Did crypto finally crash?

[Jopious Extronimous]

shit is so god damn funny

Your sense of humor sure is.... interesting.

You're buying up more every time it dips hard like a smart guy, right? I'm guessing you know where to go during these "crashes" to grab what's dumped in a panic, right? Keep doing that.

 

[Thunderchild]

That's why there's actually 30 year olds who did nothing but throw a few bucks at an idea, that are now millionaires. I know one, and I'm jealous and legit amazed at how much fucking money a buddy I used to do a bunch of acid with, is quietly sitting on.

Jealousy and acid. Makes perfect sense now.

 

[fatmatic]

Jealousy and acid. Makes perfect sense now.

That's what a lot of the crypto haters really feel. They aren't trying to "help" others from losing money because they are saints.

 

[Orgasmo]

My dad's friend worked for an internet start-up during the mid 1990's at Silicon Valley. At the height of the Dot Com bubble, his share of the company was easily worth $3 million. If you take inflation into account, he'd be sitting on $5 million today at the very least. Anyways his company folded after the bubble popped, and his share translated to $500 bucks after taxes. Don't count your riches until you sell your shares and pay the tax guy.

With Bitcoin at $11000, this bubble has a long way to go before popping. Remember, it took the internet bubble 4 years to reach the critical point.

 

[thoughtsone]

It went up something like 40% in a day last month, and now its correcting. It should be around 8K realistically based on marketcap but its at 11.5K as of now. So no it didn't burst, its not a bubble but people keep saying that because it sounds cool. I would also add that every January for the last 4-5 years crypto has hit lows, if you graph every year, you will see a big dip almost every january. This is all expected. Honestly if it keeps some of these people out who think they are going to make a million in a few months out that would be awesome. Im picking up about 10% more coin on this correction so for me it works out well.

 

[faustian]

You literally cannot just seize control of it. The best you can do is spend a bunch of money buying a bunch of it up.

Or they could decide to criminalize it

 

[Thunderchild]

My dad's friend worked for an internet start-up during the mid 1990's at Silicon Valley. At the height of the Dot Com bubble, his share of the company was easily worth $3 million. If you take inflation into account, he'd be sitting on $5 million today at the very least. Anyways his company folded after the bubble popped, and his share translated to $500 bucks after taxes. Don't count your riches until you sell your shares and pay the tax guy.

With Bitcoin at $11000, this bubble has a long way to go before popping. Remember, it took the internet bubble 4 years to reach the critical point.

Key differences I see between the two are that the dot.com bubble was initially injected with a ton of capital from large institutions and venture capitalists where cryptocurrency was initially funded by a way larger number of smaller investors. That could have different implications for stability. The dot com bubble was also way more U.S. centric as most of the companies were formed and stocks sold here whereas crypto is worldwide.

There are also a handful of companies that survived the dot com bubble and are huge now. I think the same will happen with cryptocurrency.

 

[drstrangelov]

Such is investing. With full information about the cause of the pattern as you propose, then you would have predictive power and that would be an arbitrage opportunity. That isn't realistic.

You are only losing money if you panic at the dip and sell. You are making the case for holding, which is what I am doing.

I'm with you on not panicking, I'm just not buying the January dip precedent as at all relevant. If you really believe that your cryptocurrency holdings are undervalued at their current trading price, why would you sell? I don't know what you're holding, I think the market for some coins is inflated by speculators, but you've gotta trust your gut.

 

[bandicoot]

Or they could decide to criminalize it

I always lol @ cryptocurrency because of realities like this.

 

[Thunderchild]

I'm with you on not panicking, I'm just not buying the January dip precedent as at all relevant. If you really believe that your cryptocurrency holdings are undervalued at their current trading price, why would you sell? I don't know what you're holding, I think the market for some coins is inflated by speculators, but you've gotta trust your gut.

Yes the theories are just that and there is absolutely no guarantee that the dip happens again next January.

