iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
17,094 Blog Posts

***BITCOIN NOW IN CRASH MODE, THOUSANDS OF POINTS OFF HIGHS***

It’s hard to tell where the true price for Bitcoin is now, especially with Bitfinex down all day long, hit hard with DDOS attacks. Someone on the site said it took him 45 minutes to get into his Coinbase account, which caused him to miss out on 3,000 points. These are all unfortunate growing pains.

Now prices are tumbling, from a high of $19,600 on the sketchy GDAX to just under $15,000 now.

Well, it was certainly fun while it lasted.

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37 comments

  1. duuude

    This is not going to end the way they thought it would.

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  2. sarcrilege

    BTFD. Sell your house, wife and kids. This is a life time opportunity. I am upgrading it from hold to buy more with both hands and feet.

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  3. tonka

    Every pullback looks the same.

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  4. ironturd

    If you really want to see something go down, do the play by play on UVXY.

    btc back to 17000.

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  5. heads up

    17,000, lol, are you the guy who gets paid to continually write moronic story headlines on ZH?

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  6. stocksnblondes

    More premature ejaculation on a brief BTC dip, eh?

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  7. moonshot

    15K is crash mode, eh? In that case I’ll take a bitcoin crash over a great week on the stock market any day. How long ago was it only 10K? A week?

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  8. Cricket

    These dips are going to be seen as insignificant over the longer term.

    Bitcoin/Crypto represents the future of banking. It is unstoppable.

    This development is as big as railroads, electricity, radio, television or the Internet. Look back at the volatility of those industries in the early days. Common patterns.

    Where does it top out? How much money is in the banking system?

    Financial dislocation is coming.

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    • soupbone

      Why hang your hat on unproven technology? You could be right but then that’s Vegas eh.

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      • Cricket

        One could argue that it is untested, but the original idea and development of the blockchain as a distributed instrument started with Hal Finney back in the early 1990s. His work was continued by the so-called Satoshi Nakamoto from the early 2000s. So the program has been under way for several decades now.

        This is about vision and world view. The problem with many within the US investment world is that their world view is the United States – forgetting that there are likely more Bitcoin/Crypto inflows from Asia and Europe than the United States.

        I just cannot see anything to stop it’s rise. Money flows to where it is least regulated. How can Bitcoin/Crypto – soon to have distributed exchange – be regulated?

        The only way to stop it is to stop the flow of electricity. But that would also stop everything else across the planet.

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        • sarcrilege

          BTC will come to a grinding halt on its own due to its lack of scalability. The more transactions, the slower it gets. Full stop.

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          • Cricket

            You are right and this may be a driver for another Crypto techology to eventually surpass it. But not just yet.

            We can be certain there are a lot of bankers losing sleep right now. Cryptocurrencies are like a black hole in the financial system – sucking in money exponentially.

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          • sarcrilege

            True. This toothpaste is not going back into the tube. Better tech will come. BTC was the first baby step. Nevertheless, I dont believe banksters are losing any sleep over BTC other than how to take dumbshits to cleaners. It’s gold that they worry about. Since paper gold derivatives are manipulated down, the same actors could be feeding the BTC frenzy up. The point is that BTC is not a threat to the
            status quo. Phyzz gold is. BTC is a convenient distraction from gold these days. If ppl piled into phyzz gold the same way they have into btc, that would end all their financial machination and the state’s
            control over peasants. Martial law and confiscation would very likely follow. Gold in peasants’ hands is like silver bullet or
            stake in the heart to them. A mortal wound.

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          • tonka

            But given every opportunity, people don’t pile into physical gold.

            Bankers care as much about gold as they care about frankincense and myrrh.

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          • Cricket

            Brinks Mat robbery at Heathrow in 1983 netted about 500 million in gold at today’s prices that was never recovered. I believe that Lloyd’s has paid out the losses.

            It was thought that the perpetrators traded the gold for cocaine and sold that into the UK. Making a profit twice over. Audacity and financial genius that would make the City and Wall Street green with envy.

            To own several billion in gold would require a secure warehouse. Just cannot hide it.

            No so with Crypto. Trillions could be stored on a MicroSD chip or a piece of paper with a QR Code on it.

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          • sarcrilege

            True. Frankincense and myrrh go back to biblical times. So does gold.

            And when they were come into the house, they saw the young child with Mary his mother, and fell down, and worshipped him: and when they had opened their treasures, they presented unto him gifts; gold, and frankincense, and myrrh. (Matthew 2:11, KJV)

            Same time when Jesus kicked the usurious gold/silver moneychangers out of the Temple. That’s why they care.

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          • sarcrilege

            @Cricket. Do you realize you just collapsed your own argument? Gold is anonymous. Melt the bitch and it’s ready to resurface anywhere – as jewelry, coins, bars, etc. Crypto can only exist as a digital code that leaves a very distinct trail behind…just like serialized confetti rectangles. Cancel the series aaaaaand, … it’s gone. Cannot be spent.

