Bitcoins are officially donkdown

[RS_]

My portfolio is only down 25% in the last 24 hours and almost 40% from ATH. Damn this shit volatile. Yolo.

[SetofKs]

Breached 12k again.

This has happened before in crashes in our post-15k bitcoin world, but never below 11k.

If it crashes below 11, then we're in unchartered territory.

There might be some resistance at the below-10k mark, as I imagine people will be buying at that point, seeing the first opportunity to get sub-10k bitcoin in awhile.

The altcoins are also crashing.

This is why people thinking, "I know bitcoin will crash, but I've moved to altcoins, so my money is safe" is so fallacious.

Altcoins always crash when bitcoin does. Bitcoin sneezes and altcoins have a heart attack.

Yah if there were really people who were thinking that, they are n00bs and are going to get rekt

[SetofKs]

Altcoins always crash when bitcoin does. Bitcoin sneezes and altcoins have a heart attack.

Yah if there were really people who were thinking that, they are n00bs and are going to get rekt

Bitcoin moons- alts crash
Bitcoin crashes- alts crash
Bitcoin doesn't move for a while- alts moon

[SetofKs]

BNB was at its ATH $25 4 days ago. Earlier today it was at $16. In 2 hours it went from $16 to $9.50. Then in 30 minutes it went from $9.50 to $13.50. Now its back to $15.50. Gambling on these coins is so much fun.

[Krypt]

Relentless bloodbath here

[OSA]

Switched all ripple in which I made like 10% return, into NEO @ 120, after educating you ppl since it was @ 45. Cashed out @ 182. Gonna ride out this stream of red and wait for a new horse

[SetofKs]

Switched all ripple in which I made like 10% return, into NEO @ 120, after educating you ppl since it was @ 45. Cashed out @ 182. Gonna ride out this stream of red and wait for a new horse

Consider BNB. Its a good coin, I think, and its down 15% in the last 24 hours. I turned my whole shit coin roll into BNB for the time being.

[Sanlmar]

NY Times

On Reddit, the online forum visited by many Bitcoin followers, people posted phone numbers for suicide hotlines for bereft investors.

Fortune 12-12-17
$17,000

Some Bitcoin Investors Are Mortgaging Their Homes to Buy More Digital Currency

[sonatine]

11k.

[sonatine]

so i guess quirky numbers really arent worth anything at all as a commodity.

[Sanlmar]

Is it possible the clearinghouses for bitcoin futures could get crushed and left holding the bag on accounts that had insufficient margin.

I know they were asking for like 30-40% but that’s where we are now in terms of correction from the high

What happens is the clearinghouses then cover their exposure by going short themselves in the market causing even more selling.

That’s how market collapses happen

I’m just a ray of sunshine. This is serious shit

[sonatine]

Sanlmar...

Bitcoin is not fake money or a digital collectible. It is also slowly being adopted by many legitimate marketplaces and now has public ATMs in many major cities.

Crytocurrencies are not some dream of the future, they are already a real currency. Also, most USD nowadays are technically a type of crytocurrency, as they aren't even backed by cash and they are encrypted (and are insured by banks) which really gives the little numbers in your checking account any value.

Don't get left in the past.

[monsterj]

Is it possible the clearinghouses for bitcoin futures could get crushed and left holding the bag on accounts that had insufficient margin.

I know they were asking for like 30-40% but that’s where we are now in terms of correction from the high

What happens is the clearinghouses then cover their exposure by going short themselves in the market causing even more selling.

That’s how market collapses happen

I’m just a ray of sunshine. This is serious shit

That's an interesting question. The firm I worked at nearly went bankrupt when MF Global(our clearinghouse) went belly up. The losses were staggering $40+M, and small trading firms rarely had that type of capital laying around, luckily our partners had emergency funds and kept us afloat.

Back to your point, I'll reach out to some people to see if they know anything about the CBOE futures exchanges, I personally don't know anyone trading them yet, but I am sure that has changed in the past month or two.

[sonatine]

Is it possible the clearinghouses for bitcoin futures could get crushed and left holding the bag on accounts that had insufficient margin.

I know they were asking for like 30-40% but that’s where we are now in terms of correction from the high

What happens is the clearinghouses then cover their exposure by going short themselves in the market causing even more selling.

That’s how market collapses happen

I’m just a ray of sunshine. This is serious shit

my understanding is that most of those btc funds that everyone was talking about did that shit where they ran up to the very edge of the pool then were like 'lol nah' and never actually jumped in?

which is to say, im unaware of many instances where those clearinghouses actually invested because the village elders said as if with one voice 'get the fuck out of here this shit is a joke'.

im sure there will be some who decided the benefit of a first to market position outweighed the potential exposure but really, i got the impression there just werent many and none of them were major players.

again tho not my area of expertise/attention.

[snake_in_the_ass]

its totally possible that we're not at a tipping point yet, and that the majority of current 'investors' pouring money in would barely understand what you were talking about.

i honestly think it can hit 60k once the smoke clears in january.

i also think there will be suicides when china sets the hook.

Oh god, if sonatine thinks it is going to 60k it is probably time to be cautious.

Thank you Sonatine for saving me a lot of money.

[monsterj]

Based on this:

http://cfe.cboe.com/cfe-products/xbt...itcoin-futures

Doesn't look like anyone is trading these products. So, very little risk IMO.

[Sanlmar]

The clearinghouse is the party that settles the contracts. They don’t take positions themselves unless you fuck them up.

I flirted with checking BTC futures out for lulz and I recall they wanted me to post say 35% of actual bitcoin. If my losses approach that they shut me down and take my btc. The clearinghouse suffers no loss.

But shit happens and can happen fast where you and they get buried. Then they enter the market to protect against further losses.

I remember SiriusSrsly claiming futures had no affect on price months ago. I didn’t bother to respond.

These thoughts trigger unpleasant memories of getting margin called myself. I scalp small moves but with high margin in a day trading fashion. Once you fuck up and get called your margin is suspended and you can’t trade.

You’re out of action waiting for your timeout to expire. This has happened after a loss so you are all twitchy to get back in the game. Mental torture and frustration which leads to drinking.

[Sanlmar]

Based on this:

http://cfe.cboe.com/cfe-products/xbt...itcoin-futures

Doesn't look like anyone is trading these products. So, very little risk IMO.

Yeah, I know.

I’m just having some doomsday fun. The scenario is fun to consider, yes?

Monsterj, any withdrawal symptoms? Do you miss the game?

[sonatine]

[Dan Druff]