I agree a lot of coins are inflated. I'm holding 95% in BTC/LTC/ETH/NEO and 5% Altcoins (casino, risky, not advice, don't do it!)

 

[Prefect]

It went up something like 40% in a day last month, and now its correcting. It should be around 8K realistically based on marketcap but its at 11.5K as of now. So no it didn't burst, its not a bubble but people keep saying that because it sounds cool. I would also add that every January for the last 4-5 years crypto has hit lows, if you graph every year, you will see a big dip almost every january. This is all expected. Honestly if it keeps some of these people out who think they are going to make a million in a few months out that would be awesome. Im picking up about 10% more coin on this correction so for me it works out well.

It is too late. Once everyone has this idea that something is a sure thing to make money, it is way too late. I have a grandparents theory. If your grandparents know what you are talking about and are thinking about getting in, it is way too fucking late. For example, once my grandparents started talking about Amazon and Walmart, it was way to fucking late. Just listen to stupid people and if they start thinking it is a good idea, stupid people money is already in it and starting a bubble.

The bubble for cryptocurrency is scary since what traditional indicators aren't there to tell you that things are getting bad? It is all speculation. Might as well be buying and selling tulips. You wouldn't buy stock in a company without having an idea about it financials. Things could be really really bad but you wouldn't know it and there are likely large players in play that have enough pull to swing things around.

 

[Headkicktoleg]

Drug dealers probably cash out in January to launder money or something.

 

[Cid]

It is too late. Once everyone has this idea that something is a sure thing to make money, it is way too late. I have a grandparents theory. If your grandparents know what you are talking about and are thinking about getting in, it is way too fucking late. For example, once my grandparents started talking about Amazon and Walmart, it was way to fucking late. Just listen to stupid people and if they start thinking it is a good idea, stupid people money is already in it and starting a bubble.

The bubble for cryptocurrency is scary since what traditional indicators are there to tell you that things are getting bad? It is all speculation. Might as well be buying and selling tulips. You wouldn't buy stock in a company without having an idea about it financials. Things could be really really bad but you wouldn't know it and there are likely large players in play that have enough pull to swing things around.

So when did your grandparents hear about amazon?

2017?

Amazon is worth 10x was it was in 2010...

 

[Der Eisbär]

Or they could decide to criminalize it

You mean as opposed to legally recognizing it as a security (which the U.S. did) or legally recognizing it as money (which Japan did)? Yeah let's just make up random possibilities with no indication it can happen and let's act like it's happening.

Bro did you hear they're gonna ban sports??

 

[Deleted member 409801]

It is too late. Once everyone has this idea that something is a sure thing to make money, it is way too late. I have a grandparents theory. If your grandparents know what you are talking about and are thinking about getting in, it is way too fucking late. For example, once my grandparents started talking about Amazon and Walmart, it was way to fucking late. Just listen to stupid people and if they start thinking it is a good idea, stupid people money is already in it and starting a bubble.

The bubble for cryptocurrency is scary since what traditional indicators are there to tell you that things are getting bad? It is all speculation. Might as well be buying and selling tulips. You wouldn't buy stock in a company without having an idea about it financials. Things could be really really bad but you wouldn't know it and there are likely large players in play that have enough pull to swing things around.

Good post

Making money is hard.

If the insinuation is that all that is required to make money is to listen to fuckin CNN and then throw some money at something , then I'm not buying it.....that ain't the way the world works.

"Buy on the rumor , sell on the news "

Thats always been succinct advice , and now you've got umpteen thousand dipshits that totally bought on the news thinking they've successfully signed up for the free money.

 

[theskza]

I hate every post ITT

 

[griffithberserk]

Whales taking money out and holding it on the sidelines. Wait until the new money starts going in. Pump it back up.

150 billion was taken out of the MC within 8 hours today. Obvious whale tactics are obvious.

