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

Tinder Surprise · 02-02-2018 12:18pm

Tinder Surprise wrote: »

I think most people agree that when the market cap was ~$800+ billion that most coins were at least 50% over priced (give or take) so I have my own theory that the market wont settle til around the $400billion cap which leaves us a bit more to fall.

I wrote the above less than 24hrs ago when the cap was ~$480 billion.
It now sits at ~$380 billion which is a drop of over $100billion in less than 24hrs and still no sign of the brakes having any effect.

I can tell you one thing for sure...this is new ground for everyone!

Uncharted waters ..whatever you want to call it - reckon this has taken the most seasoned crypto traders by surprise.

at the end of this there will be either some very wealthy people with bags of cheap crypto high caps on the rise, or folk with bags of useless crypto that will take years to recover after all the organised orchestrated FUD has played its part to reek havoc.

Bitcoin/Crypto/Blockchain is getting its day in the boxing ring.. I hope for one it wins and comes out of this stronger than ever before.

battser · 02-02-2018 12:18pm

Anyone think Litecoin is worth investing in?

fran426ft · 02-02-2018 12:22pm

JohnnyFlash wrote: »

Bitcoin is actually the best performing of the big coins at the moment. Only down 14% and getting some support at 8100. Some of the other coins are going to get wiped out altogether.

I agree it looks like it seems found some resistance and I hoping it holds but I find looking at only the last 24hr performance to often be misleading when considering a coins performance unless you're day trading.

If you look at longer periods the picture is not the same. e.g. ETH is down 22.9% in the last 24hr but only down 17.54% from the price 7 days ago. BTC is down 14.3% in the last 24hrs but 24.7% fro the price 7days ago.

DyldeBrill · 02-02-2018 12:24pm

battser wrote: »

Anyone think Litecoin is worth investing in?

Personally - No.

I bought Litecoin when it was $80 and sold at $300. Charlie Lee selling at its all-time high is proof for me that it's not going to be a major player.

papu · 02-02-2018 12:26pm

battser wrote: »

Anyone think Litecoin is worth investing in?

Yup

rapul · 02-02-2018 12:28pm

DyldeBrill wrote: »

Personally - No.

I bought Litecoin when it was $80 and sold at $300. Charlie Lee selling at its all-time high is proof for me that it's not going to be a major player.

yeah dont know what to think of him selling alrite, luckily enough I had bought all my litecoin around the $50 mark so im a long term holder on litecoin who knows

lifeandtimes · 02-02-2018 12:28pm

This is not the end of crypto.

It's here to stay, this crash with all the FUD just shows how worried the banks and governments are and the potential of crypto to go massive, like seriously massive.

In 50 years time standard fiat will be gone and it will all be crypto.

All the visions and movies of our futures with USBs and chips in out arms to pay for things will all be done via crypto. The transactions times and no fees are too good to not be used

In a years time come back to your accounts and see how much you have made

Tinder Surprise · 02-02-2018 12:30pm

current Top 10 high caps :eek::eek:

still wouldn't stop me filling my boots with $.30c Cardanos if I had the disposal income to do so.

Autochange · 02-02-2018 12:37pm

Just about to touch on the 8k support line.
This will get interesting

Autochange · 02-02-2018 12:40pm

lifeandtimes wrote: »

This is not the end of crypto.

It's here to stay, this crash with all the FUD just shows how worried the banks and governments are and the potential of crypto to go massive, like seriously massive.

In 50 years time standard fiat will be gone and it will all be crypto.

All the visions and movies of our futures with USBs and chips in out arms to pay for things will all be done via crypto. The transactions times and no fees are too good to not be used

In a years time come back to your accounts and see how much you have made

Blockchain is here to stay. One concentrated joint efforts from governments backed by the banks and bye bye cryptocurrency trading

JohnnyFlash · 02-02-2018 12:48pm

Autochange wrote: »

Just about to touch on the 8k support line.
This will get interesting

Didn’t get much love at that price. Dropping like a stone now.

dfunk · 02-02-2018 12:50pm

Tinder Surprise wrote: »

current Top 10 high caps :eek::eek:

still wouldn't stop me filling my boots with $.30c Cardanos if I had the disposal income to do so.

