THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.

But it was smaller currencies including ripple, ethereum and bitcoin cash that were the hardest hit in the latest sell-off, which was sparked by fresh fears of a crackdown on virtual currencies by governments in South Korea and China.

At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200...

http://www.news.com.au/finance/money/investing/260-billion-cryptocalypse-as-cryptos-plunge-30-per-cent-amid-fresh-china-south-korea-fears/news-story/3775fe60f78da3c9bd53cedf3ef0f23b

It's like of like $5.00 PMags right now. Too cheap not to buy.

Hopefully it will be worth $0 soon.

It’s a huge sale!

Aw, did you miss out on the easy profits in 2017?

I hope everyone who actually knew what was going on has gotten out by now. Suckers live to be fleeced.

I did it all for the memes.

Dang.  Not a monday

My coworker put 50% of his 401k into crypto a few weeks ago. He just told me he pulled all of his money back to cash about 6 hours before the crash. I think he's rethinking his position on crypto.

Good. I need cheaper GPU's.    I Remember when GTX 1080 Ti's were $650. As of right now because of the miners, $1300 or more AND out of stock.

How did he know the crash was coming?

Your coworker is an idiot.

i dabbled, and then realized it was fucking stupid as its all based upon hype/fear. there is nothing backing it at all. it may be fun to play with disposable income, but investing 401k money is retarded.

That depends on his age and how much was in his 401k - but yeah, almost certainly.

At least with tulip bulbs you got tulips.

Well...

30 percent over night is not a crash in crypto.

Not sure being up 200 percent on the last 6 months should be a time to panic.

I imagine those same people who would be panicked about being up 200 percent on your portfolio would be grining ear to ear if their 401k retuned 6 percent this year.

I finally broke down and threw 500 in just now so of course everything will be 0 by tomorrow

Pretty sure he just got lucky.

There was a guy at hockey practice last week trying to sell bitcoin through some type of buyers club. Sounded like a cross between Amway and a ponzi scheme.. Nope....

Were I in a position to invest, I'd buy as much as I could. People are going to be kicking themselves when it doubles and they passed.

FUD

50% of what?  The Rockefeller estate or 27 shares of aapl?

Who would have thought this could happen?

What happens Next. ?

A new generation of investors learn about free lunches.

What a sad, bitter man you are.

Saw a sign on a the exit ramp for "bitcoin" last week. Told my coworker right then that it was going to be crashing.

It sounds like a great opportunity to snap up some more.

This won’t be the last or first time crypto has crashed. It also won’t be the last time a bunch of folks make money on it.

I’ve only spent money that I could afford to lose. I bought in early enough that it can only go up for me. At the end of the day I’ve really lost nothing.

For those talking about free lunches.. eventually you’ll figure out that standard investment is a free lunch too. All market trading via standard stocks and/or crypto are all a form of gambling.

It's funny to see these losers jerking each other off over bitcoin going down periodically. News flash... It's volatile. That means it goes up AND down. THAT is how you make money. Buy low, sell high, rinse, repeat.

It will fall again.

i'm going all in.  2024 to the moon.

How Isaac Newton went flat broke

Maybe time to sell some of my bitcoin I bought years ago. It's been a good ride.

Or hold out for the inevitable Chinese bait-and-switch to drive the price back up over 20k.

Doom and gloom.  Except this happens every year.

Crypto is fine if you go by the same rules as gambling- only invest what you can afford to lose. If you do that, you'll be fine.

I started with 100.00 on 12-16-17 and ended up with about 300.00 total invested.  Climbed to 835.96 on January 8th.  Saw it drop down to 268.00 an hour ago.  

After I get my bonus today I'll probably drop another few hundred in there, lol.  

But, I may be drunk right now and throw some more in there.

Fuck it, to the MOOOOOONNNNN!!!

Attached File

Meh... I have about $1250 dumped into cryptos. To me, it's worth the small risk that some of the alt coins may eventually lift off like Bitcoin. If not, oh well.

I will be a nice guy and cover your original investment plus 10%, shoot me a pm for my wallet#

There's a difference between buying an income producing asset and expecting gains of a few percentage points a year, and buying a computer math equation hoping to pawn it off on somebody else for multiples of what you purchased it for after just a few months.

I wish I had done 50% at the end of November instead of just $15k. I'd be debt free right now. It's all good though as my $15k bankroll has long been returned to my 401k and I'm playing with pure house money. Feels good, man.

Not much of one. At the end of the day you’re depending on something else to generate that money for you and you’re taking a chance that it might fail.  In the end all forms of stock market and crypto gambling have risk, its a matter of how much risk you’re willing to tolerate for gains.

It was and still is a total bubble to the likes of the.com and real estate bubbles.

Any segment that rises at such a fast rate,  has historically been at the end of the bubble just before it burst.

It will fall dramatically more

Mark My Words

"5 steps to a bubble" ( Investopedia)
Displacement: A displacement occurs when investors get enamored by a new paradigm, such as an innovative new technology or interest rates that are historically low. A classic example of displacement is the decline in the federal funds rate from 6.5% in May, 2000, to 1% in June, 2003. Over this three-year period, the interest rate on 30-year fixed-rate mortgages fell by 2.5 percentage points to a historic lows of 5.21%, sowing the seeds for the housing bubble.

Boom: Prices rise slowly at first, following a displacement, but then gain momentum as more and more participants enter the market, setting the stage for the boom phase. During this phase, the asset in question attracts widespread media coverage. Fear of missing out on what could be an once-in-a-lifetime opportunity spurs more speculation, drawing an increasing number of participants into the fold.

Euphoria: During this phase,caution is thrown to the wind, as asset prices skyrocket. The "greater fool" theory plays out everywhere.
Valuations reach extreme levels during this phase. For example, at the peak of the Japanese real estate bubble in 1989, land in Tokyo sold for as much as $139,000 per square foot, or more than 350-times the value of Manhattan property. After the bubble burst, real estate lost approximately 80% of its inflated value, while stock prices declined by 70%. Similarly, at the height of the internet bubble in March, 2000, the combined value of all technology stocks on the Nasdaq was higher than the GDP of most nations.

During the euphoric phase, new valuation measures and metrics are touted to justify the relentless rise in asset prices.

Profit Taking: By this time, the smart money – heeding the warning signs – is generally selling out positions and taking profits. But estimating the exact time when a bubble is due to collapse can be a difficult exercise and extremely hazardous to one's financial health, because, as John Maynard Keynes put it, "the markets can stay irrational longer than you can stay solvent."
Note that it only takes a relatively minor event to prick a bubble, but once it is pricked, the bubble cannot "inflate" again. In August, 2007, for example, French bank BNP Paribas halted withdrawals from three investment funds with substantial exposure to U.S. subprime mortgages because it could not value their holdings. While this development initially rattled financial markets, it was brushed aside over the next couple months, as global equity markets reached new highs. In retrospect, this relatively minor event was indeed a warning sign of the turbulent times to come.

Panic: In the panic stage, asset prices reverse course and descend as rapidly as they had ascended. Investors and speculators, faced with margin calls and plunging values of their holdings, now want to liquidate them at any price. As supply overwhelms demand, asset prices slide sharply.
One of the most vivid examples of global panic in financial markets occurred in October 2008, weeks after Lehman Brothers declared bankruptcy and Fannie Mae, Freddie Mac and AIG almost collapsed. The S&P 500 plunged almost 17% that month, its ninth-worst monthly performance. In that single month, global equity markets lost a staggering $9.3 trillion of 22% of their combined market capitalization.

But he cant drink the beer so WTH good is that?