you seem to think bitcoin whales have super human powers "whales" are just regular humans like you and me who were wiser and more willing to take risks. they got in while everyone else was either ignorant of bitcoin or fearful of FUD and have been making profit to accumulte more of it on every dip.
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What really bothers me is that this pandemic will push the world into a new recession,
i am not so sure about that. things remain bad as long as the virus is being spread at a fast speed. in a couple of months with increasing temperatures it will stop growing (it already did in China) and things could simply go back to normal. a big reason for all these drops is the closed boarders and every business/company that shut down to go to quarantine. them coming back will put everything back in its previous stage.
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lack of confidence in the markets in general could explain a 20% to 30% drop not a freakish 50% drop that is not slowing down either!
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unlike companies with their stocks in stock market bitcoin doesn't rely on human contact to work, it doesn't rely on import/export from other countries such as China to function it doesn't need employees to come to work or not .... when stock market crashes it is because the companies are having a terrible time making ends meet and are currently losing millions of dollars. meanwhile bitcoin is working better than ever and it has been accepted as a legal currency in multiple countries over the past 2 weeks.
the only conclusion remaining here is that manipulation is decreasing the price and the media is blaming Coronavirus, stock market crash, .... for it while none of them are the real reason.
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[snip] True! We have seen such crashes before as well, not once but quite a few times! I don't know how people are relating it with COVID-19 but it seems like the current crash is linked with the scam coin sell off as mentioned by Coindesk in one their articles yesterday.
they are relating it to COVID-19 for the same reason they have been linking bitcoin price with a ton of other unrelated things in the past such as false news coming from China banning bitcoin, the middle east problems, Chinese economic war with US, altcoin dumps, end of the year sale, new year's sale, Chinese new year sale,.... all are excuses to scare people into selling and make profit from them. why just now? the price was already at $10500, it wouldn't make much sense to send it back to $ 6000 while they could expect to go up a lot, at least Is what I think
why not now? the price was already struggling to break $10k so a correction was expected. but in the eyes of a newbie a 5 to 10% simple correction looks scary and manipulators can make same money from the market drop by shorting and buying the cheap coins after manipulation was over.
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What's going on? Does anyone know anything relating to these drops?
nothing we haven't seen before! it is simply manipulation, granted it is one of the biggest manipulation cases we have seen ever for the past 4-5 years but still it is nothing more than market manipulation. keep in mind that this has nothing to do with Corona Virus. anybody creating a link between the two is spreading FUD and they have never been able to explain why there is a link they just force the link on people's minds.
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i've been saying this for over a week now! the funny thing is that during the price drop there has been zero negative news about bitcoin and not just that, there has been dozens of massively positive news about it. which means it makes no sense for the price to react like this. Some concluded it as dump from Plustoken.
if that were true then bitcoin price should have had a large scale dump almost every 2 week! Now one of the oldest address moving fund (not confirmed if the coins are on sale.
old coins moving is more common than you think actually.
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well fuck
don't worry about it. your analysis is still perfectly valid but when the market is dominated by fear and manipulation every logical sense goes out of the window and chaos starts driving the market up and down.
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one of the most important thing about bitcoin is the other side of it(usdt),so there will be more 60 million usdt in markets very soon.
actually usdt is a big side of the altcoins since all of these coins that keep being printed are being injected directly into the altcoin market trying to pump them. if you check the volumes you can see it is higher in altcoin market and also among exchanges it is always the altcoin exchanges that have usdt. is this news going to help and be a enough powerful to increase bitcoin price ?
if it did then it would be the first time.
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not it is not true. instead it affects people, then they panic and make stupid decisions and whales who are well aware of it are always ready to force these newbies into making those decisions in order to take their bitcoins out of their hands at a big discount and then sell it back to them later on to make a big profit.
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Whole chart that you presented happened in economic bull market. If recession happen then economic bull market will turn into economic bear market. If Dow Jones goes sub 15000, then $7650 for sure will not be the bottom.
and why do you think that is? bitcoin certainly has nothing to do with Dow Jones or the US stock market for that matter. not to mention that bitcoin was created after the biggest recession of our time and because of it. if anything bitcoin price should shoot up in case a recession happened. that is not even taking into account US dollar losing value which means bitcoin should go up against it even without gaining any value.
