively concentrated, anyone who has enough Bitcoin to tank the market should already have more than enough fiat currency to fund whatever holiday plans they have. In this case however, there's more than enough bad news to suggest that th. Sort of, but not the time of year, its the reaction to an extremely fast exponential rise. If I remember an Ars Technica article correctly Of course there is something differen.
All we have here is a fanboi eyeballing a chart and yelling "I see it! Look, DickBreath, if you keep up this mindless prattle, I'm gonna send you Three things are certain: Death, taxes, and lost data. Guess which has occurred. I am the Blue Screen of Death.
No one hears your screams. It amazes me that so many allegedly "educated" people have fallen so quickly and so hard for a fraudulent fabrication of such laughable proportions. The very idea that a gigantic ball of rock happens to orbit our planet, showing itself in neat, four-week cycles -- with the same side facing us all the time -- is ludicrous.
Furthermore, it is an insult to common sense and a damnable affront to intellectual honesty and integrity. That people actually believe it is evidence th. Rather than blaming it on the Moon, I'll blame it on the sun [youtube.
Bitcoin's transaction fees were higher than paypal unless you wanted to wait days for a transaction to go directly to the ledger. Of course it's a stupid time to be investing. Yes, both Bitcoin AND Ethereum had major congestion issues many times during the year there were long waits or high fees to clear a transaction.
Not what you want for something which is supposed to be a better way technologically to send instant payments the end user experience SHOULD be better in every way to truly provide the full benefits the tech claims. Bitcoin Cash is more like Bitcoin than Bitcoin is. It is way too early to tell, but we could be looking at the first stages of a switch from Bitcoin which isn't really Bitcoin any more to Bitcoin Cash which still IS Bitcoin. Or in my opinion far more likely the market price was way too high compared to the long term trend, and is now correcting.
Everybody knows you shouldn't buy Bitcoins when Mercury is retrograde. Wait until the moon is in the seventh house, and Jupiter aligns with Mars. Then blockchain will guide the planets and cryptocurrency will steer the stars.
Combine astrology and blockchain?! Find a way to include biorhythms and Pokemon and you're ready for ICO! Why, buying at this stage of the moon would be simple lunacy.
Go look at CoinMarketCap's historical charts. Pretty much every cryptocurrency moves in almost exact lockstep in rises and dips. That wouldn't happen in a diverse crypto economy, the fluctuations would be much more varied instead of nearly perfectly identical. This is a dead giveaway of inside manipulation and cashing out while the cashing out is good. I thought the drop across all coins today is from bitconnect's demise?
It's a Ponzi scheme using crypto and its creators cashed out. Maybe that spooked people about the soundness of other coins? Bitcoin bulls are always yelling about the moon, so why shouldn't it get the blame when it turns the other way. Imagine that someone invented a method of converting Terawatts electricity and human intellect into a symbolic currency with no intrinsic value, with no link to any material asset, not backed by any government except North Koreaand which you can not actually spend at the local store.
It's dropping like a rock because the smart ones got everyone else excited about it to inflate the price. OMG look how fast its jumping in price! I gotta get in on that. There may be more comments in this discussion.
Without JavaScript enabled, you might want to turn on Classic Discussion System in your preferences instead. Follow Slashdot stories on Twitter. Sign up for the Slashdot Daily Newsletter! If regulatory concerns aren't enough to explain Bitcoin's 50 percent slump from its record high reached last month, how about blaming it on the moon? An anonymous reader writes: The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to Bitcoin's slump as Asian traders cash out their cryptocurrencies to travel and buy gifts for the holiday that starts Feb.
The festivity is celebrated not just in China, but in other Asian countries including Singapore, Indonesia, Malaysia, Korea and Thailand. People are jumping to other Crypto Score: Bitcoin is not the 'cool' one anymore Reply to This Parent Share twitter facebook linkedin. LOL at buttcoin Score: No they are not. A correction would have them all go down to zero.
Thermal paper didn't double in cost in a week. Wait, are you saying that if it turns out later that he was wrong, then he's not right?
At least you used the term "price", and not "value". There is no such thing as value.
