Bitcoin who's holding the bag ?

I'm not holding much but what I have is at around 50% loss . Why is it crashing because of mass sell off ? Think it's sitting around 17 something and falling .

So who's holding the bag who is paying everyone their cash when it's sold off and how are they able to handle this run on cash ?

Are the banks next ?

I'm confused at how this is handled and how whoever is paying the cash money for a virtual currency can actually survive .

a reply to: Ravenwatcher

It was probably just a scam, like I said in the beginning.
..with the intention of mainstreaming crypto currency.
The fed just announced a fedcoin coming out.
Watching the effects on the other crypto currency will be interesting.
There's some guys here involved that know more than I do about it.
Check this out...probably some of the biggest news happening and the reason for the distraction clown show going on.
link

originally posted by: Ravenwatcher
I'm not holding much but what I have is at around 50% loss . Why is it crashing because of mass sell off ? Think it's sitting around 17 something and falling .

So who's holding the bag who is paying everyone their cash when it's sold off and how are they able to handle this run on cash ?

Are the banks next ?

I'm confused at how this is handled and how whoever is paying the cash money for a virtual currency can actually survive .

I'm sure the political leaders and vodka drinkers as Pelosi have already cashed out. How else did they get rich? Insider trading has it's benefits.

a reply to: Ravenwatcher
I can see it falling below $10k per coin. I sold most of mine 6 months ago(I didn't have loads) but a friend had over $300k in bitcoin. He left it and is kicking himself but said he has seen this loads of times so is now holding it until it goes back to where it was or becomes worthless.

originally posted by: SoEpic
a reply to: Ravenwatcher
I can see it falling below $10k per coin. I sold most of mine 6 months ago(I didn't have loads) but a friend had over $300k in bitcoin. He left it and is kicking himself but said he has seen this loads of times so is now holding it until it goes back to where it was or becomes worthless.

The problem with that never before has the price dropped over 50% from the highs, this time it did unless Im reading the chart wrong.

www.tradingview.com...

originally posted by: Ravenwatcher
So who's holding the bag who is paying everyone their cash when it's sold off and how are they able to handle this run on cash ?

Are the banks next ?

I'm confused at how this is handled and how whoever is paying the cash money for a virtual currency can actually survive .

The only people who are freaking out right now are those who are leveraged and are worried about a margin call.

Anyone who just owns BTC doesn't have to worry about that, the only thing they have to worry about is the 'Revolution' scenario (cool show about when the power goes out... permanently).

Just hodl on and ride the tiger baby...

I'm holding a bag and the weird thing is im not even that mad/scared. In fact I'm buying more the lower it goes. Only BTC now though...even ETH is looking risky but it's under $1000! Might have to grab a few just in case. Talking to OGs that have been in the space for years...many alt coins never return from these bear markets.

If BTC actually goes sub 10k I'll actually have a chance to get a whole coin, something I thought impossible just 6 months ago. Only 21 million coins will ever exist remember that. The ability to transact peer to peer with no third party bank/government/institution. As long as these fundamentals are there I'm going to keep buying. And with the current price action im going to have a lot more than I thought.

I'm holding a nearly all my assets in crypto, and I always have. But I've been in the game a long time so I'm still well ahead, regardless of how low crypto falls. And I don't want to contribute to the crash by selling out, so I'll just hodl like I always do. I'm sure we'll get back to where we were in a year or two, it always seems to unfold that way.

However, I will say this crash feels a bit strange, the timing doesn't make sense, limited supply assets like Bitcoin should do very well in times of high fiat inflation. If I were to guess, many wealthy people flocked to cypto when the pandemic began, because it seems like a fairly sure way to secure some profits at the time.

Now many of those wealthy people might be trying to cash out, or even worse they might be trying to intentionally influence the ups and downs of the market using their massive wealth, making them even wealthier in the long run. That's why I wont play into their game and help them cause massive price shifts.

Big money is hip deep in crypto, anytime those people are in it they can and will manipulate it.

Add in the Fed confiscating several million in crypto from a wanted person and suddenly the big appeal of crypto starts to go up in smoke.

Lastly when you come right down to it, what was giving it the value other than belief in it and its safety from the govts of the world?

I currently hold 11 BTC I bought after the 2016 high and subsequent drop my average per coin was around $700. I’m still way up. Not as cocky as I was at 80k hoping for the McAfee eat my dick at 250k confidence but still not sweating. Yet I was an early adapter that heard about the white paper here in 2008 and made money already off my initial next too nothing investment.

Am I worried… meh. Do I believe in the project, yes. The limited quantity the scalability I feel give it a future if I’m wrong I’m out about 8 grand

But what a hell of a ride getting there

SaneThinking

Ugh.. y'all gotta play the market more.

You can buy and sell as many times as you wish, so what would the harm have been from selling at 65k "just incase" it went down from there? If it went up a bit more, you could've bought back in for a small loss, but otherwise you would've had massive profits. What would've been the "safer" bet?

Before this crash, it dumped down to 30k before recovering back into the 40k+ and beyond more than once. You could've bet on known support levels to buy back in after selling when a big down trend started and made tons of profit. This is how it should be done IMO, otherwise you're just holding onto a wildly volatile asset for better or worse. In stocks, we call that marrying the stock instead of playing it for profit.

It's going to go back up, how much and how quickly is anyone's guess, but you can rest assured a million eyes are on it just waiting for the bottom, that's if it isn't already in yet. If you held it instead of selling for a small profit or a small loss, all you can do now is put more money into to average down because it's going to be a while before it gets over 30k again, 40k is even further away.

When the bull market starts again, bitcoin and the rest of crypto will follow it in sympathy as always.

Remember that post a few months ago I talked about fed coin and crypto centralization?

And a bunch of people poo pooed me

The gov is going all in on making their own crypto.....they will not allow competition


Told ya so 🤷‍♂️

Bitcoin is at $19,698.27, up 7.7% today. Looks like the bottom was 18k area, at least for now.

If you had been watching for it and bought one bitcoin, you'd have made almost $2,000 in a single day. The thing is, it will always sell off to some extent after reaching a high for the day. If you watch for that and sell it, you buy back at the next dip in the same day or two and so on.

You do that over and over and collect the proceeds. Not everyone wants to trade on a daily basis and watch for it though, I understand.

originally posted by: Ravenwatcher
I'm not holding much but what I have is at around 50% loss . Why is it crashing because of mass sell off ? Think it's sitting around 17 something and falling .

So who's holding the bag who is paying everyone their cash when it's sold off and how are they able to handle this run on cash ?

Are the banks next ?

I'm confused at how this is handled and how whoever is paying the cash money for a virtual currency can actually survive .

I have always said since the beginning of Bitcoin and when bitcoin was even the only 1 cryptocurrency on the market that it was a ploy by governments. That they will let it rein free let people believe they have their own currency that is not regulated by anyone to let it take hold and become a norm.

What have we seen in the past few years big CC companies like VISA, American Express etc started adopting it and in England banks are already setting up for it since about a year. Not to mention china has a beta program with a digital Yen with a expiration date built in.

Now this happens. Just 2 sources buy and sell billions at a loss and suddenly there is talk about legislation. Coincidence?

Did anyone ever think they would just allow a new currency on the market and unregulated? Ever wonder why they never made a effort to ban it?

a reply to: Ravenwatcher

So you lost 50% of what you gambled? Or did you loose 50% of from where it was at the highpoint of when you bought?