Topic: What's causing this crash? (Read 303 times)

This is like that social experiment on Facebook where they proved that people comment on links without opening them.

and when people just want to get a profit and not change the world economic system that is currently menggrigrungi crypto. skema ponzi indeed must be destroyed. and the correction of prices should still be done every time a significant and unreasonable growth emerges

it crashing because year end has come, we can't control people by selling their bitcoin and maybe because of the hard fork done on dec. 28, they sell their bitcoin for their assurance because there is a possibility that bitcoin will crash.

Mostly because it's been so oversold.

This is just slump that bitcoin in it and the correction took is just a fluctuations,we can wait till the January end to view the old value.It's just an fluctuations,so just hold the bitcoin .Don't sell with panic to avoid of loss.This price crash may be due to the selling of long holding bitcoin.

Did anyone actually read my post and look at the image before replying?  All these replies are totally irrelevant. The 'crash' I shared is the inverted bitcoin/dollar ratio and refers to the all time uptrend of btc (and downtrend of fiat)

This image was created today.

it is true. this crash has been going on for a couple of years now. fiat is losing its value against bitcoin every month. USD is crashing hard.

better dump your USD fast before they become worthless.

Yeah, wouldn't make sense to suddenly see Bitcoin Cash's ongoing campaign show its effects now when they've actually done their worst already. Even the spam attacks on mempool aren't as bad as they were a week or more ago, although holding around 175k for many days now is a real show of financial strength (anyone realise the fees in mempool are growing bigger too?).

This is just the slump that Bitcoin's in. The correction took its toll on nerves, the recovery was never going to be long-lived, and this struggle is going to be a long and arduous one. Everyone's literally waiting for New Year to arrive, and then we'll see a renewal. Up or down? Not worth guessing at, but what's for sure the volatility and swings will pick up again. January is historically a down time, though. We'll see if that trend holds.

People need fiat and right now doesn't have so many people to buy. Corrections are always necessary and will always happen. I hope this correction could kill some ponzi schemes that have started in the last few months. Bitcoin needs people that believe that the economic system will suffer a major change. Not people that want make some profits and go back to fiat.

I also don't think that this slump that we are seeing is caused by Bitcoin Cash, they have done their share of attacking bitcoin, but they are not successful. So for now, step aside Bitcoin Cash they have nothing to do with it. As for altcoins like XRP, I could only speculate that bitcoin investors are moving and shifting funds across to XRP, it has been pump at more than 50%, so it could be another contributing factor. Another is that is just the holidays, people cashing out spending their profits in this season, Its already Dec. 31 here at the other side of the planet, I have cash out myself so I attribute everything in the holidays. 2017 is almost over, and once everything has settled down, maybe we can see in the second week of January that trading will pick up once, and we may see bitcoin going up again. No need to worry and panic at this time.

I'm sure that the fees are one of the highest contributing factors. A month ago I could conduct a transfer for under $1, now I can't do one for less than $20 and that's really a big problem for the use of bitcoin.

Another stereotype. You are so badly informed, it is appalling. Not to mention how you immediatly move to some 'you're a shill!'-type of defense, which is another bad habit of people particpating in this place.

I am not interested in Bitcoin, nor in Bcash. Both are equally flawed and have no real world value as a token.  What's the point even in using such slow vehicles for the transfer of money, especially if you take the transaction costs into account? Also: who is actually using BTC to buy things? That argument was strong in 2013, and is still strong in 2017: BTC's value is 99% speculative in that sense, and bubbled way out of proportion.  I still do not believe merchants would use such a means to transfer value from A to B that swings so much in value, nor do I believe that any government would allow BTC (or any simular alternative) to get too big as it would be highly undesirable from a legal point of view.

Ripple is just on the rise now, and will be on the rise for some longer. I cannot complain by the way, especially about 50% drops, as I'm already up from a half a cent per XRP to $2.05. Seems like I didn't deserve 1000% gains, but much more than that.

You could have that as well you know: the only thing you had to do is look beyond, do actual research and compare the usecases of various cryptos. But you didn't - and that's your punishment. You (someone that jumped into BTC in late 2017 judging from your account creation date ) will likely ride the BTC titanic down to the bottom of the sea, and still defend it vigorously. That's the real irony here.

Well, I think the real cause is that two of the most profitable bitcoin mines collapsed yesterday. It's a horrible tragedy. The authorities estimate at least 100 dead and ten times as many miners injured. I have a friend in Uganda who owned one of those mines and he says it's a horrible tragedy. He was earning about 10 bitcoins a day exploiting cheap labour to mine bitcoin basically for free, but now that's gone. It's a sad day.

Why are you using an image from 2013? and what's Bitcorns?

TERA2, try harder buddy.

