US stock market and entire crypto market are both in a significant slump

Why? Currency only works when there is trust. There is no trust in Bitcoin or other currencies. Something that is worth $7000 today and $15000 tomorrow is no basis for meaningful trade exchange. The only people who are using Bitcoins are gamblers and criminals. And if your coins get stolen by hackers there is no recourse.

You are better off betting on the price of tulip bulbs! Wait....

Trust? What? Trustless is a key concept in crypto: you don't need to trust anyone with your assets. Your assets are under your control, not a bank's.

Apart from if you keep them in an online wallet as many do, and then hackers steal that money. And then of course you have nothing and no recourse. But how can you trust a currency that fluctuates so wildly in value? And what will happen when all bitcoins are mined? The currency kind of stops working at that point.

Trust? What? Trustless is a key concept in crypto: you don't need to trust anyone with your assets. Your assets are under your control, not a bank's. The blockchain deals with the transfer of assets and it is trustless. You don't rely on a human to verify it, technology automatically verifies it and makes sure it gets where it needs to be.

I think the fact that almost no retailers accept bitcoins shows just how untrustworthy they are. What was the last major purchase you made with a bitcoin? Or are you just betting on its value rising indefinitely like everyone else?

This is such an important thing which so many people who don't understand blockchain fail to realise. Not to mention blockchains are open source and the ledgers are public record. If people don't trust blockchains it's because they don't understand the blockchain.

Decent day for crypto's today though.

About time. **** me, it's been a bloodbath.

40%, 50%, 60%, 70% crashes in crypto is all perfectly normal and expected after going up thousands of percent.You do realise bitcoin is still up 800% since January 2017?


Collpased he says...

Exactly. It's immutable, it's unhackable, it's the future. Blockchain is the centre and foundation of crypto.

Bitcoin is down almost 2/3 from its peak which wasn't too long ago, that an incredible fall. Many didn't see the sharp fall coming, also those sorts of numbers are true because you're dealing with small numbers as most cryptocurrenies aren't of huge value. When I say collapse I mean there was an unsustainable bubble which popped. Out of everything I said that's the only thing you're going to pick up on? cool.

Yeah I know, but what did you expect after that december and start of january rise ?


I think it's time to surge again - I can feel it lol.

I tend to pick out points which are incorrect.

Go back through the history of bitcoin, it's undergone 60% corrections about 10 times lol, this is all perfectly normal and expected behaviour

Yup, at the moment it's extremely new early technology and a lot of people don't understand it and are sceptical of it but once governments and large businesses start using it (some already are) then we'll see the public mass suddenly take interest but by then they will be the laggards, most of the profits will have gone to us early investors

I said it before but I'll say it again, within 10 years I believe blockchain technology will be used by every major company on the planet including governments and will have a market cap of between $10trillion and $20trillion.

Far too many people think of bitcoin when you mention cryptocurrency and this is why a lot of people fail to realise the true potential of the technology and how it will revolutionise almost every sector, especially the financial sector.

Bitcoin is down almost 2/3 from its peak which wasn't too long ago, that an incredible fall. Many didn't see the sharp fall coming, also those sorts of numbers are true because you're dealing with small numbers as most cryptocurrenies aren't of huge value. When I say collapse I mean there was an unsustainable bubble which popped. Out of everything I said that's the only thing you're going to pick up on? cool.

Agree with everything you have said. If these kids bothered to research more than just Bitcoin they would have perhaps realised how useful blockchain can be and how crypto projects can benefit the world. This is the future and we are involved in it (with nice profits hopefully)!

This is nothing more than a correction, started by new wage data and increasing interest rates. That led to people selling off after essentially an 8-year bull market, ending in impressive gains in 2017. The Dow has already recovered somewhat now.

But this is no recession, the US economy is still going strong. Not sure what the panic is about. Many people said a correction was imminent.

re bitcoin - so what, it was a huge ****ing bubble anyway.

I'm glad bitcoin collapsed sooner rather than later, it had little but growing dependence and hence only had a tiny knock on effect when it plunged. Had it rallied for the next year or so the dependence would be far greater and could've had a potentially huge knock on effect (e.g stock markets if business were dependent and used the currency, people's savings/pensions if they invested them in it which many did but luckily not a large scale - it collapsed just in time, banks if they invested large sums, etc.) each of which would come with HUGE consequences. Cryptocurrencies might've just been the next boom for the economy after credit but we all know how that ended, I hope people see this as a warning to the volatility and instability of cryptocurrencies

As for the stock market, it was long overdue. it was getting way too big, too fast, hopefully this encourages people to invest their money elsewhere as the risks of the stock market are back in play.

Bitcoin experienced a crash where it dropped from ~$1100 to $100! Guess what? It bounced back as can be seen from December where it reached $20k.

Bitcoin has experience many corrections and it has always bounced back harder. Corrections are natural and healthy in markets.

It's kinda like investing in mobile phones in 1980 or the internet in 1990. The next 10 years are going to be glorious, hopefully I'll be able to retire within the next 10 years, would be great.

Refer you to my comment: bubble hasn't popped, this is a healthy correction, which happens in markets.

Yes! It's like investing in ebay or Amazon very early! Lots of money to be made in the long run.