Bitcoin is tanking

[Perceval]

I m not enough rich To buy bitcoins....
Maybe one day ????

 

[Whaevoz]

On a positive note, thanks to the drop in bitcoin's value, the price of high end video cards are dropping to more reasonable levels.

 

[MatMackenz]

I think it will bounce back up, and I'll regret not buying it.. again. Though that opinion of mine is just a blatant guess. I always want to buy some when it gets low like this, but never end up doing it. I wish I had bought a bunch when it was $1 or less per coin hah!

I know of this feeling. I remember when I first found bitcoins, it was in January 2011, as I just moved to a new house. They were making a big deal about it because it was just reaching parity with the USD. It was not exactly easy to purchase back then, and there was no real reason to buy any since the only place you could spend bitcoin at the time was on the silk road drug network. Back then you could even get hundreds, if not thousands of dollars worth of bitcoin (at todays price) from bitcoin faucets. If only I actually got some then, but I would have sold it way before it hit $1000.

When the next bitcoin halvening gets closer, the price will start to rise again, as long as adoption stays steady and they are able to fix the problems with scaling.

 

[MatMackenz]

On a positive note, thanks to the drop in bitcoin's value, the price of high end video cards are dropping to more reasonable levels.

GPU are not typically used to mine for bitcoins. They are too inefficient and cannot compete with ASIC miners.

GPU are typically used to mine for Altcoins, like Ethereum or Monero, which also have taken a huge hit in value as of late.

There is a correlation between the price of Bitcoin and Altcoins, so if bitcoin drops, then altcoins drop, and therefore the demand for GPU miners decreases.

 

[Backlash]

I remember some site seal site back in the day was giving them out in freerolls in the early days...LOL

 

[LavaStorm]

We can't be successful in poker if we can't handle the down swings, like bitcoin appears to be doing right now.


Bitcoin is Plunging But Poker Players Find Humor in Losses

A succesful poker player needs to know himself very well and know how to handle his losses. If you cant do that you will most lackily lose all your bankroll before you even know it. so becarful and know when to stop.

 

[skaterick]

confused

if I could understand it I might invest . sad to say I cant even figure out how to deposit or withdraw from a poker site using bitcoin .

 

[JimmT7]

My opinion it will return to take off point which is around $1200 and then go crazy again.

 

[drubas]

Definitely true. In my opinion people are to weak for Poker or Bitcoin if they sell when Bitcoin has reached its lows. Sure, depending on the reasoning behind selling because most people does not sell because of data. They sell because of emotions and if there is one thing in business you should not go for in most situations. It is your emotions. Collect data and simply follow the patterns.

Otherwise e.g. Renaissance technologies would not be successfull. No emotions, just data.

 

[JimmT7]

Definitely true. In my opinion people are to weak for Poker or Bitcoin if they sell when Bitcoin has reached its lows. Sure, depending on the reasoning behind selling because most people does not sell because of data. They sell because of emotions and if there is one thing in business you should not go for in most situations. It is your emotions. Collect data and simply follow the patterns.


Otherwise e.g. Renaissance technologies would not be successfull. No emotions, just data.

Emotions are huge while trading. You have to make your decision set your stop loss and walk away.
I have lost 50% on my last trade. Getting in at 6k charting it at a direct hit on corrective cycle. Knowing we may go full correction. My stop loss hit. Now I am waiting before I decide to add more to the market.

 

[Shrops]

Yes

Yes, bitcoin is falling. It was just a matter of time. Will it rebound; I guess we will see.

 

[darthjewel]

I think that one should be aware that Bitcoin as technical solution reached the end of its efficiency ( transaction time and fee) . Before significant price rise
it needs to undergo several major changes , or more likely, it will rather be replaced
by another cryptocurrency, the existing , or a completely new one

 

[RutgersOneTime]

It's really hard to create a value of something the majority of the population cannot see or feel. I just don't see it working in the near future.

 

[kelvin22]

I think the purpose of the downfall is actually to make people invest/re-invest just so it can come back stronger... or just come back. I know a few people that made nice earnings from bitcoin and other cryptos, and in their own words... "too much money to be made, it's never gonna die". And it's probably true. Rumors about bitcoin suffering "sudden death", have been circulating ever since it first hit the market and people started making money. Still... there it is, very much alive. Though i agree... it's dangerous to the global economy.

