Current Events > Crypto market crash prompts suicide concerns again. Bitcoin down 57% in 2018.

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BlueTigerLion
08/18/18 8:36:15 PM
#1:


https://finance.yahoo.com/news/crypto-market-crash-prompts-suicide-concerns-135248250.html

The cryptocurrency market is seeing angry shades of red this week. On Tuesday, the 20 largest cryptocurrencies by market cap all fell by 4% to 10%, with ether, token of the smart contracts platform Ethereum, taking the biggest hit, down to about $250, its lowest price of 2018. Ether was above $1,200 in January. By Wednesday morning, coins were rallying slightly. But volume remained low, a possible sign that coins have still not seen the worst of this correction. The losses have some crypto believers in serious emotional distress. On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines. This has happened before: In January, Reddit users shared the same kind of posts after bitcoin plummeted from its December 2017 high of above $19,000 down to the $13,000 range, on its way to under $10,000.

Bitcoin is down 57% in 2018 so far, ether is down 67%, bitcoin cash (BCH) is down 80%, stellar lumens (XLM) is down 60%, and ripple (XRP) is down an eye-popping 87%. The overall coin market has lost more than $600 billion in value in the last 8 months. In addition, startups that held ICOs (initial coin offerings), in which they create their own token and sell it in exchange for ether, are believed to be selling off that ether now into bitcoin or fiat currency, which explains why ether has taken the biggest hit of all the cryptocurrencies, and why bitcoin has not seen quite the same damage as the rest in the last week.

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__Cam__
08/18/18 8:37:26 PM
#2:


....So you're telling me that get-rich-quick fads are get-rich-quick fads? No way!
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K181
08/18/18 8:38:23 PM
#3:


Pumped and dumped again?
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DarkBuster22904
08/18/18 8:39:48 PM
#4:


I mean... when you invest in the digital equivalent of monopoly money...
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RainblowDash
08/18/18 8:40:49 PM
#5:


Im still optimistic, gonna buy some Dash ASIC miners later this year.
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XplodnPnguins92
08/18/18 8:40:56 PM
#6:


this is good for bitcoin.
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Giblet_Enjoyer
08/18/18 8:41:41 PM
#7:


__Cam__ posted...
....So you're telling me that get-rich-quick fads are get-rich-quick fads? No way!

This actually happens regularly and isn't a big deal. Bitcoin has crashed by 50% or more like 6 times and once crashed like 85%
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Coolppl Owns
08/18/18 8:42:57 PM
#8:


meme money
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EternalDivide
08/18/18 8:46:20 PM
#9:


Investing in worthless imaginary intangible "money" turns out to be a bad idea? Who would have thunk it.
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BlueTigerLion
08/18/18 8:46:31 PM
#10:


XplodnPnguins92 posted...
this is good for bitcoin.


This is good for GPU prices.
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Lathissamus
08/18/18 8:47:04 PM
#11:


This is good news for those that want to buy some. Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think, they would already have been forgotten about, or at the very least they wouldn't be worth nearly as much as they are. I'm pretty sure they've crashed several times already and then went back up. In terms of investing, it's always important to view a history of these things because one crash does not mean the end of it.
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Two_Dee
08/18/18 8:47:04 PM
#12:


buy the drop
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deupd_u
08/18/18 8:48:40 PM
#13:


Can't hear you over the sound of my Dogecoin funded Lambo engine reving
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Muffinz0rz
08/18/18 8:52:25 PM
#14:


HODL
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LinksLiege
08/18/18 8:58:21 PM
#15:


Hard to feel bad about anyone being ruined by this.

Don't be stupid with your money.
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CaptainOfCrush
08/18/18 9:10:27 PM
#16:


I put $3k in as play money last October/November, saw it increase to around $8k, held, and now I'm at $2k. Since I don't need the money, I'll probably keep it in crypto and forget about it until the next time it makes major news. I don't feel bad about holding when I could have made a $5k profit in under two months - better to get smacked on the wrist than to become obsessed and risk losing serious money.

But yeah, I think those golden days of December 2017 are gone for a long while, if not for good. What can really bring Bitcoin back? It's dominated the news cycle for the last nine months, meaning that everyone knows about and the allure it had last year is gone.
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CiIantro
08/18/18 9:11:53 PM
#17:


Lathissamus posted...
This is good news for those that want to buy some. Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think, they would already have been forgotten about, or at the very least they wouldn't be worth nearly as much as they are. I'm pretty sure they've crashed several times already and then went back up. In terms of investing, it's always important to view a history of these things because one crash does not mean the end of it.

lol you're delusional.
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CiIantro
08/18/18 9:12:30 PM
#18:


CaptainOfCrush posted...
I put $3k in as play money last October/November, saw it increase to around $8k, held, and now I'm at $2k. Since I don't need the money, I'll probably keep it in crypto and forget about it until the next time it makes major news. I don't feel bad about holding when I could have made a $5k profit in under two months - better to get smacked on the wrist than to become obsessed and risk losing serious money.

