My thoughts on why the entire crypto market just tanked… (tl/dr)

The people behind B cash thought that this would be the perfect time to launch a full-scale and highly coordinated attack in its never ending attempt to become the one true bitcoin.

They had that idiot Swede from come out and announce on every media outlet he was selling all his bitcoin, because its useless.

They then began a well orchestrated FUD campaign that included paid click-farm shills posting everywhere about how Bitcoin will crash theres is the better solution…

At the same time Roger, that idiot Swede and others from the Chinese mining groups who collectively hold hundreds of thousands (if not millions) of BTC began dumping just enough to steadily drop the price and reinforce their message…

Add in spamming the network with fake transactions to slow things even more…while shouting See, were right…

….All timed to be within 24 hours of the Coinbase announcement.

Clearly a well planned power play and It was clearly successful… (sort of)

Roger Vers and the Swede and the Chinese miners? They all made a shit ton of money. Maybe you did too if you got out in time so who cares right?

You should care…. this past week was an important week for all crypto as it was the first week of real Wall Street money coming into the market with CME futures (5x bigger btw then CBOE). It was widely known that many investors would be waiting to see how things went, to see if it was too volatile, too manipulated… And guess fucking what?

Today Ally Financial announced it has changed its mind and wont allow its 1m+ customers to trade Bitcoin futures…. people are reading about how corrupt the crypto space is with the Coinbase insider trading scandal… and tomorrow morning they will all wake up to read about how it crashed… And they wont seperate out one coin from another… to them its all the same and Bitcoin is the leader.

So… the truth is we will recover but make no mistake, the bullshit greed war that Roger the fucking felon started has set back the entire market as the institutional money; we all hoped would flood in is now saying No fucking way… That and the Roger cartel dumping of BTC in an attempt to get it closer in market share is why we are tanking.

Now go on, flame me back… I expect it..Im happy to provide references to all of the above (or you can google it yourself).

So realize this.. the threat to crypto is not just from governments or Wall Street or some hacker stealing your shit, its from greed. Greed from within…

I guess Im one of the few that recognizes a possible correction after a massive 100 billion dollar + bull run.

When the price went from 11k to 15k, we started cautiously saying it would probably correct.

Then we celebrated since the correction didnt happen immediately.

But, on the bright side, those that believe in cryptocurrency, and not the get rich quick aspect of it are holding everything and chilling out like they normally do.

If you thought people were upset about missing the boat, just imagine how they will react when they bought high and panic sold low. Ohhhh boy this is gonna be rough on people.

Beginning of the month everyone was rejoicing with the over 9000 memes, and even then 9000 seemed like a hell of a milestone.

Now all the coinbase noobs are freaking out with their 13k-20k positions and trying to save what money they still have left by selling something that they didnt even understand in the first place.

Yet here we are, at 13500… still up 65% in a month…

And it coincides with futures coming online. The bears can finally short Bitcoin and lots of big time traders are bearish on it.

You would be disgusted to hear how many of these wallstreet types dont even understand the technology of blockchain let alone can see its future. All they see is magic internet money that doesnt physically exist. Just like your online dollars. And in that context, theres nothing special about it and being against it is the the right move.

This was present as well, it was the perfect storm,

Excuse me for being a bit late to the whole thing, but what exactly is a correction?

Right. Wtf is everyone on about, we are up 60% from 30days ago.

How is that bad?????? This is amazing for crypto.

If we broke $20k without a gigantic correction (yes I know we hit 13-14k already from 19k but it was TOO BRIEF) then I would legitimately fear a bubble.

This complete wipes all my concerns of a bubble.

That seems counterintuitive on the surface but just think for half a second and you might understand that this is nothing short of the best thing that couldve happened for bitcoin in 2017.

2018 was going to be an edge of your seat year just wondering when it would all end.

Now we are poised instead for another 1000% gain over 2018.

Bitcoin could very well bust 100k next year and god forbid we all have to endure some turmoil before that occurs.

If one guy can destroy an asset by talking shit about it, then thats not an asset I want to invest in. Bitcoin has thrived while under far more vicious attacks than this, and this is only one more chapter in a very long book.

These attacks and Bitcoins stunning popularity shined a bright light on some legitimate issues. Capacity constraints, high fees, untrustworthy exchanges and custodians, etc.

The great thing is that this is all built with open-source software. Its a living, breathing, adapting thing. The issues will get solved and bitcoin will emerge from the fire even stronger and more useful.

It just doesnt happen in a straight line. Prices could bounce back next week or it could take months or even years. Weve seen this pattern many, many times.

So bring it on! Attacks only make bitcoin stronger and more resilient. Weneedattacks like this to advance to the next level.

You guys throw around the word correction like it applies to BTC. Bitcoin is absolutely nothing. Its literally only worth whatever people will pay for it. Corrections in markets are based on prices returning to being in line with actual value. BTC has no actual value thus it cannot correct. Its all wild speculation – which can be quite lucrative, but also quite damaging.

Correction and 140bil leaving the market arent really the same thing though

More like 400 billion when you consider all cryptos.

Dude, sorry, but as a BTC hodler, this is pathetic. This is a cultish mentality. Its not healthy, and this way, you will never learn and youll never be able to deal with investing reality.

It crashed because it had to. Because it went parabolic, and everyone and their grandmother bought it without knowing what they were getting into — squeamish, amateurish types, get-rich-quick types, types not knowing that this is what BTC does as it goes through growing pains. It goes parabolic, then corrects, then the new bottom is much higher than the previous bottom.

Just acknowledge the reality that this crash has been in the works, and learn from it.

Youre absolutely right. All these conspiracy theories are ridiculous. The price skyrocketed way too quick and this correction was more than due. These whales recognized there was a lot of profit and captured some of it. Theyll buy back in. Its hilarious that all these people are convinced it was an attack. Nobody was saying shit when the market pumped to the levels it did in a 2 week period. Does nobody on this sub read? The creator if LTC dumped all of his coins, but Im sure that had nothing to do with it either…

Im sure my comment will catch some flack, but come on guys. Lets be real. BTCs growth was totally unsustainable.

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.