Why the selloff?

[mr.mister]

Wow!! It looks like I can get into this. I like the volatility! I was just watching, and it shot down to $1000.00 briefly, before shooting back up to $1040.00

Theoretically, could I have put in an order $1000.00, then sold at $1040.00 for a $40.00 profit per btc??

I have a coinbase account, can I do this type of trading there, or is there a better place? I want to start doing this, even if it's only a few bucks you make every day or so. It's fun.

It's fun until you lose.

Nobody can know what will happen, so if you believe in bitcoin it's best to buy and hold long term and get your coins out of coinbase. Download bitcoin core and run a full node to help the network and keep your bitcoins there so they are safe.

If you believe there will be a hard fork then the price will go down. I believe the risks are overblown.

I am not planning on keeping my coins on coinbase, however, my plan was to keep in cold storage maybe using electrum, then create a "watch only" wallet. What do you think?

[mr.mister]

OMG!! Down to $952.00 is this an adjustment?

[mikenz]

I believe this statement from reddibrek summarizes it best:

Do you realise that once 51% of blocks are signalling Unlimited (according to Coindance today it is 33.3%) then the very first block mined by an Unlimited miner who cares to create a block of any size above 1 MB, will create a fork. BU miners will be able to follow that fork. That fork will be invalid for Core miners.

The reasoning from some BU community members is that everyone will be sensible enough to wait until something like 75% of blocks support BU, before a miner creates such a block. I ask anyone following the whole scaling debate from both sides, are coordination and cooperation the hallmarks of this situation?

The moment we reach 51% of blocks signalling BU, a whole new opportunity opens up for manipulation, for example for a miner to take a short position on Bitcoin and then mine +1MB blocks, before a more sensible threshold is reached.

Bitcoin has always been about one chain, one history, no split, immutability. This is going to be the biggest paradigm shift since the genesis block.

For months the talk has been ETF, China, etc. Scaling is by far and away the no.1 critical issue - has been for two years. I don't think people fully understand what's coming.

https://bitcointalk.org/index.php?topic=1819153.0

[Mikez]

Price has dumped today so I will not sell them right now and will buy more bitcoins at this price as it will give me higher amount of coins at lower price and price can rise again and get back to $1200 level in next few days so at that time will sell some of them to get quick profits.

It is too early to buy back until you know where the bottom is. Sorry, price will not go back to 1200 anytime soon. I believe it will take months and we will see prices falling lower and lower every week. Sentiment has changed to a full bear market. Hodl your coins until next year and buy back very low, all will be fine.

But if it will go back to 1200 anytime then there is nothing wrong in buying them at this stage as price has gone below 1000 and if you think that it will recover soon then you should buy right now and sell them when it touches there instead of waiting too long.

[kwukduck]

With BU hardfork happening soon there's not the slightest chance bitcoin core will recover.

[staggerpines]

Loving the ride downwards... I only wish I had the funds to make a statement to buy bitcoin.

[kwukduck]

Loving the ride downwards... I only wish I had the funds to make a statement to buy bitcoin.

What statement would you like to make? That you enjoy losing money?
We will be very very lucky if we can hold around $500 but i doubt even that value can hold with such a severe fork.

[mr.mister]

With BU hardfork happening soon there's not the slightest chance bitcoin core will recover.

If it forks, will it turn into two separate crypto currencies?

[bL4nkcode]

OMG!! Down to $952.00 is this an adjustment?

Expect more lesser than that, but if you want yo get more profit I guess this is the right time, because it will recover again with in a short range of time to reach 1200 again. I wish I have the funds to do that but unfortunately...

[mr.mister]

But what happnes if it forks? Will we lose our current bitcoins, or how will that work out?

[VanDeinsberg12]

With BU hardfork happening soon there's not the slightest chance bitcoin core will recover.

If it forks, will it turn into two separate crypto currencies?

Yes it will, if you're looking at ethereum and the ethereum classic. there will bitcoin original and bitcoin unlimited in the future. and i guess it will make the price of bitcoin drop for a lot because the people are getting free supply of bitcoin unlimited (bitcoin hodl)

[btcmerich]

But what happnes if it forks? Will we lose our current bitcoins, or how will that work out?

you will not lose your Bitcoins!  you will just exist on two chains. if you have 10 BTC then after hardfork you will have 10 BU and 10 BTC. so you getting BU for free sort of saying. So do not panic ... keep in mind how much profit was made on ETC/ETH fork.  If it happens , there will be good chance to make at least 3 X your money

[richardsNY]

Price has dumped today so I will not sell them right now and will buy more bitcoins at this price as it will give me higher amount of coins at lower price and price can rise again and get back to $1200 level in next few days so at that time will sell some of them to get quick profits.

It is too early to buy back until you know where the bottom is. Sorry, price will not go back to 1200 anytime soon. I believe it will take months and we will see prices falling lower and lower every week. Sentiment has changed to a full bear market. Hodl your coins until next year and buy back very low, all will be fine.

People can buy back at current levels without any problems. Fact is that you should stick to buying back with low quantities per time. It will allow you to keep buying lower in case the prices continues to go down. That being said, it's too early to say that we are moving in a bear market right now, because even now the price has gone down we're still sitting at around the $1000 level. You're too early with your judgment.

[CyberKuro]

OMG!! Down to $952.00 is this an adjustment?

Expect more lesser than that, but if you want yo get more profit I guess this is the right time, because it will recover again with in a short range of time to reach 1200 again. I wish I have the funds to do that but unfortunately...

I believe so, as bitcoin always recover after correction. Just chill out and enjoy the price, when it fall down, good chance to buy and wait it goes up again. But, is it all of we can do? I hope for higher price but blockchain cannot afford so many transaction per second which lead to this downward movement.

[mr.mister]

But what happnes if it forks? Will we lose our current bitcoins, or how will that work out?

you will not lose your Bitcoins!  you will just exist on two chains. if you have 10 BTC then after hardfork you will have 10 BU and 10 BTC. so you getting BU for free sort of saying. So do not panic ... keep in mind how much profit was made on ETC/ETH fork.  If it happens , there will be good chance to make at least 3 X your money

so if or when it splits, if BTC is, lets say at, $1000.00, will BTC go to $500, and BU at $500 or could something different happen?

[york780]

Who cares. I dont think that newbies want to invest in btc anymore. They all got rekt. And btc doesnt have any bull support anymore. Its a free fall. I am still keeping some btc because its nonstalgic. I want my children to see look kids: this could have changed our lives but some chinese idiot decided to start a kamikaze project to destroy btc.

[uki]

is bitcoin, some days it can do something like this. 5%-10% up and down  , nothing to panic about

exactly. A 10% drop is somethinhg completely normal in Bitcoin. Now, with prices above $1200 we are talking about $120 that are these 10%.

As stated a 10% drop in price is something normal with bitcoin, but right now the scenario is different. Several complications were going around among the mining pools and the miners leading to catastrophic failure in the price increase. So this seems to take time for the issue to get sought. On this basis users tend to sell off.

I would put it differently. If the price is rising, people are seeking the explanation for that and then any rumour seems to be a good excuse. Similarly with the drops, any bad news is exaggerated. Point. No need to worry, Bitcoin will survive that.