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I think you couldn't even call this a dip, the price difference between right now and exactly 24 hours ago is like $400. It is a decrease, sure, but nothing out of the ordinary when you think about the other times the price has swung this wildly all within a day. People are overreacting a bit because the price fell sharply after it passed $11K, but if you step back and look at it, we're not that far from where we were 24 hours ago.
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A real crash or war scenario would cause fiat currencies of many countries to fail, meaning the interest in cryptocurrencies would increase, due to their relative stability in such a situation. Although I hope it won't come to this, because bitcoin would be the least of our concerns in such a scenario.
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I'm trying to think of possible ways to calculate this, but I can't come up with anything. I think it hasn't only got to do with how much money you have, but also with how much influence you have in different exchanges. But how many exchanges do you have to influence to trigger a pseudo-panic, propelling people to sell? And how do you coordinate the timing? The financial aspect of this question is one thing, but I can't wrap my head around the logistics of this as well.
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I wouldn't call it a flash crash, it was more like a dump cycle. Hopefully, as more players enter the bitcoin market and the distribution of bitcoin gets healthier, the price will be less susceptible to pump and dump cycles like this.
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I'm leaning more towards ethereum. Its price is falling right now, however it is projected to increase significantly until the end of 2018. Due to the falling price there might be a good buying opportunity right now.
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The title is poorly written, I think. Bitcoin did not lose $2K in a single day, the price was going up very fast before the wall, and it has pretty much recovered to the point before the sudden rise as well.
All in all I think such wild swings are expected, we are in a phase of sudden expansive growth and these back and forths should be expected anytime in my opinion.
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The move was risky as hell, but calling it idiocy was a stretch I think. There were lots of indicators back then saying that the bitcoin price would continue to climb, but not a lot of people were brave enough to pull the trigger without having seen the price increase with their own eyes first.
If it looks stupid and it works, it's not stupid.
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I don't understand why people are so obsessed with finding out who Satoshi Nakamoto is. It has pretty much become a buzzword by now. Doesn't matter who he is, the system he created works and I think that's the only thing that should concern us.
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When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?
I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.
What are you gonna do with all this info 
Oh just saw your signature. Nvm  I'm just being critical, man. I don't need concrete numbers, I doubt anybody can provide any numbers on this. I'm just trying to understand what the writer meant with one transaction, because I think the numbers in the article are exaggerated and whether the writer knows what she is really talking about. |
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Though to be fair, what result do you get when you compare it to how much electricity the banking industry uses? Including the electricity to power up all their buildings 24/7?
But overall I also think the sustainability problem will become more important in the near future. Hopefully we will also mhave some more eco-friendly altcoins in the meantime.
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When it says transaction, is it referring to one person sending bitcoins to another person, or something else? Is that much energy really required confirm just one transaction?
I'm also wondering whether the energy requirement depends on the amount of bitcoins being sent as well.
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It depends, really. depends on how much money the ICO is willing to hand out to bounty participants, and how successful the ICO was. After that of course it depends on the number of other participants in the campaign, what their ranks were, etc. It's very difficult to give a number.
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Well unless bitcoin gets there, you have to express its value based on dollars. If the demand were to go down, there would be no reason for the price to be this high. So bitcoin is definitely not independent of fiat.
However, I agree with the rest of your argument, that even if this is a bubble (I don't think it is, but I guess no one can know for sure) there is still some time until it bursts.
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There is no way to reliably predict bitcoin's course in the future, especially since you want to know how things will turn out in 2018.
My completely baseless guess is that it will be close to $20K by the time 2018 is over.
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Governments will try to tax whatever income you have. This is a fact. Although cryptocurrencies themselves may be anonymous, when you make money off of them and want to cash out, you can't do that without banks finding out, which means the government finding out, which means taxes. I don't think it can be avoided.
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The hedge funds are plowing in, in preparation for the Chicago Mercantile Exchange listing bitcoin futures on December 11th (the estimated date of launch).
To be a true hedge fund you need to be long as well as short, so owning the underlying asset (bitcoin) allows them to then short on the CME. Having a lot of coins also means they can manipulate the price a bit. For example say they have gone short on the CME and want to force the bitcoin price down towards settlement time - easy, just sell the actual bitcoins you have bought.
Prepare for a very wild ride when the futures are launched.
So do you think this increase is due to "big money" coming in? That would explain the very sudden surge in the price but I'm not entirely sure how sustainable this would be. |
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I won't say with confidence that the $10K mark has been reached unless we reach that level and manage to stay there for some time. People are very likely to dump and cash out once we hit $10K , so I think it will be some time unless we are past the $10K mark for good.
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If people are open to the idea of bitcoin, you don't have to do much to convince them. When you talk about how profitable bitcoin is, and if you could also show them how much money you are making off of it, chances are people will convince themselves automatically and you are not going to have to go to that much trouble.
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Also regarding the thought that bitcoin is something that doesn't exist in the real world and is simply "numbers on a screen", this is pretty much the case for any fiat currency as well. In comparison to the total market value, the amount of cash going around is so small that almost all of money transactions are being done digitally and no physical money switches hands, pretty similar to bitcoin.
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I am waiting for the bubbles to explode. Bitcoin is just flexing it's muscles
The whales that are currently investing are keeping it flexing it's muscles but once this finishes then we should see a correction of around $6000. Why all the way back to $6K? Are you basing this figure on something? I think the price will not remain at $10K level for long, and I'm waiting for an eventual correction as well, but in my opinion the price will drop to around $9.2K, I don't think it will fall beyond the $9K threshold. |
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