Markets crash due to Bitcoin drama - please don't overreact and so something stupid. Discount on cryptos.
Woke up today to see 1/4th of my portfolio's value gone. That is so much money I have to just ignore it, or else I will do something stupid.
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What I recon is the reason for this mess is FUD around Bitcoin and Bitcoin cash. Nothing else has changed. There are not even news that some obscure communist regime in Asia will ban Bitcoin, no exchanges hacked, no nothing.
What has happened the past days that has made the markets fall is BCH added to Coinbase and people not knowing what is the real Bitcoin. There has been so much drama in Bitcoin that it affect the whole market. People are being scared out of the entire crypto space because of some non-functional first generation crypto currency that is basically worse than any other currency.
People started calling it "digital gold" in an desperate attempt to keep it's value high, while fees kept rising and transactions kept piling up. Now over 300,000 transactions are on hold and fees are over $40.
Bitcoin's market share should be lower
Bitcoin is the gateway to Cryptos. Sure. And it could also be a store of value. But if that is the case, it shouldn't be 60% og 50% of the markets. It's just valued too high at this point IMO. Bitcoin cash on the other hand is a functional and fully operational currency that does what Bitcoin Core should do.
What will happen in now no one knows. I was in disbelief when I saw both BCH and BTC following each other down. Both coins falling. The total hashing power falling, and BCH not being able to take over. This could only mean, I believe, that people are abandoning Bitcoin as a whole. If Bitcoin Cash rises from the ashes one can only speculate. But right now it doesn't look like it.
What people have to realize is that Bitcoin Cash IS Bitcoin too. BCH is what Sathosi intended, and it is following the White paper. Now, the Core-people has started making fun of BCH for sticking to the Whitepaper. It's insane. They just want Bitcoin Core to be this super expensive "Gold" that only they can afford and hold because they have become rich on it.
I'm one of the people who has made a ton on Bitcoin, but let's be honest people - it cant't continue to go up as long as it's useless. It has become a true communist coin. Just look at the people defending it. They act like mad social justice warriors attacking anyone who dares to question their all mighty Bitcoin. They don't want free speech, they censor forums and they attack hard on Twitter. While the BCH-people try to be rational and objective.
"But right now, this was between the two are just causing a lot of drama in the entire space. And unfortunately it affects other currencies that has no fundamental issues."
Other cryptos are going down just because of the Bitcoin drama
I mean, why is Steem going down? Why is Monero going down? They are going down only because less money is going into the crypto space through Coinbase etc, because people are selling their Bitcoins. People lose faith in the entire crypto thing when shit like this happens. Long term that is catastrophic for these people. Nothing has changed fundamentally. Crypto currencies will hit at least $1 trillion USD in 2018, but Bitcoin will probably lose it's position on the top.
And even though Bitcoin Core accounts for 25% of all my value in Cryptos, I don't care. Sure enough, I'd like BCH to win (because I'm more invested in that) but if they both just died I would be happy too, because that would put a stop to this childish nonsense that's going on.
The crypto space is still a 4 year old. People are behaving extremely irrational, which is normal in a new market. If you can't handle losing a years salary over night (on paper) you have nothing to do in this space.
If I had any Fiat to put into the markets, it would be today. Most of my coins can now be bought at a 30-40% discount. Iota, EOS are down 40% Steem is down 30%. It's pretty insane.
Close your eyes, enjoy christmas, and I can almost guarantee you the markets will boom in 2018.
Panic button is on and I am seeing everyone going crazy. When I looked at my balances, I felt a cut but then I am seeing these discounts and we will be entering the new year in Green Zone. I have picked ethereum in this dip.
Well done! So did I. I was able to buy some ethereum quickly. I wish I had some Fiat available to buy more, but unfortunatley I am more or less all in. I'm a little bit conservative, and my crypto holdings are all ready a huuuuge part of my personal economy.
Yeah but the more fiat we got the more we will be tempted to put in crypto market.
Well said.
