BITCOIN ALERT: Why did Bitcoin Dump all of the Sudden? Here is the Current Reasons
Danger, Stress Zones are Kicking in for Bitcoin Traders
At this stage you are probably scratching your heads on the recent price dumps going on with Bitcoin on the exchanges. Stress not my friends this ties to a lot of situations going on worldwide outside of just crypto and here is the current info on the happenings
Do not stress, hold tight and keep a strong hand
Technology Stocks take a massive hit today
According to CNBC.com, US Technology stocks plummeted due to usual speculators fearing the all times high surrounding this area were at an unsustainable level and a mass pull out began to cash in on the all time highs. Bitcoin happens to fall under this sector due to its technological factors and took a hit along with the pull outs going on today. We see these moments when all time highs hit in most cryptocurrency markets, people do want to gather their profits and sometimes this just happens to coincide together when your share markets are volatile and traders begin to speculate at the same moments.
Outages all over the place
Coinbase is experiencing major issues due to high volume of traffic. According to a statement made on their site "customers have received a 'service unavailable' message when visiting Coinbase.com" Coinbase hosts a lot of the flow of funds for Bitcoin so this could have added to the dramatic effects currently seen in markets.
Not only is Coinbase having issues but today BTC-E is having issues with DDOS attacks on their exchange which is causing a lot of struggles for traders today. This is further stalling action by traders to get in there and trade their hearts out so a kind of perfect storm is forming at the moment causing some Bitcoin holders a few headaches.
Is Everything Going to be Alright??
I am here for you guys, the stressed and freaking out weak hands and the new users who have not seen this sort of thing yet. This my friends is completely normal and my answer to you is to be tough and wait it out.
Bitcoin hit an all time high of $3,041.36 over the weekend and I suspected a little correction plus madness to sell off coming myself. What do you do in this moment? My suggestion is buy the hell out of some cheap Bitcoin while you can, well if you can get into a DDOS attacked exchange which I seem to find coincidentally happening a lot lately when Bitcoin is cheap and users want more, hackers will always hack and manipulators will always manipulate the markets if they can.
Go enjoy some outside sun, get you some Bitcoin and wait it out is all I can advise. Personally about to get in there and do battle with some traders myself today, feeding frenzy must begin.
Trade hard, Trad tough my fellow Steemians
Thanks for the heads-up Steve... Very good commentary.
I just hate to see people stress over numbers, we know this well about BTC that it dives and rises a lot but a lot of new people are freaking out I see on here lol.
Hey, I greated a chat channel on Slack by the way, if you want in I did create a learning-center channel in there if you like to help others as you thought about. I have to send you a manual invite but if you want in just message me on my yahoo and I will return with an invite from our SLACK. [email protected] is my email to reach me for entry
There may be certain parties who play the bitcoin market, by regulating supply and demand
I really agree there, kind of why I slipped that little sentence about the coincidence of DDOS attacks always when low buy ins seem present lately...lol. I been watching long time and I tell you this, they are getting rather ballsy with the late manipulations if you really watch the charts and choosen exchanges with DDOS issues. Always the exchanges doing well at the moment get hit when its low in price. Its alright, right now the market is kind of in a free for all mode so we can't do a lot about it but I will say this, back in the day I did a little fiat day trading, a lot of people will hate if we ever have real rules and regulations slip in on trading crypto, that is a whole new ball game of moral obligations to trade lol....a bitch to do but does rule out these insider games we have to come across...rather not go there personally but the more manipulators wreck havoc the tighter the control in exchanges will become
thanks for sharing
Anytime, just hope this calms down the traders out there, seen some freak out posts today lol
voted, but i would suggest you not to use the 100% power up option when creating posts .. see here
https://steemit.com/steemit/@flurgx/discrepancy-about-steemit-authors-payout-question-need-your-help
Wow that is a good heads up, just looked at your post and that actually resolved some questions I had about the weird payouts on my 100% POWER UP posts compared to my 50/50 ....usually lately I been doing the 50/50 because I got a few bills to catch up lol but I think I will take your advice and keep it that way so I can be in control of what I power up and not. I really appreciate that, followed and hope you keep me in the loop if you hear more stuff.
I also run Steemit Blogger Central, I am going to resteem this post of yours there in hopes it helps others learn this. Might get you a few more followers and upvotes so hope that helps.
https://www.facebook.com/steemitbc
https://twitter.com/steemitbc
Glad I could help!
I'm already in a facebook group (actually 2) and I checked out the discord channel, but I'm not into chatting that much, especially not on mobile.. Except what's App :-D well but thank you for the friendly invite and 4 sharing my post! Maybe I'll drop by in your slack channel if I'll download the app one day :-D cheers man, see you around!
Anytime and no worries, chatting is not everyone's thing, trust me I am not a huge fan of it either but this is more or less a place for people to drop their links and others to gather and check the articles out, commune if they want to or not. Either way I am with an open invite anytime you feel like checking it out. No prob about the repost for you, here to help where I can
Yeah, big name tech got taken out to the wood shed on Friday and today. Was looking at shorting some AMZN with my Bitcoin through 1broker.com but got to caught up adding some cryptos in the free chance I had.
