Cryptocurrency Market Down Big Over the Last 24 Hours

DooKey

DooKey

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If you take a look over at coinmarketcap, you'll see that cryptocurrencies have taken a big hit over the last 24 hours. Is this a sign of a bubble bursting or just a small hiccup? Time will tell what's going to happen. Good luck, speculators!
 
It's already started to turn around since this morning. At around 6 am Central, bitcoin was under 11k, it's back over 12.5k.
 
I am so glad I don't have any money in it right now. I would be a worried mess. When something looses almost half it's value in less than a week, it is not stable or a good idea in investing (at least right now anyway). It could easily loose or gain another $5k in the next day or 2. If you play with fire, you might get burned.
 
[21CW]killerofall said:
I am so glad I don't have any money in it right now. I would be a worried mess. When something looses almost half it's value in less than a week, it is not stable or a good idea in investing (at least right now anyway). It could easily loose or gain another $5k in the next day or 2. If you play with fire, you might get burned.
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Yeah but it went up that fast too the week before

Crypto money (at this stage) is gambling money. Not investing money. It’ll come back and with a vengeance. A lot of people are targeting 24k as the next high.
 
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Archaea said:
Yeah but it went up that fast too the week before

Crypto money (at this stage) is gambling money. Not investing money. It’ll come back and with a vengeance. A lot of people are targeting 24k as the next high.
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Exactly, it's no different than going to the casino and putting 1000$ on black. Don't bet more than you are okay / willing to loose.
 
But how can this possibly be? A few random people on Twitter said this was a new paradigm and not a bubble!
 
The problem with Bitcoin is that people seem to forget this is currency trading. Already a stressful and volatile marketplace, crypto adds an entirely new level of volatility. Avoid like the plague at this point. A nearly 50% "correction" isn't a correction folks. Imagine if that happened in the Equity market - oh wait it has and people were jumping off buildings.
 
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PeaKr said:
Crypto's have crashed ~30% every quarter since inception.
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On one hand I just want to say "wtf" another part of me would actually love to hear your logic behind that statement.

I'm up several large bags of money thanks to XRP and XVG - bought up a while back when they were worth pennies (XRP) and 1/2s of pennies (XVG) With most of the crypto market bleeding red today, Ripple is only down 9% while everyone else is averaging 30% losses.

Even with the huge fall in BTC/Alt coins, I'm widely in the black.
 
geok1ng said:
i would look at ebay VGA prices before making any predictions.
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I made that mistake after my first run through the crypto world years ago, sold off my small collection of 7970s and 7950's that made me a fair amount. If only I'd kept the hardware and mined at a loss for that year or two, I'd probably be retired @ 35 :) Learned my lesson, even when shit hits the fan, keep mining :) My mini farm of 20 GPU's is all paid for from crypto and with super cheap electricity here in TX I'll be cranking out the hashes with no plan to ever stop.
 
collegeboy69us said:
On one hand I just want to say "wtf" another part of me would actually love to hear your logic behind that statement.

I'm up several large bags of money thanks to XRP and XVG - bought up a while back when they were worth pennies (XRP) and 1/2s of pennies (XVG) With most of the crypto market bleeding red today, Ripple is only down 9% while everyone else is averaging 30% losses.

Even with the huge fall in BTC/Alt coins, I'm widely in the black.
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I think your dilemma is in the term 'Crypto' that I used. I meant it in a "general" way. So in GENERAL crypto's (meaning all crypto's together) crash around 30% each quarter with btc usually leading the way. Also if you look at cryptowat.ch charts xrp flash crashed 66% today on the bitfinex exchange so I don't know where you came up with 9%, maybe you think that because its currently only down that much?
vqgtol.png
 
it's a mess now. too many gamblers involved. too complicated, this tug of war of people betting for/against it.

those who bought at $19000 must be crying now.
Ideally, it should take at least a few more years to get to 19000. Not this crap.

