Bitcoin slips to around $16,300, futures volumes drop

[snoop1130]

Bitcoin slips to around $16,300, futures volumes drop

 

 

SINGAPORE (Reuters) - Virtual currency bitcoin dipped slightly from the previous session's record highs on Tuesday, after a month of whirlwind and volatile gains leading up to the launch of bitcoin futures on the weekend.

 

Bitcoin was quoted at $16,390 on the Luxembourg-based Bitstamp exchange, down half a percent or $80 from its previous close.

 

The world's biggest and best-known cryptocurrency hit a record high of $17,270 on Monday, registering a nearly twenty-fold increase in its price for the year as it drew in millions of new investors.

 

The newly launched bitcoin futures on the Cboe Futures Exchange were also tepid, with prices steady and volumes a fraction of those seen on Monday. Bitcoin futures maturing in January were at $17,970, with 237 contracts traded compared with 3,956 contracts on the first day.

 

The Cboe March 2018 contract was quoted at $18,110, with volume in the low double-digits.

 

"The trading volume was huge yesterday as bitcoin price fluctuated in a wide range over the weekend," said Park Nok-sun, a cryptocurrency analyst at NH Investment and Securities in Seoul.

 

"Now that the exchange price is relatively calm, it is obvious for futures trading volume to fall.”

 

While market participants are still heavily divided over the digital currency's utility, value and safety, they expect the futures contract to offer a legitimate means for institutions to bet on bitcoin. Some investors even expect the futures will offer markets and easier means to take short positions on the cryptocurrency.

 

The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

 

(Additional reporting by Dahee Kim in SEOUL; Editing by Sam Holmes)

 

-- © Copyright Reuters 2017-12-12

[connda]

That's a slip? 

[VBF]

Well in my opinion and that of my very able long term IFA in the UK, the bubble is about to burst.

 

I sent him this with which he agreed  International Business Times: The Bitcoin Bubble – How We Know It Will Burst

 

Aforementioned IFA's kindest comment was “I don’t like it – it’s entirely without substance” and I agree.

 

Yes - lots of people have made loadsa money on them, but some people made money from the South Sea Bubble, the dot com bubble etc etc etc.

 

Time will of course tell.

[BuaBS]

4 hours ago, snoop1130 said:

Some investors even expect the futures will offer markets and easier means to take short positions on the cryptocurrency.

You have to have some BIG balls and deep pockets to short Bitcoin. It's not like gold and silver that they can clobber down for the last 6 years. They can't dump billions of $ of paper contracts when the markets are barely open , that won't work with bitcoin.

[heybuz]

could somebody explain bitcoin i"m dumb, normal currency is backed by countries but what backs bitcoin. the only thing i can think of is the people buying it, sounds like a gigantic ponzi scheme to me. but i have been wrong more times than right.

[VBF]

4 hours ago, heybuz said:

could somebody explain bitcoin i"m dumb, normal currency is backed by countries but what backs bitcoin. the only thing i can think of is the people buying it, sounds like a gigantic ponzi scheme to me. but i have been wrong more times than right.

IMO...you're correct!  It's sort of financial musical chairs really - just don't be too far from a chair when the music stops. 

I liken it to me saying to you  "this widget is worth lots of money because i say it is....there aren't enough to go around, so just make some more then it'll be worth even more!"

 

At which point, you do just that and promulgate the line.

 

So in that respect...yes - it could be likened to a Ponzi scheme.

 

Now if governments were to suddenly print loads of currency and dump it on the market, you'd get hyper-inflation and said currency would collapse - remember the German Mark in the 1930s, the Argentinian Peso, the Zimbabwean Dollar (formerly the Rhodesian dollar) And they were all real currencies from real countries, with at least something behind them but artificially stimulated by the governments of the day.

 

But Bitcoin is.......??

 

And read my link in post #3 above. That's the best explanation I've seen to date from a reputable, knowledgeable source.

Edited December 13, 2017 by VBF

[WorriedNoodle]

 

[Skeptic7]

Mark me down for 10 Bit-cons when it slips to $300! 

