Bitcoin just took a dive ........

[Ander]

Bitcoin rallied a bunch today but the stock market is now down again!  Nice.

[Ander]

This bounce (in stocks) didnt require a plunge protection team, it was going to happen anyway.  Its called having 5 large down days in a row.  At that point a bounce is very much due.  The question is will it have any legs. 

[Tuck Fheman]

 

Oh but wait, the Plunge Protection Team is here to save the day!

    Dow futures +602, up 4%
    S&P500 futures +72, up 4%
    Nasdaq Futures +184
    Germany's Dax up over 3%
    USD/JPY rises to 119.98
    EUR/USD tumbles 1.22% to 1.1477 after stops below 1.15 are triggered
    Stoxx 600 rises 14.79 to 356.80; fell 19.27 yday
    Sept. bund future falls as much as 141 ticks to 154.27
    German 10Y yield +10bps to 0.69%, US 10Y yield +8bps to 2.08%
    iTraxx Main index -4bps to 74, iTraxx Crossover index -20bps to 345
    WTI futures +$1.38 to $39.68/bbl, up 3.5% at last check

[cass]

[Samupaha]

This isn't a dive because of a whale, it's an actual divide, an actual civil war between large factions in the Bitcoin community. Both factions have two different visions for what Bitcoin can evolve into.

And this is because Bitcoin doesn't have a clear process for reaching consensus. Development is hard when people don't have rules how to do it. If block size problem is solved, there will be many other problems in the future.

Of course, Bitshares is way better regarding the decision making process: we have DPOS.

[Tuck Fheman]

I agree that this dive will be long and much deeper.

I disagree.

I don't think it has much to do with bitcoin vs xt though.

I agree.

[puppies]

I agree that this dive will be long and much deeper.  I don't think it has much to do with bitcoin vs xt though.  I think we will see a USD rally, as people flee to the perceived safety of the dollar. 

[luckybit]

It goes without saying that every coin is going down with it ...

This dive is going to be long lasting and worse than people think.

This isn't a dive because of a whale, it's an actual divide, an actual civil war between large factions in the Bitcoin community. Both factions have two different visions for what Bitcoin can evolve into.

One faction wants to take Bitcoin into the mainstream, Wall Street, NASDAQ, stocks, deeds, Coinbase, ETFs, Counterparty, Omni. Another faction wants Bitcoin to stay pure to it's activist roots, decentralized anonymous currency.

The Bitcoin to the mainstream faction cares about the Bitcoin price, because people who are buying into the Bitcoin ETF or who think of Bitcoin as a stock care a lot about the price.

The Bitcoin activist currency faction does not have a reason to care about the Bitcoin price  because as long as Bitcoin can anonymously transfer value between Alice and Bob it is serving it's highest purpose and social good. The differences have always existed in the Bitcoin community but now that Bitcoin is on the verge of true mainstream adoption, it has come to a head.

Do we want mainstream adoption and with it a high Bitcoin price rise, but perhaps not the level of anonymity? Or do we want the best anonymous currency for activists?

I'm going to disclose that I don't own many Bitcoins at this point, but I still care about the fate of Bitcoin because it effects everything else.

[mike623317]

Yea this sucks to see us down to 7.7 market cap.

[btswildpig]

It goes without saying that every coin is going down with it ...