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

pro_gnostic_8 wrote: »

Yelnahs wrote: »

BTC down to $9,550 as of right now. Think I'll have a crypto free rest of the week

The Indian annual budget was released in parliament this morning; in it was announced that Bitcoin will not be recognised as legal tender in the country.
As it is,India accounts for 10% of global Bitcoin trade volume; the announcement will conceivably affect that market.

Unfortunately, it seems negative news is coming in waves this past month.

Lol

Legal tender?

Give me a break. If that has truly affected the market then god help us as there must be a lot of ignorant people with vested money.

And how does anyone prevent the use of Bitcoin for transactions?

lawred2 wrote: »

Lol

Give me a break. If that has truly affected the market then god help us as there must be a lot of ignorant people with vested money.

Give you a break? Nobody, nor me, is going medieval on your ass. Don't shoot the messenger; take from the news whatever you may. The Indian bitcoin market is diving downwards as we speak.
I will add in response to your second sentence quoted above that the market as a whole is smarter than you or me or any other individual on here.

WhiteMemento9 wrote: »

These statements from governments just smack of a complete lack of understanding of the whole industry.

I dunno, I am inclined to think that these governments understand very well the nature of crypto ............. or at least they recognise the potential of crypto to blow away their own established monetary systems. And they -- and their elite bankster cronies -- are scared.
If I was the suspicious type, I would suspect that there is lately a co-ordinated attack on crypto by way of fearmongering, Fud, and outright lies, by governments across the world -- China, E.U., S. Korea, India, etc.

Larbre34 wrote: »

Get out of it lads, I'm told by a broker friend (traditional broker) that an undercurrent on messaging at Davos was that crypto is to be targeted and torpedoed.

Those in political power are concerned that attractiveness+volatility is not a formula they wish to tolerate in an already uncertain era. They don't want bigger commercial entities becoming involved and exposed, so they want to kill it.

Of course they want to kill it, blockchain has major impacts for their business model. I'm invested in a company making Etherum and one of the biggest brokerages in the world has upped there stake 3 times over the last few months. There even paying their employees in crypto. So I'd take your mate in Davos advice with a pinch of salt when you look at what Fidelity are up to.

Larbre34 wrote: »

Get out of it lads, I'm told by a broker friend (traditional broker) that an undercurrent on messaging at Davos was that crypto is to be targeted and torpedoed.

Those in political power are concerned that attractiveness+volatility is not a formula they wish to tolerate in an already uncertain era. They don't want bigger commercial entities becoming involved and exposed, so they want to kill it.

This presents traditional investors their biggest opportunities. An unregulated market that they can manipulate and you think they want to bury it?

Blockchain tech will reduce overhead for financial institutions as well so their bottom line will be improved.
Traditional investors who fear change want to bury it but I'd wager modern investors are all over this.

Bitcoin is down near where it was in November now

Will $9000 $8000 hold?

JohnnyFlash wrote: »

7000 bitcoins just transferred from a private wallet to an exchange.

https://bitinfocharts.com/de/bitcoin/address/16rCmCmbuWDhPjWTrpQGaU3EPdZF7MTdUk

Interesting wallet! A stake of over 1% of all bitcoins, built up since last April.

Made a lot of money earlier but probably regretting buying 60,000 bitcoins at around 13k at the end of the year.

At 9k, those 60k alone are down $240 million in a month and the worth of their total stake is down a billion since New Year. Ouch!

pro_gnostic_8 wrote: »

I dunno, I am inclined to think that these governments understand very well the nature of crypto ............. or at least they recognise the potential of crypto to blow away their own established monetary systems. And they -- and their elite bankster cronies -- are scared.

If I was the suspicious type, I would suspect that there is lately a co-ordinated attack on crypto by way of fearmongering, Fud, and outright lies, by governments across the world -- China, E.U., S. Korea, India, etc.

Can we stop with the pseudo Alex Jones conspiracy nonsense

Whether governments or officials understand crypto or not, they have a duty to protect the public from scams, ropey exchanges, fraud, laundering, hacks, ponzi schemes, etc. Tax authorities have to curb tax evasion.

Crypto is an unregulated cesspit. Great fun for greedy speculators and investors like us, but risky and downright dangerous for joe public

DANNY2014 wrote: »

Could all this slightly still be Chinese New year as it isn't till Feb 16???


2017 was 28 Jan starts goin up 30 jan 2017

2016 8 Feb starts goin up 12 Feb 2016

2015 19 feb goes up near end of Feb 2015

Or is it all completely bollo*ed...

Id imagine it'll go down more over the next week so time to buy some dips of the dips of the dips...

I don't think it's Chinese new year. Its a number of things really I think but the main two from yesterday were
India's announcement
Facebook announcing they are banning Crypto adverts

On forums much larger than here you will have people saying its the begining of the end, Zuckerberg knows something etc etc where in reality Facebook probably decided to class crypto as gambling and decided not to promote it.

Could this kick off a much more severe downward spiral? who knows. I reckon a lot of long term investors are taking profit now so not exactly cashing in all their coins but cashing in enough to cover what they put in and then some.

There's been dips before but I don't recall those dips being about regulation (Please correct me if I'm wrong, I hope I am)

Most the ads were scams though "buy this coin this week 5000X by next week" type a stuff... Is it not a good thing to get rid of all this gunk...?

Most the India scams that call for you to pay them in bitcoin or your windows computer is gonna get infected even though you've a mac are probably cashing out now too...(.")

Squozen wrote: »

Yeah, it's just timing that's the issue for me. I only planned to have money in BTC for two weeks and make a quick 5-10% profit, not a 50% loss.

Sorry to hear that man, Hoping another opportunity comes up for you to get back in. I hope others spare you the lecture of "Only invest what you can afford to lose"

lifeandtimes wrote: »

This will come to haunt you.

As everyone says only invest what you can afford to lose.

The way I look at it the money was already gone and the cash out at the moment is so small compared to it there's no reason to not just leave it there and see where it goes but this happens every year for the last 4.

Check out this chart

I think the landscape has changed though. Previous years didn't have any government's denouncing crypto, nor was it as popular as it is now, meaning a bigger crash.
Not saying its over but imagine you were a horse salesman when the first model t ford came along. You could look back on previous years and show drops and growth but the landscape has changed.