Interesting in hearing why Cardano? I've done no research but read that its little more than white paper with very high total supply. I took that information with a pinch of salt but was enough to stop me investigating further.

draiochtanois · 02-02-2018 12:55pm

This post has been deleted.

lifeandtimes · 02-02-2018 12:56pm

50% up????

What's so good about it?

JohnnyFlash · 02-02-2018 12:57pm

lifeandtimes wrote: »

50% up????

What's so good about it?

Pump and dump. Fool and his money, and all that.

Autochange · 02-02-2018 1:00pm

JohnnyFlash wrote: »

Didn’t get much love at that price. Dropping like a stone now.

Looks like it will keep going. 5 k traditional support line next?

lifeandtimes · 02-02-2018 1:03pm

Autochange wrote: »

Looks like it will keep going. 5 k traditional support line next?

What do people mean when they refer to the traditional support line?

papu · 02-02-2018 1:04pm

Autochange wrote: »

Looks like it will keep going. 5 k traditional support line next?

Highly doubt it.
It's a correction, not a freefall

drunkmonkey · 02-02-2018 1:08pm

BITCOIN / U.S. DOLLAR BTCUSD
Market Open
8266.9 914.1 (9.96%)
Prev
9181.0
Open
9181.0
Volume
61.369K
1 Day Range
8210.1 - 9213.0

ETHEREUM / U.S. DOLLAR ETHUSD
Market Open
840.29 194.71 (18.81%)
Prev
1035.00
Open
1035.50
Volume
213.318K
1 Day Range
840.00 - 1039.10

Not looking good, bear case support at 2500 for bitcoin and 500 for ETH, both back in buy area then.

jester77 · 02-02-2018 1:09pm

lifeandtimes wrote: »

50% up????

What's so good about it?

Sounds similar to dai/maker except it is backed by gold

jester77 · 02-02-2018 1:14pm

Just looking at DAI, it really is performing well and keeping steady considering how crazy the market is. That's impressive.

99 Bortles of Beer · 02-02-2018 1:31pm

Don't worry guys, it's Friday. People traditionally cash out on Fridays to buy supplies for the weekend.

Right?

........Right?

turbot · 02-02-2018 1:36pm

The guidance I was always given was:

(1) Don't invest any amount you can't afford to lose
(2) There is a chance you'll lose all your money
(3) There is a chance your investment will appreciate very significantly
(4) Pay attention and plan to HODL

And between some friends and I, we figure that only 5% of the Altcoin projects will still be around in 5 years.

In this regard, Cryptos and especially Alt coins are not dissimilar to being an angel investor in a bunch of new startups.
1 in 5 or 1 in 10 might work out so well that even if none of the others go anywhere, you still do ok.

But for sure, 2018 is going to be different than 2017.

Suffice to say, lots of people used credit to find crypto-purchases in late 2017. IMO, that is a higher risk life tactic versus an investment tactic.

makeorbrake · 02-02-2018 1:39pm

99 Bortles of Beer wrote: »

Don't worry guys, it's Friday. People traditionally cash out on Fridays to buy supplies for the weekend.

Right?

........Right?

$200 Billion worth of supplies based on the entire crypto market as a whole over the last couple of days. That's some weekend of supplies. High Class Hookers n' Coke? Must be a hell of a weekend

ZeroThreat · 02-02-2018 1:41pm

I guess the US has woken up and further added to the carnage.

fran426ft · 02-02-2018 1:42pm

Cashed out my ETH, everything else has no quick exit to fiat and ETH was my biggest asset. If it finds a bottom I might buy back to recoup some loses but this "correction" only seems to be gaining momentum right now.

99 Bortles of Beer · 02-02-2018 1:44pm

makeorbrake wrote: »

$200 Billion worth of supplies based on the entire crypto market as a whole over the last couple of days. That's some weekend of supplies. High Class Hookers n' Coke? Must be a hell of a weekend

Well, it is Super Bowl weekend :pac:

DANNY2014 · 02-02-2018 1:51pm

It's basically like Harvey Norman the big sale just never ends....ðŸ˜‚

fran426ft · 02-02-2018 1:52pm

fran426ft wrote: »

Cashed out my ETH, everything else has no quick exit to fiat and ETH was my biggest asset. If it finds a bottom I might buy back to recoup some loses but this "correction" only seems to be gaining momentum right now.

