Cryptocurrency Bloodbath On Back Of China's Confirmation Of Exchange Closure
Bitcoin, and the entire crypto-space, is dumping very hard today after confirmation that China does intend to shut-down exchanges to halt ICOs, not simply specific coins.
There remains a substantial arbitrage at Chinese exchanges, as Chinese nationals continue to panic-dump:
Apparently, the only safe-haven over night was Ark:
Perhaps Jamie Dimon had foreknowledge of this event, and decided to open his fat trap to attempt to appear prescient? Expect to hear him and many more idiots proclaim that losing 4 weeks of price appreciation is somehow the end of the cryptocurrency market.
I would not recommend selling into this panic. You've already missed the "boat" on that one. Hold and do not look at prices for a little while; you'll drive yourself nuts.
Sources: The Daily News, CoinMarketCap, ZH
I agree with your suggestion about never selling , you can consider China closures that's cause that impact as a wave and it will be settle down shortly .
Agreed. If anything, this is an opportunity to set some more limit buy orders.
Both for Bitcoin, and also for Steem, which has touched 97 cents again.
I converted my Steem Dollars to Steem this morning when it hit 97 cents. Ride it back up and then switch to back to Steem Dollars.
Thanks for the advise. i will do the same ;)
Seems like a good buy. I bought some too. I hadn't considered trading internally that way, back and forth. I generally just power-up whatever I get. I will happily go down with the ship.
I mostly power up. But in a downturn you can make some value with Steem Dollars.
A good point. Thanks for bringing it to our attention.
Sup bro! good to see you around here posting! We should call all bets on this one and see all the cards! BTC is going up eventually, prolly some big fish want to buy big! HOLDDDD EVERYONEEE HOLDDDD, SPEARS AND SHIELDS, SPEARS AND SHIELDS!
Oh, I got a graphic for this saved somewhere...
Seems like a missed opportunity to meme out another "HODL", though.
See you at the tables man!
I find so laughable that Jamie Dick wad has the audacity to call anything a fraud, weren't they involved in the Bernie made off scandal and the infamous London whale deal? I think I am going to buy some more steam now but give this market a little more time to settle down before I buy any other coins.
" made off"
Heh, Freudian slip or joke?
Steem has not dumped like everything else. I think they's because it's near a huge technical low / support area at $1. It's the only thing I see as a buy right now, and I actually tripped a buy order for another 2900 last night. Think I'll hang onto it for a bit.
" made off"
Heh, Freudian slip or joke?
LOL I'm not a fast at typing so I use Dragon NaturallySpeaking and sometimes forget to check what it came out like.
I was thinking of switching to using a voice program. I haven't yet because I type uber fast, like at least 120wpm.
How do you like it? What would you say it's effective speed is for taking dictation - normal speaking speed, do you have to speak slower (like my phone sometimes)?
Gotta say this program is not that that bad,I was able to spit out a whole paragraph in no time.It waits for you to stop talking before it prints the words but remembers them all, then users have to go back and fix the words that didn't come out right. I purchased it because my spelling is as bad as my typing skills. I am just now starting to use the browser capabilities to surf the net and use it to open and close different programs. Supercalifragilisticexpialidocious 120wpm dam'n!
Hm. Maybe I should give it a try. Perhaps there is a free trial.
I feel like going back and having to edit the mistakes might slow me down enough to make it neutral, time-wise.
"120wpm"
I used to work a data entry job briefly, and I've lived most of my life on the computer. 120wpm might be an underestimate at this point.
Who's selling idiots .....if you dont know who the scmuck in the room is .......I will be buying some OMG and NEO very soon as they are going to be bargains. THey have a lot of support and should make it out of this.
Ironically, OMG never hit my limit-buy order. It must be holding up fairly well.
Neo I am more concerned about. All the recent news has been pretty bad for Neo. I think it's going to take some time for it to recover.
Yea I am a NEO vulture waiting on the sidelines I bought in at 25/27 sold around 40 watch it sky rocket and now waiting for it to come back down.
I might dump my NEM for some NEO when this hits bottom.
NEM is one thing I never got into. Are there any good use cases? What are people doing with it? What's the point of it?
Forgive the basic questions. I can google this on my own.
I know it is the 2nd most popular crypto in Japan. It has support of the banking structure there I believe.
I had no idea. Thank you for giving me a starting point in my research!
NEO might be weak for a long time, in fact, it's very fundamental potential may be lessened if China choose to maintain this hard line.
Do you have an entry point in mind?
CEO of JP Morgan is probably buying Bitcoins big time, although he sad that it is a fraud. He is too smart to have such a stupid statements. Hold your Bitcoins, or buy more if you have guts. Nice post Lex. See you at the poker tables :).
I'd buy more if I had anything to do that with!
See you at the tables ;)
Damn commies messing with our cryptos.
OK, that folded Yuan trick at the end is pretty clever. I may have to try that. Thanks for sharing.
What the hell is Ark anyways? Jamie Dimon, what a fiat money whore! That guy is the bankster crony capitalism evil incarnate !!
I have to be honest with you, I don't know much about Ark at all.
Perhaps we can summon @geechidan here to brag further about it's merits.
Man @lexiconical I logged on and looked at my portfolio and seen it was down bad and I just logged off. Didn't even want to see it at that point and I'm definitely not going to rush into a decision. If anything now is the perfect time to buy more as it's cheap to get loads of it.
#circleoffriends
Agreed. I strongly recommend not price-watching, particularly on bad days, but also on good days.
If you don't train your brain to "believe" you're making money when the price goes up, it's a lot easier for it to accept that you aren't losing money when the price goes down.
Nothing is gained or lost until you book a sale or close your short/order. It's still relatively rare for cryptos to just fail. If you don't like the price you are getting, set a limit sell order at a price you do and ignore the heck out of that market.
That summarizes my current relationship with Siacoin, for example.
Acquire more bitcoin.....Its going to the moon despite this nonsense....No banks or banksters can stop it..... We are not sheep to be herded by ponzi types.
This is also a good opportunity to diversify into a few-alt coins, as prices are down. Steem, and perhaps even Neo, could look very attractive here soon.
not selling and looking for more money so I can add to my portfolio hehe!
Might be a good time to acquire Steem, it's down around 97 cents!
Nice Australian Gold Nugget, btw.
hehe cheers mate :)