# Is Bitcoin in trouble?



## Shrek (Apr 19, 2021)

Bitcoin suffers flash crash following week of crypto hype - CNN


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## Final_Fighter (Apr 19, 2021)

no


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## evernessince (Apr 19, 2021)

No, this is pretty usual.  60 to 56k isn't a crash, it's a correction FYI.


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## erocker (Apr 19, 2021)

No, until it's a yes.


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## trog100 (Apr 19, 2021)

no but some greedy over leveraged traders lost a lot of money though.. 

trog


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## R-T-B (Apr 19, 2021)

erocker said:


> No, until it's a yes.


It's never been a yes to date.  Just a waiting game for it to rise again.


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## Final_Fighter (Apr 19, 2021)

R-T-B said:


> It's never been a yes to date.  Just a waiting game for it to rise again.


this.


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## trog100 (Apr 19, 2021)

one coin neo i had kind of written off actually went up by 35% over the last 24 hours.. odd that.. they used to call it the chinese etherium..

its gone up 100% over the last week.. 

trog


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## trog100 (Apr 19, 2021)

neo went up more than the doggy coin last night.. in fact neo went up more than anything.. maybe i didnt make a mistake when i swapped 25 litecoin for 25 neo back in 2017.. 

trog


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## watzupken (Apr 19, 2021)

These sorts of pattern is common. Big time player will have to sell their holdings at some point to crystalize their gains. Considering how volatile the investment is, you need to take profit at some point before it crash and burns.


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## trog100 (Apr 19, 2021)

watzupken said:


> These sorts of pattern is common. Big time player will have to sell their holdings at some point to crystalize their gains. Considering how volatile the investment is, you need to take profit at some point before it crash and burns.



thats is not what tesla and a few others think.. he he..

trog


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## erocker (Apr 19, 2021)

R-T-B said:


> It's never been a yes to date.  Just a waiting game for it to rise again.


Best of luck!


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## R-T-B (Apr 19, 2021)

erocker said:


> Best of luck!


Not playing anymore.  I couldn't stop compulsively checking, thus it was high stress.

There are more important things in life than money.


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## Hardcore Games (May 13, 2021)

ransomware is the main driver for speculating on bitcoin


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## R-T-B (May 13, 2021)

Hardcore Games said:


> ransomware is the main driver for speculating on bitcoin


Banks are investing large sums now.  Thinking like this is delusional.

At any rate, do we really need two price threads?  This seems to have developed into "camp bear" while the other is "camp bull."  Why can't we just have a "price" thread?


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## micropage7 (May 13, 2021)

evernessince said:


> No, this is pretty usual.  60 to 56k isn't a crash, it's a correction FYI.


basically it's normal. some traders just said if you can't handle spike in crypto currency just don't enter it


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## 64K (May 13, 2021)

I don't know anyone that mines outside of the miners that post here on this site but judging from that I think they all seem to have a good grasp that mining is pretty much gambling.


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## Caring1 (May 13, 2021)

Bitcoin is in biiiiig trouble, please send all your Bitcoin to my room.


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## Frank_100 (May 13, 2021)

As long as China, USA and a whole slew of other nations have capitol controls crypto will have some value. You may not be able to purchase it on an open exchange but capitol controls

ensure crypto will have a long life.



Hardcore Games said:


> ransomware is the main driver for speculating on bitcoin


Moving money across borders Tax free is the main driver for crypto. With crypto you can email your money to where-ever. Gold is too heavy and attracts too much attention. Gold belongs in a vault. Wired money is Taxed.


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## Hardcore Games (May 14, 2021)

Frank_100 said:


> As long as China, USA and a whole slew of other nations have capitol controls crypto will have some value. You may not be able to purchase it on an open exchange but capitol controls
> 
> ensure crypto will have a long life.
> 
> ...



All I know is that, being a gamer, it dismays be to see gaming cards perverted like this.


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## GorbazTheDragon (May 14, 2021)

For bitcoin to be in trouble you have to look a bit further than a 4 hour drop...


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## Hardcore Games (May 20, 2021)

yesterday my eyes bugged out when bitcoin dipped below $30k


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## DeathtoGnomes (May 20, 2021)

with a source like CNN, you'd have to completely ignorant to believe what they say.  CNN is heavily trying to fearmonger, making it sound worse than it actually is.  There are so many other and much better sources to get Bitcoin/crpyto news. 

Basically this thread is FUD.


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## candle_86 (May 20, 2021)

Frank_100 said:


> As long as China, USA and a whole slew of other nations have capitol controls crypto will have some value. You may not be able to purchase it on an open exchange but capitol controls
> 
> ensure crypto will have a long life.
> 
> ...