Ah F**k did I just sell at the botom

seannash · 02-02-2018 1:59pm

fran426ft wrote: »

Ah F**k did I just sell at the botom

Dead cat bounce possibly, We've seen a few

Kenny Logins · 02-02-2018 2:07pm

seannash wrote: »

Dead cat bounce possibly, We've seen a few

Pretty big bounce for a dead cat. Must be some life left in it. :pac:

TheSheriff · 02-02-2018 2:11pm

Woke up about an hour ago (I live in the US), Jesus, what happened overnight ??

I am extremely close in value now to my initial investment, if it hits that I am getting out

drunkmonkey · 02-02-2018 2:15pm

Steady lads things move up, things move down, Etherum is rebounding on volume by the looks of it, recovered from $768 to $950.

seannash · 02-02-2018 2:20pm

Kenny Logins wrote: »

Pretty big bounce for a dead cat. Must be some life left in it. :pac:

Not really, yesterday someone called bottom because there was green on the hourly charts and today it drops again. It went from 7800 to 8480 now so not much of a bounce up for today

Dohnjoe · 02-02-2018 2:22pm

Squozen wrote: »

Yep. I’ve eaten the (significant) loss and cashed out. Good luck to the rest of you.

From personal experience (and this is my own opinion) over the last 5 years in crypto it is never wise to sell at a loss

a) it suggests that someone had more in that they were willing to lose (bad)
b) except for a few coins that bombed, the market has shown us nothing but overall gains for 7 years up until very recently
c) if the coins you sold grow 10 times or 100 times in the future, there will be significant regret
d) compare the market prices now to market prices this time last year

Again, and this is only my personal opinion, but loss-selling in a sharp dive is not a wise long-term decision based on the info/market history we have

For anyone else sitting on the fence about entering crypto - now is potentially a good time to start looking at it, possibly over the next few weeks. The very worst time of course is when everyone is talking about it and gains are vertical, but you simply cannot tell people this

dubrov · 02-02-2018 2:30pm

Dohnjoe wrote: »

From personal experience (and this is my own opinion) over the last 5 years in crypto it is never wise to sell at a loss

a) it suggests that someone had more in that they were willing to lose (bad)
b) except for a few coins that bombed, the market has shown us nothing but overall gains for 7 years up until very recently
c) if the coins you sold grow 10 times or 100 times in the future, there will be significant regret
d) compare the market prices now to market prices this time last year

Again, and this is only my personal opinion, but loss-selling in a sharp dive is not a wise long-term decision based on the info/market history we have

For anyone else sitting on the fence about entering crypto - now is potentially a good time to start looking at it, possibly over the next few weeks. The very worst time of course is when everyone is talking about it and gains are vertical, but you simply cannot tell people this

"Never sell at a loss". Ha ha, good luck with that one.

Let's face it, there is no new money coming into crypto at the moment.
The only people buying are those that previously sold at higher levels.
Many were trading on margin and have been forced to close their positions.

I can see Bitcoin slowly drifting down for a while with a few bumps along the way.

draiochtanois · 02-02-2018 2:37pm

This post has been deleted.

mrDerek · 02-02-2018 2:38pm

People getting out now are for sure going to regret it before long

seannash · 02-02-2018 2:40pm

Dohnjoe wrote: »

From personal experience (and this is my own opinion) over the last 5 years in crypto it is never wise to sell at a loss

a) it suggests that someone had more in that they were willing to lose (bad)
b) except for a few coins that bombed, the market has shown us nothing but overall gains for 7 years up until very recently
c) if the coins you sold grow 10 times or 100 times in the future, there will be significant regret
d) compare the market prices now to market prices this time last year

Again, and this is only my personal opinion, but loss-selling in a sharp dive is not a wise long-term decision based on the info/market history we have

For anyone else sitting on the fence about entering crypto - now is potentially a good time to start looking at it, possibly over the next few weeks. The very worst time of course is when everyone is talking about it and gains are vertical, but you simply cannot tell people this

Selling at a loss can sometimes work if it allows you to increase your stake.
I'm sure selling at 10k and buying back in at 8k would be more beneficial.(Obviously it depends on what you initially bought in at)

I think we all know that risking more than you can afford to lose is bad so I wouldn't preach about it, I'm sure people are feeling bad enough as it is.
As for selling now only to discover in 10 years time its worth 100x the price, well I think even the most unsavvy investor would say that's a no brainer in terms of regret

makeorbrake · 02-02-2018 2:42pm

mrDerek wrote: »

People getting out now are for sure going to regret it before long

There's no 'for sure' in this world...and specifically the crypto world.

