Blood bathe on coin market overnight ..
@kayshope (1670)
El Paso, Texas
January 17, 2018 7:23am CST
Bitcoin was going so high, It had to hit .. Over night bitcoin took a big plunge now barely 10,000 .. it was over 16,000 not long ago.. What in the world caused this? Should we be concerned.. or like the us stock market a few years back .. it will come back better than before...
3 people like this
5 responses
@topffer (42156)
• France
17 Jan 18
@JolietJake Most of bitcoin owners do not realize that the currency is protected by the mining activity, and they use bitcoin like any other currency, having an ATM card, or exchanging it without considering mining (they would get nothing from their mining anyway).
What China does is sneaky : by closing mining factories, they attack the shielding of the bitcoin digital safe. People selling their bitcoins actually are probably banks and other big private investors aware of the problem that it will create for the safety of this cryptocurrency.
1 person likes this
@topffer (42156)
• France
17 Jan 18
@yukimori Mining is a big concern, it seems that the states have realized that it was the best way to make the bitcoin sink : China is forbidding mining, Russia will follow soon, South Korea is forbidding to miners to open an account to exchange btc...
I read that the bitcoin raise of 2013 ($150 to $1000) had been made by only 1 investor. Big investors can make it crash at any moment if they decide that the investment becomes too risky.
The stand mixer was certainly an excellent investment
1 person likes this
@yukimori (10144)
• United States
17 Jan 18
Never mind that the mining activity is literally how the transactions performed with the cryptocurrencies are processed on the blockchain technology...
There's also an interesting study that was recently published showing that about 97% of all Bitcoin holdings are held by 4% of the addresses out there. With the anonymous nature of the blockchain, and new wallet addresses being generated after each transaction, it's possible that percentage represents a very small group of Bitcoin users.
I'd had doubts about getting out of it last month, but the stand mixer I bought with the proceeds from selling my Bitcoin has turned out to be an excellent investment.
2 people like this
@louievill (28851)
• Philippines
17 Jan 18
The value of my investments were slahed by more than half since the December high, But I'm still fine. What caused it is the South Korean ban on exchanges and speculation, also the stricter guidelines put out by the People's bank of China on ICOs, exchanges, speculation and everyone into cryptocurrency. Asia is responsible for dragging the price down
I am sure it will be back, it happened so many times before, I even see it as an opportunity to buy more. I hate refreshing the marketcap page, it's all negatives and reds lol!
2 people like this
@louievill (28851)
• Philippines
18 Jan 18
@kayshope I am a believer,cause going down has happened so many times before and cryptos always recover, I believe it will rise gradually, in fact it already did today, all coins are on the green.
1 person likes this
@kayshope (1670)
• El Paso, Texas
19 Jan 18
@louievill I see many have gone up and down before..
1 person likes this
@owstalaga (4707)
• Philippines
19 Jan 18
As the stock traders say, buy when the price is so low, sell when it goes high. I believe it may be better to hold on to those little bitcoins. I have some bitcoins too but it is not a significant amount at all, only the amount my original money earned before. Haha. If I did not withdraw the earnings maybe I might have a several thousand pesos in there when it was really high.
2 people like this
@kayshope (1670)
• El Paso, Texas
19 Jan 18
I agree, as everyone thinks it might go right back up sooner or later..
@kayshope (1670)
• El Paso, Texas
18 Jan 18
it was worth a whole lot more 4-5 days ago. Hope it goes back up ..
