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SVTPerformance's Chain of Restaurants
Road Side Pub
BITCOIN
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<blockquote data-quote="L8APEX" data-source="post: 16716459" data-attributes="member: 51947"><p>Both correct, but it has a psychological effect that heavily influences average "day traders" and people who have bought in, usually with the stimulus checks as it seems to "always go up."</p><p>People will buy in as it tends to keep moving upward, but any instability in a cryptocurrency gets these people to sell quick, thinking that the money they invested could soon all disappear as crypto is still new and not completely understood.</p><p></p><p>China for example said they banned crypto because of environmental concerns as someone calculated the amount of electricity required to support bitcoin alone annually was more than most medium sized european countries use in a year. Truth is they are working on their own ccp cryptocurrency, and the environmental angle gets them a few brownie points with the west.</p><p></p><p>Problem is it's treated as a high risk investment and as these people sell, the price dips further and others start to sell before it drops below the price they bought in, often people have it set to automatically sell a stock or crypto if it drops below a certain price and it cascades.</p><p>So far it eventually finds a bottom and people start buying it while it's cheap and it shoots up again as confidence is restored.</p><p></p><p>As mentioned the difficulty adjusts so part time miners in the rest of the world will jump on this chance to mine bitcoin, and get a chance to get their GPU to pay for themselves quicker.</p></blockquote><p></p>
[QUOTE="L8APEX, post: 16716459, member: 51947"] Both correct, but it has a psychological effect that heavily influences average "day traders" and people who have bought in, usually with the stimulus checks as it seems to "always go up." People will buy in as it tends to keep moving upward, but any instability in a cryptocurrency gets these people to sell quick, thinking that the money they invested could soon all disappear as crypto is still new and not completely understood. China for example said they banned crypto because of environmental concerns as someone calculated the amount of electricity required to support bitcoin alone annually was more than most medium sized european countries use in a year. Truth is they are working on their own ccp cryptocurrency, and the environmental angle gets them a few brownie points with the west. Problem is it's treated as a high risk investment and as these people sell, the price dips further and others start to sell before it drops below the price they bought in, often people have it set to automatically sell a stock or crypto if it drops below a certain price and it cascades. So far it eventually finds a bottom and people start buying it while it's cheap and it shoots up again as confidence is restored. As mentioned the difficulty adjusts so part time miners in the rest of the world will jump on this chance to mine bitcoin, and get a chance to get their GPU to pay for themselves quicker. [/QUOTE]
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