Bitcoin Sinks Below $6,000 as Almost Everything Crypto Tumbles (bloomberg.com)

Several readers have shared a report: Bitcoin touched below $6,000 and dozens of smaller digital tokens including Ether retreated as this month's sell-off in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours. The total market capitalization of virtual currencies dropped to $193 billion. Thatâ(TM)s down from a peak of about $835 billion in January.

Comments

Re:Rebound due?

[burtosis]

That's the whole problem, crypto currencies were "supposed" to be currencies and not an investment vehicle. Sure, people invest in the dollar, but the primary purpose for individuals is currency used to easily exchange for services and goods. The problem with many crypto currencies are the currency part - the difficulty, delay, and uncertainty (in value) of actually paying with them has held them back. Secure distributed ledgers sure seem like a likely future of currency but at this point it seems to me like it's a crap shoot which one, or even which type of structure will be dominant and a good 'investment'.

there is only so much you can do with fake money

[FudRucker]

cant pay your utility bills with it, cant go buy groceries at your local brick & mortar with it, cant fill your gas tank with it, i dont see how it took off like it did but since it did i can see why it is crashing, eventually it will be gone like any other passing fad

Re: Rebound due?

[DarkOx]

The important thing is the entire point of bitcoin was it was supposed to be free of middle men. Lighting is a middle man. Basically bitcoin does not work as designed. There is nothing stopping some big banks from essentially taking over lighting and making settlement feeds just about equivalent to CC rates now. Basically anyone betting on BitCoin being a primary currency or exchange mechanism of the future is a nuts.

Which is not say some blockchain based solution won't emerge just that it won't be bitcoin.