Posted on 01/16/2018 7:33:09 PM PST by RightGeek
THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.
But it was smaller currencies including ripple, ethereum and bitcoin cash that were the hardest hit in the latest sell-off, which was sparked by fresh fears of a crackdown on virtual currencies by governments in South Korea and China.
At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.
The market capitalisation of more than 1300 cryptocurrencies has dropped by around 30 per cent over the past 24 hours, down from $US702 billion to $US496 billion, according to Coinmarketcap.
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(Excerpt) Read more at news.com.au ...
I can do that with my credit card or paypal.
Brave gamblers may have won big on this stuff in the last year... that’s cool. It’s always smelled too risky for my blood, so I’ve refrained. I’ll stick with my more traditional investment style.
This was inevitable, once the “stupid money” came in following massive media end-of-year hype.
That’s great! And when your credit card companies and PayPal start using XRP as a transfer currency in place of SWIFT for billions of daily transactions, my XRP value will increase. Thanks!
There are people who bought it at $19,600 who are still holding it, as hundreds of blogs told them "it will come back up to $25k any day now".
At least that 3-week surge of spam email on how to get into the bitcoin business should die down now.
And it very well could. Who knows with this stuff, I’m out though.
Yep. You’d be in jail in today’s school.
Beware currency speculation. This isn’t anything new, even if it’s in a shiny new wrapper. As a medium of exchange it’s fine: buy it, use it, and take home whatever you bought with it. As an investment, not so much.
I seriously doubt that will happen.
Gamblers, that’s what they are. I have a nephew who got in a bitcoin multiplier deal and lost 15K. He gave up ownership of the 18 coins he bought at around 800 thinking the deal to get 4 for 1 was legit. Worst part was he put the 15K on credit cards. He’s still crazy about crypto and still plans to buy into more get rich schemes. Pretty sure he’ll get ripped again.
Not what mining is supposed to be but what you say does happen, see post 31.
Glad I held on to all those Beanie Babies and “Gone With the Wind” decorative plates. I’m sitting pretty.
Just like those who said PCs and the Internet would never amount to anything.
How is your buggy whip business going?
It was outside of the hall. There were no school employees around.
In the meantime, before governments lower the boom, fortunes will be made and lost on bitcoin and other crypto currencies. The underlying blockchain technology is promising for many applications, and governments seem likely to eventually develop block chain versions of their own currencies -- provided they control issuance and have complete access to the transaction ledger. That will improve economic efficiency -- in part by cutting banks off from much of their traditional fee income on transactions.
Buggy whips are coming back. Just you wait and see.
How do they get together in the first place?
Various reasons... and not always of their own doing either.
+1
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