According to https://search.brave.com/search?q=bitcoin+price&source=web
In the past month Bitcoin has lost 20% of it's value are we about to experience a cryptocurrency crash?
Why Is Bitcoin Crashing?
Comments
like woolworths? !~)
All time high on futures open interest, long squeeze. Wouldn't be surprised if bull market is over. It already made a decent run, especially the alts.
It's special discount for you to be able to invest. But if you are looking for stable crypto I recommend Doge coin.
Iron Condor inverse crab formation ending with upside down cup and handle. Weekly candle ending with a satoshi gravestone.
It's all fugazi.
People are realising that Bitcoin is a Ponzi scheme and the only people getting rich of it are the ones who create the fake hype about it.
This kind of comments attracted downvotes when crypto was going up. Let's see if this is getting upvotes when crypto is going down.
Buying Cryptocurrency feels the same as buying .COM domains back in the early internet days.
People rushed in to buy domains thinking THAT was where you made money in the internet. Look at it now, domains are dirt cheap.
Crypto will be the same, this is stage one of the technology we will outgrow Cryptocurrency in the same way we outgrew our fascination with domain names. Something bigger blockchain related will soon come out of this wave of innovation that will snatch the value.
Because it's an unregulated currency the price is based on the whims of the masses, which are driven by the media.
Funny comments, had a good laugh
Real answer: over leveraged long positions, hinted US fed tapering, omicron uncertainty, fear of evergrande default
My guess: everyone that's going to put their money in to Bitcoin already has and now it's just bouncing around by profit takers selling the peak and everyone else trying to time the trough. The Bitcoin bro's are now starting to lose money because timing the market takes copious amounts of skill/luck. They now realise they aren't as great at investing as they thought they were so are pulling their money out of Bitcoin to look for the next big crypto to continue their dopamine rush.
As long as it’s unregulated there’s no luck required to make money if you’re someone like Musk, you just sell your holdings, talk it down, buy, talk it up, rinse repeat. Every dollar made is a dollar lost by someone else.
Yeah, crypto is basically a speedrun for "why finance regulations exist".
Lucky there's only one Musk.
And yet, Musk decides to generate himself the biggest tax bill possible, by deliberately making the most inefficient sales of his oldest (read, highest gain) stocks.
https://www.teslarati.com/tesla-tsla-elon-musk-maximum-tax/
Then he goes and uses the cash from these recent sales, to increase his Tesla holdings.
https://www.thestreet.com/investing/how-elon-musk-sold-1b-of…
Internet trolls will still continue to hate on what they can't comprehend. Accumulating money is not the point.
Cashing it out, has been saving for christmas.
If you want a serious answer have a look at recent news about USDT (Tether) recently printing another 1.5T USD
Yep, it's all about Tether.
People are confused. They don't know the difference between USD and USDT.
Biden signs $1 trillion bipartisan infrastructure bill into law, unlocking funds for transportation, broadband, utilities
PUBLISHED MON, NOV 15 202110:33 AM EST
https://www.cnbc.com/2021/11/15/biden-signing-1-trillion-bip…
Bitcoin is basically the Gambling that sits between casino and stock markets… smart enough not to lose it all; stupid enough not to study anything else.
Best time to buy is when there is fear market, and it works in both the stock market and crypto market.
Holding for 5 - 10 years, not selling.
I am buying!
Yeah there are downsides, still quite sure it will take off and get mainstream adoption soon. Hint: it's not just payments, it's part of secure Cryptography + Decentralization and improvements for most businesses. The old payment system is centralized and takes 48hrs to batch each set of transactions. Most chains reduce that to seconds and are growing to handle more transactions per seconds. Probably the best intro video: https://www.ted.com/talks/don_tapscott_how_the_blockchain_is…
Nocorners that think that this will go away are only looking 5 min ahead.
People that manage billions of dollars of other people's money knows better. They have a 100Y time horizon.
Australia’s Rest Super retirement fund to invest in crypto assets
By Ali Raza PRO INVESTOR Updated: 24 November 2021
Rest Super, a superannuation Fund based in Australia, has announced it will invest in cryptocurrencies. This move will make it the first investment fund in Australia to have such an investment.
Rest Super has over $46.8 billion worth of assets under management, and it has around 1.8 million members. Rest Super is a retirement account that is compulsory for all employees in Australia.
https://insidebitcoins.com/news/australias-rest-super-retire…"Researching" is brofessor speak for "our bags are full and want you to buy from us, but not just yet".
crashing???
when, where? i dont see it.