What we need is more trading pairs that don't include BTC. I agree that BTC is a dinosaur now but the way the exchanges are set up BTC is crucial for trading. We need to remove this point of weakness so we the alt-coins aren't dependant on BTC and then they won't sell off with BTC.
I was about to say the same thing: Having majority of trading pairs only in BTC makes it look like BTC is somehow a superior currency, to which a currency's success is compared. This especially goes for new people who are still new in crypto and might not understand the fundamental differences between each currency.
Yup!
And don't forget a healthy correction was just overdue. Most coins went higher than it was expected so the market was just overheated.
And now it might be time for some fortunate investors to cash their profits. Good for them, next year we will go onto another ride, buckle up everybody.
Merry Christmas
I guess! Merry Christmas to you too!
I think this was more of a banker dump which caused panic. It's a new generation and a lot of big banks are immersed in cryptos. I lost 20k in about 45 minutes. Not a good feeling, but both Bitcoin and BCH will see another massive rally. It's nothing worth worrying about of course.
Like you mentioned, discount!
The vast majority of people in Bitcoin don't even understand Bitcoin, so the market isn't intelligent enough (sorry to say to the newbies) to collectively sell off at this scale. This was a massive dump followed by panic.
I agree @joshsigurdson. It's hard to watch that amount of money being "temporarily gone", but once that morning coffee has gone down, one is able to see clear again and realize nothing has changed. And nothing had in fact changed. No new regulations, no bearish news. Probably as you said, the futures markets, new investors and the whole kindergarden arguing over bch vs btc. (Which I am in a way contributing to myself :) )
It's all paper profit and losses. Nothing has changed in your holdings, why you're holding, and what these technologies will do in the future. At least you slept through the sea of red, as us in the US were awake for it. Thankfully I don't care at all and am happy for the correction to be a dose of reality for the newbies coming in on big green candles expecting the moon tomorrow.
I just did some Steemit stuff to earn crypto and ignore the drama none of us as holders need to worry about. It's a lot of new crypto investor's first major dip and it'll teach everyone a quick lesson across the board. Hopefully people didn't panic sell, but if they did, it's better to do so early on then make the mistake later for higher stakes.
I think you're 100% right about that. Thanks for your comment brother!
Yup, people are irrational. Just enjoy your Hodlidays: Forget your portfolio and coinmarketcap, instead enjoy one of the rare longer periods of peace in this hectic world by however you like.
I'd also put more fiat into crypto on these Christmas sales but unfortunately put almost everything in it already. Hopefully the sale lasts until the end of the year when I get my paycheck :D
Same here. I'm probably able to put in some more this spring..but I doubt the market is at these levels then.
I'll try to forget a little bit..but heck thats hard. I've been living and breathing cryptos the last year.
But you're right, I need to put down the computer and read some christmas magazines and play lego with my kid without checking my phone every 10 seconds. It's not healthy :)
You do that, I'll go ahead and crank my PC for some gaming! Maybe couple Steemit posts here and there.
Have a good day!
For me there isn't christmas without some RTS-RPG's like Baldurs gate or Fallout 1-2 and Top Gear for some reason :D
I think it became a tradition for me when I got my first laptop at 18 or something and I didn't care about the traditional christmas celebration. I just put on my headphones and played the fuck outta baldurs gate and neverwinter nights. Top gear came a couple of years later I believe.
Anyway, enjoy your gaming!
Nice!
Oh yes, I will! Now I can really get into the story of 'Life is Strange', and set up my Dirt Rally for some rally!
This happened to me one time on Dirt, lol.
I'm also extremely tired of the drama with bitcoin and it's direct affect on the other coins. I honestly don't know what defends Bitcoin core's high value today except for the fact that it's branded and imprinted in people's mind. The fact that it could go to 1 million is always echoing in people's head. Technology changes fast and I think it's important to stay updated and educated so that one can make the right decisions in the crypto space
It is correct, I am taking advantage of buying right now, I think that next year everything will go up like crazy, especially taking into account what happened this year in the markets. No nerves, I have also lost with this descent, but I have confidence in this.
