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What is happening with crypto coins?

Discussion in 'CryptoCurrency' started by revanyo, Mar 28, 2014.

  1. revanyo

    revanyo Junior Member

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    Has anyone else noticed that alot of different coins are tanking real fast? Bitcoin is now at 492$ when it was close to a 1000$ a few months ago. Doge is at .00051 when it was at .002 several weeks ago?

    What is going on here? And more importantly is this a good time to by in??
     
  2. NoirHat

    NoirHat Regular Member

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    Just as all the markets..price go up and prices go down.
    Bitcoin had a hyperbolic move based upon hype only, and it corrected

    There are SOOOO many coins that it's too early to say which ones are going to stick around for the long term. I think the ones with solid management and a plan for the future will be the winnners.
    Reddcoin is working hard at that and growing fast. I'm sure there are many others also
     
  3. MrBlue

    MrBlue Senior Member

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    Many altcoin prices, like it or not, are tied to Bitcoin. Thus usually when BTC prices surge so do most altcoins. Same goes for dips.

    MtGox debabacle and issues with BTC in China are some of the main reasons behind Bitcoin's recent drop in value.
    Code:
    http://www.coindesk.com/bitcoin-price-drops-new-chinese-bank-rumours/
     
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  4. cool.dude123

    cool.dude123 Jr. VIP Jr. VIP Premium Member

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    most alt coins can only be bought with BTC, so when BTC losses USD value then so do all the other coins, although their BTC value will be going up or down the market cap on http://coinmarketcap.com/ is calculated by the BTC value of the coin which is then converted into dollars. bitcoin will be back up to about $600 in a week or so.
     
  5. procam

    procam Senior Member

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    You now have to pay taxes on bitcoins lol. That wold be fine if the IRS didn't act like you can park your car in a digital currency or even mow it's lawn.

    For those out of touch with the financial markets; the IRS requires you to claim bitcoins as property and pay a property tax on them. Crushing blow by Big Brother!

    I hope you all sold it off because BC market is 'indefinably' bearish looking.
     
    Last edited: Mar 28, 2014
  6. MrBlue

    MrBlue Senior Member

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    The price drop happened way before the IRS announcement.

     
  7. Techxan

    Techxan Elite Member

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    My plan is to get a few thousand of each I can, and see where they are in 10 years.

    What they are worth now means nothing to me.
     
  8. procam

    procam Senior Member

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    Yeah but did you know that the scare factor of that report is why it went extremely bearish? Some of us knew Big Brother wouldn't stand for that lol.

     
  9. procam

    procam Senior Member

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    They will be fragmented data by then, on some old dudes used server that he bought from some Russian lady in a back ally.

     
  10. MrBlue

    MrBlue Senior Member

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    Again, the price was dropping before that report.

     
  11. procam

    procam Senior Member

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    I don't think you understand son. When they started talking about taxing coins that's when it started. Not after the report but because their would be a report about taxation, period..

     
  12. chrlie

    chrlie BANNED BANNED

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    It's kind of a calculated risk if you think about it... and it takes money to make money in this arena... unless you go with one of the smaller, competing coins...

    Do the math though...

    If you have $10,000, you can essentially buy 20 bitcoins @ $500 each....

    If you have it in you to buy in now and allow the value of Bitcoins to rise again....

    I didn't really think Bitcoin would be tanking this low but if you have hopes and think it will rise again, which it will sometime in the future I think... waiting a few weeks or so and if/when it hits $600, that's already $2,000 in net profit....

    So it's really up to you if you think it is a good time to buy-in now or not....

    Since it is the monopoly for all of the cryptocurrencies, I do have a lot of faith in BC....

    Maybe for me... Maybe for you... Gotta think about the future tho
     
  13. goviralads

    goviralads Junior Member Premium Member

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    All i could say i they still need time to catch up, the year has not really been good for them if you understand what i mean, you can read tons of media posts on Google to get a clear picture, but if you have patience and really don't care about the money, put it in there because i know there is a future for them even though it might later be controlled
     
  14. MrBlue

    MrBlue Senior Member

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    There has been talk about taxation and regulation for over a year now. Try to keep up.

     
  15. MafiaBoss

    MafiaBoss Elite Member

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    soon all the crypto's will be 0.000000000000000000001
     
  16. procam

    procam Senior Member

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    I trade Indices and Commodities on Nadex anyways so that's what I spend my time "keeping up" with. Just a small chat with me and you'll learn something. Don't be a clown!

     
  17. MrBlue

    MrBlue Senior Member

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    I doubt it. Thanks anyway.

     
  18. chrlie

    chrlie BANNED BANNED

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    Taxation and regulation?

    They are still treating it as if Bitcoin and Cryptocurrencies are property.

    Let's hope it doesn't get treated as if they are actual Currencies, which they kind of are....

    Looking forward to keeping it as property so it will be more of a free market to keep trading, buying, and selling....
     
  19. norm1388

    norm1388 Jr. VIP Jr. VIP Premium Member

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    Its in a tough spot, some like to say no press is bad press but that couldn't be more wrong when it comes to something like bitcoin. I'm thinking can bounce back at least a little because no other coin can replace it right now.
     
  20. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    Today 1 BTC =$482.34 and 1 Dogecoin =.00013. So both are going down.