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Old 24th November 2020, 08:24 AM   #801
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Old 27th November 2020, 03:02 PM   #802
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Wheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee ee!
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Old 27th November 2020, 03:05 PM   #803
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Quote:
Bitcoin slumped further through the Thanksgiving holiday as intense profit-taking dragged on prices.

The world's most popular cryptocurrency has tumbled as much as 5.9%, to $16,242.70, over the past 24 hours.

The slump was Bitcoin's biggest since the coronavirus pandemic slammed markets in March, and it reversed the weeks-long rally that placed the token within a hair of its record high.

Other cryptocurrencies including Ethereum and XRP were caught in the sell-off and sank as well.
https://markets.businessinsider.com/...-11-1029844889
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Last edited by novaphile; 27th November 2020 at 03:06 PM.
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Old 27th November 2020, 10:16 PM   #804
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Originally Posted by novaphile View Post
https://markets.businessinsider.com/...-11-1029844889
Quote:
The world's most popular cryptocurrency has tumbled as much as 5.9%, to $16,242.70, over the past 24 hours.
That's nothing for Bitcoin, a mere blip that could easily reverse itself tomorrow.

Some call it 'digital gold', but it isn't really a commodity - and with this volatility it's unlikely to see widespread application as a currency. So what's left? Speculation.

Bitcoin is ideal for making money out of nothing, if you are skilled or lucky enough to beat the other fools. They keep putting money into the pot thinking they will all be winners, but as Bitcoin doesn't create wealth it's a zero sum game. For every 'investor' who gains, others lose, and the price goes up and down according to what they collectively imagine it is worth. Bitcoin's volatility is a hindrance to its original purpose, but speculators love it. The only thing that would damp their enthusiasm would be if it became stable, and then they would have to move on to something else.

Some other cryptocurrencies are more useful and some are more volatile, but none have 'gone to the Moon' like Bitcoins has. Why is this so if they are 'technically' superior? Two reasons:-

1. less 'brand recognition' and lower loyalty. Bitcoin is the original, no others can compare!

2. They haven't got as much money in the pot. Even though you could make just as much trading in other 'coins', Bitcoin has the psychological edge because each one is 'worth' so much.

Apart from that it's got nothing, but psychology is everything in this market...
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Old 27th November 2020, 10:23 PM   #805
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Old 27th November 2020, 11:34 PM   #806
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New article will be coming out Sunday about Coinbase. Something about their treatment of Blacks and allegations of racism at Coinbase.
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