If the stock market lost 50% of its value in a month, you would call that a crash.
Bitcoin discussion and news
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joustmaster
offcumdun
What's cost price, though?
not-bono-ever
meh
We are focusing on BC here but the whole crypto spectrum is in the toilet. The JP Morgan sanctioned ethereum is down to $80 - 95 % off it’s all time high
not-bono-ever
meh
Even dogecoin is off by 88%
cupid_stunt
Merry fecking Christmas.
It's down another £150 since I looked yesterday at 6.30pm, to £2630.
At its very cheapest around the globe, about $2000 per coin at the moment. It’s already below cost price in some places though.
littlebabyjesus
one of Maxwell's demons
This is excellent. I posted a graph a few months ago showing how the various cryptos track against one another. It's not just a rough correlation, it's a virtually exact mirroring. They are effectively just one market, it seems. Bodes very ill for bitcoin - it's currently at about 20% its all-time high, long way to go yet.
A quick google shows me that it is not just on here that the crypto enthusiasts have gone very quiet. It's very quiet all over the internet.
littlebabyjesus
one of Maxwell's demons
Yes and no. If it had produced a bubble of fictitious capital over the last two years equal to thousands of percent, I might not yet call it a crash. Also, the stock market does represent things with actual value.
In that reverse bubble graph, I'd say we're back one frame to the bloke in the balloon, not yet back to the bloke holding the balloon. He's losing height daily, though.
joustmaster
offcumdun
At the moment is the key part though. Isn't it. Its flexible.
littlebabyjesus
one of Maxwell's demons
As I understand it, it's not that flexible. It recalibrates every couple of weeks, no? Ample time for the whole system to seize up.
Crispy
The following psytrance is baṉned: All
I thought it was self-correcting in this regard? If the expensive mines stop mining, thus reducing the computing power of the pool, the difficulty of the mining will drop to compensate.
EDIT: The re-calibration happens every 2400 blocks. Is that often? I don't know.
EDITEDIT: Yes, it's about 2 weeks. That's how long the market would have ot be supported by confidence alone.
littlebabyjesus
one of Maxwell's demons
I may be corrected on this point, but my understanding is that it self-corrects once every two weeks, not dynamically as it goes.
littlebabyjesus
one of Maxwell's demons
Why would it do that?
sim667
All aboard the 303 bus.
No idea.....
littlebabyjesus
one of Maxwell's demons
Or, if the miners all pull out, it never gets to self-correct cos it's seized up.
Like kabbes, I'm interested to see how this might end. I still suspect that it could all end very quickly, with miners simply stopping operations, blocks remaining unreleased, and the whole system rendered entirely worthless in a matter of hours.joustmaster
offcumdun
That won't happen. There are too many die hards, and people with free electricity.
It might go slow for a bit, though. It I guess people will pay higher fees to encourage mining.
It might go slow for a bit, though. It I guess people will pay higher fees to encourage mining.
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
Googling for these sorts of questions often leads to year-old forum threads on crypto forums. Always a fun read
littlebabyjesus
one of Maxwell's demons
How do the diehards explain to themselves the fact that it's all going tits up, though?
The whole crypto currency market is currently judged to be worth $100bn. Despite losing 95% of its value, ethereum is still worth eight times more than it was worth in February last year. I guess there are still people who see this as just a rough patch, equivalent to the smaller ups and downs that happened before last year - 100 billion is still a lot of money. Thing is, what is the 'underlying fundamental' driving this current slump? There isn't any, because there are no fundamentals. At some point, it will become intellectually untenable even for diehards to maintain a belief that this whole thing is anything other than a confidence-based pyramid scheme.
Or, if the miners all pull out, it never gets to self-correct cos it's seized up.
Yeah, two weeks is a really long time to keep going based on mining for hope alone. And what happens when it then corrects and the price goes down further? It’s like a fascinating screenplay where it could end any which way but none of it will be good for those involved.
littlebabyjesus
one of Maxwell's demons
Well, as I said before, for the big mining operations, the way to go is surely that you sell all your bitcoins then immediately pull the plug. And you want to be the first big player to do that. If you can't be the first, you want to be the second, etc. There could easily be a stampede for the exit.
I guess the question there would be how easy it would be for such prominent players to offload their bitcoins without causing a panic. I don't know, but the kind of people we're talking about here - who in many cases have moved in to places with scant regulations where they can take electricity from the poorest of people who really need it - can't be people who give a shit about anybody but themselves. These are ruthless gangster types, not true crypto believers.
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8ball
Decolonise colons!
Which thing is looking really cheap right now, out of interest?
All the equity markets. Pick one. Company earnings are really strong and that’s giving real dividend yield for those looking to hold long term regardless of price. Blue chip funds are giving income yields north of 4% and that’s on top of any price growth that might turn up.
8ball
Decolonise colons!
I am not wise in the ways of this stuff but I'd read that certain stock markets, especially the US one, were rather overheated.
Then again, compared to a pyramid scheme...
The US did look overheated. Not any more since its recent tanking. And the U.K. looks very cheap unless you think Brexit is going to destroy company earnings (which it might, to be fair)
joustmaster
offcumdun
Not investment die hards. Or mining rig die hards.
But the people who were there at the beginning. The folks interested in the system and function. The sorts of people not so bothered about it having an exchange rate.
Plus these people probably made their million years ago.
About 500 people then
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