Dohnjoe · 02-02-2018 2:53pm

dubrov wrote: »

"Never sell at a loss". Ha ha, good luck with that one.

Have never sold at a loss. Neither have most of my friends/colleagues who hold. That's the point I am making. To date: long term holding has produced significant gains despite various crashes - on aggregate most coins have increased

Traders can make significant amounts playing the market, however I am not a trader, nor would I ever try to compete with them. If a layperson wants to "have a flutter" and try to buy and sell.. good luck to them

No one has a crystal ball, no one knows what will happen next - what we do know is what the market has done before and what we do know is that most long term holders have been rewarded well

Sleeper12 · 02-02-2018 3:02pm

A currency that isn't recognised by a lot of governments. A currency that has absolutely nothing to back it up as real currency has. Gold, oil etc. A currency who's value is set 100 percent on pure speculation.

What's there to be worried about?

Squozen · 02-02-2018 3:04pm

All I know is that I took the money I had in bitcoin and put it into the S&P 500 and I'm feeling one hell of a lot calmer. I am not a good gambler!

Tinder Surprise · 02-02-2018 3:08pm

Sleeper12 wrote: »

A currency that isn't recognised by a lot of governments. A currency that has absolutely nothing to back it up as real currency has. Gold, oil etc. A currency who's value is set 100 percent on pure speculation.

What's there to be worried about?

I hear ya!....but the genie is already out of the bottle.

Some folk have made a killing from crypto and don't you worry they'll be back.

Crypto is going nowhere.
Still in its infancy and the more of the reputable companies get to show their wares on the blockchain then the less volatility we will see thus the more eyes will be opened to its potential.

SureYWouldntYa · 02-02-2018 3:10pm

Squozen wrote: »

All I know is that I took the money I had in bitcoin and put it into the S&P 500 and I'm feeling one hell of a lot calmer. I am not a good gambler!

And if a stock market crash came you'd wished you put it in a deposit account

No risk no reward

Sleeper12 · 02-02-2018 3:15pm

Tinder Surprise wrote:

Crypto is going nowhere. Still in its infancy and the more of the reputable companies get to show their wares on the blockchain then the less volatility we will see thus the more eyes will be opened to its potential.

Problem is most investors even, don't use the currency.

There will be a lot of money made & lost before it all ends in tears. The thing is to try to be one of the winners.

Too risky for me. Biggest risk I took washing buying BOI and AIB shares for a few cent & selling them for euros.

Squozen · 02-02-2018 3:19pm

SureYWouldntYa wrote: »

And if a stock market crash came you'd wished you put it in a deposit account

No risk no reward

Difference is that over time the stock market always recovers. Bubbles don't. As I can't be sure which this is, I'm no longer willing to gamble.

drunkmonkey · 02-02-2018 3:19pm

Sleeper12 wrote: »

A currency that isn't recognised by a lot of governments. A currency that has absolutely nothing to back it up as real currency has. Gold, oil etc. A currency who's value is set 100 percent on pure speculation.

What's there to be worried about?

Real currency has nothing to back it up either https://money.howstuffworks.com/currency7.htm

EagererBeaver · 02-02-2018 3:22pm

Sleeper12 wrote: »

Problem is most investors even, don't use the currency.

There will be a lot of money made & lost before it all ends in tears. The thing is to try to be one of the winners.

Too risky for me. Biggest risk I took washing buying BOI and AIB shares for a few cent & selling them for euros.

Forex traders don't use the currency either. They hold it, or they trade it.

mrDerek · 02-02-2018 3:38pm

makeorbrake wrote: »

There's no 'for sure' in this world...and specifically the crypto world.

I think it's a safe bet the market will go up from here so yeah I think it's a for sure call crypto isn't just gonna call it a day

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

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