Bitcoin falls below $9,000

mmmig said:
This is not the bubble bursting, looks to be more like slowly deflating if anything
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This is the Rand movement over a year:

http://www.xe.com/currencycharts/?from=USD&to=ZAR&view=1Y

This is BTC movement over a month:

https://www.xe.com/currencycharts/?from=XBT&to=USD&view=1M

'Slow deflation' is not what you call halving in value in a month, neither is doubling in value in the same space of time normal inflation. Bitcoin is fundamentally so irrational that it is useless for any purpose. When you get some context on the whole thing, it looks like a bunch of idiots shouting into an echo chamber, convincing themselves that they have a deeper grasp of economic principles than college professors.
 
skimread said:
I think the thing that kills cryptocurrencies is that everyone can creates their own one currency. The less known ones have a higher possible profit as you can get in early. Problem is soon you get hundreds of new currencies being created daily.
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I asked this question months back, how can it be worth something if every Tom, Dick and Elon can go about creating more crypto currencies..... Infinite......
 
Mortymoose said:
I asked this question months back, how can it be worth something if every Tom, Dick and Elon can go about creating more crypto currencies..... Infinite......
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Probably like any other product on the market, everyone can make a hamburger, but which one will reign supreme? The one that tastes the best, costs the least etc.
 
The_MAC said:
Probably like any other product on the market, everyone can make a hamburger, but which one will reign supreme? The one that tastes the best, costs the least etc.
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Agreed! But imagine you had the rights to be the only company in the world to make hamburgers, think of how valuable that would be... :whistle:
 
cerebus said:
This is the Rand movement over a year:

http://www.xe.com/currencycharts/?from=USD&to=ZAR&view=1Y

This is BTC movement over a month:

https://www.xe.com/currencycharts/?from=XBT&to=USD&view=1M

'Slow deflation' is not what you call halving in value in a month, neither is doubling in value in the same space of time normal inflation. Bitcoin is fundamentally so irrational that it is useless for any purpose. When you get some context on the whole thing, it looks like a bunch of idiots shouting into an echo chamber, convincing themselves that they have a deeper grasp of economic principles than college professors.
Click to expand...

I meant slow in crypto terms, you can't really compare crypto to traditional currencies just yet
 
mmmig said:
I meant slow in crypto terms, you can't really compare crypto to traditional currencies just yet
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No, by any terms it's insane. Something can halve in value by over $10000 in a month and you call it a slow deflation? What are you smoking?
 
cerebus said:
No, by any terms it's insane. Something can halve in value by over $10000 in a month and you call it a slow deflation? What are you smoking?
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A month is an eternity in crypto :whistle:

Edit: with new tax laws in the US it changes the way market operates, will be interesting to watch
 
Mortymoose said:
I asked this question months back, how can it be worth something if every Tom, Dick and Elon can go about creating more crypto currencies..... Infinite......
Click to expand...

Cryptocurrencies are a digital asset, it serves as a medium to exchange on the blockchain that uses cryptography to secure its transactions, decentralised control in creating additional units and to approve assets moving on the blockchain. Additionally, there are assets (or tokens) served on a mother blockchain where it inherits all technologies and changes. It has value.

The question is whether the cryptocurrency is redundant? Traders and many miners don't care, they ride the pumps and dumps. There are people heavily invested in marketing ****coins.

How many cryptocurrencies (and tokens) will turn into actual usable products? The day where a cryptocurrency turns useless it will be dead along with all the money invested into it.

At least BTC is actively used as an online payment medium...
 
cerebus said:
This is the Rand movement over a year:

http://www.xe.com/currencycharts/?from=USD&to=ZAR&view=1Y

This is BTC movement over a month:

https://www.xe.com/currencycharts/?from=XBT&to=USD&view=1M

'Slow deflation' is not what you call halving in value in a month, neither is doubling in value in the same space of time normal inflation. Bitcoin is fundamentally so irrational that it is useless for any purpose. When you get some context on the whole thing, it looks like a bunch of idiots shouting into an echo chamber, convincing themselves that they have a deeper grasp of economic principles than college professors.
Click to expand...

The bitcoin two year graph is really interesting. I think it correlates with the number of articles that appear on mybroadband.
 
Lol, is the article just going to be updated every $1000 drop? :crylaugh:

Possibility of the $5000 region is on the cards, so just be patient.
 
GoB said:
View the chart on a wide-screen monitor... slow deflation.
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the bubble popped. like cerebus says, lost $10,000 in a month, it is valued at less than 50% since Dec 17, that's 6 weeks. it's on a course to crash and watch It gain speed along the way.

The .com bubble didn't drop this quick. the housing bubble didn't crash this quick in 2008 / 2009.
 
Mortymoose said:
I asked this question months back, how can it be worth something if every Tom, Dick and Elon can go about creating more crypto currencies..... Infinite......
Click to expand...
Clearly you don't know how it works. There are a limited number of bitcoins that can be made. If I recall about 9 million and something.

Additionally they require exponentially more effort to make.. like mining for a resource that's running out.

Difference is without trading it there's absolutely no inherent usefulness to it.
 
oceanmaster said:
Clearly you don't know how it works. There are a limited number of bitcoins that can be made. If I recall about 9 million and something.

Additionally they require exponentially more effort to make.. like mining for a resource that's running out.

Difference is without trading it there's absolutely no inherent usefulness to it.
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21 mil ;)
 
crackersa said:
the bubble popped. like cerebus says, lost $10,000 in a month, it is valued at less than 50% since Dec 17, that's 6 weeks. it's on a course to crash and watch It gain speed along the way.

The .com bubble didn't drop this quick. the housing bubble didn't crash this quick in 2008 / 2009.
Click to expand...
It also went up with $10 000 in a month but, hey, what do I know.
 
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