Hey uh, Im not one to ask questions but uh isnt it a bit strange

The underlying valuation on all of these coins seems to be bitcoin, so it's makes sense when bitcoin moves, they all move

>>3452942

bitcoin is not only a store of value but its also what inadvertently has become what backs up all other coins, simply because it was first and because it is more well established than all other crypto.

>>3452966
this
derp, OP

>>3452985
>>3452966
but isnt it a bit strange how all coins react immediately? Im talking about satoshi count here, not dollar amount by the way

why are people selling off their alts when bitcoin goes down

>>3452942
*magically another 80 million tether are issued*

>>3453031
Delete

>*magically another 180 million tether are issued*

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OP here. thread is now closed. no questions

>>3453001

It's not strange at all, how else do you think the inherit value of all coins exchanged using btc works? If you go on bittrex you can see a BTC market, a Ethereum market and a USDT market.

If Bitcoin goes down all other coins in the BTC market also go down in value because their value is literally shown in satoshis. And since Ethereum is also on the BTC market, the value of Ethereum goes down and thus all coins on the Ethereum market also go down in value.

This isn't even economics its common logic if you haven't figured it out yourself then you're literally retarded

>>3453031

Anon delete this post it is very dangerous to talk about such things. delete and thank you

>>3453106
saging my own thread for this

you dont understand what Im even saying nigger

*magically another 280 million tether are issued*

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>>3453148

then explain it you tinfoil hat wearing fuck

>>3452942

It reflects overall sentiment about the crypto market. There's massive correlation because when people are optimistic they throw in money throughout.

You see correlation with equities as well which represents optimism about the overall economy.

>>3453183
Magic be dashed!

>>3453183
what you want me to say dumbass? ISNT IT A BIT STRANGE that when bitcoin goes down, coins drop in their satoshi amount? coins on a different blockchain drop too

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>>3453268

Holy fuck I don't know if you're trolling or if you're retarded but let me try explaining again:

ALL COIN VALUES ARE BASED ON BITCOIN PRICE IN AN EXACT AND LITERAL WAY. THE WORTH OF ALL COINS IS BASED ON THE PRICE OF BITCOIN BECAUSE BITCOIN.

For example: shitcoin x is worth 110 satoshi, bitcoin price goes down so shitcoin x is now worth 90 satoshi. The purchasing power of bitcoin just went down, meaning the purchasing power of all other coins also goes down because their existence is measured in and based on satoshi. If all currency was independent in value what the fuck would its value be based on? USD?

Understand now?

The question is why did BTC drop?

>>3453349
no you dumb nog, they are indendent in value for usd even if they dont have a pair.

>>3453377

oh yeah? Explain how that works then. Why the fuck would altcoins be based on USD?

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>>3453001
Because it's all artificial. All the pumps/dumps are pre-planned by the exchanges. They run software that manipulate the prices to trick people into selling/buying. It's like OPEC, wrestling, etc. There's no "store of value" in crypto. All the tech, the hype, the speeches by reputable are just smoke and mirrors to get gullible people into falling for this scam.

>>3453367
Combination of bullshit. China fucked with the market last week and today some old corrupt cunt from JpMorgan Chase said crypto was a fraud.


And wankstains listened to the billionaire.

>>3452942
OP you're asking a legitimate quesiton, everyone else in this thread is autistic. most people here are newfags that just made some quick gains in crypto

it doesn't make sense that certain coins that are supposed to be hedges on btc go down when btc goes down but that's just what happens. all faith in crypto centers around btc for some reason, even though it's nonsensical

>>3453399
Lets say coin X is $10 and 1000 sats
bitcoin drops 50%
coin X should now be worth 2000 sats

sound strange? well what if I told you that when you sell alts you buy bitcoin, because alts are a hedge against bitcoin. yet both drop at the same time

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everyone in this thread is fucking retarded no wonder you faggots cry about your losses go post more pink wojacks and kill yourselfs

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>>3453377
You are so fucking dumb

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>>3453491
ek ek ek
whore. keep your little slut mouth closed :)

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>>3453407
>listen to billionaire
>or listen to /biz/
Really fiddled my diddle

>>3453106
but that's retarded. lets say i invested in eth and its being used in baking and other financial institutions.
once btc goes down, means that all the mining of eth, all the value that comes from eth goes down? even if its used in entirely different capacity?
i don't think its the same if cheese prices went up because dairy went up, if that's your logic

>>3453349
>For example: shitcoin x is worth 110 satoshi, bitcoin price goes down so shitcoin x is now worth 90 satoshi

Incorrect.

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>>3453644
You're correct in your reasoning. The best explanation is that whales in all coins are taking the opportunity to simultaneously fleece idiots who bought high in the cycle. This kills the bagholders.

>>3453349
>shitcoin x is worth 110 satoshi, bitcoin price goes down so shitcoin x is now worth 90 satoshi

this isn't true you stupid cunt! funny how it's allegedly a simple question but no geniuses here can answer it properly

>>3453349
most stupid shit ive read all week