Almost every crypto is trading near it's 52 week low ...

Discussion in 'Cryptocurrencies' started by kandlekid, Jan 4, 2019.

  1. https://finance.yahoo.com/cryptocurrencies

    Bit what ? It's uncanny (or is it) ? Almost every (or should I say every) cryptocurrency is trading near or at it's yearly low. It this does not signal that the crypto market is dead, I'm not sure what would.
     
    Last edited: Jan 4, 2019
  2. maxinger

    maxinger

    when there is demand, supply will be increased.
    Blockchain technology is not patented / secret.

    so supply can simply be increased easily.

    so no uncanny to see price drop tremendously.

    anyway for those who trade with trend should be very happy earning tons of money.
     
    cvds16 likes this.
  3. traider

    traider

    Most shitcoins can't be shorted easily, sad to say...
     
    Clubber Lang likes this.
  4. From 20k last Jan to 4K

    :vomit:
     
    MeAgainstTheWorld likes this.
  5. yg10

    yg10

    Hmm, what does it mean near?
    As of today BTC is +21% from its 52 weeks low, LTC +50% ETH +101%.
     
    johnarb likes this.
  6. yg10

    yg10

    Sorry, but you are wrong. New block of bitcoin is generated ever 8 - 12 minute. No matter if there is demand or not; is price $5000 or 15000; thousands of ASICs or few hundred of computers are mining.

    Supply can not be increased easily.
    This is clearly stated in Bitcoin White Paper.
    https://bitcoin.org/bitcoin.pdf
     
    johnarb and MeAgainstTheWorld like this.
  7. johnarb

    johnarb

    [​IMG]
     
  8. schweiz

    schweiz

    Sorry, letters ar too small, cannot read it. :D
     
  9. schweiz

    schweiz

    If you start from the lows, the percentages you calculate show that the damage was a little bit smaller then before. LOSSES, not PROFITS.
    If you, like a lot of people did, bought BTC around 10-19K you still lose a huge amount of money. Even if BTC would be 100% higher then the low.

    So prices are indeed still near the bottom. If you have a 10K account and you account drops to $500 and then rebounds to $1,000, you can say:
    • I lost $9,000, or
    • I recovered and doubled my account from the lowest point.
    The first answer is the reality, the second one is a biased one to avoid huge damage to your ego. Your "mean near..." is the second answer from above.

    BTC makes me think about the Nikkei. Chart looks the same more or less till 2003; 1989 would be 2018 (point 1) for BTC and we see the same drop which had almost the same size in percentages (point 2). The question now is: will BTC recover like the Nikkei (point 3)?
    And even if we watch the "recovery" of the Nikkei, that index still loses over 50% of his value. Include inflation and the real loss is even much higher (+30 years of inflation!!!).
    In the late 80's nobody would ever have believed that the Nikkei would go so horribly wrong. The Japanese economy was a miracle... just like BTC was (till 1 year ago).

    2019-01-06 13_49_24-^N225 19,561.96 -452.81 -2.26% _ Nikkei 225 - Yahoo Finance.jpg
     
    Last edited: Jan 6, 2019
    kandlekid and Onra like this.
  10. schweiz

    schweiz

    So, blockchain is patented? Secret?

    I found this:
    Of course, you can’t explore the idea of blockchain patents without touching on Satoshi Nakamoto, the pseudonymous creator of bitcoin. History suggests that Nakamoto must be more aligned with the open-source community than patent-hungry corporations, since he/she/they did not apply for a bitcoin patent in 2009.
    And, since the invention itself has been used in the public for more than a year, any creator would be barred from patenting it at this point.
     
    Last edited: Jan 6, 2019
    #10     Jan 6, 2019