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Bitcoin Loses 32% of Its Value This Week, Falls Below $4,000 (usatoday.com)
An anonymous reader quotes USA Today:
Last year at this time, bitcoin was in the middle of a 217-percent rally that saw its value peak in December near $20,000. Now the largest cryptocurrency can't stay above $4,000 -- losing almost 32 percent in value this week and briefly hitting its lowest level since September 2007 at $3,477.58 on Sunday, according to data from CoinDesk... Other cryptocurrencies also languished. XRP fell 10.4 percent from its 24-hour open, while Ethereum was down 7.5 percent. Litecoin lost 6.7 percent, according to CoinDesk. This week's sell-off marked the largest one-week decline since April 2013 when bitcoin lost over 44 percent of its value, according to CoinDesk...
Year to date in 2018, bitcoin has declined more than 71 percent... The cryptocurrency jumped from $6,088.35 in mid-November 2017 to $19,326.49 on Dec. 17, 2017... Citing three unnamed sources, Bloomberg News also reported last week that the U.S. Justice Department is investigating if market manipulation caused bitcoin's 2017 rally.
Earlier this week, one financial advisory firm's CEO told CNN that they were still bullish on bitcoin. "Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions."
But not everyone seems convinced. "I bought $10 of bitcoin a year ago. Just to see how it goes," posted Austin-based technology reporter Mike Melanson on Twitter, adding "It's worth $3.45 now. Quite the investment!"
Year to date in 2018, bitcoin has declined more than 71 percent... The cryptocurrency jumped from $6,088.35 in mid-November 2017 to $19,326.49 on Dec. 17, 2017... Citing three unnamed sources, Bloomberg News also reported last week that the U.S. Justice Department is investigating if market manipulation caused bitcoin's 2017 rally.
Earlier this week, one financial advisory firm's CEO told CNN that they were still bullish on bitcoin. "Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions."
But not everyone seems convinced. "I bought $10 of bitcoin a year ago. Just to see how it goes," posted Austin-based technology reporter Mike Melanson on Twitter, adding "It's worth $3.45 now. Quite the investment!"
If $10 spent one time is an investment, there are a lot of lottery players "investing" as well.
If you are really treating it as an investment, you might spend only $10 - but every month. When it's way up? $10. When it's super low? $10 more, adding to the slowly growing stash of bitcoins you never sell...
There are a lot of other investment strategies as well, but it seems like all of them have in common that you are doing something over time.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
... a GPU.
Investing in money
The fact that it's taking this long to finally reflect its true value... is the only reason this is even news.
There are studies showing that bitcoin's power consumption is (theoretically) proportional to its value. This will significantly reduce its (huge) carbon footprint, higher than many countries.
You don't have long before it drops below that, act quickly.
You say
The bullet for the head to Bitcoin is all lined up now.
At this moment all the miners with inefficient rigs are going to exit system. Just the people stealing power will be left soon since the difficulty is still high. It takes a while for bitcoin to renormalize the degree of difficulty to a mining rate decline.
Thus at this moment there's probably vast amounts of excess capacity idle.
Someone could purchase that and easily have more the 51% of bitcoin. And then when all those transactions get reversed, not one will trust it any more.
Some drink at the fountain of knowledge. Others just gargle.
"Savvy investors understand that digital currencies are the future of money"
Very possibly, but not a currency that needs the output of the Hoover dam for an hour to calculate a transaction.
SFYL(lus)
and briefly hitting its lowest level since September 2007
It's what the underlying article says but is obviously crap. IIRC bitcoin didn't exist in 2007. I guess if you want to gamble on this stuff at least use a resource which does some basic fact checking.
Whoever it was that's still bullish on cryptocurrencies is correct in one thing - long-term it's likely that some form of cryptocurrency or at least a non-tamperable blockchain is going to become widely used. That does not mean that it's going to be Bitcoin, and in fact it probably won't be Bitcoin.
fencepost
just a little off
Comment removed based on user account deletion
LOL Bag holders. It's over.
The same goes for Tesla "investors" and every other tech "investor".
Just because a company makes a product doesn't mean it's not a gamble. DeLorean motors, for example?
I don't get the financial markets these days....they're paying obscene amounts of money for shit earnings. It's like paying a janitor $30 an hour.
CAPTCHA: "delirium" - seriously?
the pump and dump is in the deep dump part
People are stupid. Half the people if not more on Slashdot and elsewhere don't understand crypto currencies. Anybody who has played the game long term has done well. Better than the stock market. However you should not "invest" more than you can afford to lose. Its value is hard to see particularly if you aren't spreading real world acceptance.
