Has The Bubble Burst on Cryptocurrency Now? - (17/01/2018)

Looking4Bargians on 17/01/2018 - 09:33
Last edited 17/01/2018 - 10:53 by 1 other user

Overnight, cryptocurrency markets saw a major slump. At the time I write this, CoinMarketCap data show that bitcoin values have slumped by 18.30% in the past 24 hours.

There's a similar pattern in other major coins over the same time frame. Ethereum has fallen by 19.65%, while Ripple, which saw its quoted value rise rapidly at the start of the year, has fallen by 29.85%. Only one coin in the CoinMarketCap top 100 (Tether) saw an increase in value over the day. You can also see that reflected in the Australian dollar value of bitcoin.

As off 9:20 AM 17 Jan 2018
Bitcoin
·
A$12,800.30

Ethereum
·
A$1,083.32

Poll Options

  • 10
    Yes, Thank God.
  • 71
    No, It will come back.
  • 33
    Who Cares.
Financial Cryptocurrency

Comments

  • smashed on 17/01/2018 - 09:36
    +4

    I hope so. Watching people on my facebook gloating / trying to sign up naive people has really annoyed me.
    That said, it is still at a higher price than it probably was just a few months ago?

    • Looking4Bargians on 17/01/2018 - 09:39
      -1

      Certainly, it is. All this happened now, due to China thinking of pulling out the triggers on Cryptocurrency.

  • yk300 on 17/01/2018 - 09:42

    Everything is/was in a bubble at some point in time. If something can rise rapidly, it can also fall just as rapidly.
    The market is just reacting to the latest government initiatives.

    • Looking4Bargians on 17/01/2018 - 09:52

      After South Korea and Japan, now China is thinking of following their footsteps.

      • yk300 on 17/01/2018 - 09:58

        Yes indeed. I believe this "clash" was inevitable. I am glad it is happening because my interest in crypto is not as a quick way to make money.
        Now this will put to test the value of crypto.

      • tinnybastard on 21/01/2018 - 00:12

        Where are you getting this information?

        • Looking4Bargians on 21/01/2018 - 22:46
          +1

          There is box called Internet where you can research and read news, get latest updates.

  • EightImmortals on 17/01/2018 - 09:47
    +10

    Nope, looks like a normal correction coupled with Chinese new year. Similar pattern over the last few years only a bit bigger now because a lot more people have jumped on the crypto wagon. A great time to buy, but as usual, don't invest money you can't afford to lose.

    https://www.youtube.com/watch?v=P64alFVwKqs

    • myusername on 18/01/2018 - 13:05

      nice research there

      • EightImmortals on 18/01/2018 - 13:27
        +3

        Thanks, here's today's effort.

        https://www.mql5.com/en/charts/8181980/btcusd-d1-first-prude…

        My 'prediction' is that we are seeing a dead cat bounce up to the 38.2 fib level at about 14K AUD which corresponds to the 200 MA on the 4H chart, it's bounced nicely off the 127 fib today and is heading in that direction. After that I reckon it will continue down to close the gap at $8440 (red cross on chart) aud (charts hate gaps and love to go back and fill them). The gap also corresponds to the 138.2 fib on the 4h chart. It should then bounce back upwards and head to the 19K aud level (another gap, green cross on chart) and what happens after that is all new territory but might know more as the chart unfolds. :) Lets see how clever I am now……

  • peterpeterpumpkin on 17/01/2018 - 09:53

    Here's a hypothetical scenario…

    If BTC goes down 90% between when you send BTC and livingroomofsatoshi.com receives it, will they

    (a) Pay out?
    (b) Refund your BTC?, or
    (c) Escape to Majorca?

    • Looking4Bargians on 17/01/2018 - 09:58

      Hard to say unless someone tried to get the payout. Coinbase doesn't allow to sell in Australia.You can buy but they won't give you the payout.

    • yk300 on 17/01/2018 - 10:02

      Slippage can happen with trading and you bear the cost.

      So (a). Pay out with you coping 90% loss.

      Slippage occurs because there is a slight time delay between the trader entering the trade and the time the broker receives the order. During this time delay, the price may have changed.

      • peterpeterpumpkin on 17/01/2018 - 10:17

        But that's where my confusion lies…

        From https://www.livingroomofsatoshi.com/faq:

        When does my bill get paid?
        You'll see a confirmation usually within a few seconds of making your bitcoin payment. We process the payment after 4 confirmations on the same day that the bitcoin transaction is done (though cut-off times must be taken into account - see the next question). We carry the burden of risk on any rate movements.

        I don't understand the risk they take myself since then people can setup risk free transactions and even arbitrage.

        • yk300 on 17/01/2018 - 10:30

          I am not familiar with crypto brokers.

