Has the bubble burst?

[MikeTz]

Since the BTC price is 418 euros,do you think that the bubble has burst or is it going to pick back up like always.Also do you think that it will take LTC with it??

(LTC now is less than 13 euros).Will it get any worse?

 

[Mooshi]

I'm glad the holier than thou bitcoin dropped. There was no reason for it to even be so inflated in the first place. Outside of a few lucky people, the real people that benefited from the BTC race was scam companies like Butterfly Labs. For LTC, maybe it will become the more stable of the two and grow over time. BTC is far too unstable to take serious stock in it.

[RatedBlam]

I'm not sure if bitcoin can "burst", because it's backed by a very strong network. Could be wrong though

[digitalnav]

Well China shook the Crypto market.... Litecoin down $15 haha.

[legopc]

is it posible that the dificulty will go down?? 

[upliftsleet1974]

It will go back up....Lot of stuff happened today!!

 

But for the long run Bank Of America said the value of BTC is $1300 so they will go back up  To me it is a big deal that a big time back said this...And at that is a price we are yet to see

 

I am not (Will not) sell my ltc till it hits $100 (I think it will hit that in the net 2-3 months)

[digitalnav]

It will go back up....Lot of stuff happened today!!

 

But for the long run Bank Of America said the value of BTC is $1300 so they will go back up  To me it is a big deal that a big time back said this...And at that is a price we are yet to see

 

I am not (Will not) sell my ltc till it hits $100 (I think it will hit that in the net 2-3 months)

That difficulty is SKY rocketing. Im netting 3 LTC per 24hrs at the moment, how about you?

[upliftsleet1974]

That difficulty is SKY rocketing. Im netting 3 LTC per 24hrs at the moment, how about you?

Me and a friend are mining any time we are not gaming (We do not have any money lol)

 

He has a 7850=330-350 K/h

And I have a 660=140 K/h

So we have 1.6 now and are mining 1 a week...It is a lot better then nothing

And we are going to divide it up later we just want to get as many as we can at this point...

 

And I just love the LTC/BTC it is a ton of fun to watch and try to understand

[Hans Christian | Teri]

The BTC definitely took a major hit overnight, but I don't doubt that it will bounce back.

[LAwLz]

Will it get any worse?

Most likely yes but nobody knows for sure. Anyone giving you a straight "yes" or "no" is either a time traveler or bullshitting you (probably for personal gain, like making you buy bitcoins while they sell).

 

 

I'm not sure if bitcoin can "burst", because it's backed by a very strong network. Could be wrong though

No, that's not how bitcoins work. There isn't really anything backing the value of bitcoins except speculation, which is why we often see it go up and down like a jojo. When the majority of people think the prices will go up a lot, they do. When people think the prices will go down a lot, they do.

 

 

is it posible that the dificulty will go down?? 

No, only up.

 

 

It's worth noting that after a bubble the price usually goes back to normal "pre-bubble", and then slowly rises like normal items. There is nothing stopping it from crashing, and there is nothing stopping it from becoming a bubble again if it does crash.

[RatedBlam]

Most likely yes but nobody knows for sure. Anyone giving you a straight "yes" or "no" is either a time traveler or bullshitting you (probably for personal gain, like making you buy bitcoins while they sell).

 

 

No, that's not how bitcoins work. There isn't really anything backing the value of bitcoins except speculation, which is why we often see it go up and down like a jojo. When the majority of people think the prices will go up a lot, they do. When people think the prices will go down a lot, they do.

 

 

No, only up.

 

 

It's worth noting that after a bubble the price usually goes back to normal "pre-bubble", and then slowly rises like normal items. There is nothing stopping it from crashing, and there is nothing stopping it from becoming a bubble again if it does crash.

But isn't bitcoins existence tied solely to the network. If it is then I should be right. Bitcoin will be a thing as long as the network exists. I didn't talk about the value

[LAwLz]

But isn't bitcoins existence tied solely to the network. If it is then I should be right. Bitcoin will be a thing as long as the network exists. I didn't talk about the value

Oh OK yeah I misunderstood you. Yes bitcoins will continue to exist. I though you were talking about the value or usefulness of it. Sorry about that.