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there are a couple of thing here that i can not agree with. first of all halving has never been the reason for any of the rises that were cited here. all halving event itself does is a short term hype that has always faded away just as fast as it came along. the main reason for all the rises has always been adoption and nothing else. if price goes up in a certain period of time compared to others that means the adoption in that period of time has been bigger. and price went up a lot more during second halving compared to the first one exactly because of this reason and to see that you should compare the bigger pictures not just zoomed in versions!
secondly i am convinced that currently a lot of effort is going into keeping bitcoin price down. to the point that this may be the new version of the war against bitcoin from all those who have been feeling petrifyingly threatened by bitcoin for whatever reason!
imagine what would the headlines looked liked if they said "bitcoin is rising while the stock market crashes badly". enough said....
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my problem with KYC and AML rules is that they are only a one way protection meaning it protects the business (like the exchanges) from not getting illegal funds or getting scammed,... specially when they work with the banking system that could easily mean a lot of dirty money going into their system.
but there is absolutely no customer protection! it start from our very personal documents being in the hands of a shady business that easily sells them on the dark market! and there is nobody to answer. then whenever the exchange likes they easily scam their customers and call it a hack or simply run away. then there is nobody to cover our losses.
in short it means these laws don't do anything for the customer so nobody should logically want them except the businesses. those businesses that say otherwise are only advertising their service.
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OP, I believe the crash/"dip" is NOT connected to the halving. Partly. Because I partly believe that the halving might already be priced in some months ago. Partly. if by partly you mean somewhere around 5 to 10% then i agree with you. otherwise it is wrong because we never had any price rises for it to be priced in. what we had last year was mostly recovery not a rise so it had nothing to do with halving. as for these days' drops, i strongly believe that it is a huge manipulation of the market because in any similar situation like this price had gone up in the past with a big green jump. there is only positive news out there about bitcoin!!!
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in other words you just keep on making mistakes after mistakes! you buy bitcoin near its top of the bubble and then sell it after a long time when the bubble popped and the price got closer to the bottom. then you go ahead and bag hold a completely useless shitcoin that has been dumping at a speed which was 4-5 times faster than bitcoin! this is not a way to make an investment, not in bitcoin and not in any other market in the world.
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Do you think France will be able to set an example for other EU countries? In fact, the EU countries are a large economic association where they strive for a single currency, common laws, etc.
no matter what laws France adopts and what other European countries do after it, this won't magically make bitcoin the Europe's single currency. in the end governments still want control and centralization and oppose anything decentralized.
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same as gold (which is rising up fast these days) bitcoin price must have been going up during all these problems in stock market and elsewhere. it may not be as popular as gold but it is a much better investment compared to gold considering security, utility, ease of transfer, privacy, cost to transfer/store/exchange, and a lot more. but unfortunately it seems like bitcoin market these days is the victim of a huge amount of manipulation attack. maybe from wealthy actors who fear bitcoin could rise up while their empire is crashing down....
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it crashed down to 6000$
the lowest price that was reached so far has been $7636 which is $1600 above the price you think it has crashed to!!! For now,it would be better for the traders to hold their crypto and wait for the price to increase to avoid loss.
altcoins are seeing the biggest dumps. for each bitcoin's 5% drop they get dumped at least 10% and in most cases they are losing about 20% each round of dumps. holding them is the stupidest idea even more than normal times.
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Amazing dex1, it works! Can you explain PRE_STRING=302e0201010420 secp256k1_ID=a00706052b8104000a I searched more details but I don't find good resources it is all the "stuff" you want to give OpenSSL in one place encoded using ASN.1 DER encoding. 302e02010104202d7238106df87d7b70f9d7cc4ff833ff9fad86aa5e50f8cf42689c238d70f723a00706052b8104000a
which is: 30 : sequence tag 2e : length = 46 02 : int tag 01 : length = 1 01 : int value = 1 04 : octet string tag 20 : length = 32 2d7238106df87d7b70f9d7cc4ff833ff9fad86aa5e50f8cf42689c238d70f723 : the string (key hex) a0 : context specific tag 07 : length = 7 06 : object identifier tag 05 : length = 5 2b8104000a : sekp256k1 identifier
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i believe that it is mainly because so far to this date bitcoin price has never been changing based on incidents in the world that have been affecting other markets. for example there are times when stock market pumps but bitcoin remains the same or vice versa.
the past 24 hours have been strange though because we had another small drop which brought the price back to $8k range without any reasonable explanation. if we get out of this slump then we can easily see the big rises start and with all other markets crashing hard, that can attract some additional money towards bitcoin market.
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