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*** Official Bitcoin Price Discussion Thread ***

Discussion in 'Crypto Currency & Mining' started by morguk, Dec 28, 2016.

  1. MoRT489

    Soldato

    Joined: Aug 21, 2006

    Posts: 6,661

    Just checked my wallet - jeez the alt coins took an absolute hammering :eek: Why am I still holding alts?!
     
  2. RoboCod

    Capodecina

    Joined: Jun 19, 2004

    Posts: 17,977

    Location: On the Amiga500

    So, when do I buy back in? :D
     
  3. Rroff

    Man of Honour

    Joined: Oct 13, 2006

    Posts: 67,847

    I suspect the initial uncertainty is playing havoc with it.
     
  4. Minusorange

    Soldato

    Joined: Nov 25, 2005

    Posts: 5,268

    I understand for the stock market but it really shouldn't have as much impact on assets unless it's being manipulated heavily
     
  5. DarrenM343

    Mobster

    Joined: Oct 19, 2008

    Posts: 4,951

    Derisking from all markets, going back to cash holdings.
    Crypto still isn't clearly defined IMO. It's finding its way. Today we found out the safe haven digital Gold narrative has totally gone down the pan. It's become correlated to legacy markets during these bad times.While manipulation is always involved, I think it's a clear sign of excess. Excess money has found it's way into crypto which is now seemingly being withdrawn to cover losses elsewhere or to reduce risk to volatile assets. IMO.
    Cash is king atm. Bitcoin/crypto are just speculative playthings still.

    How do you leave crypto behind to others? Maybe some thinking around that atm. Has anyone here ensured their loved ones can access their crypto holdings? People panicking, worried about their future, cashing out.

    Will be interesting to see how halving goes. RIght now, the only thing halving is the price. Going to be bad times if it doesnt behave as people expect I think
     
    Last edited: Mar 12, 2020
  6. Bigpops

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,195

    Location: Sheffield, UK

    Because the people with all the money in crypto are the same people that have all the money in other markets. When markets crash, they get their money out and put it where it's safest. That could be gold, government bonds, or cash.
     
  7. Jokester

    Don

    Joined: Aug 7, 2003

    Posts: 39,927

    Location: Aberdeenshire

    or Tether (etc) in this case.

    Very easy to sell up crpyto.
     
  8. Minusorange

    Soldato

    Joined: Nov 25, 2005

    Posts: 5,268

    Would have thought most in Crypto would be young and low risk of dying from this virus, doubt there's many pensioners in the wild with Bitcoin wallets, most struggle to tune a television following simple instructions so god knows how they'd be able to know how to Bitcoin :confused::D

    But gold and silver are tanking as well pretty much everything is down, so it only leaves people choosing liquidity over everything which is just weird
     
  9. Bigpops

    Mobster

    Joined: Oct 18, 2002

    Posts: 4,195

    Location: Sheffield, UK

    I said "could be". If all markets are tanking, then there are two choices: Short positions, or cash.
     
  10. Cromulent

    Mobster

    Joined: Nov 1, 2007

    Posts: 3,789

    Location: England

    I bought a little bit at £4,8015. If it drops even lower I'll probably buy another bunch as well. I'm relatively new to cryptocurrencies though so I might lose the whole amount. No hassle if I do as I've planned for that just in case.
     
  11. DarrenM343

    Mobster

    Joined: Oct 19, 2008

    Posts: 4,951

    I don't think it's just pensioners that are worrying however. A colleague is in her 30's and **** scared :). I don't think it contributes a lot but just an example of how some might be thinking about their crypto exposure at this time, while most of the issue is probably manipulation and simple derisking.

    Gold and silver have been dropping but the first phase can be to return to cash before moving to gold. Of course, it may not happen this time. Although bitcoin is correlated to stocks at the moment, it could break free from behaving like that too and start rising although it's looking unlikely.
     
    Last edited: Mar 12, 2020
  12. Th0nt

    Soldato

    Joined: Jul 21, 2005

    Posts: 6,980

    Location: N.Ireland

    Definitely the right time to get in with a global crash, it may take some time to recover but it will return to 7k comfortably. No resources to throw at it unfortunately myself, the recession was inevitable its been on the cards for a while.
     
  13. wesimmo

    Mobster

    Joined: Mar 19, 2012

    Posts: 3,275

    It's an interesting test of where BTC is in the grand scheme of things.

    It doesn't appear to be the safe haven that the absolute believers thought, but neither has it plummeted as people pulled out their fringe or fun investments to prop up their traditional losses.
     
  14. uncle_rufus

    Mobster

    Joined: Mar 14, 2011

    Posts: 4,144

    Please don't talk about FUN investments... *shudder* :p
     
  15. new boy

    Mobster

    Joined: Jun 25, 2009

    Posts: 3,247

    Location: Weston-super-Mare

    I felt sure that crypto would perform well in uncertain times. BTC pumping after the US assassinated that Iranian dude and Iran retaliated, and then retracing after Trump made it clear there would be no war was conformation for me. I guess I was wrong?

    For what its worth, for those who believe in TA. the 200 day MA is at about $5500. Its never been broken... depending on what exchange you look at (coinbase hit it exactly, Binance stayed $50 above) , we bounced off it at the lowest of the dip earlier. I guess that would make right now either a fantastic buy, or the start of the end?

    Uncertain times ahead, but then again, the same could be said for any investment right now I guess.

    I'm currently all in and leveraged (at 1.x on USDT pair) in an alt right now, and the possibility of liquidation never seamed like a reality until now. I've certainly learnt a valuable lesson about "safe" leverage... Should I happen to survive this dip, I'll count it as damn good value for money considering the perspective I have gained.

    Fingers crossed, ~$5,500 was the bottom huh guys.

    Good luck everyone, I hope all ends well for all of you.

    Always remember, its just money, you can always get more.
     
  16. Trusty

    Capodecina

    Joined: Mar 12, 2006

    Posts: 11,394

    Location: On A Rocket

    Give it time i would say, it's the same with gold, it takes time for large money to exit the stock market and move into other things, it won't be instant. But i'm not sure about BTC being the safe haven asset personally, i don't see why America would stick its money in a network currently controlled by China.

    I see XRP performing better than BTC once this is all settled, it actually has the network capability to handle moving value everywhere.

    Instant settlement literally changes the dynamics of how money moves.

    Got a liquidity problem here? No problem, move this here, and move that from here to here to address the problem.
     
  17. mcast

    Hitman

    Joined: Apr 26, 2011

    Posts: 748

    The bottom is when everyone on here is selling out and there's nobody talking about "buying while it's cheap".
     
  18. new boy

    Mobster

    Joined: Jun 25, 2009

    Posts: 3,247

    Location: Weston-super-Mare

    Night guys.

    Fingers crossed We'll wake up to green in the morning.
     
  19. SlyReaper

    Soldato

    Joined: Apr 26, 2008

    Posts: 6,437

    Location: Bristol, Old Blighty

    I know I'm being pedantic, but it's the 200 week MA. It's the last line of support before a bottomless abyss. There's a good chance it'll hold, but this is the first time Bitcoin has been tested in a stock market crash. Far from being a safe haven, it looks like people are offloading their high risk assets first. This might be what finally pushes Bitcoin below the 200 week MA.

    Me, I'm still stacking sats. I bought some yesterday, thinking the bottom was in at 7800. I bought some more today at 5800. I'll buy again if it dips further.
     
  20. StonedPenguin

    Mobster

    Joined: Apr 22, 2011

    Posts: 3,627

    Down she goes below $5k