[Skeptic7]

11 hours ago, BuaBS said:

You have to have some BIG balls and deep pockets to short Bitcoin. It's not like gold and silver that they can clobber down for the last 6 years. They can't dump billions of $ of paper contracts when the markets are barely open , that won't work with bitcoin.

At these lofty levels, seems it would take same to go long on the crypto too. 

 

Edited December 13, 2017 by Skeptic7

[empireboy]

Bitcoin will hit 100k before the bubble bursts, if it ever does. 

[VBF]

1 minute ago, empireboy said:

Bitcoin will hit 100k before the bubble bursts, if it ever does. 

I don't necessary dispute what you say, but would love to see the evidence on which you base that assumption, as against it being a bubble due to burst any time now. 

Not being confrontational here - I'd just like to know why you say what you say.

[empireboy]

No confrontation felt. Some people are comfortable dealing with the past (the known). This is how they determine their view of the future (the unknown) and how they make their decisions. Others are more comfortable dealing with the future and this is how they determine their decisions. This latter practice does not rely solely on the usual data. It's also the primary basis for my statement. Each to his own. Wish I could be more helpful or even scientific. 

[VBF]

5 minutes ago, empireboy said:

No confrontation felt. Some people are comfortable dealing with the past (the known). This is how they determine their view of the future (the unknown) and how they make their decisions. Others are more comfortable dealing with the future and this is how they determine their decisions. This latter practice does not rely solely on the usual data. It's also the primary basis for my statement. Each to his own. Wish I could be more helpful or even scientific. 

Fair enough. To be sure, that IS how i base my purchase of lottery tickets, but I also regard them as "money gone" and enjoy a pleasant surprise if i occasionally win, albeit a small sum usually.

That works in the lottery situation but so far I cannot extend that MO to investments!  Maybe if I was 30 years younger, still earning and had the opportunity to recoup any losses I might think differently. Then again, when I WAS in that situation, the "popular investment opportunity" was to buy Containers. I eschewed that and glad I did.   Good luck!

[empireboy]

Yes I understand your point of view. And I believe it's valid. Of course many a decision made with the best of research end up being a loss. When it comes to stocks, shares, Bitcoin, derivatives etc, these are all a calculated risk at best. Marriage and many other big life decisions can be similarly! In these financially related instances, and I was for some years an experienced professional trader,  I never play with more than I'm prepared to lose. 

[VBF]

And sadly for those with Bitcoin holdings...... Bitcoin loses more than a third of value over a week

It's therefore well below where it was when this thread began.

I think the rout has started but would be happy to be proved wrong. 

[Skeptic7]

22 minutes ago, VBF said:

And sadly for those with Bitcoin holdings...... Bitcoin loses more than a third of value over a week

It's therefore well below where it was when this thread began.

I think the rout has started but would be happy to be proved wrong. 

I'll be happy if you're proved right! 

[mjnaus]

9 hours ago, VBF said:

And sadly for those with Bitcoin holdings...... Bitcoin loses more than a third of value over a week

It's therefore well below where it was when this thread began.

I think the rout has started but would be happy to be proved wrong. 

 A quick look at Bitcoins history will quickly tell you it's seen several massive percentage declines after a period of price increase. During virtually everyone of these corrections, all the skeptics were quickly to jump on the "bubble has burst" wagon, only to see Bitcoins price increase pick up again after a short while. Will this time be different? I doubt it, I guess only time will tell :) 

[empireboy]

Just for fun... I predict in excess of  18,000 by mid Feb 2018.

And, the old saying, "If you can't stand the heat, stay out of the kitchen." springs to mind.

As I said earlier, only invest what you can afford to lose. 

[ExpatOilWorker]

29 minutes ago, empireboy said:

Just for fun... I predict in excess of  18,000 by mid Feb 2018.

And, the old saying, "If you can't stand the heat, stay out of the kitchen." springs to mind.

As I said earlier, only invest what you can afford to lose. 

I will play.

I predict Bitcoin is below $12,000 by end of February, 2018.

Let the game begin.