JUST HODL

 

[Orgasmo]

Key differences I see between the two are that the dot.com bubble was initially injected with a ton of capital from large institutions and venture capitalists where cryptocurrency was initially funded by a way larger number of smaller investors. That could have different implications for stability. The dot com bubble was also way more U.S. centric as most of the companies were formed and stocks sold here whereas crypto is worldwide.

There are also a handful of companies that survived the dot com bubble and are huge now. I think the same will happen with cryptocurrency.

The result is the same. It is estimated that 4% of investor addresses owns 95% of cryptocurrencies in circulation. Think about how scary that is, vast majority of market capitalization and value comes from those 96% of investors, and yet they collectively only hold less than 5% of coins. You're asking to be taken advantage of, since those 4% determines when they crash the market once they decide to cash out. They can pump and dump you anytime they want, and you'll be left holding the bag of fool's gold.

Also, the companies that survived the Dot Com Bubble actually produced goods or services. Amazon is a e-commerce giant. Microsoft produces operating systems. IBM produces servers and computers. CISCO produces network hardware. We practically need Google's services for every aspect of our lives. The stocks of these companies are valued based on their predicted future cash flow, and owning their stocks means you now own part of the company. Owning stocks also give you quarterly dividend payout from corporate profit.

What does Bitcoin or Ethereum produce? Nothing. There is no future revenue stream as there is no service or product. The only thing providing value is how much the next guy is willing to put in. Both failed miserably as currency as they are too volatile, lack scalability and are not widely accepted. They're speculative commodities, nothing more. You buy them in the hopes that its value will go up, which is ironically contradictory to what a currency should aim for.

The unrealized potential is in blockchain, not coins that spawn from it. Usually you purchase stocks in companies that develops such technologies, but right now in this speculative climate it's actually choking innovation as people rush to buy a byproduct.

https://techcrunch.com/2018/01/07/the-cryptocurrency-bubble-is-strangling-innovation/

 

[Cygnus A]

The result is the same. It is estimated that 4% of investor addresses owns 95% of cryptocurrencies in circulation. Think about how scary that is, vast majority of market capitalization and value comes from those 96% of investors, and yet they collectively only hold less than 5% of coins. You're asking to be taken advantage of, since those 4% determines when they crash the market once they decide to cash out. They can pump and dump you anytime they want, and you'll be left holding the bag of fool's gold.

Also, the companies that survived the Dot Com Bubble actually produced goods or services. Amazon is a e-commerce giant. Microsoft produces operating systems. IBM produces servers and computers. CISCO produces network hardware. We practically need Google's services for every aspect of our lives. The stocks of these companies are valued based on their predicted future cash flow, and owning their stocks means you now own part of the company. Owning stocks also give you quarterly dividend payout from corporate profit.

What does Bitcoin or Ethereum produce? Nothing. There is no future revenue stream as there is no service or product. The only thing providing value is how much the next guy is willing to put in. Both failed miserably as currency as they are too volatile, lack scalability and are not widely accepted. They're speculative commodities, nothing more. You buy them in the hopes that its value will go up, which is ironically contradictory to what a currency should aim for.

The unrealized potential is in blockchain, not coins that spawn from it. Usually you purchase stocks in companies that develops such technologies, but right now in this speculative climate it's actually choking innovation as people rush to buy a byproduct.

https://techcrunch.com/2018/01/07/the-cryptocurrency-bubble-is-strangling-innovation/

This is the same shit people were saying 5 years ago, yet the value is still going up.

 

[Orgasmo]

This is the same shit people were saying 5 years ago, yet the value is still going up.

Because idiots keep pumping real money into "digital gold", all hoping to strike it rich with minimal effort. It happens a lot throughout history actually. Dumb shits were done in the name of greed. Going up in value means new gullible idiots are entering the market, nothing more. It does not change the nature of cryptocurrencies.

I thought about buying some too, but my goal was to sell to the next idiot for more. I don't have grandiose dream of striking it rich or cryptocurrencies becoming medium of exchange. When fanboys say it will be as big as stocks in 10 years, I chuckle.