Content adapted from this Zerohedge.com article : Source
Update: 1005ET: The carnage across cyrptocurrencies has escalated with Bitcoin back to a $13K handle, Ethereum back below $700, and Bitcoin Cash below $2,600...
Bitcoin is now almost $6,000 off its record high...
For those who are keeping track...
- $0000 - $1000: 1789 days
- $1000- $2000: 1271 days
- $2000- $3000: 23 days
- $3000- $4000: 62 days
- $4000- $5000: 61 days
- $5000- $6000: 8 days
- $6000- $7000: 13 days
- $7000- $8000: 14 days
- $8000- $9000: 9 days
- $9000-$10000: 2 days
- $10000-$11000: 1 day
- $11000-$12000: 6 days
- $12000-$13000: 17 hours
- $13000-$14000: 4 hours
- $14000-$15000: 10 hours
- $15000-$16000: 5 hours
- $16000-$17000: 2 hours
- $17000-$18000: 10 minutes
- $18000-$19000: 3 minutes
- $19666-$14000: 4 days
ETH and BCH in trouble too...
In fact almost the entire crypto space is collapsing with Ripple the only gainer for now...
There continues to be no obvious catalyst for the run.
Volume is heavy in futures tonight too...
The question is - which happens first - Bitcoin $10,000 or Gold $1,300?
After an exuberant few days following Coinbase's adoption of Bitcoin Cash, the forked currency has collapsed back below $3,000...
For the 4th night in the last 5, someone has started slamming Bitcoin at around 8pmET, pushing the biggest cryptocurrency back below $15,000 for the first time in two weeks...
Catalysts for the drop are unclear other than systematic selling pressure as Asia opens. There was chatter about the lack of security in South Korean local exchanges, but it is unlikely that is the cause for now.
Since CME launched its futures contract, Bitcoin has been under pressure and renowned market watcher Peter Schiff is pretty clear where he thinks this ends up...
As CoinTelegraph reports, speaking to RT this week, renowned analyst Peter Schiff, credited for predicting the 2008 housing market collapse, issued a foreboding warning to investors buying Bitcoin at current prices.
Even with a shaky week, Bitcoin is hovering around the $15,000 mark, after a two-month bull run that saw the price rise by more than 200 percent.
Schiff says those trying to ride the bubble are too late:
"People who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything."
The old adage, "buy on the rumor and sell on the news," seems to be the perfect way to sum up Schiff's sentiments on the current attitude of green investors trying to make a quick buck out of Bitcoin:
"These currencies are going to trade to zero or pretty close to it when the bubble pops. Right now, the only reason why people are buying Bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason."
He also voiced by now common criticism of Bitcoin Core's transaction functionality, noting the low speed and high cost of transactions on the network:
"There is no value in Bitcoin, you can't use it as money. It's too slow, too expensive and too vulnerable."
Still with gold's recent weakness, we are sure Peter has more than a small ax to grind on this one.
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I'll consider buying some Bitcoin when it's falls to par with my Bitcoin Cash. Otherwise I don't see the point in paying an extreme premium for a name brand, while most top alt coins have been making far higher percentge gains. And tonight most of those alt coins are on sale as they're coming to the realization that they don't have to follow institutionally rigged BTC anymore. Bitcoin using Blockchain as its underlying technology as a cuccrency. Not so sure. As far as I see it Peter Schiff is not questioning the utility of Blockchain. He claims that the cryptocurrencies in their current state Time will tell.
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Just my thoughts on Peter Schliff, I disagree with BTC not being a buy if not at par with BCH.
Blockchain is far superior to everything nowadays regarding transaction security and also has lots of other features, which will be useful to the wide community.
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I agree with you in terms of alt coins having a larger upside in terms of multiple gain. That is why I scaled out of some of my BTC and ETH. That said, I am not sure BTC is at a premium simply because its name. There is a lot of development going with bitcoin and there are more wallets out there on that chain than any other. Sure being the oldest helps a great deal. That is what produced Metcalf's law people involved in the technology.
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Renowned?
Peter Schiff is a charlatan. He has been calling for $5,000 gold for since the high of $1900...how is that working out.
This move in crypto if not unusual. It often retraces 40% even 50%....the volatility in it is brutal. In this arena a 5% move is a coffee break.
As for it being too slow to be money, does GM pay its employees in money? How come it (and every other company that does direct deposit) sends it money out on Wed if they pay on Friday? Because it take more than a day.
