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[–] jimibulgin ago 

"This is good news for Bitcoin."

/s

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[–] Brawndosaurus ago 

Over 4k for some bits made up by some guy nobody knows. Yeah, totally worthless /s

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[–] xenoPsychologist ago 

le gasp! but i thought it was the perfect money and nothing bad could ever happen to it!

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[–] Aleste2 ago 

Surprising no one.

[–] [deleted] 0 points 1 point (+1|-0) ago 

[Deleted]

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[–] TestForScience [S] ago 

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[–] Boe_Jiden 0 points 1 point (+1|-0) ago 

Institutional investors are getting margin called and need thr cash to cover their losses in the real market. Retail investors need the cash because they think they will be quarantined/sick/lose their job.

[–] [deleted] 0 points 1 point (+1|-0) ago 

[Deleted]

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[–] facepaint 4 points -3 points (+1|-4) ago 

And that is why it makes for a shitty currency.

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[–] TestForScience [S] 0 points 1 point (+1|-0) ago 

I was basing it more in the context of the Kung-Flu; there's been talk that after the stocks fell, so would CC.

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[–] Nosferatjew 0 points 4 points (+4|-0) ago 

Bitcoin is already up $1000 from there. Where it goes from here, who knows, but one thing's for sure: it will fluctuate.

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[–] noob_tube ago 

Rats. I missed buying at the low.

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[–] CrustyBeaver52 0 points 4 points (+4|-0) ago 

Market players are leveraged to the 9's, and now they are caught big time.

Margin call gentlemen.

Panic sales across the board.

Yesterday morning somebody dumped $24 billion in paper gold.

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[–] fightknightHERO 0 points 2 points (+2|-0) ago 

paper gold?

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[–] CrustyBeaver52 0 points 1 point (+1|-0) ago 

Yeah - China has laws that say certain trades can only be paid for in gold - or must have collateral in gold - or some such - but that much gold does not exist in the world - so they invented paper gold.

It's basically another fiat currency that trades at the price of gold - (and thus allows everyone to pretend Chinese law is being followed,) but when it is bought and sold, it has an effect on the retail price of real gold, for now. Until someone defaults on a paper gold contract, which may be mere moments away. Sooner or later the market will realize it is not real gold, and that game will be over, hopefully for good.

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