[empireboy]

Great! If you live in Pattaya / Jomtien or visit, let's put a drink on it

[ExpatOilWorker]

31 minutes ago, empireboy said:

Great! If you live in Pattaya / Jomtien or visit, let's put a drink on it

Lets make that drink a cappuccino. I may actually be in Jomtien sometime late February.

[Calach]

Finally the long due correction everyone was expecting since 6 months where it's been impossible to keep up with Bitcoin growth, even for people watching this space full-time. 

 

Hopefully that will cool off the masses that had just bought in on FOMO at unreasonable heights, delay mass adoption by a year or so and give us more time to accumulate in the mean time. But with this space you never know, previous bounces always were faster and stronger than expected. 

[empireboy]

Perfect! 

[phycokiller]

On 12/13/2017 at 4:19 AM, heybuz said:

could somebody explain bitcoin i"m dumb, normal currency is backed by countries but what backs bitcoin. the only thing i can think of is the people buying it, sounds like a gigantic ponzi scheme to me. but i have been wrong more times than right.

its purely market driven, supply and demand, like most things eg rice, oil etc

[VBF]

5 hours ago, empireboy said:

Great! If you live in Pattaya / Jomtien or visit, let's put a drink on it

Well i shall be in Pattaya end of January and would be very pleased to meet you for a drink and you too @ExpatOilWorker 

I've sent a PM to you both......

 

VBF

[BuaBS]

<deleted> !

[Skeptic7]

On 12/13/2017 at 6:19 AM, heybuz said:

could somebody explain bitcoin i"m dumb, normal currency is backed by countries but what backs bitcoin. the only thing i can think of is the people buying it, sounds like a gigantic ponzi scheme to me. but i have been wrong more times than right.

Sure...no problem. 

 

A digital, shit-filled bubble mania currency/commodity which...

 

1. has NO intrinsic value

2. has HIGH volatility

3. Is highly unstable

3. IS gambling, not an investment

4. Is purely SPECULATIVE

 

Bitcoin...

 

Understood...NOT

Private...not

Free transactions...not

Tax free...not

EZ to use...not

Widely accepted...not

Even Minimally accepted...not

Safe...not

Secure...not

Intrinsic value...NONE (this bears repeating)

 

To sum it up...an overblown, over-inflated, over-ripe shit filled balloon that is going to explode. Sure...a lucky minority will make or have made BANK...while the vast majority are about to get hosed. Much better name would be...Bitcon. Can't wait! 

 

BTW...online digital distribution and gaming giant, Steam, just announced it is no longer accepting Bitcoin. 

 

 

 

[Skeptic7]

On 12/22/2017 at 8:56 PM, empireboy said:

Just for fun... I predict in excess of  18,000 by mid Feb 2018.

And, the old saying, "If you can't stand the heat, stay out of the kitchen." springs to mind.

As I said earlier, only invest what you can afford to lose. 

Just for fun...How's that kitchen feelin' bout now???

Better check that crystal ball again too...but guessin' it mellted in the kitchen! 

[Skeptic7]

On 12/22/2017 at 9:27 PM, ExpatOilWorker said:

I will play.

I predict Bitcoin is below $12,000 by end of February, 2018.

Let the game begin.

YOU WIN!

 

Great call! It was well below $12k on 1 Mar and has continued dramatically downward since. The extremely lofty crypto lead balloon is sinking and I'm predicting further pain (POP!) until they find realistic and sane levels. Not to mention some actual usefulness, understanding and stability. 

Edited April 1, 2018 by Skeptic7

[ExpatOilWorker]

5 hours ago, Skeptic7 said:

YOU WIN!

 

Great call! It was well below $12k on 1 Mar and has continued dramatically downward since. The extremely lofty crypto lead balloon is sinking and I'm predicting further pain (POP!) until they find realistic and sane levels. Not to mention some actual usefulness, understanding and stability. 

Yeah, it was a pretty good call and I think it earned me a cup of coffee in Pattaya.

It is even a better call when you consider it was done only 6 days after Bitcoin peaked at $19,783 on December 17th.

 

Thanks for digging this old thread up.