          Based on my (limited) understanding, from the time of you clicking the send button to them accepting your request, you bear the risk.
          Once they receive and approve and confirm the request, then they bear the slippage risk. They may have complex procedures to execute the orders.

          You mentioned 90% loss but slippage can also be gain.

  • Baysew on 17/01/2018 - 10:30
    +1

    OP can you quote the actual prices?

  • IMadeYouReadThis on 17/01/2018 - 11:16

    As off 9:20 AM 17 Jan 2018
    Bitcoin
    ·
    A$12,800.30

    Ethereum
    ·
    A$1,083.32

    As of 11:15 AM

    BitCoin - $15,714
    ETH - $14,466

    • Looking4Bargians on 17/01/2018 - 11:20

      ETH $14,466 ?
      I get what you saying… There is a lot of fluctuation. Almost 30% drop in 1 day and now 12% up within 2 hour

      • IMadeYouReadThis on 17/01/2018 - 11:31

        There is a lot of fluctuation.

        Yep, I am just waiting for it to go back to $1k mark so I can buy more. But looks like, I will consider this as an opportunity missed :(

        • Looking4Bargians on 17/01/2018 - 11:55

          Which highly unlikely on Bitcoin but ETH, yes it might go again.

    • IMadeYouReadThis on 17/01/2018 - 12:26

      the market recovers well when this idiot keep his mouth shut!

    • GregMonarch on 17/01/2018 - 16:17
      +1

      Well that certainly proves McAfee doesn't know what he's talking about. I've seen dozens of online comments citing Chinese government and their usual new year selloff added to the usual January slump, but zero mentioning McAfee's reason until now. The former makes much more sense because it has an immediate effect on the market like we've seen. But the latter requires more corrupt laws to be passed, something that takes months. But it's not surprising an American would ignore the other two-thirds of the planet as a possible cause.

      Government won't ban CC… Why ban something they can hijack and steal more of our money. And make us miserable to boot with overbearing tax laws and reporting. Tax, control, and idiocy is what governments live for.

      • EightImmortals on 18/01/2018 - 06:30

        Yep, better off all around if we ban government instead.

  • pyramid on 17/01/2018 - 12:00
    +3

    Nothing to worry..bull and bear runs are commong across all tradings including shares,crypto,crude etc…

  • dust on 17/01/2018 - 12:57
    +2

    Thank God BitConnect is finally shutting down though!

    • craigoss on 18/01/2018 - 15:06

      Damn staight. Bunch of vermin scum. I feel for the suckers but hope that every single scumbag that tried to sign people up on facebook lost a bunch.

  • Bohlen on 17/01/2018 - 13:52

    Tried to vote for all 3 poll options.

    Yes, No, And I Don't care too much. :)

    My crypto garden gets good returns, At least 1,000% or better every head of lettuce I let go to flower. #gains.

  • dazweeja on 17/01/2018 - 14:10

    I think if it's under $US10000 when the Yanks get up tomorrow (after midnight our time), we'll see a bit of panic selling. $10000 would be a big psychological price point.

    • EightImmortals on 17/01/2018 - 15:01

      Heh, it's pretty close already. :)

  • idjces on 17/01/2018 - 18:16
    +1

    Déjà vu of 2014 all over again. Massive 4x run up into December, bitcoin all over the news, first i hear about it in a few years after it's $1000 run up, then the market finally corrects and price steadily declines as interest dies out (those who were in it for a quick buck).

    Not saying crypto is dead, but sounds like the masses and/or inexperienced got taken for a ride yet again

  • Zarcady on 17/01/2018 - 21:47

    Market looks to be being manipulated close to Gemini futures settlement and causing further panic sell off from the general public. The only good thing to come out of this is Bitcorektd getting disconnektd. People thought they could beat the system…they literally had a week to cash out from when the news hit about C&D letter from Texas.

    • dust on 18/01/2018 - 09:17

      Reading /r/bitconnect is heart breaking though. :(

      • Zarcady on 18/01/2018 - 10:03

        I bloody called it yesterday…now that CBOE futures are settled, market is recovering. Still more volatility until the CME settlement on the 26th.

        My sympathy for people who dabbles in ponzi despite knowing full well it is scam but think they can beat the system is limited…especially since there has been sufficient warning. You literally had 1 week from when Texas regulators sent that cease and desist to cash out. Do you really need a better warning than that?

  • EightImmortals on 18/01/2018 - 07:52
    +1

    Crikey…

    https://www.youtube.com/watch?v=wLkn1C3awbY

    • soupkitchen on 22/01/2018 - 10:54

      Everything except the ending. "Realising it's gonna come back up". Disagree with that point… 'maybe' is the right answer.

      • EightImmortals on 22/01/2018 - 11:01

        Nah it'll come back up, though I might be a bit more cautious in another year or so.

