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Bitcoin Plunges Below $12,000 To Six-Week Low Over Crackdown Fears (cnbc.com)
Bitcoin plunged to a six-week low Tuesday after comments from South Korea's finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. In a radio program interview, South Korean Finance Minister Kim Dong-yeon said that "the shutdown of virtual currency exchanges is still one of the options" the government has. CNBC reports: Bitcoin dropped more than 17 percent to a low of $11,182.71 on Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. CoinDesk's bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. As of 12:13 p.m. ET, bitcoin was trading more than 13 percent lower at $11,759.73 a coin, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading had the largest share at 40 percent, the website showed. Other major digital currencies including ethereum and ripple also fell significantly. According to CoinMarketCap data, ethereum was trading at $1,051.83, down more than 20 percent in the last 24 hours, before lifting slightly to $1,117.72. Ripple fell almost 27 percent to $1.33 a token before recovering slightly to $1.36.
The reason it is falling is speculative. Latest news with potential negative effect on bitcoin price, bitcoin is worthless, bitcoin has many flaws which in the long term means it is worthless, bitcoin crackdown, warren buffet says crypto are worthless, don't invest in bitcoin (investment guidance article), etc...
So we do know that bitcoin price is dropping. The reason, it is getting harder to find people who will pay the current price of bitcoin so the sellers are swamping the buyers. Now you have the panic position which is. I sold my house, car, wife and kids and put the money in bitcoin. Do I .... (best not talk about it)
A. Sell now before I get nothing back and take a huge loss
B. Hold on with a deep fear that bitcoin price will never recover and possibly go back to 2010 price ( 0.1 cents)
C. Check myself into a mental hospital due to the stress
D.
This is why the investment advice is don't put money into crypto currencies that you cannot afford to lose.
He has many posts besides the original paper.
http://satoshi.nakamotoinstitu...
Which doesn't say it as explicitly as I remember. But it's clear. Bitcoin is intended to avoid controls, banks, governments etc.
There is more in there, but apparently the people that curate 'quotable' don't want to stir up too much shit.
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'
To answer Mr307, what you said sets the stage for how Bitcoin could die. The miners demand higher and higher fees from the user, stifling its popularity growth. The miners themselves sour on Bitcoin, because newer and technically superior new blockchain ecosystems offer more consistent profits. And then someday someone with a biggish pile of Bitcoin dies and the heirs want to cash out. A sudden influx of must sell Bitcoin on the market crushes the price at every exchange.