Topic: Does will bitcoin repeat a WONDERFUL big drop? No it does't. - page 4. (Read 4139 times)

Ridiculous argument.

How much of those Bitcoin traded are simply the same BTC going backwards and forwards, especially on the Chinese exchanges...

...this was 120K, take out of the major Bitcoin exchange's wallet, and in turn, thee major global Bitcoin exchange made sure every single one of it's customers took a hit for it. I have lost, 2-3 times what I made trading Bitcoin over the past 3-4 months. I shan't be touching BTC with a 10ft dogshit covered bargepole ever again and literally thousands of others will be feeling the same way.

The exchanges cannot be trusted. Simple as that, and having any significant amount of money on them is a game of Russian roullette, and all for what? For a financial asset that has been pounded into the ground by the performance of many conventional stocks this year, and last year, and the year before....etc...

uh it's a fact, bitfinex was hacked, there was dump or at least panic dump(even if he did not dump anything he caused a panic sell)

if bitfinex "hacked itself" the point does not matter, this is what caused the price decline, there is no bear run...

Click that $88,091,000.... I dare you.

it is indeed funny how you are looking in the wrong place for comparing volume:


besides, you would be a fool to believe ethereum volume is real. it would be like Satoshi owning 10 million out of 15.8 mil current bitcoin and controlled the price like what Vitalik and his disciples are doing with ETH by owning nearly all the eth available.

Short term it is definitely heading downwards, there's no doubt about that. The inside job or hack, whatever you want to believe it is, was definitely enough to move the markets downwards and now they are going to stay down for a little while. If the market does start going back up it'll go back up in a noticeable way, and probably more than a slow trickle over a period of time.

Probably a tangential observation, again, the icing, not the cake proper!
I'm not trying anything, I said what I meant.
I am aware of what happened to the nominal (tp scrip) price of Bitcoin following the last hack of the USD reference exchange.

1) Funny thing about volume these days... it's mostly trade in shitcoins:

These competitors... that aren't hobbled with 3.7 tps... are salivating at picking up the remains of Blockstream's failed experiment in economic central planning (to prevent war ofc!).
The fact that you repeatedly cite CNY volume as meaningful means our little chat now ends...

Poopy you are really gullible to believe this "hack" story, and this shit is heading down, short term at least.

i don't see what my signature has to do with anything that i said!
but apart from that, are you trying to say that since a third party exchange service was hacked, now bitcoin is doomed?
and you do realize that this was not the first time an exchange was hacked and will not be the last.

i am not claiming to predict the future or say anything about the price in the future. i am talking with facts that has happened:
1) every day the trade volume is between 100K and 300K bitcoin and also Chinese exchanges have a lot more volume. OkCoin had 718K BTC volume now compare that with a one time 120KBTC hack
2) the disaster was a drop from $600 to $480 because of panic and also whales using this situation to dump more and this "disaster" lasted less than a day before price jumped back to $550 and slowly worked its way up to $580


ok, that's another story then.
that is the disaster of trusting a third party with your money and trusting their words when they say "our system is ultra secure". and has nothing to do with bitcoin price and the "wonderful big drop" that is the subject here

I don't think it's a hack, I think it's yet another face-palm inside job disaster. Time will tell.

It's this kind of unfbounded optimism you just can't find in any other investment scheme. The ads for mixers, dice, and binary options are just the icing on the cake.

yeah it is a terrible thing to happen, when you see a big exchange with mad volumes get hacked.

but it is not a disaster, at least not as bad as you want to show it. people are trading 100-300K bitcoin everyday how can one 120K hack be a disaster for bitcoin price and this volume is without the 500K bitcoin that is being traded on Chinese exchanges alone.

I feel this is a huge face palm moment for crypto, much like the MtGox collapse - let's see where it goes, I'm watching (but not participating).

I have realized that the bitcoin price is so sensible to some factors that it would not be so unlikely to see an eventual drop towards ~$400, but I also think $800 seems a good target for this year.

I think it was a unique moment this year.

You are definitely missing something here chesthing. Perhaps it is because you just don't understand Bitcoin?

