BITCOIN

HansOndabush

ZingPowZing said:

Down another 10%.
That's another $80 billion of wealth gone in a day. Must impact stock markets.

Do you mean a rotation of assets into stocks or that the drop in crypto will cause stock markets to follow suit?

Atlas234

HansOndabush said:

snooloui said:

China has effectively banned financial institutions from transacting in cryptocurrencies. I am sure other Governments will follow suit in time, especially as many will seek to establish their own digital currencies. I don't knock anyone who has made a handsome profit so far, but I wouldn't want to be the one left holding the bag.

Link on this here:

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-crash-china-crypto-b1849889.html

What do crypto fans say about this? They were saying last week it will never happen.

China has 'reiterated' its bans from 2013 and 2017, nothing has actually changed since 2017.
Crypto so far has followed a roughly 4 year cycle, 2017/2018 being the last real bear market so many fear another one coming soon 2021/2022 so non-news like this causes an irrational fear response. 

lozzy1965

Atlas234 said:
China has 'reiterated' its bans from 2013 and 2017, nothing has actually changed since 2017.

Crypto so far has followed a roughly 4 year cycle, 2017/2018 being the last real bear market so many fear another one coming soon 2021/2022 so non-news like this causes an irrational fear response. 

Some would say it has got to where it is because of an irrational manic response.  Or maybe FOMO.

Thrugelmir

RichTips said:

Banning crypto is a bullmarket tradition in China. Not like it's the first time for these headlines to be plastered all over the place.

Shows little people understand about the Chinese Communists Party mindset. A very different form of capitalism to the West. 

[Deleted User]

HansOndabush said:

ZingPowZing said:

Down another 10%.
That's another $80 billion of wealth gone in a day. Must impact stock markets.

Do you mean a rotation of assets into stocks or that the drop in crypto will cause stock markets to follow suit?

It must have a negative impact on stock prices imo.

Atlas234

lozzy1965 said:

Atlas234 said:
China has 'reiterated' its bans from 2013 and 2017, nothing has actually changed since 2017.

Crypto so far has followed a roughly 4 year cycle, 2017/2018 being the last real bear market so many fear another one coming soon 2021/2022 so non-news like this causes an irrational fear response. 

Some would say it has got to where it is because of an irrational manic response.  Or maybe FOMO.

Oh there's plenty of irrational in crypto haha, joke meme coins having multi billion market caps, rough pixelated NFT's selling for 100's of thousands. I tend to just stick to projects with good teams and real world use cases and hope for the best!

Malthusian

ZingPowZing said:

Down another 10%.
That's another $80 billion of wealth gone in a day. Must impact stock markets.

$80 billion of wealth has not disappeared. That figure is only true if all the Bitcoin in the world was worth $800 billion in the first place. That requires a realistic possibility that someone might come in and buy up every single Bitcoin for $45k each. (In the way that if a company is trading for $65 billion on the stockmarket, a private equity investor could conceivably offer to buy all the shares for $72 billion. Unless they've been made up by Elon Musk for lulz and giggles.) Which is impossible.

So if you're thinking that $80 billion must be flowing into the stockmarket or other assets, that is not correct. A few bros trading a few millions worth of Bitcoin between each other at lower prices than yesterday will not in itself impact the trillions of actual assets being traded on stock markets.

Except in the sense that someone might convince the net-loser bros to try to recover their losses by investing in some penny shares that are going to mewn.

[Deleted User]

What is the difference between losing money in bitcoin and losing money?
Im thinking none but I’m ready for the masterclass.

Scottex99

1 BTC = 1 BTC, haha.

Blood on the streets today, seems to be same China FUD that's been around for a long time as someone already mentioned. Elon was doing his thing, Binance getting investigated and questions over Tether's asset backing (again).

Corrections happen, whales will be piling in, soon enough.

Atlas234

ZingPowZing said:

What is the difference between losing money in bitcoin and losing money?
Im thinking none but I’m ready for the masterclass.

Much the same as when the stock markets are down, you don't lose anything until you sell your investment