But yeah, I think those golden days of December 2017 are gone for a long while, if not for good. What can really bring Bitcoin back? It's dominated the news cycle for the last nine months, meaning that everyone knows about and the allure it had last year is gone.

Sorry to break it to you, but it will go to $0 if you hold long enough.
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#19
Post #19 was unavailable or deleted.
BlueTigerLion
08/18/18 9:14:57 PM
#20:


CaptainOfCrush posted...
I put $3k in as play money last October/November, saw it increase to around $8k, held, and now I'm at $2k. Since I don't need the money, I'll probably keep it in crypto and forget about it until the next time it makes major news. I don't feel bad about holding when I could have made a $5k profit in under two months - better to get smacked on the wrist than to become obsessed and risk losing serious money.

But yeah, I think those golden days of December 2017 are gone for a long while, if not for good. What can really bring Bitcoin back? It's dominated the news cycle for the last nine months, meaning that everyone knows about and the allure it had last year is gone.


I'd be upset if I missed out on over 100% profit. I think nothing will bring it up back. It was in the news every week during those golden days and it led to newbies joining in and pumping in money which increased the value. Now not many new people are joining in.
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frozenshock
08/18/18 9:31:40 PM
#21:


People who bought bitcoin when it was dirt cheap and sold it just before it started to fall are laughing their collective asses off.
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VideoboysaysCube
08/18/18 9:33:59 PM
#22:


EternalDivide posted...
Investing in worthless imaginary intangible "money" turns out to be a bad idea? Who would have thunk it.


And is paper money really all that different?
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Lathissamus
08/18/18 9:40:05 PM
#23:


CiIantro posted...
Lathissamus posted...
This is good news for those that want to buy some. Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think, they would already have been forgotten about, or at the very least they wouldn't be worth nearly as much as they are. I'm pretty sure they've crashed several times already and then went back up. In terms of investing, it's always important to view a history of these things because one crash does not mean the end of it.

lol you're delusional.

ok
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CaptainOfCrush
08/18/18 9:57:30 PM
#24:


VideoboysaysCube posted...
EternalDivide posted...
Investing in worthless imaginary intangible "money" turns out to be a bad idea? Who would have thunk it.


And is paper money really all that different?

Paper money has governmental backing and fail-safes to keep it from collapsing (provided that it's historically stable currency to begin with). If the U.S. Dollar completely collapses, it's taking a good chunk of the world's economy with it. If Bitcoin completely collapses, everyone who DIDN'T jump completely on board that train will be fine.

Also, comparing Bitcoin to paper currency seems a bit disingenuous to me because most of us didn't think of it as currency when we bought it - we thought of it as an investment. If Bitcoin was as stable as most currency, it wouldn't have been nearly as alluring last year.
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chrono625
08/18/18 10:03:55 PM
#25:


Lathissamus posted...
Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think,


What you just said....is why they're meme currency.

If it had an actual worth other than buying low and selling high, people wouldnt look at it as a "meme currency".
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Suchomimus
08/18/18 10:04:24 PM
#26:


Remember when people said crypto would be the future?
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chrono625
08/18/18 10:06:08 PM
#27:


Suchomimus posted...
Remember when people said crypto would be the future?


Block chain is the future.

Digital currency will be a thing, but not the way cryptos are now.
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Anteaterking
08/18/18 10:11:08 PM
#28:


CaptainOfCrush posted...
Also, comparing Bitcoin to paper currency seems a bit disingenuous to me because most of us didn't think of it as currency when we bought it - we thought of it as an investment. If Bitcoin was as stable as most currency, it wouldn't have been nearly as alluring last year.


This.

Everything about e.g. Bitcoin as a currency was sidelined for Bitcoin the mystery investment.
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MarqueeSeries
08/18/18 10:50:42 PM
#29:


CiIantro posted...
Lathissamus posted...
This is good news for those that want to buy some. Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think, they would already have been forgotten about, or at the very least they wouldn't be worth nearly as much as they are. I'm pretty sure they've crashed several times already and then went back up. In terms of investing, it's always important to view a history of these things because one crash does not mean the end of it.

lol you're delusional.

This always happens

*Bitcoin takes a dive*
People on CE get their told you so's out of their system

*Bitcoin jumps in price*
Doomsday prophesizers on CE predict that the next crash will certainly be the end of bitcoin

Repeat forever
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P4wn4g3
08/18/18 10:53:51 PM
#30:


Apparently according to market trends this was going to happen again and then bitcoin should recover to half its value of the original price surge.

