4um: /Bitcoin crash: Cryptocurrency loses third of its value ahead of Sunday split

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Title: /Bitcoin crash: Cryptocurrency loses third of its value ahead of Sunday split
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Published: Nov 12, 2017
Author: staff
Post Date: 2017-11-12 06:41:12 by Tatarewicz
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Views: 412
Comments: 4

RT...The world's most popular cryptocurrency bitcoin dropped below $6,000 on Sunday, losing over 30 percent of its value since hitting an all-time high set earlier this week. Bitcoin was trading as low as $5,519 on Sunday, plunging over $2,300 from its Wednesday record high, according to data compiled by industry website Coinmarketcap. Later in the day it regained some of its losses, trading above $6,000 by 9:30am GMT.
q#Bitcoin hits record high of $7,888 after hard fork update suspended https://t.co/gwVNSU8wo8pic.twitter.com/DTs35uqqfa
— RT (@RT_com) November 8, 2017Q On Wednesday, the world’s most valued virtual currency touched $7,888 on news that a controversial software upgrade planned for next week was suspended. The change was to introduce a new code proposal, Segwit2x, which could create a competing cryptocurrency, Bitcoin2x.
As bitcoin plunged, Bitcoin Cash, a clone of the original that was generated from another split earlier this year, briefly surged as much as 35 percent on the day to around $850. The offshoot was trading at $772.32 at 12:36pm GMT.
q#BitcoinGold: Bitcoin price dips after split creates new cryptocurrency https://t.co/WdkB8tFFm7pic.twitter.com/Uvhf4rJzWm
— RT (@RT_com) October 25, 2017Q Despite losing almost seven percent during this week, bitcoin is still up more than 600 percent so far this year. The current market cap of the digital currency is nearly $105 billion, about that of McDonald's.
On Friday, the team behind the fork of the bitcoin blockchain announced the release of a formal software client download on their website. Starting on Sunday, miners and users will get access to processing Bitcoin Gold. “The BTG blockchain will officially be live, with blocks mined openly by users and pools from all around the world,” the developers say.
qThe wait is over we are proud to announce the launch date for Bitcoin Gold https://t.co/VCCLuEipr6#1cpu1vote#BTG
— Bitcoin Gold [BTG] (@bitcoingold) November 9, 2017Q The idea behind bitcoin gold is to decentralize mining operations, which are currently in the hands of large companies that can afford expensive processing chips. Bitcoin gold requires cheaper hardware to mine, and are therefore more available to the general public.
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#1. To: Tatarewicz (#0)
RT...The world's most popular cryptocurrency bitcoin dropped below $6,000 on Sunday, losing over 30 percent of its value since hitting an all-time high set earlier this week. Bitcoin was trading as low as $5,519 on Sunday, plunging over $2,300 from its Wednesday record high, according to data compiled by industry website Coinmarketcap. Later in the day it regained some of its losses, trading above $6,000 by 9:30am GMT.

It has been blasting off so much that a serious correction seems both inevitable and healthy, in my opinion. I also suggest the volatility of bitcoin (in dollar & not percentage terms) suggests it would be at home at a much higher USD value, perhaps $25K to $30K. (i.e. a $2.3k pullback would be a reasonable % at if the price were $30K).
Bitcoin is unique among investments/commodities in that it's true demand has not really been charted, so to speak. The more the public gains confidence in it's value, the higher it will go. The more the US and other high tax governments attack bitcoin and make public statements about how it must be stopped (via criminal prosecution), the more they inadvertently affirm it's value.

Pinguinite posted on 2017-11-12 9:30:52 ET Reply Trace Private Reply
#2. To: Pinguinite (#1)
Can these digital currencies be easily redeemed for gold or silver? thanks.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Lod posted on 2017-11-12 11:36:35 ET Reply Trace Private Reply
#3. To: Lod (#2)
Can these digital currencies be easily redeemed for gold or silver?

www.moneymetals.com/news/...old-silver-bitcoin-001193
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
BTP Holdings posted on 2017-11-12 12:49:49 ET Reply Trace Private Reply
#4. To: Lod, BTP Holdings (#2)
Can these digital currencies be easily redeemed for gold or silver? thanks.

In addition to a few vendors who may accepts bitcoin directly, there are outfits that will issue you a debit card that draws against a bitcoin balance. One is here:
https://wirexapp.com/card/
What you do is open an account with this outfit and deposit bitcoin in it. Then whenever you make a purchase or cash ATM withdrawal, your bitcoin balance is deducted according to the current exchange rate. Minus fees of course.
Naturally diligence should be conducted with any such outfit. As with all transactions with bitcoin, reversals are at the full & sole discretion of whomever you trust to hold your bitcoin. Still, what one could do is simply hold ones bitcoin until a purchase is desired, while keeping a near zero balance on the debit card, then on the spot when desiring to make a purchase, then transfer needed bitcoin to such a vendor, immediately after which the purchase can be made.
Despite the reversal disadvantage, I think bitcoin is poised to make strong inroads internationally into the commercial retail world. If that's true, then demand for bitcoin could far exceed the current demand, which could push bitcoin 5x or 10x or even higher than it it now. That's why I say the demand for bitcoin could likely be uncharted, and with it, the price as well.

Pinguinite posted on 2017-11-13 11:07:57 ET Reply Trace Private Reply
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