when something blows up in the news, it's already too late to jump in
 
I threw in some play money at 10k. Was tempted to sell at 19k but held on. I am sort of regretting not buying more when it bottomed out at around 10k...back up to 13k already. Honestly, when it comes to "investing" in cryptocurrencies, like they say, only put in money you are willing to lose and be ready to ride the ups and downs. Anyone who panicked today and sold on the way down is a fool.
 
kohl said:
I threw in some play money at 10k. Was tempted to sell at 19k but held on. I am sort of regretting not buying more when it bottomed out at around 10k...back up to 13k already. Honestly, when it comes to "investing" in cryptocurrencies, like they say, only put in money you are willing to lose and be ready to ride the ups and downs. Anyone who panicked today and sold on the way down is a fool.
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I’m down 50%. Don’t get too comfortable, it may tank even more. At this current stage, It’s a high risk throwing money in it.
 
PeaKr said:
I think your dilemma is in the term 'Crypto' that I used. I meant it in a "general" way. So in GENERAL crypto's (meaning all crypto's together) crash around 30% each quarter with btc usually leading the way. Also if you look at cryptowat.ch charts xrp flash crashed 66% today on the bitfinex exchange so I don't know where you came up with 9%, maybe you think that because its currently only down that much?
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my 9% figure for Ripple was the 24 hour chart length - the bottom falling out started around 6pm CST yesterday - most every coin is down about 20 to 30% even now - Ripple is (as I write this) only down 1.97% from it's 24 hour window while everything else in the market sits at -30% With the speed and volatility that crypto operates on, for me there's no point thinking about how much it's up or down over the course of weeks. What it's been doing for months isn't a concern, to me it's all about where it's at now, and what I think it can do in the future based on my research. Many people get emotionally attached to a coin over the long haul, and that can lead to mistakes.

I found it quite interesting that XRP was this resistant to a market wide bomb, and if a nobody like me can see it, then the banks and institutions XRP is targeted to will see it too. While everyone is worried about things going down the toilet I'm sitting back enjoying the ride. I've seen more than a few people go on rants how they lost this or that, but in every single case if you look at the times/values they sold out at, they could have broke even or profited big time if they just had a steadier hand, part of the secret of that steady hand is not being over-invested. In this world, blind luck is an element, no different than going to a casino and the first rule of gambling is never play with more than you are willing to throw in the trash :)

I've been in and out of btc since the beginning - and unless you are one hyper day trader, flash crashes mean nothing to me and people who know how crypto generally behaves. For years on end anytime there's a dip it bounces back fast and hard. The "crashes" that people pull their hair out over are short lived. Will there come a day where it's not and we enter some crypto dark age? Possibly, but anyone who has skin in a game this volatile and smart enough, will make their initial investment back pull it out and then basically play with house money.

I don't like to use the term investment because any money I have, any hardware in my farm, it's all been paid for long ago. This isn't a 401k or something that's a sure bet, so I've set myself up no matter what happens I come out clean. I could cash out now and eliminate my 17k car note, but it's not necessary since I'm happy to see where the ride takes me. I have my tiered cash out plan for each coin, once X or Y hits a certain price target I'm out until the next tier. With the popularity of crypto in general right now, it brings in a lot of get rich quick types, and the instant something blows up in their face and they can't pay the rent you now have someone bad mouthing something they don't really understand.[/QUOTE]
 
hmz said:
I’m down 50%. Don’t get too comfortable, it may tank even more. At this current stage, It’s a high risk throwing money in it.
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Yes, it's a bit different than the stock market, although stock market analysis does work to a degree. One thing is for sure, weigh risk/loss and never think you can actually predict, only hope and make the best decisions you can, if and when it hits big again could be days, or years. Sometimes selling at $19K seems dumb until it drops to $10K. In the end, I think cryptocoins do have a utility, so I think it has a future.

As was mentioned earlier in the thread, if you are mining, just keep at it, don't worry about the price now, it's the price when you sell that counts.
 
triwolf said:
Yes, it's a bit different than the stock market, although stock market analysis does work to a degree. One thing is for sure, weigh risk/loss and never think you can actually predict, only hope and make the best decisions you can, if and when it hits big again could be days, or years. Sometimes selling at $19K seems dumb until it drops to $10K. In the end, I think cryptocoins do have a utility, so I think it has a future.

