This is why bitcoin is crashing

[QuestionAuthority]

When the crowd notices it is way too late to be selling, then BTC will have a dramatic rally.
Bitcoin is falling because scared people are still selling.

By "scared people" do mean thieves that don't give a shit what price they sell for?

Yes, they should be included:
Hopefully, some of the major thieves have finished selling, so those numbers are no longer waiting to be unloaded.

Oh, then I agree with you.

[1715471516]

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[1715471516]

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[Redawn]

I think we should concidering leaving bitcoin and entering NXT. It is outstanding and leaves out the middleman. The middleman was always the bad guy in Bitcoin land. With NXT it is al in the cloud, and no one can steal or hijack the wallet.

[Rols]

When the crowd notices it is way too late to be selling, then BTC will have a dramatic rally.
Bitcoin is falling because scared people are still selling.

By "scared people" do mean thieves that don't give a shit what price they sell for?

Yes, they should be included:
Hopefully, some of the major thieves have finished selling, so those numbers are no longer waiting to be unloaded.

Theives or small greeen men from mars. You really makes my day.  

[David Rabahy]

Air is worth a lot to a suffocating person.  Water is worth a lot to a thirsty person.  Food is worth a lot to a hungry person.  ...  What do you really need?  Does anyone need a tulip bulb?

Once the most basic needs are met then wants rise up.  One could want a tulip bulb.

A tool is worth a lot to a person who can use that tool to fulfill a need.  A well, a bucket and a rope are three excellent tools and worth a lot to a thirsty person.  A tulip bulb is an excellent tool for growing a tulip and worth a lot to someone who wants a tulip.

Money is a tool.  It is an excellent tool for a person that wants to transact reliably and accurately with other folks.  It can also be an excellent tool for storing wealth until a future need or want arises.  The attributes of a specific kind of money can make it a better tool.  Few would find the attributes of a tulip bulb desirable for using it as money.

Bitcoin is an excellent form of money.  The utility of Bitcoin as a tool makes it worth some amount to the folks that know how to use it.

The exchange rate of Bitcoin with other currencies is a measure of confidence.

Speculation, panic buying, panic selling, etc., contribute to price bubbles and crashes.  Both tulip bulbs and Bitcoin are subject to the same dynamics.  Recognizing the similarities is hardly brilliant.  Recognizing the differences isn't hard.

OP, what's your point?  Tulip bulbs and Bitcoins will follow different paths.  To invoke the tulip bulb analogy yet again is rather boring.

[DaveWave]

Air is worth a lot to a suffocating person.  Water is worth a lot to a thirsty person.  Food is worth a lot to a hungry person.  ...  What do you really need?  Does anyone need a tulip bulb?

Once the most basic needs are met then wants rise up.  One could want a tulip bulb.

A tool is worth a lot to a person who can use that tool to fulfill a need.  A well, a bucket and a rope are three excellent tools and worth a lot to a thirsty person.  A tulip bulb is an excellent tool for growing a tulip and worth a lot to someone who wants a tulip.

Money is a tool.  It is an excellent tool for a person that wants to transact reliably and accurately with other folks.  It can also be an excellent tool for storing wealth until a future need or want arises.  The attributes of a specific kind of money can make it a better tool.  Few would find the attributes of a tulip bulb desirable for using it as money.

Bitcoin is an excellent form of money.  The utility of Bitcoin as a tool makes it worth some amount to the folks that know how to use it.

The exchange rate of Bitcoin with other currencies is a measure of confidence.

Speculation, panic buying, panic selling, etc., contribute to price bubbles and crashes.  Both tulip bulbs and Bitcoin are subject to the same dynamics.  Recognizing the similarities is hardly brilliant.  Recognizing the differences isn't hard.

OP, what's your point?  Tulip bulbs and Bitcoins will follow different paths.  To invoke the tulip bulb analogy yet again is rather boring.

To point out it was a bubble, bitcoin will be worthless, sure there is a limit on the number of bitcoins out there, but not on cryptocurrenices. It's like limiting the number of 10 cent coins in circulation, you just go and use another coin.

[David Rabahy]

To point out it was a bubble, bitcoin will be worthless, sure there is a limit on the number of bitcoins out there, but not on cryptocurrenices. It's like limiting the number of 10 cent coins in circulation, you just go and use another coin.

Even tulip bulbs are worth something today.  And this despite there are numerous other kinds of flower bulbs in circulation.

