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Author Topic: The crash right now as as big as the Mt. Gox collapse - but faster  (Read 259 times)
freightjoe
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December 22, 2017, 07:07:46 AM
 #1

Right now the Bitcoin price is down 33% from the peak only 5 days ago

The largest previous impact was the Mt. Gox collapse in 2014. As per wikipedia: "From 1 February 2014 until the end of March, during the period of Mt. Gox problems, the value of bitcoin declined by 36% "

So this means the crash today - which is still ongoing with prices declining - is as big an impact, but has happened in only 5 days versus 2 months for Mt. Gox.

...and the price is still going down....
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NorrisK
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December 22, 2017, 07:08:57 AM
 #2

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.

freightjoe
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December 22, 2017, 07:10:40 AM
 #3

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.




Wishful thinking. The Mt. Gox collapse then lead to a continued long decline where in total the price dropped 80%
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December 22, 2017, 07:13:33 AM
 #4

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.




Wishful thinking. The Mt. Gox collapse then lead to a continued long decline where in total the price dropped 80%

I think it's hard to compare this to the Mt. Gox collapse. That crash was a genuine fear that the industry was unsafe and was not going to survive.
This just feels like the market got carried away with speculation and a correction was overdue.

freightjoe
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December 22, 2017, 07:15:30 AM
 #5

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.




Wishful thinking. The Mt. Gox collapse then lead to a continued long decline where in total the price dropped 80%

I think it's hard to compare this to the Mt. Gox collapse. That crash was a genuine fear that the industry was unsafe and was not going to survive.
This just feels like the market got carried away with speculation and a correction was overdue.

It is exactly the correct comparison. The extremely long confirmation times and high transaction fees show lethal problems with scaleability, and therefore a well-founded fear that Bitcoin will not survive
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December 22, 2017, 07:18:06 AM
 #6


I think it's hard to compare this to the Mt. Gox collapse. That crash was a genuine fear that the industry was unsafe and was not going to survive.
This just feels like the market got carried away with speculation and a correction was overdue.

This time people are concerned that btc just doesn't work anymore. Probably more worrying then before this time. There was no reason to buy btc other then to sell it later at a profit. Once a slide has set in then there is no reason to buy btc again. Even drug dealers have moved on to pastures new leaving just the hodlers.
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December 22, 2017, 07:19:04 AM
 #7

I really think that its kinda scary when people compare this crash with things like those it makes us doubt if bitcoins will ever cone back up..well you know lets just take this crash to be as.. Simple downfallthat we fact day to day.. and then it comes back up in a month for sure..
I do think that its nothing like it and it will soon recover and we would be able to how high it goes then.
Its a great opportunity to invest ^ lets take this positive
..and according to the sources its just preparing itself to launch for a much higher price.

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usmcvet11
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December 22, 2017, 07:19:41 AM
 #8

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.



i was talking about the same thing earlier i believe the correction is between 12-14k
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December 22, 2017, 07:20:40 AM
 #9

A correction was long overdue, the price is still almost double of the price last month. The BCH debacle combined with the endig of the year also spurred a lot of people on to sell, trying to moneytise the profits they made over the year. We can only hope the market calm down and retraces to a more stable course. But The fall also has an upside, people turn to altcoins which in turn raises their value and when the BTC picks back up again smart invester will profit from this.
EvilKingfisher55
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December 22, 2017, 07:21:47 AM
 #10

If the bitcoin rise again (and I'm sure will do) We will see a lot post of people who where saying they will never sell their bitcoin and just hold it. It is just because of its volatility guys. Don't be scared too much.
freightjoe
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December 22, 2017, 07:21:56 AM
 #11

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.



i was talking about the same thing earlier i believe the correction is between 12-14k

We are now at 12.6k and still dropping.....
A1exander
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December 22, 2017, 07:28:19 AM
 #12

The largest previous impact was the Mt. Gox collapse in 2014. As per wikipedia: "From 1 February 2014 until the end of March, during the period of Mt. Gox problems, the value of bitcoin declined by 36% "

There was a crash from $5k to $3k (40%) in September within just a few days.
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December 22, 2017, 07:29:22 AM
 #13

It went up to fast and is correcting now.

Expect a big retrace soon to about 15k.



i was talking about the same thing earlier i believe the correction is between 12-14k

We are now at 12.6k and still dropping.....

It is part of the correction. Don't worry about it. If you are really afraid of it. Better sell your coins and cut your loss. But if you are still confident in bitcoin then hold it.
freightjoe
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December 22, 2017, 07:31:50 AM
 #14

The largest previous impact was the Mt. Gox collapse in 2014. As per wikipedia: "From 1 February 2014 until the end of March, during the period of Mt. Gox problems, the value of bitcoin declined by 36% "

There was a crash from $5k to $3k (40%) in September within just a few days.

Close. The drop was from 4950 to 3226, being 34.8%.
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December 22, 2017, 07:32:17 AM
 #15

Perhaps Youbit going down after being hacked is your connection to the time of events of the Mt.Gox downfall?

Honestly this was bound to happen, and I’m glad the dip is finally happening. Then we find a new floor and move up again from this.
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December 22, 2017, 07:32:35 AM
 #16

In December 1st the price was around 9700$, so yeah, there's plenty of room for collapsing more.
It's disappointing for me because of the timing, but yeah.. nothing is perfect.
The bottom is 15k, is 12k... many have predicted a fall to 50% so it would be under 10k! Well, the same predicted that after that huge fall it'll go to 50k, but looking now on the market makes it hard to believe.

*Sigh* not much to do now excepting to wait and see....

Before Mt Gox Bitcoin was around 1200$ from what I know. Then the decline was quite long, from dec 2013 until sub-200$ prices in 2015. That's a 6x fall. I don't think Bitcoin will go 6x down again (to 3300$), so I can't compare with Gox.

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December 22, 2017, 07:33:21 AM
 #17

im not scared at all its not bothering me but its alot people who got in a higher price scared asf right now though
freightjoe
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December 22, 2017, 07:34:10 AM
 #18

In December 1st the price was around 9700$, so yeah, there's plenty of room for collapsing more.
It's disappointing for me because of the timing, but yeah.. nothing is perfect.
The bottom is 15k, is 12k... many have predicted a fall to 50% so it would be under 10k! Well, the same predicted that after that huge fall it'll go to 50k, but looking now on the market makes it hard to believe.

*Sigh* not much to do now excepting to wait and see....

Before Mt Gox Bitcoin was around 1200$ from what I know. Then the decline was quite long, from dec 2013 until sub-200$ prices in 2015. That's a 6x fall. I don't think Bitcoin will go 6x down again (to 3300$), so I can't compare with Gox.

Mt.Gox was merely the trigger point for a long and protracted downturn, so yes you can compare it.
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December 22, 2017, 07:35:45 AM
 #19

I just got through running around the block in my underwear waving my arms around in a state of panic.
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December 22, 2017, 07:36:23 AM
 #20

This is not a crash but a natural flow of things right before holidays. With Christmas in sight most people sell their crypto (btc) to buy presents and various things, that's the reason why market cap went down 100 Billion in less than 24h. Folks, just relax and wait the January, 25k $ will be attacked easily.
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