Almost all cryptocurrencies have been seeing massive losses in the past day or two

already creeping back up. no telling what we wake up to though...

originally posted by: worldstarcountry
a reply to: darkbake

Dude, just turn it back in USD/gold/silver/securities and then buy back after the correction is over. The longer you wait the worse the massacre will be. Notice gold and silver have been rallying on the back of these coin losses??

Thanks, I was thinking of this.

a reply to: neo96

I almost got into cloud mining but heard that many of the sites were a scam, if not all of them.

a reply to: neo96

Do you happen to know what BCCOIN is? It fell 81.93% in the past 24 hours...

originally posted by: darkbake
a reply to: neo96

Do you happen to know what BCCOIN is? It fell 81.93% in the past 24 hours...

Yeah it's the scammer site they been talking bout here.

a reply to: darkbake

$11,251.30

The last peak was 14,489, hasn't been back since.
The thing is in order to profit in a pyramid scheme, your buy sell strategy has to be more profitable than someone else's.
There were some smart people that ended up just burning their papers out in the desert after the 1929 stock market crash.
The market timer that was posted January 5th was kind of vague from my perspective, still gambling at this point.

Credible figures within the cryptocurrency space including the Ethereum and Litecoin creators both believe Bitconnect is operating a Ponzi scheme. However only circumstantial evidence has been presented. Please do your research.

www.cryptocompare.com...

a reply to: neo96

Everyone thinks it's a ponzi scheme and Texas/North Carolina seen to agree.

a reply to: projectvxn

I read that article too.

I never heard of them until today.

So the suicide hotline is on top of the /r/cryptocurrency sub.

Wow.

a reply to: JinMI

Its for the BitConnect people.

A lot of people got royally screwed with regard to BCC.

Some people literally lost the farm.

a reply to: projectvxn

I could certainly understand. They shouldn't have bet the farm if they weren't prepared to lose it.

Can not reiterate enough, don't invest what you can't stand to lose.


Whats worse is the amount of shilling that went on around it.

originally posted by: Gazrok
already creeping back up. no telling what we wake up to though...

Trading markets is much like riding a horse.

When a novice tries to jump on the back of a horse, the animal bucks and twists, jumps around, and shakes, all in an attempt to shake the rider off.

The seasoned jockeys know how to ride the horse, and remain seated, calming the horse down, and the animal calmly paces across the landscape.

Recent bitcoin market activity suggests lots of novice traders are hopping on the crypto horse, and the market detects they are untrained riders, so it bucks and shakes, attempting to throw off all the new arrivals.

This also suggests that the character of the market is changing, with the players being predominantly the more skittish inexperienced speculators, looking for that quick buck, but can't really afford to lose the little coin they've invested in the crypto. This causes them to want to jump out the minute something bad seems about to happen, hence the wild drops in the currency.

Now the seasoned traders, noticing the changing character of the market, will reverse their buy and hold strategy, and everytime the bitcoin approaches the $20,000 mark, they'll quietly sell out more of their long term position.

They would have noticed, that all the seasoned traders that were going to buy bitcoin, would have bought bitcoin already, and there are no more long term players out there left to enter the market. There are only these novice players, who are rushing for the quick buck outthere, and when these novices enter the market it's time to exit.

The game right now for the seasoned traders is, sell the high, and avoid taking new positions. Wait for the shakeout.

Bitcoin should fall back below $1000 USD, then bounce around a bit, before finally settling somewhere between $1000 and $5000, where it will sit for a couple years, until the market sees what effect all the other crypto do, and which one turns out to become the favorite.

Glad I didn't buy any bitcoin, and still glad I'm out.

I'm a buyer when bitcoin falls back below $100.

a reply to: JinMI

What sad is how many people tried to warn about BitConnect, but that is the power of ponzi schemes. No one will listen while the money is rolling in.

Just ask Bernie Madoff.

a reply to: projectvxn

Indeed.

It's too bad for those that lost out. Overall, this is a crypto win however.

originally posted by: seasonal
a reply to: darkbake

This is not new.
Crypto is a fast moving groin kicking stomach churning venture. But with great products like Ripple I think we will rise again.

A sharp reversal on a one minute time frame at the 50 % is a buy every time....wow cool graphic man.....I could trade that now that you did that breakdown for us

originally posted by: projectvxn

Just ask Bernie Madoff.

Bernie Madoff was not a crook.

He honestly believed that nobody could beat the market in the long run.

So, he never invested the people's money in the market.

He put it safely in the bank.

That way, he was guaranteed never to lose any of their capital.

But, people are greedy, and they want to see returns.

So, Madoff invented fictional stock trades, that showed their portfolio making profits, and paid them "a return" on their investments. To pay this return, he had to "drawdown" the capital of the collective, since it wasn't really making that return. So, in effect, he was simply giving people back their own cash as "a trickle" and calling it "a return".

Bernie's "return" was really a "return of investor capital" and not "an interest rate nor dividend" which is what people understood "returns" to be.

This is how Bernie looked like a genius. Because even if the stock market collapsed, nobody would lose their money. Gee, they were getting back their money bit by bit.

It is just that the investors thought that their capital was "growing", when it was really "shrinking" because it was being returned as fictional "interest" or "dividends".

The scheme required investors to keep their money with Bernie, and for Bernie to find new investors to keep the pool of funds at the level required to make these payments back to the investors.

But, it was a sensible scheme.

The markets are a tough place. If you cant stomach the waves - do not get on board.

This drop in prices is due to the suspect regulations on crypto currencies. If that regulation never happens things will get back to normal. If it does happen, there will be a new normal and things will progress from there.

Either way, I see this as a buy opportunity and acted accordingly. But as always, I don't play with money I can not afford to lose. I feel sorry for people who took out second mortgages to buy in recently. As soon as I heard people were doing that I knew there was going to be a big correction. It just had to happen. Life is funny that way...

back down again...what fun.

im fine sitting on whats in...just looking for the right time to get more....