Bitcoins are officially donkdown

[Salty_Aus]

Dear Coinbase Customer

We’re writing because you have a credit card on file and want to inform you of a recent change that may increase the cost of purchasing digital currency with a credit card.


Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional "cash advance" fees. These fees are not charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.

so yeah if im reading this right, coinbase is now processing all credit card transactions as cash advances.

which of course have higher aprs in addition to being more expensive now.

Can you do a charge-back with a cash advance?

[snake_in_the_ass]

Dear Coinbase Customer

We’re writing because you have a credit card on file and want to inform you of a recent change that may increase the cost of purchasing digital currency with a credit card.


Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional "cash advance" fees. These fees are not charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.

so yeah if im reading this right, coinbase is now processing all credit card transactions as cash advances.

which of course have higher aprs in addition to being more expensive now.

You spend your entire life bashing Bitcoin. I guess that's what happens when you are morbidly obese and can't leave the bedroom.

[snake_in_the_ass]

It appears to be the end of the road for cryptocurrencies in India.

Finance minster Arun Jaitley, in his budget speech today (on Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognise them as a legal tender and will instead encourage blockchain technology in payment systems.

Days of HODLing are long gone. Only professional traders can make money in this environment. The stock market has a 2 month lag of Bitcoin, so expect to see a big selloff soon. Maybe after the Superbowl. Gonna be funny seeing sonatines 401k crater.

[Sanlmar]

Days of HODLing are long gone. Only professional traders can make money in this environment. The stock market has a 2 month lag of Bitcoin, so expect to see a big selloff soon. Maybe after the Superbowl. Gonna be funny seeing sonatines 401k crater.

I am up at 3:30am screening charts. I feel so anxious to nail something to the cross

I keep flipping back to AMZN chart since birth. The definition of parabolic. You could give me a hundred more stocks.

Lotta folks would dismiss your correlation but BTC is a proxy for the appetite for risk (to put it politely). Mood changes

Just trying to commit to a respect that shit can be wronger longer .... just like BTC.

[sonatine]

https://www.reuters.com/article/us-m...-idUSKBN1FL406

This made no sense to me until I got to the last sentence;

"This whole space is maturing and growing,” he said. “If we don’t embrace it now, it’s a missed opportunity for insurers.”

Like they are literally charging the maximum for the absolute bare minimum of coverage.

That's how badly wounded the cryptocoin scam has become; insurance agencies are plucking the diseased flesh off its living bones.

[Sanlmar]

^^^^

Breathtaking. Karpeles steals millions and collects an insurance payout.

Except some real sharp bloke will be retained by the insurer to do the sort of forensics that really hasn’t been conducted by anyone except for sport.

[snake_in_the_ass]

I wish I could short BNB , binance tokens. They still allow anonymous accounts and I think that is going to get shutdown soon. No ID, no gamble. That will cause BNB to get sliced in half.

[sonatine]

^^^^

Breathtaking. Karpeles steals millions and collects an insurance payout.

Except some real sharp bloke will be retained by the insurer to do the sort of forensics that really hasn’t been conducted by anyone except for sport.

Fun fact; they only insure coins in cold storage, and only up to $25m USD in value.

Imagine how few scenarios there are where that solves anything.

Also strange is how they claim to have a hard 25m USD ceiling for coverage but Coinbase claims all coins are insured...

[Dan Druff]

Back down to the 9500s right now.

I kinda thought this would happen after the "recovery" from the last crash to 9500 took it to a whopping 10300, which was pretty damn weak.

It was like, people were willing to keep buying in order to push it back over the 10k part, but shortly after that were saying, "Ahh... yeah... we're good now. Not much faith beyond that."

From observing bitcoin's patterns, it seems that you can tell how much a recovery will stick by how confident it seems. If a crash is followed by a weak recovery, especially after previous crashes had strong/semi-strong recoveries, I would say it's time to brace for another crash.

It seems that 9500 is another resistance point, but I think badguy23 is right that we're going to see a low of 8900 in a fairly short time (and then probably another pop back up).