Digital transactions will increase (though in a lot of countries most transactions are already digital), but they don't require the use of digital currency. When digital currency does get used, it mostly won't be Bitcoin, since proof of work is incredibly inefficient and only of value to the tiny minority who care to eschew fiat currency.
Buying Bitcoin because something else inspired by Bitcoin might become valuable is crazy.
Dogecoin is worth more this year than it was last year!
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
Impossible to say, since that's comparing a specific product with a class of product - not so much "apples to oranges" as "apples to citrus fruits"; oranges might be good, but lemons and limes not so much. Either way, I wouldn't generally consider *any* of the biotech stocks as something I'd class as a solid "Blue Chip" style investment, at least not yet, as none of them are really established as reliable long term performers (give or take the odd fluctuation, obviously) in the same way that real estate is.
Sure, you could get lucky and buy into the the next GSK, or you could get the next Theranos and end up with nothing, just like a lot of people who you would have expected to have done their due diligence ended up doing. As a speculative part of a larger portfolio, sure, you might as well take a punt on a few long shots (and I do just that with mine), but if the lion's share of your portfolio is high risk you'd better be prepared to write it off as well as cash it in and live the high life.
UNIX? They're not even circumcised! Savages!
when the price is crazy high, you see ads all over TV about "investing" in gold, and when the price goes down, the ads disappear. BTC is the same way- when it was high people were talking it up to get the dumb money into it, and now that it's down, no one's saying you should "invest" in it, except maybe the "investors" who bought in at the high and are still holding on, hoping for a turn-around.
"Investing" in BTC is like "investing" in casino chips or lottery tickets. Every once in a while someone wins, but the vast majority of the suckers lose their money. It is in the interest of the folks who stand to make money that we hear about the winners far more than we hear about the losers, even though there are many thousands or even millions of losers for every one winner.
Bitcoin's only real value is in the use for black market transactions or tax evasion. It costs too much to keep the infrastructure running both mining and logging transactions for it to be of any real value. A digital currency backed by a fiat bank or government will eventually take over crypto currencies.
"Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions."
IMHO, the public needs to understand very well that cryptocurrency shills (like the one above!) would always try their best to prevent any public panic!!!
Realize they were all keep predicting huge bitcoin prices by now (for years!) but they all proven wrong!
Now, they keep predicting huge bitcoin prices for next year etc!
To all cryptocurrency owning public:
Sell ASAP & save yourself before they all slam to $0!
Realize, it can happen so fast & so you may never get any chance to sell in the future, even if you wanted so desperately!!!
it's at about 1/10 it's peak.
I'm guessing somebody is done propping up the market. This is a bit too much of a drop off for it to just be a course correction.
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this /transaction (am i right ?)
https://bitcoinfees.info/
suggests that the fee for using BC is about 20 - 40 cents
so, if this is right, doesn't that fee have to drop a huge amount for one of the touted advantages of bc, micro transactions at low fees, to be real ?
PS: if you are tired of BC, I have a rock solid investment for you: Platinum mined from main belt asteroids (note - we don't do trans Jupiter asteroids; mining from TJ asteroids is really speculative, almost flaky and not a good investment)
And at least you could plant and grow the tulips at the end of that craze.
captcha: coined
"Honestly is Bitcoin any worse than a portfolio that has biotech stocks?"
Yes, it is. Biotech companies produce tangible products. Individually they may succeed or fail, but on average across the sector they create real value, and the expected return for investments in that sector is positive. Investing exclusively in a specific biotech stock is of course risky, and usually not a good idea.
Conventional commodities are *something*. A barrel of oil or an ounce of gold. They have at least some intrinsic value, even if that value is vastly different than their market value.
Bitcoin is a virtual commodity. It isn't anything, and it's not backed by anything. You're effectively "investing" in the bet that the world will adopt a particular accounting system in the future. Unlike regular stocks, there are also very good reasons to believe that if any cryptocurrencies are successful, only a single one will be. So you can't really protect your investment by diversifying. There's also the observation that treating cryptocurrencies as investments harms their utility. Currencies work best if they're non-volatile and slowly lose value over time. That's the opposite of what you want in an investment.
Bitcoin lost 32% of its price, not its value.
Its value is identically zero.
Bitcoin is a hedge, not an investment. It is a hedge against the total collapse of the US dollar. The only thing necessary for bitcoin to be well accepted is for someone to commit to pricing a good or service of value in bitcoin for a sustained period. Example: Venezuela could sell oil at fixed price in bitcoin. Iran could do the same. Both countries have strong incentives to do this (if they were not blind to the reasons why). This could stabilize the price against oil, which might be enough to get more people to sell stuff priced in bitcoin. Once things are priced in bitcoin, it can very easily take off. What does it mean for something to be priced in bitcoin? It means that the price-tag says BTC, and the dollar cost would be calculated based on the exchange rate at time of purchase. NOT the other way around (as is presently the case).