- outperformed every asset class over the past 11 years
- increasing amounts of corp/institutional money pouring in
- the most scarce, secure, divisible and transportable form of money the world has ever seen…
yet people are still in denial and will be until the boomers die out/crypto see mass adoption
They're waiting for a fax from their broker telling them it's safe to buy.
hahaha 😂
I'm buying as much as I can because Bitcoin will probably end up been worth over 1 million each soon.
Madoff was a genius investor for almost 50 years. 11 years is a blink.
Cryptocurrency is infinite, a particular cryptocurrency might be limited, but there’s nothing that makes an individual currency especially valuable.
Individual stocks have done substantially better over the last 5+ years. The magic smoke escaped from currencies like bitcoin long ago, now their value is contingent on convincing people to buy to help cash out those who haven’t yet.
Bitcoin could go up a hundred times more, or it could crash to cents and never recover, or bounce somewhere between for decades. There’s nothing about it that suggests either is more likely than the other. Interest rates rising don’t bode well though.
The thing about bitcoin is, the more people who adopt it -> more people run nodes -> more secure it becomes. This is why bitcoin is the most secure form of money in the world and what makes it especially valuable as a form of value store over other cryptocurrencies.
And of course individual stocks have outperformed bitcoin over the past 5 years, it's not hard considering bitcoin is at a $1T USD market cap. Let's see how those individual stocks performs against good emerging altcoins over the next 5 years.
Total market cap of cryptocurrencies 5 years ago was $12B USD. Today it is $2.35T USD.
Yes any cryptocurrency can crash to cents and never recover but the same thing can also be said for any asset in the world.
I'd suggest to do some proper research into the topic and I'm sure your views will changes as you become more knowledgeable.
Please post the ticker to one stonk that has outperformed Bitcoin since Jan 2009 or at any time horizon.
'at any time horizon.'
ASX: APT
$2.95 June 30 2017
$99.38 Dec 8 2021Up 33.68x
Bitcoin
July 1, 2017 $2,288.33
Dec 7, 2021 $50,717.27Up 22.16x
And there are literally thousands.
Bitcoin had done it's outstanding performance run by 5 years ago, now it's just an extremely high risk asset with no fundamentals.
It gets worse.
Bitcoin
April 1, 2020 $57,750
Dec 7, 2021 $50,717
(DOWN 12%)S&P/ASX 200
April 3, 2020 $5067.50
Dec 7, 2021 $7,313.90
(UP 44%)These are taking the most favourable possible prices for bitcoin, least possible for the stocks, and ignoring dividends!
Bitcoins entire growth potential relies on people like you convincing others that it has any because it doesn't produce anything and costs a fortune to run, it needs a continual inflow of new capital just to survive / maintain its current valuation.
Can't survive off what it did before 2017 forever, the more recent the timeframe, the worse it's done.
ASX: APT
$2.95 June 30 2017
$99.38 Dec 8 2021
Up 33.68xBitcoin
July 1, 2017 $2,288.33
Dec 7, 2021 $50,717.27
Up 22.16xYou're right. APT has done well vs BTC between Jun 30, 2017, and Dec 7, 2021. I can see why Jack wants to buy it.
Bitcoin
April 1, 2020 $57,750
Dec 7, 2021 $50,717
(DOWN 12%)S&P/ASX 200
April 3, 2020 $5067.50
Dec 7, 2021 $7,313.90
(UP 44%)The XJO on the other hand has underperformed vs BTC between Apr 1, 2020, and Dec 7, 2021.
One of the great mysteries. Why does Bitcoin go up? Why does Bitcoin go down? Since it is a purely speculative asset with no intrinsic value it is only worth what you think it is worth.
and thats it in a nutshell basically.
Why do we value a soft yellow metal which is basically useless outside of jewellery, niche dentistry and occasional electrical connectors? Because we do. We could have used any other precious metal as a value store - platinum, palladium, rhodium, iridium. Silver rivalled gold as a value store for a while, until the Spanish found a mountain of it in Latin America and that drove down values somewhat. But overall, we made the more or less arbitrary decision to value gold.
South sea islands used cowrie shells for currency. It worked pretty well. You can't really counterfeit a sea-shell, and you don't have the coin-clipping problem that you have with gold.
Bitcoin will keep bouncing around ad infinitum, either until another major exploit occurs (it happened once) or some other crypto manages to dethrone it. Ethereum is looking potentially dangerous.
By that logic there is no intrinsic value about a plastic $50 Aussie Dollar note either. What can you do with a thin piece of plastic?
wait… did you just have an epiphany?
Discovering bitcoin made me understand what money really is.
