Well, there you have it, the reason why the market went down today: https://bitcoinity.org/markets/bitstamp/USDAt least this whole thing has nothing to do with major cryptos like BTC or ETH but rather a sketchy token. The drop in the btc price was probably caused by korean panic sellers shitting bricks after reading the headlines  cheap coins before we test 12k again? decent short-term profits =P I though that today's downside movement was pure volatility as usual, but turns out there's a reason for that, huh. Well, that's nice, it means that we'll recover quickly when the panic will subside, and 12k will indeed be retested soon. It's kinda strange that such small and insignificant in the long term news can still shake the market, only shows that the liquidity of Bitcoin market is still pretty low. I wouldn't call this raid "the reason". The same price action could be observed in the beginning of last month where the price went 12 thousand to 10.5 in 1h. Was there an exchange raided on that date as well? Most likely a big mine is seling once a month or some rich investor is getting rid of his investment in a slow pace so that it doesn't crash the market completely. |
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To those of you above who said it's a normal swing. Have you noticed that we had a big dump on 2 August and the price was pumping for a few days before. Now we had the price pumping for and again on 2 September there's a dump. Somebody could say there's a pattern.  |
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Anything related to currency certainly has risks, buying bitcoin with money can certainly risk losing value if the price drops, but I have other experiences in my country that there have been cases where people save their big money in a private bank then the bank goes bankrupt, Currently the fate of customers is frustrated to hear that, so actually everything is full of risk depending on how that person keeps their money, I prefer to put my money in crypto
Anything related to life has risks There are only bigger and smaller ones but you take a risk in everything you do. As long as the reward grows proportionally to the risk you're fine. The important rule to follow in life is to avoid unnecessary risk. Follow it and you'll be fine most of the time  Personally I'm heavily invested in Bitcoin. |
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The guy behind these tweets doesn't understand that in order to use electronic banking we also had to learn.
In the last 20 years we've learned how to use ATMs, how to use websites to send money, how to track our balance and invest online, how to activate and block credit cards online, how to set limits, how to track fees. It all came gradually and we find it to be easy now but it wasn't easy in the 90s!
Learning to use a wallet like Electrum takes a few minutes. It's not a big deal.
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There's a lot of sell pressure though from the traders.
Hard to say who we should thank for this move. Probably pump and dumpers who will get it below the top of 12400 and start selling. For them the goal is to get as much fiat out of the market as soon as possible so we can't rely on moves incited by those manipulators.
I'm still waiting for a legit wave of new investors.
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Of course the risk of holding money in a savings account is much smaller than holding it in Bitcoin unless you're holding dollars of Zimbabwe or any other worthless fiat money.
The problem with having a savings account is that it's not really an investment. The purpose of profit from this account is to contradict inflation. In many countries you get less than 3% a year but the inflation is at 2% so all you're getting is 1% a year. Bitcoin often appreciates 10% in a month.
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This makes me think of this bitcoin fund manager guy. https://www.youtube.com/watch?v=OcAotaGHRfoIt works like this: he's supposed to be a professional trader who will trade your coins for you. Don't ever believe that some random guy in the Internet will manage your coins for you. If you send coins to these scammers you can only blame yourself for the loss. |
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First of all I don't understand how somebody would hold 1400 BTC since 2017 and not check the balance or install updates. Even if he bought it in 2017 for 1000 dollars and forgot about it it would still be 1.5 million USD spent on Bitcoin. With hardware wallets priced at 100 dollars it's amazing that he did not protect his coins. I installed the update which immediately triggered the transfer of my entire balance to a scammers address.
From what he wrote it's obvious he had a compromised wallet file and lost it all because he was too lazy to download a legit version from the right site. |
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I'm nearing my Immortal rank any time now, but I haven't been grinding much since I'm currently busy with all the workloads and whatnot, and it's really a fun game.
Is that high? Like global elite? Anyway, the game is a potential hit for betting due to its fast-paced action and some quirky gameplay mechanics. If I were to say it, it's like Apex Legends' skills, CS:GO shooting mechanics and Overwatch movement (some of it) were refined and balanced and you have Valorant. It's one of the best in its genre right now and a lot of organizers and big leagues are converging towards the said game which means more money on viewership and more money on sponsors. Also, Riot Games is reaching to its player-base more often than anyone else in the scene right now, so it's not really that hard to see it being added on sportsbooks as an event.
Currently there are only a few pro teams that are proving themselves on the playing field, but more and more tournaments are coming so expect that bookies also have their eye on this.
It's more flashy than CS for sure. More appealing to younger audience. I find it like buildt for corner camping. There's so many camp spots and maps are built a bit like tight mazes with a lot of hallways. It's not bad overall might play some more if I had more free time. |
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But have they given a period to transfer your funds before implementing the compulsory KYC policy?
