# Bitcoin Is in the Dumps, Spreading Gloom Over Crypto World



## HarveyMC (Mar 19, 2019)

https://www.wsj.com/articles/bitcoi...ver-crypto-world-11552927208?mod=hp_lead_pos5



> Bitcoin is in the longest slump of its 10-year history. That is forcing even its most ardent supporters to shelve dreams of global disruption and focus on simply tightening their belts long enough to outlast the downturn.
> 
> Signs of the crypto winter are everywhere, marking a sharp reversal since the manic highs of 2017. The price of bitcoin Tuesday was just above $4,000, down about 80% from a trading peak of about $19,800 in December 2017. The total market value of all cryptocurrencies outstanding is down 85% from its peak in January 2018. And volumes on the largest U.S. exchanges have been falling steadily for the past 15 months, according to research firm TradeBlock.
> 
> ...



Just keep HODLing guys!!1!, we definitely didn't just lose all our money in a giant bubble


----------



## Posthumorous (Mar 19, 2019)

HeyItsHarveyMacClout said:


> https://www.wsj.com/articles/bitcoi...ver-crypto-world-11552927208?mod=hp_lead_pos5
> 
> 
> 
> Just keep HODLing guys!!1!, we definitely didn't just lose all our money in a giant bubble



I find this rather amusing.


----------



## Pope Negro Joe the XIIIth (Mar 19, 2019)

Sorry for your loss.


----------



## HeyYou (Mar 19, 2019)

BUY HIGH SELL LOW


----------



## HarveyMC (Mar 19, 2019)

I would just like to point out, if you had invested in an S&P 500 index fund back at the height of bitcoin, even with the massive market struggles, you'd have more money now than if you had never invested. Bitcoin on the other hand is worth 20% of its maximum price


----------



## Norvic (Mar 19, 2019)

HeyItsHarveyMacClout said:


> I would just like to point out, if you had invested in an S&P 500 index fund back at the height of bitcoin, even with the massive market struggles, you'd have more money now than if you had never invested. Bitcoin on the other hand is worth 20% of its maximum price



That's not to say that the traditional financial markets aren't also a giant ponzi scheme, just one where the time horizon to total collapse is much longer.
Invest in my global nihilism index. The numbers never go down.


----------



## MuuMuu Bunnylips (Mar 19, 2019)




----------



## NIGGO KILLA (Mar 19, 2019)

looks like null is gonna have to turn tricks in alleyways oof the ukraine to eat


----------



## NOT Sword Fighter Super (Mar 19, 2019)

I went from kicking myself for not investing into bitcoin at the beginning of the summer to continuing to do nothing about it over the summer and winter, and by early spring was glad that I did nothing.

I guess the moral of the story is to do nothing at all?


----------



## CrunkLord420 (Mar 19, 2019)

Was this article was supposed to come out months ago? We've had 5 weeks of straight green candles. The general sentiment has been getting bullish. Maybe we dump hard in 5 minutes from now, but this article's headline doesn't reflect this moment in time, the contents of the article doesn't really say anything at all.


----------



## carltondanks (Mar 19, 2019)

breaking news: bitcoin dips slightly, therefore it's the single worst investment and concept that anyone has ever created


----------



## Splendid (Mar 19, 2019)

carltondanks said:


> breaking news: bitcoin dips slightly, therefore it's the single worst investment and concept that anyone has ever created


They don't understand the funny math money, so they hate it.


----------



## Skeletor (Mar 20, 2019)

Who could have possibly guessed this whole crypto thing was going to crash and burn?


----------



## Mender Bug (Mar 20, 2019)

Just invest in dogecoin. I'm sure it'll make a bounce back any day now…


----------



## Corbin Dallas Multipass (Mar 20, 2019)

I just don't see how bitcoin is anything but a fundamentally less stable currency, with a fun weird side problem of taking up more and more storage as it ages.  Also, "bitcoin mining", whatever the fuck that even means, uses an absurd amount of electricity and I have to assume produces nothing of actual value.  

I'll be vindicated if it crashes, so that's my only selfish interest in this nonsense.  That and if I can't understand it, obviously it should be destroyed.


----------



## CrunkLord420 (Mar 20, 2019)

Corbin Dallas Multipass said:


> I just don't see how bitcoin is anything but a fundamentally less stable currency, with a fun weird side problem of taking up more and more storage as it ages.  Also, "bitcoin mining", whatever the fuck that even means, uses an absurd amount of electricity and I have to assume produces nothing of actual value.
> 
> I'll be vindicated if it crashes, so that's my only selfish interest in this nonsense.  That and if I can't understand it, obviously it should be destroyed.


About 70% of the electricity used in bitcoin mining comes from under-utilized hydropower that would be otherwise wasted due to the dams overflowing, with a large focus in "stranded power". The bear marketing forces allows for the most cost-competitive miners to stay active. You can't just pay for regular electricity and expect to make money anymore.


----------



## The best and greatest (Mar 21, 2019)

Sword Fighter Super said:


> I guess the moral of the story is to do nothing at all?



"When you do nothing you leave nothing undone."


----------



## underscoredash (Mar 21, 2019)

(((They))) are accumulating. You've been warned.


----------



## Chexxchunk (Mar 23, 2019)

Buy the dip.


----------



## NQ 952 (Mar 23, 2019)

if I could sell options contracts against bitcoin, I'd make a fucking mint.


----------



## CrunkLord420 (Mar 23, 2019)

LordKaT said:


> if I could sell options contracts against bitcoin, I'd make a fucking mint.


Deribit has both BTC and ETH option contracts: https://www.deribit.com/main#/options?tab=all

PM me for ref link to get a fee discount :^)


----------



## Splendid (Mar 23, 2019)

Wait, is that like shorting? Is it somehow possible to short Bitcoin?


----------



## CrunkLord420 (Mar 23, 2019)

Splendid Meat Sticks said:


> Wait, is that like shorting? Is it somehow possible to short Bitcoin?


Of course it's possible to short bitcoin, but options are different from traditional shorting: https://www.investopedia.com/terms/o/option.asp

They're particularly popular among Americans where CFDs are kinda illegal. Bitfinex has a lending market for the ability to short BTC without using derivatives, but most people use CFDs from BitMEX or Deribit.


----------



## NQ 952 (Mar 23, 2019)

CrunkLord420 said:


> Deribit has both BTC and ETH option contracts: https://www.deribit.com/main#/options?tab=all
> 
> PM me for ref link to get a fee discount :^)



Jesus that bid-ask spread is rough. what's the volume like?


----------



## CrunkLord420 (Mar 23, 2019)

LordKaT said:


> Jesus that bid-ask spread is rough. what's the volume like?


You can see the volume on that page I linked. Most people just stick to CFDs, so you'll probably find a very immature options market there, but this can translate into opportunity due to lack of liquidity, especially at retail-level trading where you don't need as much liquidity for yourself. I do know people who trade options on Deribit and it seems to serve their purposes (often as a hedge).

Deribit is really the only place that people trade options, and they're relatively new and small, but they're growing at a consistent organic rate. They just added ETH CFDs and options, with zero fees for an indeterminate period of time (to promote liquidity).


----------

