Economy Bitcoin dead. Bagholders got conned. Update: it died again. Bagholders are still LOSERS

[JonesBones]

It's over.


Bitcoin plummets under $6,000 to a new low for the year after months of stability

• Bitcoin fell more than 7 percent Wednesday after a relatively calm few months.
• The cryptocurrency dropped to $5,640.36, hitting a new low for the year.
• Ethereum and XRP, the second and third largest cryptocurrencies behind bitcoin, dropped 13 percent and 15 percent respectively.
  
  https://www.cnbc.com/2018/11/14/bit...ow-of-the-year-after-months-of-stability.html

NOW UNDER 4K. Dropped another 15% in 24 hours.

 

[PolishHeadlock]

Who was the guy who raged every time somebody didn't praise Bitcoin and had a weird obsession with being a "Centrist"

 

[Cubo de Sangre]

Who's picking up market-share? Or has it shrunk all around?

 

[cincymma79]

Hmm. Guess peter schiff was right

 

[JonesBones]

Who's picking up market-share? Or has it shrunk all around?

All of crypto is sinking.

 

[Trotsky]

Who was the guy who raged every time somebody didn't praise Bitcoin and had a weird obsession with being a "Centrist"

Der Eisbar? I'm only guessing from the "centrist" part.

Hmm. Guess peter schiff was right

Yeah, I've been really taking an interest in Schiff ever since @Jack V Savage starting posting about how brilliant and influential on him Schiff had become.

 

[Strychnine]

Don't invest more than you can afford to lose.

 

[Cubo de Sangre]

All of crypto is sinking.

What do you predict?

 

[Trotsky]

Don't invest more than you can afford to lose.

Alternatively

 

[JonesBones]

What do you predict?

Pain.

 

[2DUM2TAP]

who wishes they sold at a high of $19,783.06 in Dec/2017

 

[Cubo de Sangre]

Pain.

That'd be more of an observation at this point, wouldn't it?

 

[Madmick]

It's over.


Bitcoin plummets under $6,000 to a new low for the year after months of stability

• Bitcoin fell more than 7 percent Wednesday after a relatively calm few months.
• The cryptocurrency dropped to $5,640.36, hitting a new low for the year.
• Ethereum and XRP, the second and third largest cryptocurrencies behind bitcoin, dropped 13 percent and 15 percent respectively.
  
  https://www.cnbc.com/2018/11/14/bit...ow-of-the-year-after-months-of-stability.html

It won't be over until the price per unit drops below the commodity price (which is around $1,700 last I saw an appraisal from the Federal Reserve). Otherwise, if nothing else, it remains a desirable black market currency in certain markets.

Also, this really doesn't need its own thread. We have an ongoing megathread for these minor fluctuations, don't we?

 

[Dirt Road Soldier]

I'm still pissed I didnt invest when first heard about it, and it was around 350 each.

Definitely one of those 'kick yourself in the ass' scenarios.

 

[bad seed]

It's over.


Bitcoin plummets under $6,000 to a new low for the year after months of stability

• Bitcoin fell more than 7 percent Wednesday after a relatively calm few months.
• The cryptocurrency dropped to $5,640.36, hitting a new low for the year.
• Ethereum and XRP, the second and third largest cryptocurrencies behind bitcoin, dropped 13 percent and 15 percent respectively.
  
  https://www.cnbc.com/2018/11/14/bit...ow-of-the-year-after-months-of-stability.html

I remember on its run up I was shocked it would ever surpass 1k. So even if it dropped to "only" 6k from its nearly 20k high, that's still a phenomenally overpriced "currency".

I wonder how this guy feels today:

Traded his 720s for a measly 25 bitcoins during its height.

 

[MeatheadMike]

I remember on its run up I was shocked it would ever surpass 1k. So even if it dropped to "only" 6k from its nearly 20k high, that's still a phenomenally overpriced "currency".

I wonder how this guy feels today:

Traded his 720s for a measly 25 bitcoins during its height.

I'm guessing he wanted bitcoin because the car may not have been acquired through legitimate channels.

 

[bad seed]

I'm guessing he wanted bitcoin because the car may not have been acquired through legitimate channels.

lol every McLaren is accounted for and tracked. It's a small community of diehards and they all know each other. A stolen or illegal 720 wouldnt just pop up.

A sports car is a depreciating asset. And at the time, Bitcoin was the hottest investment. He was willing to risk his car (probably just one among dozens) to ride the wave.

 

[CauseImbetta]

It's over.


Bitcoin plummets under $6,000 to a new low for the year after months of stability

• Bitcoin fell more than 7 percent Wednesday after a relatively calm few months.
• The cryptocurrency dropped to $5,640.36, hitting a new low for the year.
• Ethereum and XRP, the second and third largest cryptocurrencies behind bitcoin, dropped 13 percent and 15 percent respectively.
  
  https://www.cnbc.com/2018/11/14/bit...ow-of-the-year-after-months-of-stability.html

Why is it over? If it's at zero it's over.

 

[gassius_clay]

Its not just bitcoin, the market is a mess in general right now. Wide spread sell off in almost every sector.

 

[Mr. 4K]

Pretty sure it's still up over a ridiculous amount than it was a year and a half ago.