Big Crypto Drops Today

Come on Zero Hedge, get some content of your own.

I was there first. Comes under - (wish I'd said that).

 

And the one person who picked that alt coin will think they are a genius

 

Maybe it was Altima

 

And in the last hour it's all back up 10-20% !

 

Sigh.... Why is it that people with cocks the size of a sandfly only ever show up when prices are down and never ever when they are too da moon ?

Sigh.... And why is it that the same type are never ever happy when people are making money, but just seem to gloat like a fool when others are losing money ?

Sigh... What sort of Wanker takes joy from others losses ?

John Galt might want to go back and actually read the book Ayn Rand wrote before presenting as some sort of shadow of the inception of the character and passing judgement on others.


“The man who refuses to judge, who neither agrees nor disagrees, who declares that there are no absolutes and believes that he escapes responsibility, is the man responsible for all the blood that is now spilled in the world. Reality is an absolute, existence is an absolute, a speck of dust is an absolute and so is a human life. Whether you live or die is an absolute. Whether you have a piece of bread or not, is an absolute. Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.

There are two sides to every issue: one side is right and the other is wrong, but the middle is always evil. The man who is wrong still retains some respect for truth, if only by accepting the responsibility of choice. But the man in the middle is the knave who blanks out the truth in order to pretend that no choice or values exist, who is willing to sit out the course of any battle, willing to cash in on the blood of the innocent or to crawl on his belly to the guilty, who dispenses justice by condemning both the robber and the robbed to jail, who solves conflicts by ordering the thinker and the fool to meet each other halfway. In any compromise between food and poison, it is only death that can win. In any compromise between good and evil, it is only evil that can profit. In that transfusion of blood which drains the good to feed the evil, the compromise is the transmitting rubber tube.”
― Ayn Rand, Atlas Shrugged

 

It's crazy to think the swings in recent days are greater than the entire value of existing above ground silver (~1 billion oz).

Silver is now valued a fraction of BTC market cap. Maybe the only significantly undervalued asset in the world currently (I know, this whole board has been arguing this both ways since 2011). Silver would need to be roughly $100 to close in on total btc value. I will keep stacking my silver, but I wouldnt mind getting back into the cryptos if another bear/accumulation phase is on the horizon.

 

Might not be too late now. This next run could take us through the 200 Billion cap.

Or it might not.

 

So I go to bed last night thinking I'll look at accumulating more crypto in the morning. It would have either kept plummeting, stabilise a bit, or maybe even have a small rally.
Nope, I wake up and it's been a fully on recovery. Insane.

 

Silver is doomed because no one cares about it.
It will take a complete simultaneous crash of the stock market, the crypto market, and currencies in order for people to even think about it. And then they will be looking at gold, and silver might go along for the ride.

 

According to Coinspot, the two losers who have not recovered are Dogecoin and Siacoin.
I'm wondering is instant recoveries like this are good indicators of which coins to avoid?

 

Well Doge was a no brainer and I got out of my Sia a while back.

I do agree these shakeups are usually a good indicator of where the quality projects sit and offer the opportunity to modify portfolios to suit.

 

I'm also beginning to wonder if this may in fact just be the 'dead cat bounce' with the weekend money coming in to make a quick buck ready to sell out in time for next week.

Maybe the downtrend isn't complete just yet?

 

I bought some bcc last night at $330, without the volatility crypto wouldn't be fun, don't buy & hold, trade trade trade! China is always banning Bitcoin lol

 

I got the same feeling, something doesn't feel right about it atm. But in time we will see.

 

My spidey sense is saying that, but it could just be my wishful sense instead.
Crypto is impossible to predict with any sort of consistency.

 

Me a genius? I hardly think so. If I was, I would have put more in ARK when I should have! Would have been a millionaire and retired at the age of 30!

Anyway, my guess is that the Chinese exchanges will close (only for Chinese investors, while the international trading sites are still good to go) but they will get re-introduced once PBOC comes up with some sort of regulatory framework and issue licences to the legit ones.

 

Well I'm all out. Liquidated everything and am going to sit on the sidelines for a bit.

As a couple of you agreed it just feels like a false start. I don't generally trade as such, just sit and hold. But I think there may be an opportunity to get in with more holdings for the same money. Of course there will be the ones that rise, but buggered if I'll try to pick which ones.

Having said all this, and with my attempts at trading in the past, me selling should be an indicator for everyone to buy!

 

Now i did not run out and buy bitcoin when it hit $3k ,but i am sure many smart people did.
These swings while BIG in dollar value -$1k+ they are nothing by way of % in the history of Bitcoin and other crypto.
From its inception BC has had runs and dips and this a small one by all accounts , though the dollar values are higher.
Early on BC goes from $1 to $3 you know big deal it is only a $2 gain, right?>>>>>>>>>>>>It says a lot that now a 25% drop only brings the price to $3k.