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~350 BTC buy wall at 7500 went down in 30 seconds
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Feb 5, 2018 15:16
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Snap back to reality. Oh, there goes gravity Oh, there goes Bitcoin, it choked
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Feb 5, 2018 15:20
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7300!
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Feb 5, 2018 15:22
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Alpha Mayo posted:Essentially comes down to margin insider trading with Tether by the exchange which created it in the first place, beginning in May 2017. The soaring prices brought public attention (and money) and further fueled the bubble, lots of people buying due to fear of missing out. The immediate collapse from 19K was for the same reason any ponzi collapses, at that point the rate of money in was less than the rate of money out. And the long term collapse is due to the entire crypto system being a negative sum game, with prices inflated by Tether, causing value to leak out of the system faster than otherwise, especially to new miners who typically don't hold but sell to pay off the GPUS/ASICS they paid way too much for. A good analysis, especially inclusive of the market manipulation, investment by irrational investors, the effect of crypto currency mining on hardware prices, and the preponderance of “me too” scam coins that exist only to part people with their money. So based on all of that, what makes you think technical analysis of present data could even work? Technical analysis of non-manipulated, mostly-rational markets isn’t even proven to work.
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Feb 5, 2018 15:24
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Technical analysis is only useful in that it might predict what other idiots doing technical analysis will do, but other than that it's as effective as homeopathy.
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Feb 5, 2018 15:26
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I would really hate to be the guy in charge of the North Korean bitcoin department these last few days.
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Feb 5, 2018 15:30
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up uP UP?  Guess that one guy can't buoy the markets anymore.
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Feb 5, 2018 15:30
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1600 coins until the sixes
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Feb 5, 2018 15:30
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I was going to joke about water/computer memory, but that got me thinking about the hardware manufacturers. I'm thinking that if you want to make money on crypto, the best bet would be shorting nvidia once btc breaks below 5k
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Feb 5, 2018 15:31
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Sentient Data posted:I was going to joke about water/computer memory, but that got me thinking about the hardware manufacturers. I'm thinking that if you want to make money on crypto, the best bet would be shorting nvidia once btc breaks below 5k
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Feb 5, 2018 15:32
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Ah, I'd thought it ramped up. I'm guessing all the asics are coming out of random Chinese companies and aren't anything publicly traded?
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Feb 5, 2018 15:35
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Thread title getting real close. 
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Feb 5, 2018 15:35
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Sentient Data posted:Ah, I'd thought it ramped up. I'm guessing all the asics are coming out of random Chinese companies and aren't anything publicly traded? Nvidia said it was going to crack down on mass card buys IIRC.
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Feb 5, 2018 15:35
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The accumulated filth of all their fud and fomo will foam up about their waists and all the whales and forks will look up and shout "Save us!"... and I'll look down and whisper "No." -tether
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Feb 5, 2018 15:38
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Unfortunately I'll have to go offline for about an hour, and BTC rallies whenever I'm not staring at the tracker.
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Feb 5, 2018 15:39
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Oh, and just putting it out there, I still really want a bfl pitchfork/torch if anyone has any leads
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Feb 5, 2018 15:40
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wilderthanmild posted:Have idiots stopped snapping up all the video cards to mine shitcoins yet? For sale: bitcoin GPUs, never mined.
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Feb 5, 2018 15:43
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The more people that get caught holding the bag the faster this bubble going to pop. Now you have all the people that bought in from mid Nov to now starting to panic.
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Feb 5, 2018 15:48
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Whatever happened to Butterfly labs? Did they finally ship the ASIC miners they were supposed to be makeing or did it turn out to be the scam it looked like?