Price Fluctuations are too extreme when a trading house get hacked, Big guy like Elon buy in or somebody sells out big time. It’s like walking on fire everyday. Put in like 5% of your assets, in which you can afford to loose.
trading house get hacked
If someone hacks the ASX then you can find out where the shares went. Good luck with crypto.
With crypto you can see exactly where your coins (shares) have gone, you can see where every coin every made has gone, but you can't do anything about it.
but you can't do anything about it
Talking about rubbing salt into the wounds.
Nocoiners know as much about this technology as they know how email works.
@rektrading: Why do crypto bros insist on naming anyone outside the cult "nocoiners"? Can't you just be smug and insufferable without trying to mint new words?
@rektrading: Tell me I'm wrong. Do mentally healthy crossword fans refer to "nocrossworders"? Do weebs refer to "nonanimes"?
The only comparison I can think of is religious zealots branding non-believers as 'heathens' and so forth. But it wouldn't be fair to compare cryptobros with religious fanaticism now, would it?
"nocrossworders"? Do weebs refer to "nonanimes"?
You made that up.
https://duckduckgo.com/?q=nocrossworders&t=braveed&ia=web
https://duckduckgo.com/?q=nonanimes&t=braveed&ia=web@rektrading: If you'd like another go at the Comprehension section of the test before I get out the red pen, this is the time.
@Crow K: I didn't coin nocoiner. That credit belongs to someone else.
https://slangit.com/meaning/nocoiner
Posted byu/_Eisenstein007 4 years ago
What is a Nocoiner?
A Nocoiner is a person who has no Bitcoin. Nocoiners (usually Socialists, Lawyers or MBA Economists ) are people who missed their opportunity to buy Bitcoin at a low price because they thought it was a scam, and who is now bitter at having missed out. The nocoiner takes out his or her bitterness on Bitcoin Hodlers, by constantly claiming that Bitcoin will crash, is a scam, is a bubble, or other types of easily refuted FUD. Nocoiners have little to no computer skills or imagination; even when they see the price of Bitcoin go up and its adoption spread they consider all Bitcoin users to be in a collective delusion, with only themselves as the ones who can see what is happening.
https://www.reddit.com/r/Bitcoin/comments/7kn2i4/what_is_a_n…It's a word and it's here to stay.
@rektrading: The nicest thing I'll say about that word is it's as legitimate (and 'here to stay') as crypto is.
Crow: Why do crypto people call people who don't do crypto 'nocoiners'? No other interest group does that. Crossword guys don't refer to "noncrossworders", for example.
Rekt: "Noncrossworders" isn't a real thing, you made that up.
Crow: (deep breath, pause) Why do crypto people invent a word for non-crypto people? No other interest group does that.
Rekt: Oh, I didn't come up with the term. Someone else did. Here, it's a word, we made up to refer to non-crypto people. It's a word.@Crow K: Just for giggles, I think I'll add that other interest groups do make up words. The most recent ones are:
Anti-vaxxers and the converse, Sheeple (ok, Sheeple may have been used elsewhere but has been taken on by them).
Then there are Boomers, or Fking Millenials etc.
Nothing like a condescending tone to liven up the mood.
@Hoofee: Thanks for engaging - though I'm mainly discussing the concept of an interest group inventing a term for anyone who isn't a member of their own interest group. I think vaxxers/anti-vaxxers doesn't count as it basically represents a stance on an issue (as does pro-choice and pro-life being self described terms in the abortion debate).
And Sheeple has been a word for a while [1945 seems to be the first use] and even then it wasn't used by a "I'm from Group X and anyone who isn't in Group X is a Y" sense.
Apart from religious calling non-religious people 'heathens' and so on, then only other example I can think up is military people referring to non-military people as 'civilians' - but you can understand the need for them to come up with a term like that.
But it wouldn't be fair to compare cryptobros with religious fanaticism now, would it?
No, that would be exceedingly unfair to people of faith
btfd
I just do not understand how it works. An announcement will happen, 'Omicron', 'Tesla stops accepting Bitcoin', and then everybody and we are talking millions of people all decide holy crap, I've got to get out of this and sell everything. And then a couple days later, hmmmm might buy back in now.
I really don't understand the mentality when everybody just sells because they see something in the news. They must just be living every day so anxiously wondering why it is they have crypto and each hour thinking should they get out. I really do no fathom why these massive sells happen.
The price action always happens before the news.
People that wait for the news to report the price will miss the price move.
Because it has ZERO actual value beyond speculation.
Most are IT projects, so they do have value as new ways of computing.
Omicron
I know it can be tough on the ego, but for those watching from the sidelines, the market simply doesn't care what your opinion is as can be proven over the last decade.
If you are bearish crypto, gain an opinion that matters by shorting the market.
