The Bitcoin Thread

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Hempiz said:
I presume Alt-coin is down in BTC terms as panic sellers need to convert alt-crypto to BTC before they panic sell BTC to fiat.
Eth is green in BTC terms as it's a "faster" to process between wallets so slightly higher demand.
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Exactly. When people run they don’t run from BTC to other coins and vice-versa. They run away from crypto entirely.
 
Sly21C said:
Noted, you are correct. But why are most alt coins falling against Bitcoin? And therefore falling against USD when BTC falls?
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Long story short, selling alts back to btc gives more btc when its cheaper... eg, btc @ $12k you buy 10 fartcoins for 1btc, ie. 0.1btc/$1200 per fart. Btc drops to $10k, farts hold price @$1200, so each fart is now worth 0.12btc. Everyone sells farts to get more btc, fartcoin now drops in btc value(eg say selloff drops it to 0.098btc), thus, $ value drops too(now $980)... make sense?
 
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dang woke up this morning hoping 99k buy order would have been filled.....

oh well few more hours to wait possibly
 
The FUD has been relentless since December so it is little wonder that the buying frenzy that saw BTC run up to $20k would turn into a selling frenzy. And there’s the basic psychology that once an investment rapidly rises, everyone will look for reasons to sell rather than buy. But the bigger picture is that this is exactly in line with Bitcoin’s previous pattern. If history is anything to go by it could drop further to 10-20% of it’s peak, people will write it off, the media will forget about it, and it will trade sideways for a long time. And then people will start looking for reasons to buy, and a whole new wave of FOMO hits. Whether this will happen again, who knows? But one aspect that the detractors tend to forget is that it is unlike a centrally controlled currency or company or fund, it’s not just going to close down or disappear after a collapse, by nature it will persist indefinitely.
 
garp said:
But one aspect that the detractors tend to forget is that it is unlike a centrally controlled currency or company or fund, it’s not just going to close down or disappear after a collapse, by nature it will persist indefinitely.
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it will not persist indefinitely, the effect of these movements is to move wealth from the "retailers" to the "wholesalers"

at some point funds run out from the retailers
 
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