Bitcoin / Bitcoins / Crypto Currency

@miro_o

WACoin

South Korea Ban

$109 BILLION wiped off in a day...

Well, a ban is years away and in any case should not impact many people. Typical exaggerated reaction to minor news. Traders playing games....

We've seen it before. Nobody believes the China bitcoin ban news any more after four unactioned announcements...

It's already heading back up... They can't print the news quick enough

damn yeh it is :)

Depends how you define massive. Thats 0.0066% of the global population.

Mind you, less than 0.1% have functional access to it so that shifts the percentage a bit.

My point was really by comparison to other trading platforms.

The NYSE, the largest stock exchange in the world, only has about 5k people involved in trading of which only a small amount are actually calling trades.

There aren't many web platforms in the world that are built for 500k concurrent user sessions. Its little wonder that the crypto platforms are struggling to scale, nobody has ever attempted to run a service like this on this scale before.

Everything seems to have dropped heavily today. Any particular reason, still the South Korea stuff or something else?

China talking about shutting down crypto trading, isn't it?

That been rumoured many times

what’s the reason behind this massive crash?

The whole thing was a bubble.

is that it then? im still holding onto mine

Likewise. Nervy stuff though!

is that it then? im still holding onto mine

me too, there'll be another bubble

I'm calling $20k within six weeks.

I wouldn't call this a massive crash.
Happy it is settling back down and I can use it again as a transactional medium.

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It's amazing how much the bitcoin value chart matches an idealised market bubble chart:

50% off innit

Depends on what scale you look at

If you guys look at the last 4+ years the exact pattern has occurred during this time and have bounced back higher every time, don't fall for the FUD

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I like your pink bits

Here's a zoomed in version of that chart:

;)

My 2p...

I'm perfectly willing to acknowledge that BTC could fail and become next to worthless, but this doesn't seem to be it. If it succeeds as a store of value, then over a long-term it is still undervalued. There's been an insane run though most of 2017 that was followed by an even more insane run on top of that at the end of 2017. I can't remember the exact numbers but iirc on it's previous trajectory we'd be at ~$35 - 50k by now. Which is ridiculous in that timeframe.

Over the last few weeks the market has been testing support which until recently it hasn't really done properly since $5k. None of the recent small bounce backs have had much volume, so right now the market has no confidence. All the buyers either think it may go lower and don't buy, or they don't know and don't buy.

FWIW my guess is it is more collective market thought, rather than any one event. Although it seems reasonable that the slowdown and drop to $15k may have caused a lot of people to start looking at the various issues with BTC and taking notice of the FUD.

People panicking right left and centre the now.

Also Ripple and Tron turning out yo be a shambles too.

Ethereum will be the next to have a reckoning, on account of the fact that it is technologically and logically flawed and populated mostly by scams.