Cryptocurrencies

Bitcoin on a bit of a tumble right now. Dropped below $8600 yesterday. 

posted by justincredible

Bitcoin on a bit of a tumble right now. Dropped below $8600 yesterday. 

Back up near $8900.  A "tumble" is sort of opposite what I might have expected with CV19, except has trading been limited in Asia?  Because I'd expect bitcoin to be where a good bit of Asian money would have gone in the crisis.

Bitcoin (and all other crypto) tanking hard right now. After a 9-10 day lull in the $8XXX range it got back up over $9000 for a few days. It was $9100 on Saturday, woke up to $7800 this morning. So much panic right now.

Potential explanation:

https://twitter.com/RaoulGMI/status/1236975140744937474

It feels like any hedge fund that was long bitcoin is having to liquidate. VAR takes no prisoners. (For those new to VAR it is the measure of risk in a portfolio and is connected to volatility, so as vol goes up of all assets, they have to reduce risk). $BTC #Bitcoin

This morning, while checking my Google Now feed, I ran across three different explanations for it: coronavirus, the PlusToken scam, and the down oil prices.

All that tells me is that the average news outlet has fuck-all idea why.

I may buy a little bit today, depending on where it lands.  We'll see.

I threw a hundo at BTC this morning.

I bought $200 the other day when it was mid-$8k. I'll probably do another $200 or so once it looks like it might be on the way back up. If it weren't for my wife I'd be purchasing a full coin right now.

Down to $6k. Holy moly.

How low should I let it go before I buy? And, I don't even know how to buy...

posted by OSH

How low should I let it go before I buy? And, I don't even know how to buy...

I'm not sure how much lower it'll go. I'll probably throw another $250 at it today. And then throw some more if it drops to $4k or $5k.

The easiest way to buy for beginners, I've heard, is through Cashapp. I use the Gemini Exchange. There is also Coinbase, which is very popular.

I use Cash App. Just bought another $100.

I use Coinbase as well.

posted by Automatik

I use Cash App. Just bought another $100.

Keep stacking those sats!

Assuming it's not best to pay attention to your losses? lol

posted by Automatik

Assuming it's not best to pay attention to your losses? lol

Nope, don't worry about the short-term losses. Stack and HODL.

posted by justincredible

I'm not sure how much lower it'll go. I'll probably throw another $250 at it today. And then throw some more if it drops to $4k or $5k.

The easiest way to buy for beginners, I've heard, is through Cashapp. I use the Gemini Exchange. There is also Coinbase, which is very popular.

I tried Coinbase before, always gave me issues. I'll give Cashapp and Gemini Exchange a whirl.

posted by justincredible

Nope, don't worry about the short-term losses. Stack and HODL.

This is a very bad outcome for Bitcoin.  Can't even pump it as an alternative to gold now, because it's losing more value than the stock markets.  This was actually a big test for crypto, and it's failing miserably.

It may continue to be a popular speculative play, because it's actually kind of hard to buy & trade gold easily. 

posted by gut

This is a very bad outcome for Bitcoin.  Can't even pump it as an alternative to gold now, because it's losing more value than the stock markets.  This was actually a big test for crypto, and it's failing miserably.

It may continue to be a popular speculative play, because it's actually kind of hard to buy & trade gold easily. 

I disagree. Time will tell, but I think I'll be happy I kept stacking in a years time.

This is just shaking out the weak hands. I don't think this is the bottom, either. I think we'll see $3-4k soon enough.

posted by justincredible

This is just shaking out the weak hands. I don't think this is the bottom, either. I think we'll see $3-4k soon enough.

The longest & strongest argument for crypto has been fixed supply and not subject to govt excess.  And that argument is being absolutely destroyed.  In a global panic that could destabilize some currencies and economies, crypto is getting hit even harder.

Crypto is just a casino.  Whatever remaining long-term viability it had is getting crushed before your eyes.