Bitcoin dropped close to $600 in just 15 minutes of trading.

[JonesBones]

This is very, very bad advice. Hold out, wait for a larger drop which is going to happen, then load up. It will rebound but it will drop further before it jumps back up.

So you agree with me it is gonna go down even more, "a larger drop", but you say don't sell? ? lol. Talk about terrible advice.

If you guys are making money, good for you. But if I owned one bitcoin right now I would sell it as soon as possible. Some black swan event could bring the whole thing down.

How about this? If you really believe what you say. Sell the shit now and buy it again when it drops. lol. You make no sense. If you sold your coins at this high price, you would have more money to buy them when they get cheaper again. It is ridiculous what you propose.

 

[5crew]

Goldman shitted on BTC a month or so ago, it caused a massive dropped. A week later, it was revealed that Goldman bought a shitloads of BTC during the dip. Then the price shot up again.

Soo....

 

[JonesBones]

Goldman shitted on BTC a month or so ago, it caused a massive dropped. A week later, it was revealed that Goldman bought a shitloads of BTC during the dip. Then the price shot up again.

Soo....

What does that matter? I would do the same thing. If I could make a stock drop, get it at a discounted price, and sell it higher. It still doesn't mean it is a good investment. They just found a way to profit off it like everything. It doesnt mean they believe in bitcoin.

By forecasting the weather, you can change the weather. Which they did.

Like, I own apple stock. I have seen a lot websites and news saying sell Apple. It can become a self fulfilling prophecy because investors get scared and if enough believe these articles, will sell Apple. That is somewhat what Goldman did. They scared enough people to make their prediction come true.

 

[5crew]

What does that matter? I would do the same thing. If I could make a stock drop, get it at a discounted price, and sell it higher. It still doesn't mean it is a good investment. They just found a way to profit off it like everything. It doesnt mean they believe in bitcoin.

By forecasting the weather, you can change the weather. Which they did.

From your posts, you looks like a knowledgeable person, instead of the regular naysayers to cryptocurrencies that just bash for the sake of it. I'm a crypto buyer myself, I believe more than half are into making profits instead of hoping it will turn into a legit currency.

The way I sees it, if it doesn't turn into a worldwide accepted currency, most are still making profits. If it does turns into a legit currency, people that are invested makes EVEN more profit.

So I will just say this, there really isn't a point in discouraging pro-crypto people nor encouraging anti-crypto people. Each have their own way in doing things.

 

[Te Huna Matata]

So you agree with me it is gonna go down even more, "a larger drop", but you say don't sell? ? lol. Talk about terrible advice.

If you guys are making money, good for you. But if I owned one bitcoin right now I would sell it as soon as possible. Some black swan event could bring the whole thing down.

How about this? If you really believe what you say. Sell the shit now and buy it again when it drops. lol. You make no sense. If you sold your coins at this high price, you would have more money to buy them when they get cheaper again. It is ridiculous what you propose.

Addressed here:

Not large right now. Based on what I've read, it's going to continue to creep down then rebound back. I don't think it's wise to sell at all right now. If the bottom is near and it shoots back up tomorrow, you miss all the gains. Day trading in something this volatile is a losing proposition.

 

[JonesBones]

From your posts, you looks like a knowledgeable person, instead of the regular naysayers to cryptocurrencies that just bash for the sake of it. I'm a crypto buyer myself, I believe more than half are into making profits instead of hoping it will turn into a legit currency.

The way I sees it, if it doesn't turn into a worldwide accepted currency, most are still making profits. If it does turns into a legit currency, people that are invested makes EVEN more profit.

So I will just say this, there really isn't a point in discouraging pro-crypto people nor encouraging anti-crypto people. Each have their own way in doing things.

I know people are making money on it. Maybe I am just cautious but the return on bitcoin this year was massive. Quit while you are very far ahead. lol. I could be totally wrong but I would just personally sell now. I would be more than satisfied with the gains it got this year. The whole market could be a bubble too.

 

[forum poster]

So you agree with me it is gonna go down even more, "a larger drop", but you say don't sell? ? lol. Talk about terrible advice.