The crypto market doesnt care about much of anything is the problem, it goes up and down on whims. As for shorting crypto it's a more complicated process compared to stocks which is offputting to most investors, do you believe in long term viability of shitcoins like doge/shibu for example and if not have you shorted them yourself?
Shorting Bitcoin on a CEX is as easy as clicking SELL, wait and click BUY.
Correct.
I don't disagree with you, the crypto market is highly reactionary and a fair amount of manipulation. Because there are many people that are new to trading entering the market, many get burned jumping at shadows. People laugh at the other guy who was saying that it's as simple as "buy low, sell high" but it is surprising how many people know that to be obvious but do the opposite (panic sell).
Personally, I wouldn't short crypto regardless of difficulty in doing so. Infinite risk but a maximum 100% gain.
I have no idea of the long term viability of doge/shib. They started of as undeniable shitcoins, but who knows what the development path these will take. Doge restarted development but it would have a very tough path. Shiba may be doing a burn and getting into Metaverse. Last I looked it's inflation was crazy but who knows what the future will bring for them. Development can change things and weird things can happen. I personally won't be holding them as an investment anytime soon, but they could still moon and that's ok and I would be happy for those that held.
I have bought Doge in the past, litterally in and out within hours taking advantage of a rapid rise. Opportunistic trade rather than an investment. Another couple of times for giggles where I held for a little longer but I don't hold any now. I haven't traded Shiba.
gain an opinion that matters by shorting the market.
…
Markets can stay irrational longer than you can stay solvent
Truer than ever.
The "gain an opinion that matters by shorting the market" was really just me saying to those with no skin in the game, that if they are so convinced that it's all going to crash and burn to grow some balls and enter the market. An opinion with no skin in the game is just irrelevant noise and I find it's often by those that have no idea about crypto other than what they have read in the media.
The only thing that scared money knows is to sit on their hands and talk 💩.
Bitcoin is the canary in the coal mine for millennials who invest blindly with no idea what they are doing. There is talk of it going down to $10,000. leaving aside the fact that bitcoin has absolutely no intrinsic value, it acts like many traded commodities in the current, some would say, market bubble, only to more extremes. The difference with cryptos are they are subject to panic more than other things. There is volatility in general right now due to a number of factors, not the least of which s the omicron scare. If you follow the Volatility index (the VIX) you will see it has doubled in value recently. This is a reflection of the fear in the market. Another clue is the oil price as dropped substantially from its recent highs. Gold usually rises when these things happen but it hasn't changed all that much. The Greenback has strengthened which is a sign of real investors seeking safety. If you can't handle the crypto market's foibles you shouldn't be there and put your spare cash into your super or a market indexed ETF and get on with your life..
Whales. Remember crypto is an unregulated pure speculation market. The whales collude and determine how much money they want to make.
A good retail trader can capitalize on price manipulation by whales and make money.
Keyword: good
During the early stages of a bull run, nearly everyone can get rich. Altcoins go up or down in sync with Bitcoins price. You could've invested in anything months ago and gotten rich. Then slowly people start exiting because they realise everyones in it to get fiat rich. No one wants to pay for their bills or groceries with Cardano or Litecoin lol. All the latecomers to the party end up buying at the peak of the bull run and selling off during the decline. Now today all my alts are up 20%, so no doubt some people are buying back at a loss.
From here though, who knows. I think crypto will just stabilise for a while then go on another bull run in the future when fresh streaks of news or hype occurs again.
Crash would be under 20K, this is just an adjustment, prob Omnicon spooking people.
Step 1. Post link
https://www.abc.net.au/news/2021-12-07/mycryptowallet-collap…
Step 2. Write something
Omg, one of the aussie crypto wallet collapses!
Discuss!
Step 3. Wait for Deme and Rektrading to comment :)
Holding BTC since 2014…. Will keep HODL
This is usual crypto market cycle behaviour whilst regulation/adoption hasn't caught up.
When there's an over enthusiastic bullish or bearish sentiment, like in the past months people were stating 100k USD Bitcoin and all the youtube "investors" coming out of the wood work posting videos with projections and moon/rocket emojis, the automatic market makers will entice people into the market to make highly leveraged trades and once there's enough money on the table (they can see the order books) they will drive prices in directions to liquidate as many as possible. It causes a cascading effect once stop losses are hit on mass.
This is similar to the FOREX markets however there are regulations to limit how much movement in price can occur over a period of time.
check what's happening between bitcoin and tether - especially the recent reveal of tethers appearing out of thin air
USDT is backed by assets.
The NYAG and the CFTC have already fined them. They've been told to stop being naughty and carry on with their business.
You can learn a lot about a person by the language they choose to use.