[DaveWave]

Even tulip bulbs are worth something today.  And this despite there are numerous other kinds of flower bulbs in circulation.

But last time I filled my car up they wouldn't take tulip bulbs. They were selling flowers though!

[Flashman]

To point out it was a bubble, bitcoin will be worthless, sure there is a limit on the number of bitcoins out there, but not on cryptocurrenices. It's like limiting the number of 10 cent coins in circulation, you just go and use another coin.

It's more like limiting the $100 bills and the only alternatives being 5s, 1s and change, which are a PITA to move, get counted and change.

[David Rabahy]

But last time I filled my car up they wouldn't take tulip bulbs. They were selling flowers though!

You wanted to use tulip bulbs to pay for gas?  Please use less funny talk and instead use more straight talk.

Bitcoins aren't worthless yet and I for one have a great deal of confidence they will be worth a lot to folks that want a monetary tool.

[pd62512005]

A long time ago in Holland people bought flowers pretty much as they do now. By chance a farmer cultivated a tulip whose flowers were unusual, as such his flowers commanded a great premium and the farmer became rich. Other farmers saw this and bought his bulbs so they could cultivate their own. These farmers also became rich

A few intelligent farmers, rather then invest in the original bulb tried to create their own hybrids and many succeeded creating bulbs that were even better than the first. These farmers also became rich.

Within a couple of years, there were 500 or so different varieties and traders bought and sold bulbs and with all the excitement and publicity the price went up. These traders also became rich.

Some people realised that instead of leaving their money under the bed that if they bought a few bulbs and sold them a month later they could double their money. These people also became rich.

After 3 years the market was booming, strangely the original bulb was still worth more than the newer, improved varieties. Who knows why?

After 4 years everyone knew that bulbs were worth pretty much the same, you buy them to produce flowers in your garden.

TL;DR
The ones and zeros that programmers create are there to provide a service, a transaction. They are not for storage of wealth.

The reason its crashing is because all of the "trolls" are cashing in on their get rich quick scheme.

I love how they treat "newbs" on this forum. Bunch of inbred tech arsechickens...

Thanks for your post.

Too bad immaturity has the majority vote here

[VectorChief]

There is no limit on crypto-currencies, but they will have to compete with Bitcoin's adoption curve and distribution of coins, which was designed to be permission-less. It takes time. Other crypto-coins would either have to sacrifice scarcity or introduce some other limitations (like centralization) to make distribution and adoption faster, but then they will lose neutrality of the process or stop being money in that sense.

Bitcoin is literally a proof-of-work in conjunction with a point on the adoption curve. So it's both tangible and relevant to society (has value).

[venomdog]

I guess people who are hurt most are the ones posting +ve, they say be happy when you are out of luck. Bitcoin did this to you, for once I thought we got a great currency to rely upon but silly its not yet widely accepted and then there are people who are storing it like gold. Mining getting expensive only chosen few can mine it but that is not the reason of crash, the crash I think happened due to more supply than demand.

[VectorChief]

I guess people who are hurt most are the ones posting +ve, they say be happy when you are out of luck. Bitcoin did this to you, for once I thought we got a great currency to rely upon but silly its not yet widely accepted and then there are people who are storing it like gold. Mining getting expensive only chosen few can mine it but that is not the reason of crash, the crash I think happened due to more supply than demand.

Prices have cycles. If something gets pumped 10x, it is reasonable to expect that it will then keep sliding for some time. In fact, it helps to redistribute the coins to the people who are truly interested in the new technology, but didn't pay attention to it before for one reason or another.

[gjgjg]

A long time ago in Holland people bought flowers pretty much as they do now. By chance a farmer cultivated a tulip whose flowers were unusual, as such his flowers commanded a great premium and the farmer became rich. Other farmers saw this and bought his bulbs so they could cultivate their own. These farmers also became rich

A few intelligent farmers, rather then invest in the original bulb tried to create their own hybrids and many succeeded creating bulbs that were even better than the first. These farmers also became rich.

Within a couple of years, there were 500 or so different varieties and traders bought and sold bulbs and with all the excitement and publicity the price went up. These traders also became rich.

Some people realised that instead of leaving their money under the bed that if they bought a few bulbs and sold them a month later they could double their money. These people also became rich.

After 3 years the market was booming, strangely the original bulb was still worth more than the newer, improved varieties. Who knows why?

After 4 years everyone knew that bulbs were worth pretty much the same, you buy them to produce flowers in your garden.

