Are you going to be a victim of Bitcoin mania?
TAP – The South Sea Bubble, The Tulip mania, Poseidon, The Dotcom Boom and countless other examples throughout history show that the financial world knows how to create bubbles which draw in the weak-minded who fear missing out on the easy money. Once all are sucked in, the price crashes at the end, and all or nearly all lose their shirts. Only the insiders know when the crash is coming, the very people who organised the bubble in the first place. The rest buy too late and hang on too long.
Article. Bitcoin’s wild ride: From record high to flash-crash low to huge recovery
The world’s most popular digital currency tanked nearly 18 percent, according to CoinDesk. Bitcoin then managed to recover to the $10,000 level by 20:32 GMT.
John McAfee raises bet: If Bitcoin isn’t at $1mn by 2020 ‘I will eat my d*ck’ https://on.rt.com/8tf7
The price dropped as two of the largest digital exchanges, Coinbase and Gemini, crashed on Wednesday morning, unable to keep up with the heavy trading volume. Many users were locked out of buying and selling cryptocurrencies. The collapse followed a surge to above $11,000 in early trading.
#Bitcoin rockets to $11,000 in massive sudden spike https://on.rt.com/8tc1
Some users reportedly couldn’t log into their accounts on GDAX, Coinbase’s professional trading platform, and Bitstamp, a bitcoin exchange based in Luxembourg.
Coinbase experienced “all-time-high traffic” early Wednesday, causing some users to experience slowness, according to Dave Farmer, the director of business operations at the exchange service.
We are performing scheduled maintenance on Thurs 30 November at 11pm PT. Coinbase services will be offline for 1 hour. This will significantly increase the amount of traffic we can handle, and help to prevent slow performance and login issues during large traffic surges.
Coinbase, which says it has exchanged over $50 billion in virtual currencies since it started in 2012, reportedly provides services to more than 12 million users.
The Gemini digital asset exchange, launched by the Winklevoss twins in 2015, has reported that its system was under maintenance.
Resolved: This incident has been resolved. Gemini is now operational. http://stspg.io/797a6390f
Bitcoin has experienced a meteoric rise since its launch in 2009. The digital currency started the year below $1,000 and was trading at $10,011 at 19:54 GMT on Thursday.
Source: http://tapnewswire.com/2017/11/are-you-going-to-be-a-victim-of-bitcoin-mania/
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