What's happening with Bitcoin losing more than 10 per cent of its value?

JealousCup

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Quote from: Jating on November 16, 2018, 01:05:55 PM

Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

Well if you really wanted to know the cause of the flash dip, then you can go around the forum and see it for yourself. Its obvious that we're affected by the schism between Bitcoin Cash by Wu and Roger Ver and then at the opposite site is CSW Bitcoin Cash's SV.

But eventhough we can call Bitcoin as collateral damage in their war, it doesn't mean that the price will continue its downward turn. And it just shows how this market is really volatile and at no point can be stable. If you're nervous about the current situation then I suggest you just get out as early as you can.

I think you're actually implying that virtual currencies have no future as the currency of the future, are you not?
If so, I'd like to know what their purpose is if it's not a way to overthrow the current fiduciary-based financial system...

JealousCup

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Quote from: The Sceptical Chymist on November 16, 2018, 11:34:23 AM

Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.

The Independent writes things because they're in the business of scribbling--and that doesn't mean anything they write is true or verified, or even reasonable.

I figured bitcoin would break out of the narrow range it was trading in eventually; I just didn't know which way it would break. I had my hopes up that it would take off in a more vertical direction, but hey--markets surprise me all the time. This is probably just a temporary shake out of weak-handed investors, and we'll see a recovery in a month or so.

It's a 10% movement. This is bitcoin. Get used to shit like this happening. If you don't have the stomach for this kind of volatility, maybe you should collect stamps or something.

But you do realize that in order for people to put confidence in a currency, it must be stable. What's the point of creating new means of payment for everyone to use if their value is so volatile?

JealousCup

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Quote from: dothebeats on November 16, 2018, 04:51:13 AM

Quote from: JealousCup on November 15, 2018, 06:08:56 PM

Quote from: rodskee on November 15, 2018, 05:30:56 PM

Truly correct not only 10 percent its more than since bitcoin price dump early 2018
And now another price falling dump which bitcoin price lower than 6000$ value
Nobody can tell what is the mean causes of price drop of their value
Some people says because of fake new whales manipulation or anything
All we need to do is stay patience and strong

Do you think it has something to do with the IMF's warnings?
That's why I always say that corporations and financial institutions picking up the movement is a bad sign for the future of crypto-currencies.

Nah, Christine Lagarde has stated that central banks should issue digital currencies very recently, which makes me think that the IMF is pro-innovation and is on the side of cryptocurrencies to a certain extent. The recent drop, IMO, is from the BCH forking drama between ABC and SV, and it's quite funny and puzzling at the same time given that the said coin is completely independent of bitcoin and other cryptocurrencies yet it managed to bring down the price to where it is right now.

Does that mean that you don't want the crypto universe to be decentralized? Because you seem to be making that point with the whole crisis with BCH... But understand that a virtual currency system controlled by central banks means that we're going back to the era of the fiduciary currency system that we are actually trying to get rid of.
In short, lots of work for nothing.

Jating

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Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

Well if you really wanted to know the cause of the flash dip, then you can go around the forum and see it for yourself. Its obvious that we're affected by the schism between Bitcoin Cash by Wu and Roger Ver and then at the opposite site is CSW Bitcoin Cash's SV.

But eventhough we can call Bitcoin as collateral damage in their war, it doesn't mean that the price will continue its downward turn. And it just shows how this market is really volatile and at no point can be stable. If you're nervous about the current situation then I suggest you just get out as early as you can.

The Sceptical Chymist

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Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.

The Independent writes things because they're in the business of scribbling--and that doesn't mean anything they write is true or verified, or even reasonable.

I figured bitcoin would break out of the narrow range it was trading in eventually; I just didn't know which way it would break. I had my hopes up that it would take off in a more vertical direction, but hey--markets surprise me all the time. This is probably just a temporary shake out of weak-handed investors, and we'll see a recovery in a month or so.

It's a 10% movement. This is bitcoin. Get used to shit like this happening. If you don't have the stomach for this kind of volatility, maybe you should collect stamps or something.