If you guys are making money, good for you. But if I owned one bitcoin right now I would sell it as soon as possible. Some black swan event could bring the whole thing down.

How about this? If you really believe what you say. Sell the shit now and buy it again when it drops. lol. You make no sense. If you sold your coins at this high price, you would have more money to buy them when they get cheaper again. It is ridiculous what you propose.

I'm keeping mine for at least another 10 years. Just in case it shoots up astronomically over that time. Who knows what it could be worth in 2027.

 

[SwamiLeoni]

I’ve made more money holding than I have trying to trade by a large margin. My biggest stake is in NEO / LTC / ARK. I would only sell if you can see a pattern. Like NEO at one point seemed to go from $32 to $44 bi-weekly. But of course it’s stopped.

BTC & BCH are going to war right now. BCH from my perspective is medium risk / high reward. I might purchase one.

 

[WorldofWarcraft]

You're gonna be kicking your own asses 5 years from now when Bitcoin goes for 1 million a pop.

 

[rj144]

I was monitoring it how it was going and at the highest point it was at about $7800 and then 15 minutes later it went to $7200. Holy crap is that volatile. Imagine if the largest share holders ever decides to hold, we are screwed.

Yeah, it happens a lot. But your title says it dropped to $600 in 15 minutes. It dropped $600 in 15 minutes.

 

[rj144]

The only thing making bitcoin valuable is because other people want it. But there is nothing backing it like say US Dollars that are government backed.

There is a guy who invested late in pet rocks with a quarry in his basement.

Dollars aren't really worth anything either.

 

[rj144]

not with bitcoin. bitcoin is for speculators. Many people think it is a bubble soon to pop. I wouldnt be sitting on this stock. Patience works in a lot of cases, like Coca Cola, but this is a volatile stock.

It's not a stock.

 

[NoGoodNamesLeft]

its shitting the bed right now, i tihnk bitcoin cash is going to overtake it

 

[ConnorMacGregod]

Yeah, it happens a lot. But your title says it dropped to $600 in 15 minutes. It dropped $600 in 15 minutes.

Re-read it again. It says it dropped close to $600 which means it dropped around the range of $620-580, not that the price overall dropped to $600.
And now it's at $6,100 which is scary

 

[Bloody Pulp]

I’ll see your imaginary computer coins and raise you real metal bottlecaps.

 

[JonesBones]

I'm keeping mine for at least another 10 years. Just in case it shoots up astronomically over that time. Who knows what it could be worth in 2027.

My fuckin God. Good luck with that. A correction to 5,800 is expected now. But I have people in this thread who admit it is gonna drop big and they still say don't sell. lol.

Summary:

1. Bitcoin broke below the $7,000 support level and ultimately completed a Wyckoff Distribution phase.
2. Prior to the breakdown in price, the market rejected the historic resistance line, which has signaled a strong reversal point throughout the market's history.
3. We are currently finding support on the 23% retracement values, but ultimately the stronger support will be found on the 38% values in the $5,800s.

http://www.nasdaq.com/article/bitco...et-correction-could-see-lows-of-5800-cm875808


Analysts say the surge is down to developers abandoning plans for SegWit2x, a planned upgrade to the software underpinning regular bitcoin that was designed to improve the speed of transactions on the network.

Joshua Raymond, a director at the foreign-exchange and CFD broker XTB, told Business Insider: "The delay to Segwit2x has damaged confidence amongst bitcoin investors concerning the much-needed resolution to speed up bitcoin's slow processing speed.

"Everyone was hoping the Segwit2x would address this but unfortunately, the delay due to a lack of consensus on the mechanics has affected confidence. Confidence on transaction speed in Bitcoin has deteriorated significantly in recent months. As Bitcoin Cash enjoys much faster transaction speeds, we have started to see a recycling of positions out of Bitcoin into Bitcoin Cash as a consequence."


http://www.businessinsider.com/bitcoin-cash-price-jumps-bitcoin-falls-november-10-2017-11


Bitcoin cash has a better future.