It's only TAX free until the IRS notices and you get hit with a tax bill you can't possibly imagine, also moving more than 10k out of the country without declaring it is a felony, and the IRS is getting smarter at crypto, before long they will start requring crypto exchanges to report accounts, and names to the IRS for audit purposes or risk being hit with tax evasion at the exchange level and having everything stored at the exchange seized. That's the future


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## Hardcore Games (May 21, 2021)

The main reason for the crackdown is all of the ransomware attacks


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## R-T-B (May 22, 2021)

Hardcore Games said:


> The main reason for the crackdown is all of the ransomware attacks


That's nothing new but hitting the pipeline certainly brought certain eyes on it that may not have cared as much before.

And again, China did not have a "crackdown."  It just restated existing laws and the market went nuts over it.


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## trog100 (May 22, 2021)

R-T-B said:


> That's nothing new but hitting the pipeline certainly brought certain eyes on it that may not have cared as much before.
> 
> And again, China did not have a "crackdown."  It just restated existing laws and the market went nuts over it.



china stating a downer on bitcoin should have sent the bitcoin price up not down.. 

think about it.. most of the mining  takes place in china.. less mining equals bitcoin up not down.. less dirty mining equals bitcoin up not down.. 

there is more behind this than what appears ro be..

trog


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## Hardcore Games (May 22, 2021)

Bitcoin is hard to mine now and it is going to get worse over time. No sure about the rest of the sector as to changes in difficulty


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## birdie (May 22, 2021)

Andy Shiekh said:


> Bitcoin suffers flash crash following week of crypto hype - CNN



Looks like you haven't been around long enough.

Bitcoin fell from $1100 down to $223 at one point of time (*-80%*).
Bitcoin fell from $18K down to $3.2K at one point of time (*-83%*).

If you're in for a long run (for at least three years), you're safe (on average). If you're in for a quick buck, you can burn all your money. I know people who bought BTC for around $17K and sold it a major loss below $10K. If only they had waited long enough.

What we have now is relatively benign. A correction of sorts. The latest run has been fueled by Elon Musk who we have to be thankful for its fall as well when he announced that 1) BTC sucks because it consumes so much energy 2) Tesla will not sell you cars for bitcoins.

I wanna hope it's not gonna fall from $64K to $13K because it's gonna be a massive blow to the whole market confidence but remember that Bitcoin may turn to ZERO at any point of time if for instance someone finds a way to calculate a private key based on public transactions which also means if you want to have savings in Bitcoin, buy it but never spend from your wallet because by doing so, you're exposing your public key.

China's announcement for crypto is certainly not pleasant but it was not the primary reason for this drop. Far from it. They've outlawed crypto long enough no one really cares about them.

I'm a BTC hodler but I have to admit that the entire crypto industry has been one big pump and dump scheme for the past 11 years.

When and if crypto becomes true money, we'll have a serious conversation. You've heard that many companies accept crypto as a means of payment but that's not entirely honest or true. They convert your crypto to fiat money as soon as they receive a transaction, which means they don't care about the future of crypto.

And as a means of storing value, well, we have 7459 coins at the moment. Firstly, this dissolves the value proposition of crypto and makes gold and platinum even more attractive, secondly, there's always an issue of storing and not losing your coins. You cannot lose keys to your gold savings. Multiple people have lost millions of dollars in coins because they've forgotten passwords/key phrases for their software/hardware wallets.

And then there's a pesky issue of power consumption. Some coins use PoS but this scheme allows to destroy the chain a lot easier.


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## R-T-B (May 22, 2021)

trog100 said:


> china stating a downer on bitcoin should have sent the bitcoin price up not down..
> 
> think about it.. most of the mining  takes place in china.. less mining equals bitcoin up not down.. less dirty mining equals bitcoin up not down..
> 
> ...


That would imply the market is sensible.  It's not.



birdie said:


> Some coins use PoS but this scheme allows to destroy the chain a lot easier.


I keep hearing this...  but serious question, is there actually a documented case of any PoS based coin being destroyed via attack?  I'm not aware of any but am totally open to the concept.


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## trog100 (May 22, 2021)

all it really means mr frog is that the so called china news that wasnt news didnt play much of a part in the recent dip.. something else is at work..

i am pretty sure that the bitcoin price is being manipulated down to a pre-determined level once it reaches that level and all the weak players have been scared into selling the  whales who really want it to go much higher will stop f-cking about and let it..

while all this is going on the alt coins take a bigger hit than bitcoin and bitcoin gets back some of its lost dominance.. 

trog


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## R-T-B (May 22, 2021)

trog100 said:


> all it really means mr frog is that the so called china news that wasnt news didnt play much of a part in the recent dip.. something else is at work..


You underestimate people's capacity for dumb.


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## Shrek (May 22, 2021)

Squandering all that electricity seemed kind of dumb to me

People said it was needed to encode, but suddenly that seem not to be the case.