See, by far the biggest volume, most liquid USD Bitcoin exchange in the whole world, getting hacked, and then giving each and every one of it's customers a 36% haircut, regardless of what assets they were holding, and in total contravention to the laws of every jurisdiction on the face of the planet, is actually bullish for Bitcoin.

This is exactly the sort of fundamental event that is going to have hedge fund managers fighting tooth and nail to get their clients money onto some ropey Bitcoin exchange run by a bunch of grubby little crooks. Also, this will have caught Joe Public's attention for sure, and we all know that Joe Public loves a good story to buy into, and throw his pension fund at.

....and see those thousands of rage posts on reddit, with people saying that once they get their funds out of Bitfinex, they are never going to touch Bitcoin ever again. All just posturing and bluffery. They just trying to get everyone else to sell them cheap coins.

So many people here don't think this bitfinex disaster - and it IS a disaster - will have a serious impact on near future bitcoin prices. The question is how could it not? Is this some serious denial in play or am I missing something? 

It can happen again if there will be a reason, just like Bitfinex case, but if not, I don't think a big drop will occur. Maybe small drops, yes, and that's natural. As of now, I'm okay with the little by little increase in the price of Bitcoin.

the price is definitely not going to drop, i think it should grow fast right now

Yep...

Bitfinex was by far the leader USD exchange, and now it's toast, and has badly burned a huge volume of Bitcoin liquidity providers, who will take their funds, and leave at the earliest viable opportunity. Some may come back in the fullness of time, many won't ever be back, at least not until Bitcoin is dominated by regulated exchanges that are fully accountable and operate under reliable jurisdictions. Free market principles and decentralisation are all well and good, but when it comes to finance, greed is the predominant ethos and greed in an unregulated environment, is a monster that nobody wants have to operate alongside.

In the short term, I could see some good volatility as Finex reopens trading and withdrawals, and the exodus via BTC and USD begins, with a huge BTC price premium opening up on Bitfinex being likely as traders for whom USD withdrawal isn't an attractive proposition, fight tooth over nail to get what they have left, off the exchange before it collapses for good. In the long term however, this is needless to say, a huge blow to the Bitcoin ecosystem. To be a viable asset, Bitcoin needs liquid exchanges. There was no western focused exchange more liquid than Bitfinex, and as for the volume on Chinese exchanges, that of it which is actually genuine and/or not inspired by 0% trading fees, a big part of Bitcoin appeal for Chinese investors is Bitcoins easy convertability into USD...well, a big part of that convertabilty has just gone 'püff'.

How any position trader can possibly interpret this Bitfinex massacre as anything but emphatically bearish, is beyond me.

I will be one of those traders who will not be back to BTC. Got my account emptied on Kraken, Kraken gave me some sorries for your losses, my account is actually untouched on Bitfinex, and Bitfinex opt for the legally baffling decision to socialise all the losses. Tens of thousands of people who have been burned by Bitfinex, will be sitting right now wondering whatever the hell they were thinking off, having large amounts of money sitting on shadowy corrupt exchanges, answerable to know easily determinable authority and existing under no certain jurisdcition. Bitcoin has done nothing in the past 3 years, that plenty conventional stocks hasn't equaled, or bettered. Absolutely no reason why anyone looking to trade markets, needs to risk their capital in Bitcoin.

$500 is the break even price for the miners to keep on mining.

Bitcoin will likely be dipping down lower than that in due course. I shall be long gone by then, but shall be sure to get the popcorn out for the big Bitcoin miners crisis of 2017.......how much ya think Bitcoin will be worth if 36 hour delays on any transaction that doesn't stump up a a $10 fee to the miners become commonplace? (and lets face it, we have all sat sweating waiting for 3-4 hours for transactions to confirm already)

Well i don't know about a big drop but it certainly isn't going up.
With a possibly critical mass of users having been scammed out of 30% of their btc at bitfinex you can expect them to dump and never touch bitcoin again. Believe me, they are not going to recommend btc to anyone unless they hate them. It's just waiting now for everyone to get access again to their funds. So far i can't do anything on my account, just view it.