Post
Topic
Board Economics
Re: panic selling
by
deisik
on 21/05/2017, 15:35:49 UTC
This thread gets plenty of attention whenever Bitcoin goes for a mild correction

Forget 2000. This could all drop. 500-1000 down in a matter of hours. The transactions will freeze because the system is already behind, and more and more people will try to sell to get their money out. At prices like 2000, anyone with a significant investment is sitting on the edge of their seat, because losing hundreds of thousands or millions overnight would be devastating

Personally, I have nothing against Bitcoin price correcting for 500 dollars

Though I don't think it is possible in a matter of hours. I'd rather say Bitcoin would sooner spiral down in a few circles with minor rebounds and likely halt at 1,200 dollars per coin which seems to be a nice support level. That might take a week or so. Regarding losing hundreds of thousands or millions overnight, the folks who can lose these thousands and millions typically earn on the order of dozen million dollars so losing that much (or that little) is not a big deal to them, anyway. They will just buy the fucking dip when they see it most appropriate