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Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout

 
Waffles
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12/22/2017 07:26 AM

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Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
The price of bitcoin tumbled sharply Friday in Asia, wiping one-fourth of its market value in the past 24 hours alone, as a wave of selling hit the broader cryptocurrency market just before the Christmas holiday weekend.

Bitcoin recently traded at $12,500, according to research site CoinDesk. The notoriously volatile digital currency started December at about $10,000 and traded close to $20,000 this past weekend, but has been in retreat since.

From its recent peak, the virtual currency has lost about $121 billion of its total market value in less than a week, or more than twice the market cap of Tesla.

It wasn't the only currency feeling the pain. Many so-called "altcoins"--shorthand for alternative versions of bitcoin--also declined. And of the 31 digital currencies that have at least a $1 billion market value, 29 were recently down, according to data provider CoinMarketCap.

Ether, the second-biggest digital currency by market value, dropped 26% over the past 24 hours. Another currency called litecoin was down 32%. Its creator, Charlie Lee, said earlier this week that he was selling all his holdings of the currency. Litecoin, whose price hit an all-time high of $375 on Tuesday, recently traded at $229.

Mr. Lee, a former Google engineer who created litecoin in 2011, also warned on Twitter that litecoin was getting "so much mainstream exposure" and that "every crypto bull run I've seen has been followed by a bear cycle."

Digital currencies exploded into the mainstream this year, garnering attention for huge price gains as well as significant swings and drawing scores of investors around the world. The market's price moves starkly contrast with how most traditional asset classes have fared so far this year, such as stocks and bonds, where volatility has been relatively low.

Bitcoin has fallen more than 30% over the past four days, its fifth such decline of that magnitude this year, according to Charlie Bilello, director of research at Pension Partners, an investment-advisory firm in New York. In the prior four instances, it took Bitcoin an average of 38 days to hit a new high.

Bitcoin trading volumes in recent months have been driven to a large extent by investors in South Korea, Japan and other parts of Asia, where digital currencies have gained greater recognition. Rising interest from institutional investors and Wall Street firms have also helped legitimize the currency and contributed to bitcoin's big gains.

Bitcoin futures prices on Cboe Global Markets and CME Group, both of which started trading the contracts earlier this month, were both more than 10% lower on Friday. They were recently pricing in a lower value for the digital currency in the first quarter of 2018 than its current value, a state known in futures markets as "backwardation" and a potentially bearish sign.

A popular alternative currency called Bitcoin Cash has also fallen 40% over the past 24 hours, according to CoinMarketCap. The bitcoin offshoot climbed in value earlier in the week after Coinbase, which operates one of the world's largest cryptocurrency trading platforms, said its users would be able to trade the currency on its systems.

Coinbase, however, has so far had to intermittently halt trading due to insufficient liquidity. The company is also investigating allegations that some of its insiders or their family and friends could have traded Bitcoin Cash ahead of its launch plans.

One outlier is ripple, the third largest digital currency by market value. It has surged 30% in the past 24 hours.

The explosive growth in cryptocurrencies has drawn plenty of skeptics, including central banks, government officials, top bankers and others who think bitcoin is in a bubble that won't end well when it bursts.


last one out is a rotten egg...chuckle



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MissCleo

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12/22/2017 07:28 AM

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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
end of the year, people taking profits and calculating taxes. I would suspect a drop due to this.

however, if this ponzy coin is taking a dive and there is a run it would be perfect timing to use the holiday Christmas to take advantage of those away and not glued to a computer to crash the market.
Anonymous Coward
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12/22/2017 07:28 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
g0mer-surprise
Anonymous Coward
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12/22/2017 07:50 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Yeah well...

retail suckers....

Thread: TO THE PERSON who told me to sell Bitcoin and buy CBIO...
Anonymous Coward
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12/22/2017 07:53 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
End of year, people stocking up on toilet paper and Kleenex.

Nothing to see here.

hiding
Russian hacker

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12/22/2017 08:33 AM

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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
Anonymous Coward
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United States
12/22/2017 08:34 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Investing in Bitcoin is like investing in a 56k dial up modem company in 2018 when everyone else is on high speed internet


Bitcoin is slow old and outdated

The only reason it's worth something is because it was pumped up like Nicolas cages crypto coin which reached a high of 52 million dollars in 1 day before it was dumped.