As was mentioned earlier in the thread, if you are mining, just keep at it, don't worry about the price now, it's the price when you sell that counts.
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That last part has been ringing so true this week with me and Ripple/Verge... two coins that did a whole lot of nothing for a long long time, mined a nice stash of XVG, bought a good stash of Ripple, and watching them break out was an amazing feeling. I'm smiling the whole way because now that Verge has blown up like crazy, mining difficulty is just sky high (relative to 2 weeks ago) knowing I pounded away 6,000 coins a day when today I could only do maybe 500, such a good feeling :)

And to reiterate what I said in an earlier post somewhere, there is an element of luck involved for sure. These were two coins I believed in, and was very impressed by the tech behind them so I took a shot in the dark and it paid off nicely. As that age old saying goes: Fortune favors the bold. While everyone was scrambling to build ETH mining rigs and paying $500 for a 1070 card, I had my attention focused on Verge and ripple :)
 
collegeboy69us said:
That last part has been ringing so true this week with me and Ripple/Verge... two coins that did a whole lot of nothing for a long long time, mined a nice stash of XVG, bought a good stash of Ripple, and watching them break out was an amazing feeling. I'm smiling the whole way because now that Verge has blown up like crazy, mining difficulty is just sky high (relative to 2 weeks ago) knowing I pounded away 6,000 coins a day when today I could only do maybe 500, such a good feeling :)
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It's that hindsight/foresight problem that you can't go to the future and see what an idiot we all can be :) I am glad you used your logic and lady luck powers together to do well! I did some calculations about some coins and what they could be worth a few years ago, then said nahhh, never happen. I was wrong, sometimes it's good to be wrong (that turns out right) and surprise yourself! LOL

In the end win or lose, always have a good time, if you have to cry in your beer, at least have a good time doing it ;)
 
triwolf said:
It's that hindsight/foresight problem that you can't go to the future and see what an idiot we all can be :) I am glad you used your logic and lady luck powers together to do well! I did some calculations about some coins and what they could be worth a few years ago, then said nahhh, never happen. I was wrong, sometimes it's good to be wrong (that turns out right) and surprise yourself! LOL

In the end win or lose, always have a good time, if you have to cry in your beer, at least have a good time doing it ;)
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Oh I've made some stupid mistakes (in hindsight) I had facebook remind me the other day, back when BTC was $20 and I just started mining, I sold 1 BTC for a $20 amazon gift card and posted about it, (at the time) I thought I was a financial genius getting $20 for doing literally nothing.

Not even mad about it though -- we make the best decisions for us at the time with the information we have. Even if I had kept it and realized it was $1000 a year or two later, I'd have instantly sold it off then as well because at the time I was in a different financial position than I am now.
 
Is it still a bad investment when, even after the market dips 30%, you're STILL at 100% ROI?

Didn't think so.

Longs are buying into the dip, reducing their losses, reducing their cost basis, and loading up on the alt-coins they were only thinking about getting involved with before this correction.

Buy low, sell high. Shit hasn't changed.

Everyone I've talked to that has been too afraid of getting involved in crypto is sitting at a nice 0% ROI (and probably peanuts in their bank account so they wouldn't even be able to play anyway).

This is for the big kids. If you're too afraid, stick with your 3% per paycheck investment into your 401K.

We'll make the money for you.

Stay long and prosper.
 
collegeboy69us said:
Oh I've made some stupid mistakes (in hindsight) I had facebook remind me the other day, back when BTC was $20 and I just started mining, I sold 1 BTC for a $20 amazon gift card and posted about it, (at the time) I thought I was a financial genius getting $20 for doing literally nothing.

Not even mad about it though -- we make the best decisions for us at the time with the information we have. Even if I had kept it and realized it was $1000 a year or two later, I'd have instantly sold it off then as well because at the time I was in a different financial position than I am now.
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It's life, live and learn, sometimes things that seem so remotely possible in the past are actually possible even if you don't believe it then. It's like all the vinyl records that were trashed and sometimes burned for fun fetching thousands in collector money. People would have called you crazy for betting big on records, now you are a visionary.
 