  • buderim11 on 18/01/2018 - 09:02
    +1

    I understand the benefits of Blockchain and how it can be used..

    BUT can someone please explain to me how any of the 1000+ crypto coin/token can be used for anything other than speculation ? what use is it for buying or selling goods or services when the price is so erratic ?

    • Looking4Bargians on 18/01/2018 - 10:24

      And nothing Tangible.. like IPO's or shares in a company which fluctuate with company's current market situation/value.

      • Zarcady on 18/01/2018 - 10:54
        +3

        Of course everything is a speculation and a gamble at the moment, that's why you see the volatility and price fluctuations right now; which is also why you are able to make the gains that you are able to.

        The technology is extremely immature so I don't see how you can expect the price to be stable. Almost all alt coins are illiquid as they are tethered to the price of BTC, which itself is an outdated tech. What alot of people are banking on (gambling on) are the fact that as these vaporware products start to mature and progressively achieve their roadmap goals set out in their whitepaper, we will see them making real revenues which will see prices stabilise and become a real tangible asset to invest on.

        Different coins have different use cases and not all of them are purely store of value like BTC. We will see adoption and we will see blockchain technology become integrated in the real world and change it just like the internet has. It's a complete (profanity) shitshow right now and an absolute gold rush. If you embrace it and do your own goddamn research, there is no reason for you to lose your money at all.

        • tomclancy on 18/01/2018 - 14:35

          Very well said

        • EightImmortals on 18/01/2018 - 16:24
          +1

          @tomclancy: Agreed. I would only add that as the market cap grows, stability will as well. Right now the whales can push things in whatever direction they want, that wont always be the case.

        • Zarcady on 18/01/2018 - 18:19
          +1

          @EightImmortals:
          Market cap is not a true representation of the real liquidity in the market.
          Bitconnect only took 10 million daily volume to fall from 2.5 billion mc to 35 million; just let them sink in for a second.

          Most of the market is extremely illiquid because they are tethered to the Satoshi value.

          I would say the 1.5 billion mc of USDT is the most liquid out of any coin in crypto, even though I think Tether itself is a scam. If Tether blows up, be prepared for the market to crash really hard

  • SirFlibbled on 18/01/2018 - 11:36
    -1

    I think it has a significant way to fall before the bubble really bursts. While I regret not getting into it when it was US80c per coin, BTC and other cryptos are just the current speculative investment (ala Beanie Babies and Tulip bulbs).

    It's not useful as a currency for the general public (but it's great from criminals and geeks) as it's too volatile. It has no intrinsic value or productivity indicators (like investing in stocks would have). It's just a mad gold rush atm.

    I think the bubble still will burst and the value will plummet significantly before this is all over.

    That being said, I've told friends if they want to invest go for it but don't risk more than they are prepared to lose and to try to get out when they're happy with their profit as when the bubble burts, it'll happen quickly.

    • TimApple on 23/01/2018 - 13:26
      -1

      Internet was also not useful for the general public in the 90s. Yet so many people put money into them. Then Dotcom bubble burst in 2001.

      But after that any average Joe owns computers and broadband internet and smartphones and they all buy everything online.

      I think it's a similar pattern with crypto. They're in pre 2001 dotcom. Saying it's useless or has no intrinsic value is ignorant. It's an amazing technology.

      • SirFlibbled on 23/01/2018 - 14:00

        You'll notice I didn't talk about blockchain technology but cryptocurrencies. Blockchain as a concept is great. Don't get the two things confused.

        Will someone develop a cryptocurrency that is stable, reliable, provides value, allows transactions to occur quickly and cheaply and therefore useable as an actual currency? Who knows.

  • barydos on 21/01/2018 - 16:01

    Is the dip over, or do you think there may be another to come?

    • EightImmortals on 22/01/2018 - 11:03

      I was expecting BTC to hit the $6400 USD level before reversing back up to about the 14K level and higher. That was using fibs and not elliot waves as most people seem to be doing. I've put some fiat into my account but waiting for a resolution one way or the other.

  • SimpleRoger on 08/02/2018 - 17:24
    Merged from Crypto Crash

    A serious question, just wondering if you guys think crypto will recover from the crash. Also what did you guys think caused the crash? Was it bitconnect making alot of people panic and sell? Or India/ Korea FUD?

    • [Deactivated] on 08/02/2018 - 17:32

      If Tether isn't a sham, it will recover, if Tether proves to be unbacked, it will crash rock bottom and become a meme.

    • [Deactivated] on 08/02/2018 - 17:39
      +1

      Major players continue to manipulate market and extract as much as they can from average crypto-trader. Then, they will cash out and leave the whole thing to smaller traders. There would be no new overnight millionaires.

Login or Join to leave a comment
Login Join