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          • Cricket

            While Bitcoin is traceable via the block chain (by IP address), others are obfuscated. Monero is one. There will be more.

            But Bitcoin wallets can be traded too – with no trace. No doubt this is going on in the underworld.

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        • tonka

          Maybe you can’t regulate Bitcoin / Crypto itself. But you can certainly regulate the exchanges, which will happen if enough people lose enough money.

          Are we all going to walk around with private keys?

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          • Cricket

            Expect that exchanges will soon become distributed too. No doubt some transactors (I don’t know if one would call them investors, speculators, geniuses or fools) will not be comfortable with this initially, but they will eventually adopt it.

            This could be the impetus for another crypto to eventually surpass Bitcoin – the advent of a superior distributed exchange technology.

            The race is on and a lot of money is at stake.

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          • dchanko

            Cricket
            You seem to have looked at this in more depth than the normal average Joe
            Can you point me towards any reasoned sources/literature that you may have referenced?
            D

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        • hedge500

          Dude. Wake up. Its literally nothing but digital numbers on a screen that you can transfer to someone else (Ie transfer value). Similar to a bank check except its not regulated which makes it even less secure. Its literally nothing.

          Just another one of the idiot masses. You’ll all get wrecked – psychologically, if youve held on to it this long at these prices, you’ll hold it to 95% losses. Enjoy it while it lasts.
          buy tootsie roll.

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    • soupbone

      We are at Model T. Everything in technology is subject to evolution (i.e. not invention). In addition the powers that be will be increasingly involved in that evolution, right? If it isn’t already, bitcoin market will become as manipulated and abused as any other, or more.

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  9. bob smith

    Me and my brother are trading BTC with each other at higher and higher prices (we wash out PL at the end of the day). We are planning to drive the price 25% higher every day and then sell it all to the sheeple when it hits 100K. So far, our plan is working…

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    • metalleg

      Please let your brother know that he is an idiot. But you, well, you are just a moron.

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      • bob smith

        My brother already knows that he’s an idiot. He also knows that even an idiot can make a huge profit if only he finds an even bigger idiot who will buy his worthless tulips.

        That’s where you come in.

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  10. MSGT HARTMAN

    I guess they can’t or don’t know how to spend 2 BTCs for a Checkpoint firewall appliance.

    https://www.checkpoint.com/products/23000-security-appliances/#interactivedemo

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  11. bubbles

    Do I hear $16500?

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  12. reversion

    Lol what a “crash”

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  13. lapens

    Lol. When I went to bed last night the price was 15300. When I got up it was 15400 and the first thing I saw was the headline for this post – wtf? The joys of living on the other side of the world!!!

    Crypto is entertainment at its finest.

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  14. numbersgame

    The liquidity of BTC is nowhere near any kind of IPO. This isn’t done rising.

    In all likliehood, the crash was a deliberate planned act. Think about it: hundreds or thousands wanted to sell at $20k. Oh, but they were smart, so they decided not to be greedy and went for $19k – just like everybody else. Mass selling ensues, and the algos boosted it . However, the same conditions (limited liquidity and built in inflation) will pump this back up. It won’t truly crash for good until anothe crypto currency dethrones it – which WILL happen.

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  15. dae42

    UVXY is a store of value. Time to go 10x weighting ?

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  16. Cricket

    We are at a turning point in history.

    The last time technology dislocated from understood history was the early 1900s. This led to the first ever global war that introduced tank warfare, air warfare, submarine warfare, radio, etc, This could not have been possible without the advent of alloys – a foundational transmutation of matter emerging solely from the mind of man.

    The other enabler of change at that time was financial innovation, that is elastic currency (see Modern Money Mechanics), the Federal Reserve Act and the Federal Income Tax. Welcome to a new World Fiat Currency. This was a form of evolution from physical money, and permitted large countries, even globally, to centralize control and manage national economies. Physical money (silver, gold) dominated western industrial world economics from the time of tally sticks until elastic currencies were introduced.

    We are at another foundational shift in my view. Warfare for the next century is going to be dominated not by big, but by tiny. Assassination drones the size of a butterfly. Self replicating nano bots as deadly as malarial mosquitoes. Genetically engineered biokillers. Artificial intelligence. Autonomous robot armies – small but overwhelmingly deadly. Tiny drones travelling in swarms of millions each moving faster than the human eye can detect. Killers smaller than the human eye can see.

    What about finance – and money? Well Bitcoin/Crypto is a new form of settlement, not physical, not fiat. Something new. In my view, with time, crypto will become the new medium of exchange – surpassing both physical and fiat. The latter two will not disappear; they will simply diminish in importance, but will still be used by some for settlement purposes, just as silver or gold may be used today.

    We are living in exciting times!

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