LeGaulois

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Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

I didn't need The Independent to notice the crash. Rumors say it's all about the BCH fork but it's not the reason. I believe the crash comes from someone absolutely trying to get bitcoin as cheap as possible. But still, I am just speculating. Better to wait at least 1-2 weeks to see how things will be sorted out.

rickadone

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Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

I am not too sure if you ever checked the news but there is a war going on between two sides on bitcoin cash hard fork. One side has bitmain guys with Jihan Wu and Roger Ver and they are fighting to keep bitcoin cash at their hands and not give it up to anyone else.

On the other side, there is Craig Wright who is trying to use all his money into getting bitcoin cash to the path he believes Satoshi would have wanted. Now clearly both sides are crazy but the more crazier looking one is Craig right now with saying stuff like if other team wins he will spend all his money into destroying their coin and wouldn't care if that caused bitcoin to go down to one thousand dollars.

Of course, the markets reacted by not reacting, the volume is incredibly low and everything seems lost so far.

barota

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Quote from: davis196 on November 16, 2018, 08:04:17 AM

Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

The 'long period of stability' isn't a period of stability,because the price kept moving between 6100 and 6700 USD,which is around +/-10% all the time and every day.Is this real price stability?
I'm starting to believe that the current situation might be positive for 2 reasons:
1.Cheaper bitcoins to buy.
2.BCH will self-destruct with their stupid hard fork.Which means less competition for Bitcoin core.

i agree with you
BCH crash or in other words, he no longer competes with bitcoin
Do not wait to buy when prices increase. but now

davis196

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Quote from: JealousCup on November 15, 2018, 03:27:04 PM

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

The 'long period of stability' isn't a period of stability,because the price kept moving between 6100 and 6700 USD,which is around +/-10% all the time and every day.Is this real price stability?
I'm starting to believe that the current situation might be positive for 2 reasons:
1.Cheaper bitcoins to buy.
2.BCH will self-destruct with their stupid hard fork.Which means less competition for Bitcoin core.

talkbitcoin

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All I know is that I know nothing.

F. U. D.

what else did you expect? they spread a lot of it in the past couple of days and tried so hard to dump on the market and bring the price down manually. possibly this is done in order to buy more coins as everyone else is also on board.
the reason for it is the BCash fork drama and nothing else. as it wears off we may see the rise back up again.

dothebeats

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Quote from: JealousCup on November 15, 2018, 06:08:56 PM

Quote from: rodskee on November 15, 2018, 05:30:56 PM

Truly correct not only 10 percent its more than since bitcoin price dump early 2018
And now another price falling dump which bitcoin price lower than 6000$ value
Nobody can tell what is the mean causes of price drop of their value
Some people says because of fake new whales manipulation or anything
All we need to do is stay patience and strong

Do you think it has something to do with the IMF's warnings?
That's why I always say that corporations and financial institutions picking up the movement is a bad sign for the future of crypto-currencies.

Nah, Christine Lagarde has stated that central banks should issue digital currencies very recently, which makes me think that the IMF is pro-innovation and is on the side of cryptocurrencies to a certain extent. The recent drop, IMO, is from the BCH forking drama between ABC and SV, and it's quite funny and puzzling at the same time given that the said coin is completely independent of bitcoin and other cryptocurrencies yet it managed to bring down the price to where it is right now.

JealousCup

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Activity: 28

Merit: 1

Quote from: rodskee on November 15, 2018, 05:30:56 PM

Truly correct not only 10 percent its more than since bitcoin price dump early 2018
And now another price falling dump which bitcoin price lower than 6000$ value
Nobody can tell what is the mean causes of price drop of their value
Some people says because of fake new whales manipulation or anything
All we need to do is stay patience and strong

Do you think it has something to do with the IMF's warnings?
That's why I always say that corporations and financial institutions picking up the movement is a bad sign for the future of crypto-currencies.

rodskee

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Activity: 2520

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Truly correct not only 10 percent its more than since bitcoin price dump early 2018
And now another price falling dump which bitcoin price lower than 6000$ value
Nobody can tell what is the mean causes of price drop of their value
Some people says because of fake new whales manipulation or anything
All we need to do is stay patience and strong

JealousCup

newbie

Activity: 28

Merit: 1

According to The Independent, the price of bitcoin has hit its lowest point in more than a year after a long period of stability.
What's the cause behind the current dip? I am puzzled.

Topic: What's happening with Bitcoin losing more than 10 per cent of its value? (Read 299 times)