TL;DR
The ones and zeros that programmers create are there to provide a service, a transaction. They are not for storage of wealth.

Wow, if you really think BTC is comparable to freaking tulips then just wave goodbye dave.
Sorry, couldnt resist.

[DaveWave]

Wow, if you really think BTC is comparable to freaking tulips then just wave goodbye dave.
Sorry, couldnt resist.

No offence taken. I just see it as a bubble and can't see a long term future for bitcoin. I'm not alone on this. Conversely there is a huge number of people who believe in it.

History will prove one of us right

[gjgjg]

Wow, if you really think BTC is comparable to freaking tulips then just wave goodbye dave.
Sorry, couldnt resist.

No offence taken. I just see it as a bubble and can't see a long term future for bitcoin. I'm not alone on this. Conversely there is a huge number of people who believe in it.

History will prove one of us right

Fair enough, it has some bubble characteristics. But surely you can agree that there are more facets and depth to BTC than most other bubbles (tulips especially)? I assume youre talking about BTC as an investment (the 'buy coins just to sell them, lets get rich quick' side). Id agree that is the aspect of BTC that is most at risk of 'popping' long term imo, but just cos the price is falling hard now its far from likely to be a 'popped bubble' failure - even at 10$ per coin people can get a good return with good trading strategy - as they do with other commodities & currencies.

In the broader sense,(at the very least) BTC as a technology is very unlikely to 'fail', even if it just ends up being a back end system supporting transactions where the banks/money transmitters 'rent' the use of system from miners.

Maybe you shouldve pick something from the 90's .com bubble that flopped to compare it to :p

As you said, lets see what history has to say:)

[superresistant]

 
Let's see if you have balls.
Bet that Bitcoin goes to zero ?

[miztaziggy]

The analogy does seem to fit the whole crypto market quite well really.

A long time ago in Holland people bought flowers pretty much as they do now. By chance a farmer cultivated a tulip whose flowers were unusual, as such his flowers commanded a great premium and the farmer became rich.
Man invents BTC


Other farmers saw this and bought his bulbs so they could cultivate their own. These farmers also became rich

Miners start to mine BTC at a frantic pace

A few intelligent farmers, rather then invest in the original bulb tried to create their own hybrids and many succeeded creating bulbs that were even better than the first. These farmers also became rich.

Man invents LTC/PPC/Nubits/other crap coin

Within a couple of years, there were 500 or so different varieties and traders bought and sold bulbs and with all the excitement and publicity the price went up. These traders also became rich.

Bitcoin booms in 2014

Some people realised that instead of leaving their money under the bed that if they bought a few bulbs and sold them a month later they could double their money. These people also became rich.

Your average Joe starts to hear about BTC and invests in BTC or mining equipment

After 3 years the market was booming, strangely the original bulb was still worth more than the newer, improved varieties. Who knows why?

2015 and BTC is still the most valuable crypto

After 4 years everyone knew that bulbs were worth pretty much the same, you buy them to produce flowers in your garden.

Right now, people seem to be starting to realise BTC doesn't need a high price to work

TL;DR
The ones and zeros that programmers create are there to provide a service, a transaction. They are not for storage of wealth.

The future holds what?

[DaveWave]

Fair enough, it has some bubble characteristics. But surely you can agree that there are more facets and depth to BTC than most other bubbles (tulips especially)? I assume youre talking about BTC as an investment (the 'buy coins just to sell them, lets get rich quick' side). Id agree that is the aspect of BTC that is most at risk of 'popping' long term imo, but just cos the price is falling hard now its far from likely to be a 'popped bubble' failure - even at 10$ per coin people can get a good return with good trading strategy - as they do with other commodities & currencies.

In the broader sense,(at the very least) BTC as a technology is very unlikely to 'fail', even if it just ends up being a back end system supporting transactions where the banks/money transmitters 'rent' the use of system from miners.

Maybe you shouldve pick something from the 90's .com bubble that flopped to compare it to :p

As you said, lets see what history has to say:)

A bubble is a bubble, people buy in to it on the hope of it will be worth more in the future. I don't see a great deal of re-use in the technology behind btc either, yes its decentralised but it takes a lot of energy to maintain the block chain. Is this really the best way to have a global currency?

[DaveWave]

Let's see if you have balls.
Bet that Bitcoin goes to zero ?

I believe it will become near to worthless at some point but that might take 5 years or it might take 100.

Eventually it might still be worth something just to own it for bragging rights, although if there is no miners out there is that possible!