Oh that is a nice tip lol...never tried that site out. I seen that tip down coming with the tech thing, seems wall street and fiat traders lately are scared of holding strong anymore, you can almost predict a rise means cash out a lot easier now over there than it used to be. Slowly crypto traders are becoming the tough bastards in the trading world lol.
Hey, by the way you know I created a SLACK for Steemit Blogger Central? Its live, need to flow some people in there because I have a feeling this will be a big step forward for it and for the community if we get using it. I got to send invites manually till my girls sorts out some issues with the auto invite system. If you want in let me know, just need an email to send the invite and you are in with us over there. My email is [email protected] if you want to be apart.
Yeah man, I been using that 1broker site to trade stocks with my bitcoin. It's cool, they don't list all stocks but they got the big names. Currencies and commodities too.
I'm not even on Slack, but I'm adding that to my list. Once I finish the contract job end of this month I should have more time to get more stuff connected to steemit.
No rush, I plan to have this Slack open and growing full time so you have all the time in the world, just figured it be cool for you and hey a place to chill and chat life liberty and the scaredycat way lol.
I am going to check that site out, well when I have something worth trading and investing. I am still small fries working my way up in the big city here but I am on a path I believe, can say this Steemit is making me a little more secure about my hopes with crypto and my future coming in it
Just some profit taking, in reality it's a buying opportunity, if you can.
exactly, reap the moment when its present. Honestly if someone is stressing about a dip with Bitcoin they must think today is the day its going away and we know very well that is not the case lol. I just hate when traders sweat stuff so figured a little update to help them understand forces around a dip now and then tends to mean just what you said, profit taking lol
I like your commentary on the situation, it's even better than the news sites the way you presented the situation.
Thanks, I figured try to be there for those that are in worry about this where I can. News sites tend to relay info in a ruthless way without elaborating from the concerns of others so I try to hit it on that human level. Just followed you, hope to hear more from you in the future
I'm glad Bitcoin is crashing and this type of thing happens all the time in a free market, real markets that actually work have their ups and downs. This gives latecomers a chance to buy in as well and I'm hoping that I might even be able to stock up on a nice stash of STEEM and ride the altcoin prices if this keeps up.
Yeah, I wouldn't worry about it.
Couldn't agree, I call it a living and breathing market when I see ups and downs, a sign of value that it always recovers and BTC is becoming a king of recovery like a drunk night on the town lol and the hangover that comes with the morning
Really great read, spot on. Thank you!
Anytime, figured limit the stressers out there the best I can with some info lol. I stress now and then but right now this is a norm with BTC and will recover I suspect
Like Jeff Foxworthy says, "You know you're a redneck when the stock market crashes and it don't affect you one bit!" That's where I am at Lol. The only thing I've noticed lately is the blog payouts drop a bit each day before payout. Any explanation?
That is mainly due to the up and down nature of Steem on the markets right now, just a thing we gotta live with. Now if its a big drop you got something going on but for me its change most of the time. I don't sweat the markets much myself, reason is I am a long time goal orientated trader, I only spend my money lately on necessary bills so I can save what I invest longer. I rather thank myself later than worry day to day what prices are what. I believe a year from now I will love myself for the sacrifices and my ulcers will thank me for not sweating the small trading game stuff lol
Ya, its usually a few cents to a few dollars. I'm still not clear on what to do next once I need to change steem to cash for my husbands meds. I know theres a path, but no one wants to tell me do this, then this, then that. I read too much about it, get frustrated because Im in the woods with no wifi and it makes researching absolute hell. Ugh.
What I do is send them to a site called bittrex.com trade for Bitcoin and then either send them to coinbase to send to my bank or paypal. I just got a Bitpay card though so I will be directly sending bitcoins to that and converting it to cash on my card. There is a bunch of ways but unsure how to convert the Steem dollar route yet myself. Its a bit tricky but the more you do it it becomes such a norm its nothing, just a lot of moving stuff around to turn it into cold cash can be a huge pain.
Could you clarify the "them" part for me? You send "them" to bittrex....
sorry, lol running in circles here, should have clarified that side. STEEM the STEEM tokens in your wallet is what I send, what I meant by "them". On the bittrex side you have to get their deposit info of course for your wallet on there after signing up. Go in your Steem wallet here and click on tranfer to option and fill in the info from the bittrex wallet. Then you trade on their market for bitcoin and take it where you want to turn into cash. If you don't have prepaid card you might want to look into coinbase and set up an account but there is a tad bit of a waiting period for attaching your bank account. Paypal is instant over there though. I know its a confusing mess but read up as much as you can, I know the wifi pains but its really important to weigh all your options because there is so many of them out there
You are the first one to put it in order for me and connect the dots. I'll try to put it together online. Thanks for your help!
I know how it goes, so confusing at first and hard to get the right info out of people. When I started in this I was lost for weeks lol. You just kind of have to surf sites a lot for specific needs because the technology is still so young. I got a Bitpay card today actually for that very reason lol. Now I use that as a bitcoin walled and load it with cash when I need it in the wallet. So much less running around lol