I think he's right, at present there may be better crypto than bitcoin, and it is true that it is very expensive, but many people will enter the market in 2018, and the first crypto that will be negotiated will be bitcoin, that will always be good for holders of bitcoin. Many people, the most unfamiliar, only talk about bitcoin, as if it were the only cryptocurrency.
Agree! We should probably just enjoy christmas...and dont check our cellphones every 10 seconds..perhaps reduce it to every 20 seconds :)
"It has become a true communist coin. Just look at the people defending it. They act like mad social justice warriors attacking anyone who dares to question their all mighty Bitcoin. "
Last time I checked it was roger ver who had a mental breakdown like the little special snowflake he is. And he is the one using propaganda, like "OMG THE FEES ARE LIKE 100 $"... :D
He's weird. Yes. But he's a pure ancap. A very emotional one sure :)
But you have to agree that sticking to a useless expensive coin with zero utility not even worth transferring because it's so expensive, and mined by Blockchain a company owned by a big corporate CEO with connections to the Bilderberger group..sounds a biiiiiit like a communist party ;)
And yes, the fees ARE like 50$. Isn't that a problem? Do you want 2nd layer solutions on top of Bitcoin? I want it to be decentralized. Bitcoin cash will become more and more decentralized as miners adopt.
Yes I agree, Bitcoin tech is old and shit. The only use is as digital gold IF the market decides to treat it as such. I agree lighting and segwit and whatever are not real solutions. Increasing the block size indefinitely isn't either. Both are shitty coins that will work shitty if they were to go mainstream. I won't get into an argument about which one is less shitty, in the end they are both shit. If technology is all that matters to you then you should sell both and buy other coins like steem, which btw offers instant and FREE transcations with much much less network load.
As for the fees, yes they are very high (especially if you don't use segwit) BUT he is always overexaggerating the numbers, if it's 10 he will say 20, if it's 20 he will say 50 and so on and so forth. You say ancap I say professional con-artist. We will never agree on this :)
What we will probably agree though is that r/bitcoin has been filled with lots of new get rich quick "investors" and it's true there is plenty of censorship. Which is the same for /r/btc. Well I don't think I need to tell you reddit as a whole is a censorship shit hole.
As for bildberg connections, sorry I am not good with conspiracy theories, but I have heard quite a few for roger and his bcash friends too. But as I said, I don't like conspiracy theories!
Lol. Its a fact. The owner of blockstream is a axa ceo and chairman of bilderberger. :)
so?
Ok I decided to check this with an open mind. You said "Lol. Its a fact. The owner of blockstream is a axa ceo and chairman of bilderberger. :)"
According to wikipedia: " Blockstream is a company co-founded by Adam Back, Gregory Maxwell, Austin Hill and others, and led by Adam Back and Gregory Maxwell. "
None of these names are on the list of chairmen (https://en.wikipedia.org/wiki/Bilderberg_Group#Chairmen_of_the_Steering_Committee)
Maybe it's one of the others? Who knows...
Blockstream is directly funded by The Bilderberg Group, as the CEO and Chairman of both the Bilderberg Group and AXA are the same person, Henri de Castries.
Straight from wiki again, Key people Thomas Buberll (CEO) Denis Duverne (Chairman of the Board). No Henri there
https://en.wikipedia.org/wiki/AXA
Are we talking about a different axa?
https://www.axa.com/fr/a-propos-d-axa/profil/henri-de-castries
and
https://www.challenges.fr/finance-et-marche/l-ex-patron-d-axa-henri-de-castries-du-groupe-de-bilderberg-au-fonds-americain-general-atlantic_498965
People are "round" predictable creatures. People like round numbers. 20.000 $ is a very round number, once BTC hit 20.000 Sell! It's falling, OMG Selll moooore!
Let's see other "round numbers":
It passed 15 (17), fell to 13
Before that 11 and immediate 9
5 and 3.3 in two weeks
1.150 to 750 in one week
500 to 320 ...
Beware of Round!
And Beware of Holidays
Don't go to the gym on Monday, everybody are starting on Monday
Monday is huge family dinner, and I should probably just leave my cell at home..:D
I agree with the psychology of numbers!