But in the last few days, a previous fork of Bitcoin (BTC) called Bitcoin Cash (BCH) that was launched in August and immediately dismissed by many Bitcoiners and the wider crypto world alike, has skyrocketed in value. After languishing in the $300 range for a while and jumping up to the $600 range in November, it has now nearly quadrupled to around $2,500 a coin as of press time -- it had traded as low as $650 on Friday.

Meanwhile, Bitcoin, which was trading at an all-time high of around $7,800 on Wednesday, is now down to around $6,000 as of press time but had dipped as low as about $5,500.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I own some Bitcoin and Ether.]

^^that is good fuckin advice. that person gets it.


https://www.forbes.com/sites/lauras...ce-drops-as-civil-war-continues/#72162df835b5


This is what bitcoin is imo. It isn't real. You can make money selling them now but for long. It is like a game of musical chairs. You guys pass around this money and make it climb but it is gonna fall. The music will stop and somebody won't have a seat to sit in. Somebody is getting fucked here eventually. People who are talking about holding bitcoin for years. lol. You people are gonna be the one without chairs when the music stops. Then you got all these forks. Bitcoin Gold. Bitcoin cash.

And like it I said it can become a self-fullfilling prophecy. The opinions of these major publications alone could scare people off bitcoin and make their prediction come true. It is actually more likely to come true when they say it. Forecasting the weather can change it.

I can't wait to bump bitcoin threads in the future. You guys are talking spans of years, even decades. It is going down long before that. You guys are YOLOing on this shit.

 

[phisherman]

I can't wait to bump bitcoin threads in the future. You guys are talking spans of years, even decades. It is going down long before that. You guys are YOLOing on this shit.

People said that years ago and they ended up missing on huge gains. You can keep waiting to bump threads in the future while we make money.

 

[DoomPatrol]

There's more than the reason 'because people want it'. There is a finite amount (21 million BTC) and unlike Gold who's price can decrease / increase when more is added to the market, that won't happen with Bitcoin.

There's something really interesting that has happened today. Bitcoin was supposed to have a Hard Fork sometime next week and it was called off today due to a 'vote'. I believe some of the developers wanted to take Bitcoin in another direction. So what happened was that many people started to pull the money they have invested into their Alt coins and put them into BTC for the free split. This sunk the alt coin market. When news broke that the 2x was off, all of a sudden the alt coin's jumped dramatically in price. So there's a chance many people bet on the hard fork because they were going to get a free coin once BTC split and ended up losing their stake in the alt coin market for nothing while BTC is staying at somewhat of a steady price ( +/- $7500). Kind of shady, but who's going to arrest them?

Edit: I did read about some guy who dropped $85k on the Segwit2x future coins. I think he paid a little less than $1000 for each because he thought that the 2x would eventually be the 'real bitcoin'. Don't bet on futures in a market that no one really knows how / what / why / when anything is happening. Insane.

The US dollar is not backed by gold. It's backed by promises. There's nothing physically backing our dollar. It's based on how people trade and what they think our economy is worth

 

[Pugilistic]

I'm no economics guy but what I find strange about bitcoin is that people talk about it like it's the future of currency will replace fiat currency. But they value it but how much fiat currency they can sell it for. Of course fiat currency is just paper we collectively agreed that it has value. So guess it's imaginary computer money that is backed by paper that we think has value. But I guess at least fiat money has government backing. So bitcoin's value is heavily dependent on how many people think it has value (while I guess that true about almost everything), meaning at some point people may decide it doesn't have value or move on to another type of cryptocurrency. Seems too speculative and volatile.

 

[steve38]

Seems too speculative and volatile.

Yep, too speculative for a long term investment....but the volatility makes it a good short term trade, at times.

The main thing to consider about stock and market bubbles like bitcoin is that newbie investors are a great contrarian indicator. When every bartender and cabdriver is talking about bitcoin and planning their millionaire retirement, you know the top is just about in, and there's nobody left to buy it.

Smart money is not emotional, and that's why you're seeing a sell off now. IMO.