Is anyone else starting to become a bit worried? mod note in first post

Bob24

Many alt-coins are down 20-30% in the past week and Bitcoin is down 13%. I’m not saying it is unexpected and I am sure it will recover eventually, but at this scale it is a bit of a bloodbath I think.

unkel

My favourite alt coin has been doing very well the last few weeks, massive gains not only against BTC, but also against USD

Arrival wrote: »

Hoping for a €4-5k BTC like many people online seemed to be anticipating, would be a handy dip

I don't have any BTC but if that happened, I might be tempted to sell some of my alt coin off and buy BTC to hold & forget

el diablo

unkel wrote: »

My favourite alt coin has been doing very well the last few weeks, massive gains not only against BTC, but also against USD



I don't have any BTC but if that happened, I might be tempted to sell some of my alt coin off and buy BTC to hold & forget

Ok, I'll bite. What is your favourite alt? :cool:

q85dw7osi4lebg

Bought a good bit today, always double down with the DCA on dips like this.

Mentality has completely changed however. A year ago I’d sh1t myself seeing 5/10% drops. Now I’m just happy to see my wallet grow in BTC terms.

unkel

el diablo wrote: »

Ok, I'll bite. What is your favourite alt? :cool:

Thanks for asking

I'd rather not say though. To avoid any possible accusation of shilling, etc. My very first crypto transaction was buying and selling a bit of ETH in early 2017, but I quickly got more interested in mining (which I still do, but in a very small way) and after that masternoding. More the itty bitty background stuff to help keep the coin's network working, rather than just buying and selling crypto like ordinary shares

Kickstart1.3

unkel wrote: »

Thanks for asking

I'd rather not say though. To avoid any possible accusation of shilling, etc. My very first crypto transaction was buying and selling a bit of ETH in early 2017, but I quickly got more interested in mining (which I still do, but in a very small way) and after that masternoding. More the itty bitty background stuff to help keep the coin's network working, rather than just buying and selling crypto like ordinary shares

Couldn't resist sorry!

Dohnjoe

That's a fairly hefty drop. I wonder if we'll hit the lows of last December, or further. All this feels eerily similar to the 2014 to 2017 bear and disinterest

Bob24

Dohnjoe wrote: »

That's a fairly hefty drop. I wonder if we'll hit the lows of last December, or further. All this feels eerily similar to the 2014 to 2017 bear and disinterest

Yep this is starting to look like panic sales*, I think 6k will be a critical level. If this doesn’t hold there is not much support down to 3k.

If I had to take a stance I’d say 6k will hold. But I wouldn’t bet my life on it!

* not saying it is right or wrong, but it seems to be what we are seeing on the ground.

Kickstart1.3

Bob24 wrote: »

Yep this is starting to look like panic sales*, I think 6k will be a critical level. If this doesn’t hold there is not much support down to 3k.

If I had to take a stance I’d say 6k will hold. But I wouldn’t bet my life on it!

* not saying it is right or wrong, but it seems to be what we are seeing on the ground.

Gone fairly bearish now, I hope 6k can hold otherwise I'd be really kicking myself for not offloading a few more when it was higher.
Anyways I can't see a pile of money pouring into the market at this time of year, especially since its the burning of 2017 is still fresh in many peoples minds

grindle

I must be the only one excited for sub-$100 ETH again. Xmas is almost becoming my favourite time of year, close second to Pancake Tuesday.

Bob24

Kickstart1.3 wrote: »

Anyways I can't see a pile of money pouring into the market at this time of year, especially since its the burning of 2017 is still fresh in many peoples minds

Probably right, unless some large/institutional players (maybe newly arrived through bakkt and the likes) see it as an opportunity accumulate.

unkel

BTC at its lowest point in almost 6 months.

Kickstart1.3 wrote:

Couldn't resist sorry!

Making $10 a day? If only! If you pay the normal electricity rate of say €0.17/kWh, it is actually loss making. I have night rate and a large solar PV array, so for me it is just about breaking even (but actually costing me money on a day like today with little or no PV).

It does heat the largest and coldest room of my house for free though...

Lex Luthor

lots of manipulation the last week coupled with miner sell off probaby caused this big drop
The bear whales dropping a lot of false info into the media to put fear into the market, wait for it to drop after shorting it themselves.

The Binance office raid was all a hoax and there was something else posted about Ripple and tax cheating...all co-ordinated to generate FUD

The fundamentals of BTC havent changed, same with XRP

Bob24

The price drops don't mean interest is not rising with institutions, new record daily volumes are still being set on Bakkt:

makeorbrake

Lex Luthor wrote: »

The bear whales dropping a lot of false info into the media to put fear into the market, wait for it to drop after shorting it themselves.