Bit coin is like the Nicolas cages crypto coin. It's only worth something because it's been pumped


Never forget this fact
Anonymous Coward
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Canada
12/22/2017 08:41 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I really feel for those of you losing your money right now. It's not a nice feeling to see it dive like this.
jkm1864

User ID: 74933864
United States
12/22/2017 08:42 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
end of the year, people taking profits and calculating taxes. I would suspect a drop due to this.

however, if this ponzy coin is taking a dive and there is a run it would be perfect timing to use the holiday Christmas to take advantage of those away and not glued to a computer to crash the market.
 Quoting: MissCleo



It's not crashing because people are cashing out for Christmas or taxes it's crashing because coinbase stole peoples money and bought BCH right before it was listed. If you were paying attention you would know everything has been going down for the last week and suddenly BCH surges like 100% 6 hours before coinbase lists BCH. So this tells Me that they were selling everyones coins at a loss just so they can buy BCH right before they listed it and since no one wanted to pay 9500 for BCH the locked all BCH trading while they sold all their bch at a loss. So in essence they stole everyones money hoping to get rich and now they are having liquidity issues because everyone is runing for the doors.
Pussy Grabber Extraordinaire
jkm1864

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12/22/2017 08:43 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
 Quoting: Russian hacker



Well if coinbase goes belly up then You will end up loosing everything.
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jkm1864

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12/22/2017 08:44 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
 Quoting: Russian hacker



Well if coinbase goes belly up then You will end up loosing everything.
 Quoting: jkm1864



We can't kid ourselves anymore this industry needs regulation and it needs it now because this wild west shit is going to hurt a lot of people. If coinbase doesn't destroy the market then it will bomb with bitfinex printing out endless supplies of USDT just so they can manipulate the market.
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DarthPaulson

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12/22/2017 08:46 AM

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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
 Quoting: Russian hacker



Well if coinbase goes belly up then You will end up loosing everything.
 Quoting: jkm1864


Coinbase is not FDIC insured? j/k
Anonymous Coward
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United Kingdom
12/22/2017 08:48 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
This was predicted.
putin
Anonymous Coward
User ID: 76020319
Korea, Republic of
12/22/2017 08:49 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
 Quoting: Russian hacker



Well if coinbase goes belly up then You will end up loosing everything.
 Quoting: jkm1864



We can't kid ourselves anymore this industry needs regulation and it needs it now because this wild west shit is going to hurt a lot of people. If coinbase doesn't destroy the market then it will bomb with bitfinex printing out endless supplies of USDT just so they can manipulate the market.
 Quoting: jkm1864



so bitcoin, the magical remedy to centralized government banking, the answer to all libertarian dreams, will itself require government oversight?


lmao

lmao

lmao
Anonymous Coward
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Korea, Republic of
12/22/2017 08:50 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I'm looking forward to when the bitcoin network itself deadlocks from transaction overload. How many of y'all have ever seen a packet storm?

then the real panic starts, no redemptions, no way to sell, no telling when it comes back online, if ever.
Anonymous Coward
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United States
12/22/2017 08:55 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Buy marijuana stocks cali goes full legal in 10 days!! Grnh
Achduke7

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12/22/2017 08:55 AM

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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I'm looking forward to when the bitcoin network itself deadlocks from transaction overload. How many of y'all have ever seen a packet storm?

then the real panic starts, no redemptions, no way to sell, no telling when it comes back online, if ever.
 Quoting: Anonymous Coward 76020319


It guess worse. As miners shut down because the price of electricity is not worth the return the blocks per hour fall. It take something like 2000 blocks before the difficulty is recalculated to make it easier to mine. If the bitcoin miner network stalls transactions will not be processed in a timely manner.
Achduke
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12/22/2017 08:57 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Thread: This Could Push Cryptocurrencies to Unforeseen Heights...
Anonymous Coward
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12/22/2017 08:57 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I own zero bitcoins however i do own about 40,000 worth of other coins. Personally, bitcoin should crash and burn, it sucks compared to others but the value of it is what gives other coins value, simply stated. I dont see bitcoin going away any time soon, this will likely present a buying opportunity for many people. Bitcoin was super bloated, its super slow, outdated, etc.. Something is going to take its place, what that is yet i haven't got an answer. Could be etherium, but probably not, could be litecoin but probably not, might even be ripple, who knows at this point. Im glad to see bitcoin come down but not at the expense of my other coins and thats the slippery slope in crypto.

No one has lost anything if your money is still in it. You only lose if you sell for less than what you paid. My honest opinion, it will most certainly rebound. Always does. Remember to buy low and sell high. Dont be a tard and pull your money out now if you paid 17 g for bitcoin.
 Quoting: Russian hacker



Well if coinbase goes belly up then You will end up loosing everything.
 Quoting: jkm1864



We can't kid ourselves anymore this industry needs regulation and it needs it now because this wild west shit is going to hurt a lot of people. If coinbase doesn't destroy the market then it will bomb with bitfinex printing out endless supplies of USDT just so they can manipulate the market.
 Quoting: jkm1864



so bitcoin, the magical remedy to centralized government banking, the answer to all libertarian dreams, will itself require government oversight?


lmao

lmao

lmao
 Quoting: Anonymous Coward 76020319



bumpyodabump
The Årtist

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12/22/2017 08:58 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Here's the take away from that article.

