
Bitcoin Falls Below $2,000 - urahara
https://www.bloomberg.com/news/articles/2017-07-17/bitcoin-falls-below-2-000-as-infighting-threatens-crypto-perch
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oldstrangers
And now its up around $2,150. Why even write these articles.

~~~
ajross
You're complaining about the headline, not the article.

A commodity that is trading 30% below a peak it set _just one month ago_ is
absolutely newsworthy, are you serious? If the SP500 did this we'd be posting
in a 5000-comment thread and asking how long the recession would last.

~~~
colecut
That's because the SP500 doesn't regularly swing violently like the crypto
market

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ajross
The crypto market is more volatile for sure, but this is still the second
biggest one-month hit it's taken and the worst decline in three years. Again,
if the SP500 did that it would be news, not finger-in-ear complaints about
coverage.

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patrickg_zill
I've noticed that it seems to fall on weekends and then go up on Monday or
Tuesday. Wondering if I should put in some cash on an exchange to see if I can
make money from this observation ...

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andirk
I tried to calculate when the big buyer/seller "whales" go to sleep to figure
out what their time zone was. It pointed to the middle of the Atlantic Ocean
:/

~~~
milcron
Whales indeed.

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irresolute
The real reason of declining of cryptocurrency is due to the shut down of
AlphaBay. Alpha Bay was basically the replacement for Silk Road after that
site was also shut down.

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faragon
Is there any reason for the Bitcoin being worth anything? Even in North Korea
or Cuba it is easier to hold USD than Bitcoin. I'm sorry for the late
investors, but people was warned since long ago.

~~~
orclev
Same reason gold is worth something, it's a limited resource that's fungible
and a large enough people are willing to trade in to make it useful for
acquiring goods.

~~~
ianai
Gold has use cases. What are the use cases for Bitcoin? Are any of them
compelling? So compelling that a Trump or a Buffet would ever tangle with
them? (I chose those two names as two extremes - not related but a spectrum.)

~~~
orclev
Nobody investing in gold is doing it because of the industrial applications of
the metal. If you're valuing gold based on its uses it's __massively
__overvalued. The use case for bitcoin, or more accurately what it gives you
that no other currency (except other cryptocurrencies) gives you is being
decentralized, finite, and digital. The first and last points in particular
make it very suitable for usage on the internet since it can be freely traded
for goods and services across international borders while not being tied to
any particular country.

It remains to be seen if enough of a market can develop around bitcoin to
stabilize its price (or indeed the price of any of the cryptocurrencies). The
reason traditional fiat currency prices are as stable as they are is that
they're coupled to the value of the goods a country trades which tend not to
fluctuate up and down much. In theory cryptocurrencies value __should __be
tied to the value of all the goods and services that they can be used to
purchase, but since so few goods are actually purchasable using those
currencies currently, the vast majority of their current value is derived from
speculation in the market which causes the huge swings in value we see.

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midnitewarrior
Bitcoin is on sale!

~~~
nickster
Is now really the time to buy?

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fullshark
The time to buy is either before or after Aug 1. Unfortunately no one knows
which it is.

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ljk
why Aug 1?

~~~
fullshark
There might be a bitcoin split:

[https://bitcoinmagazine.com/articles/bitcoin-beginners-
guide...](https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-
surviving-bip-148-uasf/)

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7ewis
Ethereum fell too. It's on it's way back up though, slowly. Hope it
continues... definitely bought it at the wrong time.

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bdcravens
FOMO is real

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DeerSpotter
Because of this, i am finally understanding how markets work.

hype, hyyyype, HYYYpe, HYPE, HYYYYYYYYYYYPE, short sell, PANIC

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mikeschmatz
Except you can't short it

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ratinacage
There are a few exchanges that let you short sell.

