Bitcoin Dives Below $12,000 - Analysts Say Could Spark "Market Contagion" in Cryptos

a reply to: AugustusMasonicus

Kinda of proves the point. Volatility.

You are correct it is volatile. I agee. That being said I would prefer my money in btc in preference to a bank.

originally posted by: purplemer
That being said I would prefer my money in btc in preference to a bank.

What nudnik keeps their money in a bank? They don't pay intrest worth a damn.

Bitcoin dropped because last week there were many stories about grannies putting their house up on a new mortgage to buy bitcoin.

When an investment is being inflated because Grany is selling her home to the bank to "get in" it means that the bubble has reached the top. Time to get out, that's why the big inverters are pulling out ... the fad has run it's corse.

Bitcoin....

Cryptocurrency = digital Beanie Babies.

originally posted by: proximo

originally posted by: Vroomfondel

originally posted by: proximo

originally posted by: Vroomfondel
Bitcoin, or any crypto-currency, is not unlike any other fiat currency in that its value is based on demand. If no one wants it - it has no value. Bitcoin will be in demand at least until there is a better alternative in digital currency. More big money is starting to accept bitcoin and the market devoted specifically to bitcoin is growing. You can now buy a Lamborghini from a giant vending machine using bitcoin. I know that is not the best example of the validity of the currency, but it does demonstrate that various entities are investing in its future.

I see this correction as a buy opportunity and I am watching the prices and waiting...

There are dozens of other crypto currencies that are better than bitcoin. IT SUCKS. Hours to complete a transaction, high fees, and only the ability to do 16 transactions a second.

It is a joke in terms of a workable currency. It is great that it was the first and introduced the blockchain, but it's time has passed, many other currencies are far superior. It should not be the most popular any longer.

I too see it as a buying opportunity, but not for bitcoin. I am never going to buy it again, it's time is over, and the market is starting to realize it, just look how much it's market dominance has dropped the last month.

Bitcoin is going to be the big kid on the block for a while. Of course there are others that are worth buying, and i probably own most of the ones you are talking about. And I have my eye on a few fractional cent coins that may show some promise long term. I don't think bitcoin is going away any time soon so big drop in price, especially after so many noobs bought in because of the recent news, is nothing to worry about. Its much like the 1920's. A whole lot of people with little experience in investing bought in because they keep hearing about the profits other people are making. Most of them don't have the stomach for it and panic the first time they see their balance drop. There is a lot of knee-jerk selling going on. Just look at the numbers. It dipped to the $10k range and is already back to $14.5k. 40% in one afternoon is ok with me.

I'm not saying it is going to go away, but it's days as the leading crypto coin are very numbered in my opinion.

I do not think it will be the leader by the end of 2018 if not sooner. It is only going to take one big name company promoting a crypto - say amazon and that will become the defacto leader. Amazon could never promote Bitcoin, or or even Etherium because they are just to slow to have practical use for transactions. But Amazon has a big motivation to want to use a crypto for payments - because A. No more paying a 2.5% credit card fee on purchases and that would be a huge improvement to Amazon's margins, B. Less issues with currency translation, C. They get to hold a large amount of crypto which is likely to increase in value faster than fiat currency.

There have been several rumors about amazon wanting to get into the financial services also - and using crypto to cut fees and speed up transactions is an obvious thing to do to gain competitive advantage.

I could be wrong - but I don't think I am. Bitcoin started the year with 85% dominance and now is 45% dominant. That trend has only been accelerating the last few weeks.

You make a good point about the % dominance. But I think part of that is the recent surge in small investors who bought less expensive coins as opposed to bitcoin. I think a lot of people see owning a thousandth of one bitcoin less attractive than owning a whole coin of something else. Those investors are limited though so we should soon see the shift slowing down and stabilizing. Time will tell...

Out of all the volume of Bitcoins being bought/sold/traded...

Less than ONE percent is actually being used to purchase actual commodities. Physical things. Like food, building materials, cars, land, homes ect...

Over 99% of Bitcoin trading by volume is speculation.

Until Bitcoin and other currencies can buy me a cheeseburger easily, I fail to see the usefulness of them. About the only things you can really "buy" with Bitcoin are illicit drugs, hacked Paypal accounts and weapons on the dark web from Russians.

a reply to: Kettu

Until bitcoin settlement gets a little bit more stable its going to be a novelty mostly appealing to Geeks.
Too much investment in bitcoin for it to completely fail, big money has set up ETF derivative markets and even the letter agencies have bought into the infra structure. They have future plans for tiny houses in Norway heated with bitcoin mining hardware to grow the supply of block chain authentications.

Unfortunately we probably won't see the high side of $14,000 again for a while now that the derivative markets have enough initial supply of bitcoin to back their products.

a reply to: FamCore

I tried to send a private message to you but was denied by ATS for some reason (i may be to new). What think ye of Ripple? XRP on the exchange. I'm diving in I think, a few dollars at least.

the chart historically is a slow drop.....for a year or so....twill be slow

a symetrical triangle on the day chart

a reply to: MonarchofBooks1611 make sure you jump litecoin and SALT some Veritaseum.....too

It can crash all over, and still be a hell of a money maker. Right now, if you had one total bitcoin in Jan of 2017, at $800, it's now worth over $14,500. What? I'll take that return anyday...thanks.

the fad has run it's corse.

This "fad" has gone on for 9 years now, and made many people millionaires with just small investments.

I do believe there's an endpoint to it, but I don't really think we're even close to it yet. And as long as you keep your investment in it small, what's the harm really? It either pays off, or it doesn't....