Reuters claims Bitcoin Slides as Facebook Ad Ban, India Clampdown Unnerve investors.
Bitcoin, the world’s largest cryptocurrency, skidded 11 percent on Thursday to its lowest since November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.
Officials have said cryptocurrencies are used by criminals to launder money. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use..
The Indian finance minister said his government would take “all measures” to remove crypto-assets in “financing illegitimate activities or as part of the payment system”, Arun Jaitley told parliament.
Facebook said in a post on its website this week that it was banning all advertising that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.
It was not clear whether the ban would affect all cryptocurrency adverts on the social media site. Facebook could not immediately be reached for comment.
Don’t Blame India or Facebook
I am reading lots of Tweets and article today all blaming India. The HOLDLers see another “last chance” to buy under $10,000.
India and Facebook have nothing to do with this. Think of all the reports of crackdowns in China, South Korea and other places that did not matter one iota.
What is happening?
Sentiment Changed
“Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and center,” said Fawad Razaqzada, an analyst at FOREX.com.
That’s close but backward. The real story is attitudes changed and media picked up on it.
Where Next?
Given the preposterous run-up in cryptos, the crash rates to be spectacular.
Still HODLing?
The HODLers are still out there telling everyone to HODL. That’s what HODLers do. Dip buyers buy dips and HODLers HODL.
It appears the HODLers, at least some of them, are resorting to hope.
Hope!
If anything, that Tweet reinforces how absurd the situation became in just one year’s time.
Chain-Letter-Like Schemes Hit
Just follow and retweet him for a chance to read incessant BS on HODLing his favorite crypto.
Only 20% Left
https://twitter.com/iancbailey/status/959059490099417090
I seem to recall when there was a shortage of Beanie Babies.
Just HODL Over Time
Congratulations, but what can you tell us about the next three years?
Question of the Day, Mine
To make a top all the greater fools have to get in. With grandmas and the shoeshine boys all discussing Bitcoin, we may have arrived.
Is this another last chance to buy under $10,000 or a last chance to get out near $10,000. I don’t know and the HODLers don’t either.
Mike “Mish” Shedlock
http://obatperangsangmanjur.net/
Bit coin did exactly what it was intended to do. Draw in the dumb money and then El Kabong them in the head. More downside is coming, back to where it started, 300 maybe lower.
Bitcoin is the moniker for cryptos and the blockchain, and is often falsely used to represent the entire value chain. As you stated, the blockchain will survive, as will cryptocurrencies, because of the increased value provided, and the increased govt oppression that comes with increased govt indebtness and corruption, as govt tries to save themselves at the expense of society.
Crypto’s are a natural response to the ongoing transition from public to private, which will accelerate as interest rates spike higher from sovereign debt risks, not loan demand. More countries citizens will be driven into cryptos, stocks, and PMs as the govt debt bubble pops, which will take crypto participation from 3% to 13% this year. Bitcoin will not be the best perform, but this increased participation will still put it over $50K, likely by the end of the summer.
Exactly as Mish said. Just because something is useful does not mean the current price is reasonable or that it is not overinflated due to speculation. I have seen insanity in markets more than once in the past 30 years but this takes the cake. It takes me back to when I read Mackay’s Extraordinary Popular Delusions and Chancellor’s Devil Take the Hindmost years ago. Do people not study history or do not read or are they just delusional with greed?
I understand full well why Crptos were created. And Bitcoin flunks. None of them may survive. Blockchain will survive. It’s amazing how people cannot separate the two ideas.
As someone who just uses BTC to make and receive payments (which are promptly cashed) doesn’t matter to me if the price is 10,000 or 100. The good news is miner’s fees are much lower than a few weeks ago. Just 160 satoshis/byte. Fees peaked around 1000 in December.
Those that understand why Bitcoin was created and has flourished over the last 10 years, also understand that those reasons have only gotten bigger. If you put your ear to the ground like the Indians used to do, do hear govt comin’ or goin’?
http://twistedlittlethings.com/tlt/2017/03/15/the-battle-of-our-lifetime/#more-3781
If you think “the memo” will destroy trust can confidence in our cherished institutions, wait until the pedophilia epedemic exposes how the elite use their power. The trend from public to private will only grow stronger, and those that think govt can save themselves, much less others, will drown in our urine. The govt has about as much chance of thwarting cryptos, as they did at stopping drinking during prohibition.
hmm, considering the current environment, maybe friedman’s quote needs updating to, “we are all hodlers now”
nm, it’s on wiki
clearly i am waaayyyyy out of touch. what is hodl??
Hah, the shoe-shine boy indicator. I like that. This is the biggest, most absurd bubble in history. Many will be ruined by it. Ignorance combined with greed is a terrible combination.
But but but Harry Dent (my favorite reverse indictor) says bitcoins will soar and gold will crash! Even now as the opposite is happening he is still buying ads that say that.
The later would be my guess.
‘Is this another last chance to buy under $10,000 or a last chance to get out near $10,000.’
So far, the only things we’ve proven to overcome gravitaional force have been very powerful rockets.