In less than 2 months, bitcoin's value has halved. That's honestly pretty ugly.

[Dan Druff]

^^^^

Breathtaking. Karpeles steals millions and collects an insurance payout.

Except some real sharp bloke will be retained by the insurer to do the sort of forensics that really hasn’t been conducted by anyone except for sport.

Fun fact; they only insure coins in cold storage, and only up to $25m USD in value.

Imagine how few scenarios there are where that solves anything.

Also strange is how they claim to have a hard 25m USD ceiling for coverage but Coinbase claims all coins are insured...

Coinbase, a leading cryptocurrency exchange available in 32 countries, says on its website it holds less than 2 percent of customer funds online and that those funds are insured.

Lloyd’s of London, the world’s largest insurance marketplace, was providing insurance to the exchange, according to a person familiar with the matter. Reuters could not determine the terms or the scope of the coverage and a Lloyd’s spokesman declined to discuss Coinbase.

So Coinbase is claiming the have 98% of the coin offline.

Where offline? Hopefully somewhere secure where fire, theft, or natural disaster can't destroy them.

So with 2% of the coin online, and those being insured, then a $25m policy is fine if Coinbase is holding $1.25b worth of coin or less.

Of course, there's no telling what, if anything, will happen if something results in the theft of the offline-stored coin. It's possible they can pull a Karpeles and get away with it.

[Dan Druff]

Well, down to the low 9400s.

Maybe badguy can buy the $8900 coin as early as this morning.

He'll be eatin' good in the residential neighborhood.

[Dan Druff]

Tell me what you think of this theory.

I'm wondering if altcoins are dragging down bitcoin, which in turn are dragging down the altcoins.

For a long time, bitcoin was considered cool.

Now many of its earliest proponents are abandoning it for this-or-that altcoin.

As it stands now, bitcoin is not so cool anymore, but altcoins are really cool. Bitcoin is more entering the domain of the public and the noobs.

However, most altcoins are being purchased with bitcoin, so they are unfortunately tied together. (I realize that fiat currency can increasingly be used to purchase more mainstream altcoins, but unless I'm incorrect, I believe that most of these altcoins are still being bought with bitcoin.)

So when bitcoin crashes, altcoins naturally go down, as well, as they are still very naturally tied together.

Yet at the same time, the alts themselves have eroded bitcoin's coolness factor, and thus they are slowly falling out of favor, and declining in value.

So unless one of the alts breaks our and stands well enough on its own, I wonder if this vicious cycle will drag down both bitcoin and altcoins.

Remember that public enthusiasm in bitcoin is what drove the price from $800 in January 2017 to $19k that same year. The reverse of that can put it right back where it was.

[Salty_Aus]

Tell me what you think of this theory.

I'm wondering if altcoins are dragging down bitcoin, which in turn are dragging down the altcoins.

For a long time, bitcoin was considered cool.

Now many of its earliest proponents are abandoning it for this-or-that altcoin.

As it stands now, bitcoin is not so cool anymore, but altcoins are really cool. Bitcoin is more entering the domain of the public and the noobs.

However, most altcoins are being purchased with bitcoin, so they are unfortunately tied together. (I realize that fiat currency can increasingly be used to purchase more mainstream altcoins, but unless I'm incorrect, I believe that most of these altcoins are still being bought with bitcoin.)

So when bitcoin crashes, altcoins naturally go down, as well, as they are still very naturally tied together.


Yet at the same time, the alts themselves have eroded bitcoin's coolness factor, and thus they are slowly falling out of favor, and declining in value.

So unless one of the alts breaks our and stands well enough on its own, I wonder if this vicious cycle will drag down both bitcoin and altcoins.

Remember that public enthusiasm in bitcoin is what drove the price from $800 in January 2017 to $19k that same year. The reverse of that can put it right back where it was.

Ethereum is standing by itself at the moment.
For quite a while those who were holding or making nice profits from BTC were buying Litecoin.
I'm not 100% sure why but I feel it was an attempt to hedge their exposure in BTC without totally getting out.
LTC is a far superior model for an actual currency.
Now everyone wants ETH as this is an even better form of LTC that would be much easier to implement as a viable currency.

