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Bitcoin Starts a New Year by Tumbling, First Time Since 2015 (bloomberg.com)

Posted by msmash on from the closer-look dept.

Bitcoin is already having a bad year. From a report: For the first time since 2015, the cryptocurrency began a new year by tumbling, extending its slide from a record $19,511 reached on Dec. 18. The virtual coin traded at $13,440 as of 3:55 p.m. in New York, down 6.1 percent from Friday, according to data compiled by Bloomberg. That's also a fall from the $14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices. Bitcoin got off to a much stronger start last year, and then kept that momentum going, eventually creating a global frenzy for cryptocurrencies. In a sign of its phenomenal price gain in 2017, it rose 3.6 percent on the first day of 2017 to $998, data from coinmarketcap.com show. It ended the year up more than 1,300 percent.

6 of 267 comments (clear)

  1. back to value by iggymanz · · Score: 5, Insightful

    returning to its pre-bubble value in a hurry

    that was a good pump n' dump for 2017, big players can prep for more suckers taking the next joyride

  2. Re:1300 pct by iggymanz · · Score: 5, Funny

    My Zimbabwe currency holdings did better than that in 2007, over 7,000%. increase. wh0h00

  3. Is there an actual practical use for blockchain? by Mr307 · · Score: 5, Interesting

    As a currency its a complete failure so far.

    I was doing some research and some companies are trying to make it work as an inventory tracker.

    Every time I see the tech in practice, it seems to be easily replaceable by a secure database, which appears to have all the features of blockchain except the supposed anonymity, and a secure database doesn't have problems like a 51% attack, nor the ridiculous time per transaction or cost per transaction problems.

    Seems like blockchain so far is workable as a very expensive type of unregulated gambling.

  4. Re:Is there an actual practical use for blockchain by Anonymous Coward · · Score: 5, Informative

    You are precisely correct sir. Blockchain is only useful for publicly distributed ledgers with no central authority. Outside of this scenario, it doesn't make much sense. In your case, you describe a central authority, so yeah, no point.

    They have a name for the private ones: banks and exchanges, and they have worked well for a thousand years.

  5. Re:Correction: Just a correction by arth1 · · Score: 5, Informative

    No, just because the supply of something is limited does not mean its value will increase.

    I know people who still cling on to their Beanie Babies, believing they one day will recover their losses and come out ahead.

  6. Re: Best Sell Now While You Still Can by FormOfActionBanana · · Score: 5, Funny

    There is no US presidential election in 2018.

    --
    Take off every 'sig' !!