 

[sheltowee420]

I think that the support level for bit-coin is $6,000.00. When it is above that it is up, when it is below that it is down. Ride the waves. That is all.

 

[Unashamed88]

And what is the history behind the US dollar? Why are you so confident to hold 100% in US currency? Or Gold? The US dollar is fiat currency, which still makes it a real currency. There is no INTRINSIC VALUE behind gold either, and yet people still hold it as assets.

And by the way, bitcoin is not a thing like a "piece of wood," because wood actually does have INTRINSIC VALUE as building material and fuel.

All retirement plans are risky. All holdings are risky. Some are riskier than others, and bitcoin is clearly riskier, at this point in time, than other holding options. The safest being bonds and CDs, the riskiest being stocks, and somewhere in between is fiat cash and bullion. All of it is at risk, and this is why it is so important to have smart people running the government and keeping watch over the rats and snakes that want to take total control of the entire economy and global market.

At least your nephew is trying to actually have a retirement plan.

I don't mean to be rude but as a Financial Director you hurt my brain a bit with this rant... First of all you need to understand what Intrinsic Value means. Intrinsic Value also known True value or Fundamental value or Inherent value (which poker mike mentioned)is a value given to a Company, Product, Stock or Currency. Simple Numismatics.

Second of all you both are right and wrong. Gold 100% holds Intrinsic Value not only for obvious reasons(bestowed value) but under a free market Gold does in fact become currency. While the current US Dollar is Fiat money to answer your question about its history, it used to be backed by things such as Gold. No how can you back something with nothing if Gold has no Intrinsic Value as you claim? When in fact all countries at one point in time backed their paper money with Gold/Oil/Diamonds and such. The US Dollar has been around for hundreds of years and Gold obviously a lot longer! haha!

There is no need to get upset because they say Bitcoin doesn't have enough history to hold Intrinsic Value. Especially since it's true. Bitcoin has lengths to go before leveling and being widely accepted as a "currency" especially since it was not invented to be a currency, it was meant to redesign payment processing. Respected sites such as Forbes acknowledge Bitcoin as an asset. Does Bitcoin have the ability to become a currency? Absolutely! But right now it just simply is not.

 

[xRanieri]

I sold my Antminer S9s and liquidated my BTC on Slushpool at $5000 USD. End of story, I'm done. I woulda kept them if the fans weren't loud af, and btc was more stable. I do feel that bitcoin can go in one of two ways:

1. Drops and tanks (miners drop out, making btc transactions slow and ultimately impossible).

2. Picked up by a bunch of banks and companies and becomes the new debit card. Then BTC will increase exponentially.

 

[GreenDaddy1]

Glad I sold my BTC, ETH and LTC when I did, back in mid Jan 2018 when things started to look bad, had got in just before it went bonkers in the second half of 2017, so made a tidy sum from a small investment. Would buy again now at current price if I had anything spare to invest! Can't see it getting back to where it was for a long time though, lot of people got burned I imagine who thought they were going to get rich quick, not sure the same sort of boom could happen as did during 2017. Stranger things have happened though.

 

[ccmonrivah]

i dont know nothing about bitcoin,all i know i tried to deposit today on couple of sites n it has to be bitcoin,not happy:y:

 

[rrickir]

I still have some Bitcoin a little Litecoin also now that it's down quite a lot I'm just stuck holding on to it till it goes back up again it seems to go through these Cycles hopefully it will go back up again soon

 

[freddydr87]

I didnt speck to poker have those down sings as well, i figured out this dais by lousing all my bankroll in cach games,lol

 

[B1731898]

This doesn't have to do with the value of bitcoin, but I recently used it as s deposit method on BOL. I really like it so far, and it's a lot simpler than I thought it would be.

 

[chakanika]

OMG it fell to 3500 today

don't worry bitcoin was a scam from the beginning. rather invest in something tangible

 

[Davlic]

I remember the time when bitcoin was cheap. if I knew he would be more expensive ...
I think cryptocurrency is unreliable.

 

[StArDemonn]

I don't think Bitcoin will rise again,I think will go down slowly.