The Binance office raid was all a hoax and there was something else posted about Ripple and tax cheating...all co-ordinated to generate FUD

The fundamentals of BTC havent changed, same with XRP

I don't think anyone is manipulating the media. The media defaults to this nonsense. Anytime there's a change up or down, you'll have reports with 'here's the reason why'. Those get written regardless of whether they have any earthly idea. And they get written hastily as they want to be the first to give this 'reason'.

There's an irony too with the Binance raid story. Only days before, the block were calling out another publication for posting rubbish!

Market cap is tiny. Manipulation can happen passively and actively - simply because that market is tiny.

TheAnalyst_

Mining bit coin is obscene and immoral. Anyone involved in it needs to sort their life out.

cnocbui

Ha, ha, ha....

grindle

TheAnalyst_ wrote: »

Mining bit coin is obscene and immoral. Anyone involved in it needs to sort their life out.

The only difference between mining and heating your home through any other non-renewable means is that one produces money for you along the way. One's inherently wasteful with no benefit besides a heated home, the other helps secure a network that other people value (yes, other people exist - this reality is not a simulation running in your brain) and produces the native shíttoken for that network which they can sell for profit!
Unless you've gone fully renewable I'd say you're further along the obscene and immoral spectrum than people mining at home.
unkel powers his with renewables, replacing a need to heat his home some other way. You're likely just píssing heat and money away. Do you get a sense of moral victory from that?

You're not much of an analyst.

makeorbrake

Increasingly, Proof of Stake mining is only profitable when using stranded renewable power. That's power that can't be used for any other purpose given its location.

Naysayers will never make the distinction as they don't acknowledge the value that is added by the process in the first instance.

unkel

grindle wrote: »

unkel powers his with renewables, replacing a need to heat his home some other way.

And for the record, I stopped mining sometime in May when generally the heating in the house went off. Started again in October, when the heat was back on

Despite it being the most profitable for me to mine in summer as the generation from my PV would be highest

And before I even started mining, my main family car was a full EV, most of my water was heated by solar tubes. And since starting mining, I very soon after installed a small DIY solar PV array, that has now grown to a fully fledged 13 panel system, producing about 3.8MWh of electricity per year. Apart from mining and charging my car, my house uses 3.5MWh of electricity per year, which is below average for my size house and a 5 person household.

Kickstart1.3

Looks like we are heading for another dump. For some reason some of the miners have been selling. I wonder are we hitting a point were there just isn't enough profit to justify large mining operations?

Lex Luthor

Kickstart1.3 wrote: »

Looks like we are heading for another dump. For some reason some of the miners have been selling. I wonder are we hitting a point were there just isn't enough profit to justify large mining operations?

Possibly
The average cost to mine 1 bitcoin is approximately $8,000

thunderdog

Anyone listen to the bbc podcasts series on the onecoin scam “the missing crypto queen”? A very interesting listen. It sounds obvious that it was a pyramid scheme when the journalist is describing the whole setup but it seems like a lot of people that threw money into, didn’t really know anything about cryptocurrency or how it works.

unkel

Dear oh dear, well below $7k now. If it should ever get back down to $3k-$4k, I might pick up a chunk. I didn't have the balls in the last dip.

Arrival

unkel wrote: »

Dear oh dear, well below $7k now. If it should ever get back down to $3k-$4k, I might pick up a chunk. I didn't have the balls in the last dip.

Getting exciting now

makeorbrake

unkel wrote: »

Dear oh dear, well below $7k now. If it should ever get back down to $3k-$4k, I might pick up a chunk. I didn't have the balls in the last dip.

Black Friday sales are here :-D

Bob24

unkel wrote: »

Dear oh dear, well below $7k now. If it should ever get back down to $3k-$4k, I might pick up a chunk. I didn't have the balls in the last dip.

The optimistic side of people will see an opportunity to buy more if this happens. And their pessimistic side will see it as a negation of the bullish pattern which has been building up in the past couple of month (and which for now is still visible in the charts).

For someone who is confident enough in the long term future of bitcoin it would certainly be a great buying opportunity (and I think I am on that line), but market psychology is such that as prices drop, previous confidence and certitude can can also vanish for many people and sometimes we can’t help!

grindle

Bob24 wrote: »

For someone who is confident enough in the long term future of bitcoin it would certainly be a great buying opportunity (and I think I am on that line), but market psychology is such that as prices drop, previous confidence and certitude can can also vanish for many people and sometimes we can’t help!

The worst thing when buying that low last year was that it dropped 15% more. It's always those things that niggle me, even if it's just a few grand at play. Instead of being delighted with the price I was happy to buy at I become bitter about the possibility of some 40-50x gains.

Dohnjoe

I pick a budget, pick a target price point and buy a set portion whenever it drops x%

No one can time the bottom (or the top), so it works for me. Also gets rid of that niggling buyer/seller regret

q85dw7osi4lebg

Mileage due in Friday, dumping the whole lot into BTC no matter the price. Sure what else would ya spend it on anyway.