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Feb 5, 2018 15:50
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FTC shuts down Butterfly Labs, the second-most hated company in Bitcoinland https://www.theverge.com/2014/9/23/6833047/bitcoin-conspiracy-theorists-vindicated-as-ftc-shuts-down-butterfly-labs
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Feb 5, 2018 15:51
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katka posted:Whatever happened to Butterfly labs? Did they finally ship the ASIC miners they were supposed to be makeing or did it turn out to be the scam it looked like? Someone correct me if If I'm wrong, but didn't it go like this 1) they take money from order 2) build the gear 3) delay shipping so they can mine from gear you purchased 4) ship it out when it becomes nearly obsolete not sure how it all ended though
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Feb 5, 2018 15:52
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Enchanted Hat posted:The weak hands thing is the most annoying of all the bitcoin memes. "You haven't made a loss unless you sell" is just a mind-bogglingly stupid thing to genuinely believe in. HODL to the grave
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Feb 5, 2018 15:56
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Sentient Data posted:I was going to joke about water/computer memory, but that got me thinking about the hardware manufacturers. I'm thinking that if you want to make money on crypto, the best bet would be shorting nvidia once btc breaks below 5k For sure I would expect a drop in Intel, AMD, Micron, Nvidia, and Asus. Nvidia is a bit riskier since they are leading artificial intelligence developers. In other words, they are not propped up purely by crypto, but it helps. You already missed the AMD short. It dropped about 15% since the Bitcoin crash began.
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Feb 5, 2018 15:57
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lol I blinked and it dropped from low 7300s to low 7200s.
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Feb 5, 2018 16:06
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What's the best place to see bitcoiners consider eating a bullet
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Feb 5, 2018 16:09
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ElGroucho posted:What's the best place to see bitcoiners consider eating a bullet My office because a bunch of coworkers husbands/boyfriends went heavy on bitcoin at the bubble peak.
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Feb 5, 2018 16:10
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Is 7250 another wall of some sort? Seems to be struggling to drop below.
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Feb 5, 2018 16:12
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bobfather posted:A good analysis, especially inclusive of the market manipulation, investment by irrational investors, the effect of crypto currency mining on hardware prices, and the preponderance of “me too” scam coins that exist only to part people with their money. I don't believe in TA, especially with Bitcoin, completely due to the blatant market manipulation. Probably 95% of trades are a computer playing against itself, the human element barely there. I only believe in this one trend line, which is based off a rate-of-decline that separates the market from being in "active collapse" mode and "steady decline" mode. Previously any dips below this line was a strong pump-signal to get it back above the line. But now the pumps are weaker and fewer in between. I think they want to cash in on the Buy order book on Fiat exchanges, and pumps are designed to bate new Buy orders at higher prices. But the market is collapsing so fast now that they might not even give a gently caress anymore.
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Feb 5, 2018 16:14
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Waltzing Along posted:Is 7250 another wall of some sort? Seems to be struggling to drop below. its where the SSJ 2 HODLers are stationed, its not even their final form
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Feb 5, 2018 16:14
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Nah there's 1200 coins left before it breaks 7k, wait for the arbitrage bots to do their thing
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Feb 5, 2018 16:14
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Waltzing Along posted:Is 7250 another wall of some sort? Seems to be struggling to drop below. If you stare at the charts for too long everything looks like a wall, imminent crash, or suspicious activity.
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Feb 5, 2018 16:15
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Doccykins posted:Nah there's 1200 coins left before it breaks 7k, wait for the arbitrage bots to do their thing How can I see these 1200 coins?
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Feb 5, 2018 16:17
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OhFunny posted:lol I blinked and it dropped from low 7300s to low 7200s. 
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Feb 5, 2018 16:18
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Waltzing Along posted:How can I see these 1200 coins? Close your eyes and push really hard on your eyelids.
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Feb 5, 2018 16:19
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Wassbix posted:its where the SSJ 2 HODLers are stationed, its not even their final form Now I have two reasons for reading this thread: Schadenfreude and Dragon Ball Z jokes.
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Feb 5, 2018 16:21
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China to bitcoin: look, just gently caress right off wonder what that'll do to mining this is of course good news for bitcoin, we only post good news here after all
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Feb 5, 2018 16:21
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Waltzing Along posted:How can I see these 1200 coins? https://bitcoinity.org/markets/coinbase/USD mouse over the point of 7k in the second chart, click 'WTF' in the top right corner for more info Welp, there goes 7250 
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Feb 5, 2018 16:22
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Someone post the roller coaster gif. It's below 7200. Lowest since 11/14 now. Woohoo.
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Feb 5, 2018 16:23
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Waltzing Along posted:Is 7250 another wall of some sort? Seems to be struggling to drop below. 7250? We’re at 7,125 now. Hahaha
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Feb 5, 2018 16:23
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Lol because soon the thread's title will be factual again.
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Feb 5, 2018 16:25
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