Cryptocurrency

[tomtomagain]

Friend of mine saying lots of alts dropping as well - something about a hack?

People always try and explain drops with some sort of nefarious excuses.

"A hack", "Short Sellers", "Government Manipulation", "Bank manipulation" ...

But how about this for a reason: BitCoin has very, very little intrinsic value. It's not a share, it's not a commodity, it's not a bond. It's just reverting to its real value following a massive price spike.

I said this in another thread, but I'll say it again. What is there in BitCoin that will stop a slide? There's no central authority to prop it up, there's no real value in the coins themselves. The only thing it has is hope. Hope that it is going to go up ... but why would you buy into something that had no real value and was falling in price? Most people will "wait till the dust settles"

And here's a thing. Over the last couple of weeks, the media have been shrieking about the price rises, writing articles about pretty girls who've made a fortune, with the usual lack of insight and balance.

They are going to be shrieking even more loudly now that it has fallen 50% in a few days ( was almost $20k, now, at time of writing $11k ). What's that going to do for "market confidence"?

[SeededLoaf]

"It’s not clear yet what happened here, but it is possible that someone with a large stockpile of Bitcoin made it available to the market.

"This increase in availability could have initially driven prices down, with other holders - especially those that bought at the top of the market - panicked into offloading as a result."

Yes probably this.. some spotted nerd just sold his hoard of coins for $millions having bought them for a couple of dollars years ago.

[VirtualMonkey]

What did your cup and handle tell you?

Told me it's time for a brew while this blows over. Even if it corrects down to £8k per coin I'm well up for doing very little...and that's if it stays there and never moves back up
I took the red pill afterall

[MarillionFan]

Bitcoin loses more than a third of value over a week - BBC News

ROFL. Fished-In. Suckers!

[FrontEnder]

Bitcoin loses more than a third of value over a week - BBC News

ROFL. Fished-In. Suckers!

..

So far, nothing out of the ordinary.

[MrMarkyMark]

..

Time to buy in

[MarillionFan]

Time to buy in

I'd double up, there's no way it can halve again, it's fundementals are so solid!

[milanbenes]

catch a falling knife

Milan

[Jog On]

We've been waiting and talking about this correction for weeks now. Glad its finally here so we can get it over and done with. Although $7500 - 8000 would be an epic buy opportunity. I'm all in BCH, DASH, XLM, XRP and alts though... Something tells me the correction might be over by the time I SEPA some cash into uphold

[VirtualMonkey]

We've been waiting and talking about this correction for weeks now. Glad its finally here so we can get it over and done with. Although $7500 - 8000 would be an epic buy opportunity. I'm all in BCH, DASH, XLM, XRP and alts though... Something tells me the correction might be over by the time I SEPA some cash into uphold

I think so ... and then it's onwards to 22k and possibly 35k
When the dust settles it's time to work out exactly which alts recovered the best/were not affected/benefitted so we can move quickly to the right place next time this happens