The USDT is supposed to be 100% backed by USD. 1 actual real $US Dollar behind every Tether issued.
You'd think that would be an easy thing to prove, and yet Tether for some reason can only discuss the extent of their backing in very vague language. "There are some assets, sure", much like rekt says above. And despite their repeated promises to show off some audit reports confirming the 1:1, it's never happened.
The "stop being naughty" comment is, apparently, alluding to them being called out on "misleading claims about being fully backed by US dollars". Have an actual read about what rekt is handwaving away:
https://www.cftc.gov/PressRoom/PressReleases/8450-21
rekt, if you're buying USDT as being fully backed (as they just got fined $41 million to saying they were), I have a bridge to sell you as well.
Aw heck, why stop there. BridgeCoin for everyone. They're free, after all.
I don't care if a stablecoin is backed by fiat money or not. All I care about as a trader is its liquidity and its ability to hold the peg.
There are 69 stablecoins. I'll use any of them as long as they meet my needs.
https://www.coingecko.com/en/categories/stablecoins@rektrading: Well, if you care about whether stablecoins can hold a peg or not, that government report would be nightmare reading. I mean, look at this:
"In addition, the order finds that Tether failed to complete routine, professional audits during the relevant time period. According to the order, Tether retained an accounting firm to perform a review of Tether reserves on a date Tether selected in advance, and Bitfinex transferred over $382 million to Tether’s bank account in advance of that review. The order recognizes that Tether has not completed an audit of the Tether reserves. "
This is the same league as that dude who came on here and said "I'm going to emigrate to Canada, but I need money in my bank account to $X value, so I'm going to have someone transfer that amount in right before they look".
Not showing your processes, transferring money in at the last second before someone looks - isn't this just Enron stuff in a crypto wrapper?
@Crow K: I don't understand your post.
Audits don't have anything to do with a stablecoin holding its peg.
@rektrading: The entire point to stablecoins is that there's a known actual amount supporting the token's valuation.
In this case for each Tether there's an actual green wrinkled $1 USD note sitting somewhere. If you were a mad lad and somehow acquired all X Tether in the world, you could cash them in for $X USD. That's what "holding its peg" would be. And they outright said they had actual $USD notes to back this up - they were literally saying on their webpage (before they decided to loosen the language up and refer to "reserves"). Whatever they call it though, they have pinky sworn that they own actual USD that matches all Tether on issue.
An audit is an independent third party checking your balances and confirming you're telling the truth (usually "their balance sheet at this date basically matches reality at that date, the money is real"). Tether have promised they would do this (but never have) to prove they actually have the money.
A "review" is the weakling half cousin of the audit, it is "seems fine but we're accepting whatever reports they hold up when we look, they could be tricking I guess". Tether went for one of these and got caught moving money around right before the person checked.
Does that suggest that Tether is a normal business and it has the funds it promises everyone it has, so everyone can absolutely trust it?
Note that none of this has to do with the concept of crypto itself. "Does this business have the amount of money it tells investors it has as part of its guarantee?". It doesn't matter if it's a donut shop, a pet store or a Ponzi scheme dressed up to trick techbros, does the underlying entity actually have the funds to pay out?
@Crow K: The core function of a stablecoin is to act as a trading pair. BTC/USDx, ETH/USDx, etc. A good stablecoin must have two things. Plenty of liquidity and be able to hold the peg when there is a market crash.
The peg has nothing to with what you write. It's in the code.
@rektrading: It's in the code? I can't believe you were the one poking fun at normies for not knowing how email works and you're "oh, it's all in the code" handwaving me. Note I've taken the time to discuss this in actual real market terms and you're "well, let's crypto up some words".
How can a stablecoin be "pegged" if it turns out the underlying reserve wasn't there? Isn't that what a peg is for, people hitting the "cash out" button during a market crash?
Imagine roleplaying as a coiner and not understanding the basics of trading.
@rektrading: The value of the peg is the extent of the backing. Tether's value is it's redeemable to the value of $1USD. That's why people are comfortable using it to peg, it's 'stable' to that extent.
Or so they say.
@Crow K: USDT isn't backed 1:1 by USD but it's pegged 1:1 to the value of the USD. There is a difference.
I only care about the latter.
@rektrading: Promise me you'll think back on this moment when you see the "tether printer go brrrr" memes.
USDT isn't backed 1:1 by USD but it's pegged 1:1 to the value of the USD
"value" of USD. Anything can be valued to USD. That could also mean Tether not having a single dollar but other coins at the market value. Hence that defies the purpose of stable coin. During the market crash, Tether would just smoke in thin air.
Good time to buy when it’s low