At least that's what my dad the investor thinks.
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J-O-N-I-C-S
08/18/18 10:54:36 PM
#31:


LMOA
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Anteaterking
08/19/18 12:49:36 AM
#32:


MarqueeSeries posted...
This always happens

*Bitcoin takes a dive*
People on CE get their told you so's out of their system

*Bitcoin jumps in price*
Doomsday prophesizers on CE predict that the next crash will certainly be the end of bitcoin

Repeat forever


I mean, if you take the position that "It will always recover", you're only wrong once.

Doesn't really mean it's a meaningful position to take.
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MarqueeSeries
08/19/18 2:40:39 AM
#33:


Anteaterking posted...
MarqueeSeries posted...
This always happens

*Bitcoin takes a dive*
People on CE get their told you so's out of their system

*Bitcoin jumps in price*
Doomsday prophesizers on CE predict that the next crash will certainly be the end of bitcoin

Repeat forever


I mean, if you take the position that "It will always recover", you're only wrong once.

Doesn't really mean it's a meaningful position to take.

Same could be said of people who say Bitcoins gonna drop in price. They're technically right, but it doesn't mean it's a meaningful position to take
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Dash_Harber
08/19/18 2:43:11 AM
#34:


K181 posted...
Pumped and dumped again?


Honestly, this has been the theme throughout. People don't seem to want to accept it, but the whole, 'we are going to wrest control from the banks and give it back to the people!' schtick was a straight pump and dump. It's telling that the majority of it is controlled by less than 1,000 people.
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legendarylemur
08/19/18 2:46:09 AM
#35:


Meme boissss
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Anteaterking
08/19/18 2:53:24 AM
#36:


MarqueeSeries posted...
Same could be said of people who say Bitcoins gonna drop in price. They're technically right, but it doesn't mean it's a meaningful position to take


But saying "It's going to drop in price because it's artificially inflated" does have substance behind it. Most people aren't saying "It's going to drop in price because it's dropped before".
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Vindris_SNH
08/19/18 2:54:00 AM
#37:


Thanks Obama
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southcoast09
08/19/18 2:55:05 AM
#38:


The stock market is like surfing:

There are a bunch of people scattered around waiting for a big wave. The best wave of the whole year comes and one guy catches it.

Everybody else sees it and wants to get in, too, so they go to the same spot. Then, when the wave comes... theres a great white shark in it.

But seriously, this is why I dont invest enough to ruin my life or set me back in any serious way.
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Slaya4
08/19/18 2:56:52 AM
#39:


Oh man, this is great. I cant only help, but feel sad for those missing out on this times gold rush.
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CiIantro
08/19/18 4:37:02 AM
#40:


MarqueeSeries posted...
CiIantro posted...
Lathissamus posted...
This is good news for those that want to buy some. Get them while they're relatively low, sell them later for more. Not rocket science. If it was "meme currency" like a lot of people seem to think, they would already have been forgotten about, or at the very least they wouldn't be worth nearly as much as they are. I'm pretty sure they've crashed several times already and then went back up. In terms of investing, it's always important to view a history of these things because one crash does not mean the end of it.

lol you're delusional.

This always happens

*Bitcoin takes a dive*
People on CE get their told you so's out of their system

*Bitcoin jumps in price*
Doomsday prophesizers on CE predict that the next crash will certainly be the end of bitcoin

Repeat forever

Most coins are majority owned by a few people who bought in at next to nothing (see below). They can drive prices down to near zero and still be turning a profit. The people pumping crypto the most are the ones trying to unload their positions on the next sucker in line.
https://arewedecentralizedyet.com/
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RainblowDash
08/19/18 5:52:33 AM
#41:


Two_Dee posted...
buy the drop

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Rika_Furude
08/19/18 6:06:43 AM
#42:


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SpiralDrift
08/19/18 6:15:53 AM
#43:


Don't put all your eggs in a bubble basket.
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KamenRiderBlade
08/19/18 6:16:28 AM
#44:


I hope all of Crypto Currency tanks!
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Anarchy_Juiblex
08/19/18 6:19:15 AM
#45:


Meanwhile, I'm kicking ass on AMD and the couple weed companies I've invested in.
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SuperShake666
08/19/18 6:43:12 AM
#46:


That's how currency works, right? Value just rollercoasters up and down at random?
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Coffeebeanz
08/19/18 7:04:06 AM
#47:


The biggest problem with Bitcoin is that it's too unstable in value to be viable as an actual currency.
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Lord_Wombat
08/19/18 7:14:21 AM
#48:


LinksLiege posted...
Hard to feel bad about anyone being ruined by this.

Don't be stupid with your money.

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Rika_Furude
08/19/18 8:18:18 AM
#49:


Lord_Wombat posted...
LinksLiege posted...
Hard to feel bad about anyone being ruined by this.

Don't be stupid with your money.

i feel bad about that one guy who bought a couple of bitcoins on the cheap back when they first released, but chucked out the laptop they were stored on. and then bitcoins skyrocketed in price and he would have been a millionaire
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