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Thread: Bitcoin and other cryptocurrencies are being smashed

  1. #1

    Bitcoin and other cryptocurrencies are being smashed

    It's a bloodbath across the whole complex today. Bitcoin currently down 11%.

    https://www.worldcoinindex.com/

  2. #2

    Re: Bitcoin and other cryptocurrencies are being smashed

    What caused it, and why are there so many of these coin things?

  3. #3

    Re: Bitcoin and other cryptocurrencies are being smashed

    Some small South Korean exchange has been hacked. That's the only reason I can find as a possible catalyst for today's dump. Psychology appears to be the biggest driver of price movement though especially amongst holders of the myriad of altcoins.

    Apparently there's nearly 2,000 different cryptocurrencies today. Those who purchase new ones to the market at an IC0 at a discount to what its opening price will be make plenty by flogging theirs for a quick profit.

  4. #4

    Re: Bitcoin and other cryptocurrencies are being smashed

    Bitcoin - and virtually every other coin - is experiencing another pummelling today. Bitcoin touched its 2018 low earlier and Litecoin slipped below $100. Bitcoin reached an all-time high of $19,300 in December 2017, and is currently $6,500.

  5. #5

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by Organ Morgan. View Post
    Bitcoin - and virtually every other coin - is experiencing another pummelling today. Bitcoin touched its 2018 low earlier and Litecoin slipped below $100. Bitcoin reached an all-time high of $19,300 in December 2017, and is currently $6,500.
    Someone got burnt.

  6. #6

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by Wales-Bales View Post
    Someone got burnt.
    No shit, poor people. I still think its a safe long term storage if that's your thing and at this price if you got the nerve to hold will bounce back.

    Bitcoin is king, was and always will be, when it moves so do all the others.

  7. #7

    Re: Bitcoin and other cryptocurrencies are being smashed

    Nobody wins or loses until they sell, until then it's nominal gains and nominal losses.

    I heard a whisper from a super secret source that decisions made on the weekend of July 21-22 next will take all the wind out of what's left in the crypto space.

  8. #8

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by Organ Morgan. View Post
    Nobody wins or loses until they sell, until then it's nominal gains and nominal losses.

    I heard a whisper from a super secret source that decisions made on the weekend of July 21-22 next will take all the wind out of what's left in the crypto space.
    We'll see. It existed in a market long before it became main stream and it'll continue to thrive in those spaces.

  9. #9

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by Organ Morgan. View Post
    Nobody wins or loses until they sell, until then it's nominal gains and nominal losses.

    I heard a whisper from a super secret source that decisions made on the weekend of July 21-22 next will take all the wind out of what's left in the crypto space.
    Surely the people who sold at $19,300 were winners? And those who bought are left holding the baby. It sounds a bit like a type of Ponzi scheme to me.

  10. #10

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by OurManFlint II View Post
    We'll see. It existed in a market long before it became main stream and it'll continue to thrive in those spaces.
    Governments could have and can at any time of their choosing wreck sentiment in cryptocurrencies by scaring people away. They wouldn't need to introduce new legislation to do so either.

  11. #11

    Re: Bitcoin and other cryptocurrencies are being smashed

    Bitcoin reached a new 2018 low today. It and virtually every other coin has dived in price since the weekend. The one I follow is DigixDAO because it's backed by gold. It reached an all-time high of $582 on February 28th and today just over 100 days later stands at $111. True believers in any coin and the technology that back them are rejoicing at the opportunity to purchase more at bargain prices, while non-believers scurry to the exits.

  12. #12

    Re: Bitcoin and other cryptocurrencies are being smashed

    Inevitable really.
    The vast majority of people buying it (and hence the vast majority of its value) is for investment purposes (i.e.nthey are only buying it because it is going up) unless people actually start using it as a currency then it is going to be in danger of the bubble bursting

  13. #13

    Re: Bitcoin and other cryptocurrencies are being smashed

    Bitcoin's up over 5% thus far today... is this a dead cat bounce or the beginning of a sustained rally?


  14. #14

    Re: Bitcoin and other cryptocurrencies are being smashed

    Quote Originally Posted by Rjk View Post
    Inevitable really.
    The vast majority of people buying it (and hence the vast majority of its value) is for investment purposes (i.e.nthey are only buying it because it is going up) unless people actually start using it as a currency then it is going to be in danger of the bubble bursting
    speculation, opinion and quite Shirley poppycock.

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