I think all cryptocoins are fundamentally linked to BTC.
BTC has propped up other crypto coins, and the better cryptocoins have propped up BTC on occasion.

I believe the main thing that is putting pressure on BTC right now is government intervention, and especially banks.
In the last couple of months the banking sector is making determined efforts to undermine BTC, and it appears to be coordinated.

If you look at the last month BTC is down 50% and ETH is up 50% bucking the trend.

[Forum Wars]

Tell me what you think of this theory.

I'm wondering if altcoins are dragging down bitcoin, which in turn are dragging down the altcoins.

For a long time, bitcoin was considered cool.

Now many of its earliest proponents are abandoning it for this-or-that altcoin.

As it stands now, bitcoin is not so cool anymore, but altcoins are really cool. Bitcoin is more entering the domain of the public and the noobs.

However, most altcoins are being purchased with bitcoin, so they are unfortunately tied together. (I realize that fiat currency can increasingly be used to purchase more mainstream altcoins, but unless I'm incorrect, I believe that most of these altcoins are still being bought with bitcoin.)

So when bitcoin crashes, altcoins naturally go down, as well, as they are still very naturally tied together.

Yet at the same time, the alts themselves have eroded bitcoin's coolness factor, and thus they are slowly falling out of favor, and declining in value.

So unless one of the alts breaks our and stands well enough on its own, I wonder if this vicious cycle will drag down both bitcoin and altcoins.

Remember that public enthusiasm in bitcoin is what drove the price from $800 in January 2017 to $19k that same year. The reverse of that can put it right back where it was.

Agree with many of these points. However, an even bigger way of how the Alt-coins are hurting BTC imho is that Bitcoin supporters would constantly point out that there was a limit (21 million) in the amount of BTC that could be mined. We have collectively mined around 80% of those. Which, if BTC were the only game in town, would at least continue to help its reputation.

But look this chart which shows BTC's market share vis-a-vis other "fake made out of thin air currencies":


Bitcoin among all cryptocurrencies has decreased to all time lows, reaching 34.97 percent on Tuesday.



So, my friends, that become the Pandora's box for bitcoin. It's "specialness" vs. fiat, in that in cannot just be created out of thin air - while discretely true - is not true at all in the sense that there are SUBSTITUTES for BTC that can be created out of thin air. This is economics 101: If the price of something goes too high, and substitutes exist, the market will bring the price of the original high priced item down.

Even worse then, is that the product here is Long Numbers only, not real products. There is no real utility to them except for sports bets and getting money out of Venezuela. And if Bitcoin's (or for that matter, the entire universe of Alt-coins') "specialness" in the eyes of "investors" cannot be maintained due to the open source nature the entrie world of alt-coins, that makes it possible for myself, you and Tito Jackson to invent our own coins...well...you can see how this all ends, and it doesn't take a genius.

Love the fact that Druff correctly surmised that BTC aren't that cool or "special" to most people anymore...he's saying that substitutes are now palatable to a huge degree, and that makes all crypto as open-ended as fiat. At least fiat's supply is somewhat controllable.

[Sheesfaced]

For Sonatine

[Krypt]

Days of HODLing are long gone. Only professional traders can make money in this environment. The stock market has a 2 month lag of Bitcoin, so expect to see a big selloff soon. Maybe after the Superbowl. Gonna be funny seeing sonatines 401k crater.

BTC had a parabolic spike, now it is ETH's turn followed by LTC after that.

[Krypt]

MAJOR BLOODBATH

[sonatine]

god this is a great thread to wake up to.

[Wiganer]

The 10k support level seems to have been somewhat broken. As if TA applies to fictitious concepts.

[sonatine]

Well, down to the low 9400s.

Maybe badguy can buy the $8900 coin as early as this morning.

He'll be eatin' good in the residential neighborhood.

hit 8900 and just kept right on trucking lol.