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## R-T-B (May 23, 2021)

Andy Shiekh said:


> People said it was needed to encode, but suddenly that seem not to be the case.


It never was needed for anything but network security.  There was never any "encoding" involved.

Ether is going Proof Of Stake which still depended on Proof Of Work to make the initial distribution fair.  And it's far from proven secure...  time will show us if it works well or...


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## Rithsom (May 23, 2021)

Bitcoin and Ethereum are back to below $34,000 and $2,000, respectively. Bitcoin is nearly at its lowest value this year.


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## Shrek (May 23, 2021)

R-T-B said:


> It never was needed for anything but network security.


I still don't get it... a bank transaction is secure but requires very little processing (encoding/decoding).


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## sepheronx (May 23, 2021)

Hodl people.

I am putting more into Cardano.  I have heard a lot of new development on it.  And for those of you who are all mad about crypto and energy use and what not, Cardano is all about green tech.  I have pumped money into it, besides CRO just because I do finances with Crypto.com now.


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## Solid State Soul ( SSS ) (May 23, 2021)

I hope so


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## R-T-B (May 23, 2021)

Andy Shiekh said:


> I still don't get it... a bank transaction is secure but requires very little processing (encoding/decoding).


It requires a lot more power actually when you consider all the human employees and their needs via offices, branches, etc.

A bank transaction is actually in network terms very similar to PoS coins, in the sense that they are a closed network with only trusted nodes operating.  We just did away with the human part, and had to settle the initial currency issuance somehow without a nationstate and a couple hundred years.  Hence Proof of Work.

There's no problem with not getting it, it's not an easy concept.  But the core math is solid.


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## mtcn77 (May 23, 2021)

R-T-B said:


> It requires a lot more power actually when you consider all the human employees and their needs via offices, branches, etc.


I think they wouldn't lie when pointing the entire Visa framework runs at a quarter of the power draw.


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## R-T-B (May 23, 2021)

mtcn77 said:


> I think they wouldn't lie when pointing the entire Visa framework runs at a quarter of the power draw.


Framework.  They aren't counting employees and entire office buildings, just IT components.  And that's actually rather poor performance vs Proof of Stake.


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## mtcn77 (May 23, 2021)

R-T-B said:


> Framework.  They aren't counting employees and entire office buildings, just IT components.  And that's actually rather poor performance vs Proof of Stake.


I honestly don't understand how 4 times energy efficient is not striking a chord with this crowd when it sends the wrong message. Energy is energy and artificial demand is artificial demand, imo.
PS: to make the right message across - this is like this reality distortion field a certain deceased high level executive salesman used to pitch so eloquently, that you think surrounds Bitcoin that I think it doesn't.


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## R-T-B (May 23, 2021)

mtcn77 said:


> I honestly don't understand how 4 times energy efficient is not striking a chord with this crowd when it sends the wrong message. Energy is energy and artificial demand is artificial demand, imo.
> PS: to make the right message across - this is like this reality distortion field a certain deceased high level executive salesman used to pitch so eloquently, that you think surrounds Bitcoin that I think it doesn't.


I'm not sure I understood a word of that, sorry.


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## mtcn77 (May 23, 2021)

R-T-B said:


> I'm not sure I understood a word of that, sorry.


I was trying not to mention the fruit company CEO who got fired and replaced by a soda company CEO, then founded the company that eventually became Pixar and afterwards got hired again at the fruit company until his last days...


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## R-T-B (May 23, 2021)

mtcn77 said:


> I was trying not to mention the fruit company CEO who got fired and replaced by a soda company CEO, then founded the company that eventually became Pixar and afterwards got hired again at the fruit company until his last days...


I got that I just have no idea how any of that relates to this at all.

Steve Jobs would probably hate bitcoin, IMO.


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## jboydgolfer (May 23, 2021)

to answer the title......i hope so


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## mtcn77 (May 23, 2021)

R-T-B said:


> I got that I just have no idea how any of that relates to this at all.
> 
> Steve Jobs would probably hate bitcoin, IMO.


Reality distortion field is attributed to him posthumously. It is not always you get to decide what you will be remembered for.


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## R-T-B (May 23, 2021)

mtcn77 said:


> Reality distortion field is attributed to him posthumously. It is not always you get to decide what you will be remembered for.


So because we disagree, there is a reality distortion field at play?

nvm.


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## mtcn77 (May 23, 2021)

R-T-B said:


> So because we disagree, there is a reality distortion field at play?
> 
> nvm.


Well, there would be one if you could sway rational thinking...
PS: one last thing;
I think crypto in general is only a symptom, not an end. There is money that wasn't generated through productive industry, so has to go outside of economy. Otherwise, there would be inflation. But... maybe I'm wrong. I'm just an Ayn Rand reader simpleton. What do I know right? "_Who is John Galt..."_


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