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Cryptocurrency Wipeout Deepens To $640 Billion As Ether Leads Declines (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: The cryptocurrency bear market plumbed a fresh 10-month low on Monday as Bitcoin's biggest rival tumbled and U.S. regulators suspended trading in two securities linked to digital assets. Ether, the second-largest virtual currency, slumped 11 percent from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin declined 2.4 percent, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to about $197 billion -- down almost $640 billion from its January peak. Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily suspended trading in two exchange-traded notes linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.
The cost of mining is now a non-trivial percentage of the worlds economy. The miners now have to pay real world money to pay for the electricity and the money they borrowed to buy/build their rigs. This constant selling of crypto currency to finance the mining likely means that we have either seen the last crypto currency rally or maybe there is just one more left.
We have also now seen the limits of what crypto currencies can do and it looks like the existing banking infrastructure does it better...For now. Maybe a highly scalable proof of stake currency will be invented. Maybe one of this existing currencies can already securely do it. It's not going to be bitcoin though.
No you didn't. You found a person who has been using crypto for years, makes six figures, has had multiple successful businesses, and even closed one for no other reason than to migrate to a state over his desire to see to it there is a last bastion of hope for those who would rather not be a mere slave of the majority, but rather a free man. A Free State Project participant, Shire Society, early mover, and radio co-host of the largest libertarian radio show in the world (syndicated on 200 stations, satellite, and online).