POP! Goes the Bitcoin

All off topic conversation held here. Have fun and play nice. =)

Moderators: Bookworm, starkruzr, MrFireDragon, PrettyPrincess, Wapsi

Post Reply
User avatar
AnotherFairportfan
Posts: 6402
Joined: Thu May 01, 2014 2:53 pm

POP! Goes the Bitcoin

Post by AnotherFairportfan »

I've had only one word to say to anyone who would talk about what a great investment Bitcoin (or other cryptocurrency) was:

Tulip.
Bitcoin’s value crashes and it’s taking other currencies with it
Jon Martindale/DigitalTrends - 17 January 2018 wrote:Bitcoin’s meteoric rise in 2017 has faced its biggest downturn in quite some time. Just over a month on from hitting its lifetime value peak of more than $19,000, it has now fallen to less than $10,000. Those who diversified their cryptocurrency portfolio aren’t safe from the crash though, as bitcoin’s downturn has been felt by all the major alternative coins.

Although cryptocurrencies have traditionally had rather volatile values, bitcoin’s has been near unprecedented over the past few months. It went from being worth $1,000 at the start of 2017, to $5,000 in November, to close to $20,000 just over a month later. It’s since fallen and has fluctuated between $12,000 and $16,000 in the weeks that followed, but today’s dip is the largest we’ve seen in some time.

At the time of writing, a single bitcoin is worth around $9,900, representing a fall of nearly $3,000 in the last 24 hours alone. The start of this latest crash took place on Monday, January 15, where it began to tumble from just under $14,000. It’s bounced up and down since then but slowly trended down to the low point of $9,430, according to Coindesk.

This latest drop has also pulled down some of the other most successful cryptocurrencies. Ethereum, arguably the No. 2 cryptocurrency in the world, lost more than 20 percent of its value in the last 24 hours, dipping to $870 per ether at the time of writing. Ripple has followed suit, with a near 25 percent correction and litecoin is at its lowest rate in months.

Some of this downturn has lead to some sad stories appearing on social media. Those who spent more than they could afford to lose during the December peak are now watching their investments dwindle and disappear. We would always recommend you do your reading before investing anything in something as volatile as cryptocurrencies, and only invest what you can afford to lose.

That said, not everyone has lost hope. If you look at segments of the web like the bitcoin subreddit, most simply see this as a great time to invest. Graph comparisons of bitcoin’s rise and fall over the past few years have shown that historic peaks are usually followed by seemingly catastrophic drops in return, only to gradually increase to new heights again in the following months.

Considering bitcoin hit a peak of $10,000 at the start of December, few long-term investors are concerned about a return to that still heady value.*
I direct your attention to Non Sequitur for 18 January 2018

======================

* Tulip

Image
Proof Positive the world is not flat: If it were, cats would have pushed everything off the edge by now.
User avatar
TazManiac
Posts: 3701
Joined: Fri Nov 29, 2013 6:53 pm

Re: POP! Goes the Bitcoin

Post by TazManiac »

Look, it was rising waaaay too fast to not expect it to tumble , at least a bit, in the following days and weeks...
User avatar
AnotherFairportfan
Posts: 6402
Joined: Thu May 01, 2014 2:53 pm

Re: POP! Goes the Bitcoin

Post by AnotherFairportfan »

TazManiac wrote:Look, it was rising waaaay too fast to not expect it to tumble , at least a bit, in the following days and weeks...
SInce there is no there there and something like 70 - 80% of it has already been gobbled up by miners ... it's only a matter of time.
Proof Positive the world is not flat: If it were, cats would have pushed everything off the edge by now.
User avatar
GlytchMeister
Posts: 3733
Joined: Wed Oct 16, 2013 2:52 pm
Location: Central Illinois
Contact:

Re: POP! Goes the Bitcoin

Post by GlytchMeister »

I read an article about the founder of Dogecoin who knew this was going to happen. The crypto currency market started as a way to escape big financial institutions - but now it’s just a buzzword and it has fallen into the hands of the very same fat cats it was meant to avoid - being traded on Wall Street and whatnot.

It became a speculation market, as more and more greedy people got into crypto currency as a “get rich quick” scheme rather than treating it as an experimental way to stay safe from the corruption and greed of the main economy.

Hopefully, the creators will pick up the pieces and figure out a way to bring that back. Maybe put some regulations in place - just like real countries and economies, the most regulated are actually the most prosperous, because it prevents corporate greed from putting everyone else in jeopardy, creating monopolies, destroying the world, and otherwise screwing everyone else over just so the boss or the majority shareholders can earn a bigger and bigger profit.
He's mister GlytchMeister, he's mister code
He's mister exploiter, he's mister ones and zeros
They call me GlytchMeister, whatever I touch
Starts to glitch in my clutch!
I'm too much!
Typeminer
Posts: 807
Joined: Tue Jul 31, 2012 9:34 pm
Location: Pennsylbama, between Philly and Pittsburgh

Re: POP! Goes the Bitcoin

Post by Typeminer »

GlytchMeister wrote:I read an article about the founder of Dogecoin who knew this was going to happen.
A few words of speculation *snerk*: Pump and dump. :roll:
Saccharomyces cerevisiae is the linchpin of civilization.
User avatar
Atomic
Posts: 2948
Joined: Tue Jul 31, 2012 12:39 am
Location: Central PA
Contact:

Re: POP! Goes the Bitcoin

Post by Atomic »

By the time you're reading about The Latest Thing in the papers and it's on the evening news, it's over.
Don't let other peoples limitations become your constraints!

My Deviant Art scribbles
The Atomic Guide to Basic GIMP Stuff
Post Reply