Bitcoin has fallen more than 30% over the past four days, its fifth such decline of that magnitude this year, according to Charlie Bilello, director of research at Pension Partners, an investment-advisory firm in New York. In the prior four instances, it took Bitcoin an average of 38 days to hit a new high.

In every other crash it took roughly 38 days to rebound to a new high. So basically we're looking at at least $21,000 early February.

I'm not in BTC, I think it's far too old a technology and not backed by and product or service. It's super slow in processing transactions and the fees are too high. It's basically digital fiat. I'm invested in projects where their tokens are attached to a real product or service. Like a SWIFT replacement or the foundation of peer to peer transactions through social media platforms.
RAGE
Anonymous Coward
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12/22/2017 09:00 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
Anonymous Coward
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United States
12/22/2017 09:07 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Here's the take away from that article.

Bitcoin has fallen more than 30% over the past four days, its fifth such decline of that magnitude this year, according to Charlie Bilello, director of research at Pension Partners, an investment-advisory firm in New York. In the prior four instances, it took Bitcoin an average of 38 days to hit a new high.

In every other crash it took roughly 38 days to rebound to a new high. So basically we're looking at at least $21,000 early February.

I'm not in BTC, I think it's far too old a technology and not backed by and product or service. It's super slow in processing transactions and the fees are too high. It's basically digital fiat. I'm invested in projects where their tokens are attached to a real product or service. Like a SWIFT replacement or the foundation of peer to peer transactions through social media platforms.
 Quoting: The Årtist


That's great but because everything thing is tied to Bitcoin your investment is on unstable ground
Anonymous Coward
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12/22/2017 09:09 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
<pulling down pants , getting knife and fork>
Anonymous Coward
User ID: 76020823
United Kingdom
12/22/2017 09:10 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
 Quoting: Anonymous Coward 55265470




Glad you managed to Wake the heck up old bean. January follows December by the way
Anonymous Coward
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United States
12/22/2017 09:24 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Bitcoin heading down to $10,000. tyrone1
Anonymous Coward
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United States
12/22/2017 09:38 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
 Quoting: Anonymous Coward 55265470


Xrp ripple

It phones home like e.t.

Epiclol
Anonymous Coward
User ID: 76020774
Ireland
12/22/2017 09:39 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
<pulling down pants , getting knife and fork>
 Quoting: Anonymous Coward 73364948


[link to www.rt.com (secure)]

haha
Anonymous Coward
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12/22/2017 09:40 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
 Quoting: Anonymous Coward 55265470


Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
 Quoting: Anonymous Coward 55265470


Xrp down 30% not rigged. Out with the old in with the new. This could be good for alts in the long run. Extremely good!
Anonymous Coward
User ID: 55265470
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12/22/2017 09:53 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I'm n pot/thc/Sia/powr and u mine moanacoin with 4 gtx TIs

What's happening now proves "they" trying to nose in om crypto, hell now u can even buy bcc outright on coinbase so u don't have to wait 8 fkn hours and Pat $40
It's a dick move but t might work

I like verge
A R K

User ID: 76006199
Germany
12/22/2017 10:00 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
Wow what a shocker the whole damb thing is galloping toward zero

But the bernanke / bank backed spycoin xmr ripple is having massive gains buuullllssshiiittttt

Now I knows it's fucking rigged
 Quoting: Anonymous Coward 55265470


Xrp ripple

It phones home like e.t.

Epiclol
 Quoting: Anonymous Coward 18340813


lacruise
~ Ad astra audacter eamus in alis fidelium ~

"Then the lion shall lie down with the lamb and the bear shall eat grass like the ox and the child shall play on the hole of the asp and nothing shall hurt nor destroy in all My Holy Mountain."

[Isaiah 11:6]

~ A R K
Anonymous Coward
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12/22/2017 10:06 AM
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Re: Bitcoin Plunges 25% in 24 Hours in a Cryptocurrency Market Rout
I hear Commodore is coming out with a Commodore 64 to replace it's money winning and sales winning Commodore Vic 20!! The latest thing in Computers and sure to make Commodore THE LEADING personal computer maker!!

It's VIC 20 computer has been the first to ship more than 1,000,000 units!! which indicates the potential of both the personal computer market and this new earth breaking machine!! The Commodore 64 is sure to exceed those record breaking sales!!

Buy it's stock NOW!! The sky's the limit!! Get in early and RIDE THE WAVE!!



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GLP