Yes, but they should still allow users to withdraw coins deposited before the announcement. What about people who deposited and forgot about their coins for a while? They could've had a death in the family, exams, wedding and honeymoon. They came back after a few months and their coins were frozen. The only way to withdraw is to do KYC but sometimes that's not enough. With bittrex I had a similar situation to this guy. If you really want to hijack coins you can ramp up requirements. https://medium.com/@herman_10687/is-bittrex-the-next-mt-gox-6887b038efb4 |
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A trader has to consider everything. You shouldn't focus on the news or technicals alone.
OP is a bit confused because news and TA are very different.
News are not predictions but rather things that can influence the price despite technicals. They can play into your TA or contradict it but whether you take them into account or not you should always base your trades on Technical and fundamental analysis adding news and the situation in economy and other markets to the mix as needed.
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They're doing something similar to Bittrex. I still have some coins there that I'm not getting back. My account is frozen because I ignored their KYC policies.
What these exchanges are doing is extortion. If someone doesn't pass KYC they should send his coins back and simply deny them service (trading). They have no right to hijack coins.
Another proof that not your keys = not your coins.
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At this point all he could do is influence the price.
Even without access to genesis coins Satoshi would be able to incite a dump. His comeback would scare some whales for sure. I think that with Satoshi Back we'd be at 3000 if not lower.
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In short, if you bought for 1000 and it's now worth 100 then it lost 90% of value. Something like that shows the token is a worthless shitcoin and/or you bought at the top.
Normal coins don't lose 90% of value in a week or so. If a coin does that it's worthless. It means it's a scam or it has no liquidity or the team bailed which also means it's a scam.
Hypothetically if I missed and already lost 90% I'd set up a sell order for at least 50% of value and wait for a pump. Chances are the coin will pump.
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I'm not as positive about the situation as OP but there definitely is an improvement in Bitcoin's image.
I don't agree that people are starting to see it as a store of value. There was no real estate crash yet and land is still a much more popular investment than Bitcoin.
Bitcoin is still a speculative asset and an alternative to traditional stocks. It may be an alternative to gold as well but real estate is still the end goal for most people and Bitcoin only the money making machine that they can later invest into something more stable.
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Question regarding the viability of bitcoin in the long term. From my understanding, the security of bitcoin comes from miners who verify the blockchain. What happens when there is so much halving that the reward for mining bitcoin is extremely low and the cost of verifying the blockchain for the miners exceeds the reward of their bitcoin?
Mining farms will never stop because they are making rewards from transaction fee as well, due to the halving the rewards will get lesser but by that time the expected value of those rewards will be huge valuable than now. That's correct. Even if the reward ecomes 10% of what it is now it will still be fine for the miners as long as that 10% covers the cost of mining. 10 years ago the reward was much bigger in the amount of coins but much smaller in fiat money. If this continues we will be getting less and less coins but those coins will be worth more every halving. 100 BTC used to cover a monthly electricity bill for a farm. Now to do the same you only need 0.1 BTC. |
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It's interesting that your teachers did not know about it. Bitcoin really is a popular subject for a thesis in economics and finances, even math. They must have been living under a rock for the last few years Anyway, good job on getting them engaged and spreading the word! |
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It doesn't look like a temporary pump but rather a push towards the last ATH at 20 thousand.
I think it too early to sure if it a temporary pump or the previous dump to be slightly market correction cause I read in an article about a whale that sold his 9000BTC if i remember correctly which i believe was what lead to the last dump. However, the trend pose by the market when it weekend will prove if the pump is temporary or not. That 9000 is a speculation. I've posted about it in that thread. Coins being moved from one address to another doesn't have to indicate selling and even if they got that one right a whale sale doesn't mean the end of the bull market. It ust means he needed fiat or maybe he's buying something else like ETH. The bear market has to end at some point and all signs are showing that this run after the halving was a normal price action:
Thats because most weak hands are expecting the halving effect/ new ATH. I Consider myself a strong hand and I also believe this is going to be another halving effect with a bull market top within the next 2 years. |
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If crypto really followed the stock market in the Spring crash and it was all covid-related then it's going to continue going up.
Cryptocurrenceis went against all odds and recovered pretty good especially when compared to the prices we had last year when there was no pandemic and no stock market crash and we still were lower than we are today.
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Investors understand that Bitcoin is the most popular cryptocurrency and most investors invest in Bitcoin and that is why Bitcoin has gone so far from other cryptocurrencies, but altcoins are also very popular and in demand and may be much more popular than Bitcoin in the future.
Altcoins more popular than Bitcoin? I don't think it will ever happen. The only way in which Bitcoin could lose its dominance is if it died or had a critical flaw. If it happened the whole market would take a huge dive and possibly all cryptocurrencies would be abandoned as investors become discouraged. You'd need a dark swan event for altcoins to take over. |
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