Aardvarck said:
Is it still a bad investment when, even after the market dips 30%, you're STILL at 100% ROI?

Didn't think so.

Longs are buying into the dip, reducing their losses, reducing their cost basis, and loading up on the alt-coins they were only thinking about getting involved with before this correction.

Buy low, sell high. Shit hasn't changed.

Everyone I've talked to that has been too afraid of getting involved in crypto is sitting at a nice 0% ROI (and probably peanuts in their bank account so they wouldn't even be able to play anyway).

This is for the big kids. If you're too afraid, stick with your 3% per paycheck investment into your 401K.

We'll make the money for you.

Stay long and prosper.
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This has got to be a copypasta.. The buy the dip mentality is literally one of the first things you learn NOT to do when trading. You should've had stop losses in place and scale it up every 10-15%. You're never going make anything if you don't sell. Going long is the suckers game.

Also I contribute 10% with 5% matching.
 
Yeah, the people saying buy the dip and hold long at the same time are idiotic. Buy the dip is for short/mid term swing trading; not long term investing.
 
Aardvarck said:
Is it still a bad investment when, even after the market dips 30%, you're STILL at 100% ROI?

Didn't think so.

Longs are buying into the dip, reducing their losses, reducing their cost basis, and loading up on the alt-coins they were only thinking about getting involved with before this correction.

Buy low, sell high. Shit hasn't changed.

Everyone I've talked to that has been too afraid of getting involved in crypto is sitting at a nice 0% ROI (and probably peanuts in their bank account so they wouldn't even be able to play anyway).

This is for the big kids. If you're too afraid, stick with your 3% per paycheck investment into your 401K.

We'll make the money for you.

Stay long and prosper.
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Thats what im talkin 'bout right here.

If all people got is jibber-jabbin' on a forum, good. Keep my mining diff. low while i tear it up.

Yessir
 
Bitcoin is pretty much garbage. It can't scale, the nonexistent except in people's minds lightning network is basically just a credit card network and offers exactly zero of the promised benefits of a cryptocurrency, it's a huge mania right now with all the maniacs posting right here, and worst of all you can't actually use this supposed currency as a currency.

The smart money has sold. This is the first dip in the classic mania graph. Bitcoin will now go up for a bit. Maybe even a year. And then all the smart people will have realized that a currency that you can't use to buy anything, that's crypto in exactly none of the promised ways *at all*, is next to worthless. At that point it will collapse.

A real working cryptocurrency is a great idea. I'd love to see one that can scale to credit card/(non existent) lightening network levels while still offering the benefits of a lack of traceability by the stationary bandits known as government. Bitcoin is not it.

Do enjoy the ride though guys.
 
collegeboy69us said:
I made that mistake after my first run through the crypto world years ago, sold off my small collection of 7970s and 7950's that made me a fair amount. If only I'd kept the hardware and mined at a loss for that year or two, I'd probably be retired @ 35 :) Learned my lesson, even when shit hits the fan, keep mining :) My mini farm of 20 GPU's is all paid for from crypto and with super cheap electricity here in TX I'll be cranking out the hashes with no plan to ever stop.
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I'd have over $7 million if I sold all the coins that passed through my hands in 2011 at the 2017 peak. Whatif... No way I would have held that long. I thought the blockchain size issue was going to cause Bitcoin's downfall years ago. Now it will be the mining fee.

Crypto will face some major changes within the next month. Bitcoin is going to be replaced by another currency, but it's going to require the exchanges to deinterlace themselves from bitcoin and build interchanges between the other alts and the new master currency. That will probably be Ripple or Bitcoin Cash, due to their potentially high TPS/infrastructure respectively. Until that point, BTC will probably keep dragging the market down with its untenable fees. It may be wise to bail out and get on the sidelines, until the dust settles. FWIW, I pulled out 1/3 of my stake before the drop, but am otherwise still invested.
 
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