Would be tough to blame Bitcoin Cash for all the problems plaguing Bitcoin today. In any case, Bitcoin's Cash is not increasing in price. Other altcoins such as Ripple and Ethereum are increasing in price now. The only people profiting from Bitcoin's price stalling are the altcoin holders. I do not expect this situation to stay this way for long.

I finally get it, haha

well played man. well played.

its is funny how nobody even looked at the chart you posted here. so in case anyone ever reads any of the comments instead of just spamming, take some seconds out of your busy time commenting and look closer at the chart.
hint: it is flipped and price is $100 and date is 2013/08/23

Those arguments are full of shit
- have you actually used bitcoin or only listed to the Bcash propaganda? Yes the network is slow at the times and yes fees are high but nowhere near as high and slow as they were back in the summer. Yet in the summer when transactions were slow and expensive prices climbed to new highs almost at a daily basis.

- as I've already said things were much worse. Go actually use segwit instead of bitching about high fees and confirmation times.

- I don't see how nations are negatively influencing bitcoin atm other than the South Korea FUD.

- it's funny how you use ripple as an example when it's market is clearly corrupted by market manipulation and speculation. I agree there are options with interesting tech (like raiblocks for example) but don't forget things aren't that bad and solutions are on the way.

- so how does bitcoin not make sense?

- if you can't handle a 50% corrections you don't deserve 1000% gains. 'nuff said.

Yes investors are cashing out and at the same-time the transaction of bitcoin has reduced due to festivwe season and the worst thing is not the investpors cashout as the main reason for investor to invest is to earn good return which they have already received and hence cashing out now but the main reason mid level players are cashing out and moving to different altcoin is because of transaction time as it takes ages to complete and the transaction  fee is ridiculous and unacceptable.

I can think of a people of reasons:

- Bitcoin is way too slow, with transactions taking nearly an hour to complete.

- Transaction fees are ridiculous.

- It is, by nature, something that runs contrary to state interest and therefore never had a future at all. Any vehicle that brings about unpunished anonomity, or at least obstructs the view on financial transactions, will be an enemy of nation states.

- There are plenty of alternatives out there as well that achieve the same, with some of them (Ripple for example) that have different targets but an actual real world usecase - instead of a merely 99% speculative one

- The public at large is probably getting more informed and reading up on alternatives that make way more sense.

- A general shift in market sentiment, from bullish to bearish, which has been taking place in the month of December.

Same thing is causing this crash that was causing this rally

I feel like the holidays trading slump should have ended at least by now for such an active market as the crypto currencies. However, I see how this could continue into around mid-January due to people being slow traders right now.

I feel like we've come to a point where most people know that there isn't just Bitcoin in this market. They know they they can move their funds across different coins now. With that in mind, I feel like if Bitcoin goes down now, it might be going down for a while to some scary levels.

Hehe, I got lucky again Tera2

The problem with that approach is that most altcoins scale even worse than Bitcoin.
The Ethereum blockchain is already bigger than the Bitcoin Blochchain in terms of diskspace
needed and it has been running for not even half the lifespan of Bitcoin.

Besides, most altcoins have not displayed the resilience that the Bitcoin network
has shown towards attacks and coordinated FUD. Switching to a centralized coin like
Ripple is a very short-sighted move, because even if it would usurp Bitcoin as the
top cryptocurrency it would suffer from the same problems eventually.

You are uninformed right now, the price is not only crashing because of the shit of bcash.

The price is going down because a lot of people are losing their confidence, and that is normal, i am still a believer of bitcoin because i have been in here for months, but if you are newbie in this, and you see that fees go from $3 to $46 in a month, what would you think about it?

I would leave the market, of course, and that is what all the "late-buyers" are doing right now, moving to other altcoins in where they can send fast transactions with cheap fees, nothing more than this.

While it's not entirely Christmas that have caused the sell-off, many traders know that the festivities would result into a slow-paced trading environment meaning not much profit is available to be taken. Cashing out is the best option atm for most traders in order not to be burned by other traders wanting to get a piece of reward for festivities.

For a somehow pessimistic point of view, it could be that bears are starting to wake up from their long hibernation breaks. It's still a good thing, considering that we might have experienced a legit crazy year for bitcoin and cryptos in general.

Holidays. Many guys took some days off. Bears have an easy time right now.
After that massive run we've seen this year some more down movement was something you should have always been aware of.
If you hold for long term this decrease shouldn't really bother you.
I also expect the next 4-5 weeks be slow and weak. January is a month Bitcoin always struggled to perform good over the last 3-4 years.
It's the bears who dominate now. For the long term view this is healthy. Bitcoin can still make some crazy upwards moves in 2018.

Investors profiting a lot and wanting to cash out. Reduced "consumer" confidence from the bcash shittalk.

Bcash cancer. Slander campaign. Not good.