[RatedBlam]

Oh OK yeah I misunderstood you. Yes bitcoins will continue to exist. I though you were talking about the value or usefulness of it. Sorry about that.

Yeah, I could've used a better word than burst, since that is often used when talking about value.

[rhyseyness]

It did go really low last night (I'm in the UK for timing reference)

It'll come back up though. If I had a spare $700 I'd have bought some at that price, and held them

[xXxYOLOxSWAGxXx_420BlazeIt]

I'm glad the holier than thou bitcoin dropped. There was no reason for it to even be so inflated in the first place. Outside of a few lucky people, the real people that benefited from the BTC race was scam companies like Butterfly Labs. For LTC, maybe it will become the more stable of the two and grow over time. BTC is far too unstable to take serious stock in it.

Look guys, somebody else that doesnt understand why BTC is unstable.

[Mooshi]

Look guys, somebody else that doesnt understand why BTC is unstable.

 

Increased difficulty, less potential using standard GPUs, scam companies like butterfly labs praying on the naive, People using BTC to bypass the feds on silk road, literally nothing in the real world to back up its worth. What is there to understand? It's not cryptic.

[Commissar]

Increased difficulty, less potential using standard GPUs, scam companies like butterfly labs praying on the naive, People using BTC to bypass the feds on silk road, literally nothing in the real world to back up its worth. What is there to understand? It's not cryptic.

it's worth is realive. i personally just convert altcoins to BTC... and hold onto the BTC

[rhyseyness]

It's not cryptic.

You could say it's... Crypto

[Hans Christian | Teri]

Increased difficulty, less potential using standard GPUs, scam companies like butterfly labs praying on the naive, People using BTC to bypass the feds on silk road, literally nothing in the real world to back up its worth. What is there to understand? It's not cryptic.

 

That has nothing to do with tonights events though. Here's what actually happened:

 

"The price of bitcoin fell by $300 on popular exchange Mt. Gox this morning after China’s central bank warned financial institutions to steer clear of the digital currency." -Coindesk

[Mooshi]

That has nothing to do with tonights events though. Here's what actually happened:

 

"The price of bitcoin fell by $300 on popular exchange Mt. Gox this morning after China’s central bank warned financial institutions to steer clear of the digital currency." -Coindesk

 

That backs up what I said how digital currency doesn't really have any real life assets to protect its value.

[Hans Christian | Teri]

That backs up what I said how digital currency doesn't really have any real life assets to protect its value.

 

Somewhat true, but the same can generally be said about the paper your government prints these days. The big cryptocurrencies may be uneasy right now, but if anything they have more potential to be stable than the paper we're using every day.

[Mooshi]

Somewhat true, but the same can generally be said about the paper your government prints these days. The big cryptocurrencies may be uneasy right now, but if anything they have more potential to be stable than the paper we're using every day.

 

The US has a lot of gold, we know our paper money is worthless. The gold is our real assets.

[Hans Christian | Teri]

The US has a lot of gold, we know our paper money is worthless. The gold is our real assets.

 

When you print money without acquiring more gold it defeats the purpose a bit though. But yes, cryptocurrencies has no more value than you give them, but seeing as there's a finite number of coins they have a ton of potential. What it will eventually turn into is all a big mystery as of now, but I'm definitely hoping for it's best.

[Mooshi]

When you print money without acquiring more gold it defeats the purpose a bit though. But yes, cryptocurrencies has no more value than you give them, but seeing as there's a finite number of coins they have a ton of potential. What it will eventually turn into is all a big mystery as of now, but I'm definitely hoping for it's best.

 

Currency certainly is one of the greatest and most confusing inventions man has ever made. :V

[Hans Christian | Teri]

Currency certainly is one of the greatest and most confusing inventions man has ever made. :V

 

Haha, hell yeah man.