Bitcoin is too slow for that?
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Firstly let me say - great charts! Secondly I would like to diasgree with Peter- some coins might go to 0, which is OK. But overall the coins with a working project and strong dev team and community will stick around for a long long time.
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You are absolutely correct @ervinneb.
What people do not understand is the bitcoin blockchain is not going anywhere (or any other chain as you said which is working and having development). Price action is not reflective of what is on the blockchain. In the end, we will see a lot more going on with these chains. This is just the start.
Prices will ebb and flow but the development carries on.
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The crypto revolution will be a lot like the tech bubble in my opinion. The tech bubble had a mania and a lot of people without the best intentions trying to cash in on it. It did burst, but after that good quality tech businesses survived and went on to change the world and make fabulous gains for their investors. I think the cryptos will be the same. There will be a cleaning out one day of the crypto market but the best blockchains and platforms will remain and go on from there. Bitcoin may fail and go away one day but it has already been proven as the best speculation of the century so far. It really has nothing left to prove in my opinion.
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Good comment @apsistrading.
I agree with you. There is going to be a mania at some point when Wall Street fully gets involved. The price action on the tokens is not always reflective of the development. That carries on and there will be sensational breakthroughs on some of these blockchains. They are going to change the world.
Of course, there are coins that will end up worthless because they are bad projects (or frauds). It takes a lot to make a blockchain successful and even those with grand visions often lack the ability to pull it off.
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Schiff's shtick is hilarious and comical as is is sad. Total puppet propagandist whose handlers are in their declining years.
If you don't understand HODL it is about not being a weak hand. Scared out of your plan. Chased off by thieves. Take your emotions out and stand your ground its about to get real.
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Schiff is only a perma bear about anything not gold...he is an uberbull on gold.
Of course, he makes 6% on the sale of gold on his sites so that might have something to do with it.
Bitcoin is costing him money so he has to blast it. He called $5,000 since $1900...gold is now approaching $1300?
And people actually listen to this guy?
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I really doubt people listen to this guy. Maybe long ago he had some credibility, no he looks sad and stupid with these kind of statements
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As a view I see bitcoin controlled whales
It is kept in a standard envelope at a very large rate
I see it up to about $ 12,000 and then shave it again to the top
People who have bought at $ 19,000 or more are great
But do not fear it for the people you want to store it
It is said in 2020 will exceed $ 180,000 what you Rick in this
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I know that "These currencies are going to trade to zero or pretty close to it when the bubble pops. Right now, the only reason why people are buying Bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason."and then there will occur an unbalanced situation. But it seems that the price of bitcoin will be more increased in future and there will be a certain online business with this cryptocurrency bitcoin.
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Mark it zero, Perma bear strikes again! Peter isn't someone I take investment advise from. He loves gold(as do I) but hates most else.
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What do you love in gold, Tony. I like gold, because its backed and you know this is a tested model.
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I THINK BTC Will you get up now?
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💙 Great post. Very good writing,i like this post 💙
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Great analysis! due to your timely cautions and update, I am safe one my friend who want to invest in BTC few days I said him do not and show him your post and cautions. He is saying thanks to you :) But still thinking about others who did not listen us ....
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He made big on shorting the housing bubble, I think it’s just a matter of time with crypto. Sadly he’s right, there’s no value and the only ones making money are the ones who’s bought into the system early. Sadly it’s not backed by anything but the good intentions of the forgotten 1%
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A correction was pretty much expected. Nobody knows when it will end but it's definetely sure that cryptocurrencies are not going to be worth nothing. They are a revolution to this obsolete monetary system and eventually we will all use them. With ups and downs, the future is here!
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Great post with awesome chart,,, It's really good news for all of us,, Personally i am appreciating from heart for great work....
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And the carnage continues...BTC went below $12K.
At least it looks like a floor might be in.
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Very valuable news.We get all these essential news for your post.I hope and My request to them, these coins do not invest in any bad work.Thank you so much for a productive post @zer0hedge
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What and opportunity for investor's and would be investors to buy and store. The tide is bound to rise again...
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Thanks for your news @zer0hedge
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thanka for posting important information @zer0hedge
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I always pay attention to your posts, because your post contains many important information that is very valuable to me. Thank you very much for sharing this valuable post with us. I hope that you will be with us for many more valuable posts like this. I hope you will post good again
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