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Digital currency Bitcoin hits new high before losing S$200 in value in one day
14-06-2018, 08:14 AM.
Post: #261
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
Bitcoin extended losses, bringing its four-session slide to as much as 20 percent, as questions mount about whether the world’s biggest cryptocurrency was manipulated during last year’s record price surge.

After rallying more than 1,400 percent in 2017 amid an investor frenzy for digital assets, Bitcoin is down almost 70 percent to around $6,238 as of 4:37 p.m. in New York, from its record high of $19,511 set in December. It traded at a few cents after being launched in 2009.

“Things have changed for Bitcoin and the crypto space,” said Craig Erlam, senior market analyst at online trading firm Oanda Corp. in London. “There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now -- after a period of consolidation -- we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it.´´

-Bloomberg

(22-02-2018, 01:14 PM)specuvestor Wrote: Munger calls this Hubris. This is what I mean when I say over the years I have learnt and disciplined myself not to participate in things that I don't understand or make no sense, even if the siren tempts me with 10 bagger or what

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Gartman said he broke his Rule No. 1 of investing via his newsletter: never buy a stock that’s in decline.

“More importantly we are smarting from having broken our own primary rule of trading to never, ever add to a losing position,” Gartman said Wednesday.

The investment in crypto-related assets is odd for Gartman, an investment traditionalists who tends to espouse the benefits of owning tangible assets. Although he has said blockchain, the distributed-ledger technology that underpins most digital assets, has merit, he has been mostly skeptical of the virtualcurrency sector, which he suggested was benefiting from speculative hype.

In December, Gartman described bitcoin as a “classic bubble,” in a CNBC interview, saying it had gone beyond the “absurdity” of Holland’s tulip bulb mania in the 17th century.

https://www.marketwatch.com/story/one-pr...2018-02-21
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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14-06-2018, 01:03 PM. (This post was last modified: 14-06-2018, 01:06 PM by Big Toe.)
Post: #262
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
For now the bubbles seemed much more contained compared to the dot.com era
We have speculators dabbling in bit coin, which no major financial institution is directly Involved.
We have unicorns burning piles of cash, and commanding ridiculous valuations. But most are not traded publicly YET.
The above 2 will not end well but we should be not seeing shocks on the financial system from these risks anytime soon.
What we will see is the end of cheap money and highly leveraged companies will struggle.

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13-09-2018, 12:10 AM. (This post was last modified: 13-09-2018, 12:20 AM by specuvestor.)
Post: #263
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
Looks like the tide has gone out. Should be obvious by now that crypto is an ingenious scam without any backing but the technology of blockchain is interesting for limited transactions

(Bloomberg) --The Great Crypto Crash of 2018 looks more and more like one for the record books.
As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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09-11-2018, 12:06 PM.
Post: #264
RE: Digital currency Bitcoin hits new high before losing S$200 in value in one day
Interesting to hear from the 2nd party point of view

https://www.bloomberg.com/news/articles/...no-regrets

During the initial period, Garzik, 44, worked directly with Nakamoto, corresponding via private email and the Bitcointalk forum, until the token’s creator abruptly disappeared in 2011. Former collaborators and journalists have been guessing since about who he or she or they were -- a matter of importance since Nakamoto controls about 1 million Bitcoins, and could impact the cryptocurrency’s market price.
"My personal theory is that it’s Floridian Dave Kleiman," Garzik said in an phone interview. "It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”
Kleiman, a former Florida sheriff’s officer who ended up becoming a computer forensics expert, died in 2013. Kleiman’s estate is suing Australian Craig Wright, who has claimed to be Nakamoto, for allegedly seizing billions of dollars worth of Bitcoins and intellectual property from Kleiman. Wright denies the claim.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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