No country is in a position to offer high interest rates (they are too indebted) so they would be unable to stop flight into bitcoin by raising interest rates. It is almost like the financial situation of the world right now is a perfect storm for bitcoin adoption.
If this happens, it is possible that all dollar denominated investments could become nearly worthless. It may seem far-fetched, but things like this have happened before and they can happen again. I would not care to set the probability of it happening in the next 10 years, but it is not zero. And in this case, it is not really very important whether you got in at $10/btc or $1000/btc or $20,000/btc. The important thing is that you converted some fraction of your USD into BTC before the worst happens.
The other thing that could happen is bitcoin could experience a blip upwards when some other weaker currency collapses as people fight to get out (and to evade capital controls). That is more of a speculative and short term type of "investment."
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Eh the u.s. dollar is a digital currency, most is not physical. Meanwhile Bitcoin is not a currency, can't be used in most stores and with most people or governments. It's a game token, that's all.
If that is what a financial adviser says about bitcoin, then it probably is fraud or ineptness. I sure would never use them for anything.
i wont cum in your mouth
checks in the mail
the reich will last a 1000 years
i see a recurring theme...
> Honestly is Bitcoin any worse than a portfolio that has biotech stocks?
Yes, Bitcoin is worse than a portfolio, period.
A portfolio of produce would be smarter.
I don't view it as an investment at all, or even a stock, but rather as a medium used to transfer funds or 'launder' money. Buy bitcoin with cash, electronically transfer said coins, redeem for cash on other end, without paying the banks the ridiculous fee for wire transfer, or issuing a cashier's check. Seems like an anonymous way to transfer funds without leaving a huge paper trail.
"Bitcoin Loses 32% of Its Price This Week, Falls Below $4,000 "
People often confuse price and value. What is the intrinsic value of a Ponzi scheme?
Zero.
The fucking thing is worthless.
We agree.
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Not necessarily. It dropped in price compared to $USD. But that can also mean that $USD is experiencing inflation. The truth, IMHO, is somewhere in between. But the point is that assigning "value" based on $USD is fundamentally flawed.
"National Security is the chief cause of national insecurity." - Celine's First Law
" one financial advisory firm's CEO told CNN that they were still bullish on bitcoin. "Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions"
yeah no shit, if I had a financial vested interest in crypto like the Devere Group does I would be desperately trying to spout such bullshit too. I notice though the article or summary doesn't point out the huge conflict of interest in listening to them around crypto
"Earlier this week, one financial advisory firm's CEO told CNN that they were still bullish on bitcoin."
So why change it to "one advisory firm's CEO" instead of Devere Group's CEO.... Ohhhhh right it is because then people would know it is someone that has sunk a lot of money into crypto currencies and them failing would also mean they fucked up. That is like asking the con man selling you the bridge whether there is any future value in owning the bridge.
Bitcoin: making Black Friday look like Black Tuesday!
Corruption is convincing someone that the selfless ideal is the same as their selfish ideal.
Bitcoin is no better than Bitconnect. Both have a value of 0.
"The agriculture ministry is not in charge of Gundam" - Japanese ministry official.
Bitcoin is a guaranteed investment you dumb fuck. Its the future of money, of CORSE he's going to be bullish on it, all smart investers are doesnt matter how much they own.
No it isn't and you have no idea what you are talking about.
There is no "-1 offended" or "-1 you don't agree with me" mod options for a reason.
Bitcoin is a scarce commodity. There are only going to be a certain amount of coins in the ecosystem, and as time goes on, wallets are lost or destroyed, coins will become even more scarce. Plus, combined with the absolute security of the currency (impossible for 51% to be used as an attack vector, the lightning network immune to DDoS/DoS attacks and arguably 100% secure), after the speculators go back to hosing real estate and oil/gas, Bitcoin only is going to go up for the long haul.
Bitcoin is like Facebook, yes, there are other things similar, but the market and the world uses this, and not the others, and that isn't changing anytime soon.
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Here we are again, another story about Bitcoin -- using the logo, of course -- because its a slam on Bitcoin in general. We see what you're doing, you corporate sellouts. Anyone who has been following Bitcoin for a while knows we've been through this many times.
Reference - https://howmuch.net/articles/bitcoin-all-major-crashes -- 12 declines illustrated in the article, including the current phase
But no, SlashdotCorp, the shambling wreck of a tech blog that has been less about "news that matters" and is mostly fluff pieces on the latest tech trend du-jour, thinks that this means "Bitcoin is dead" again.
Stop pretending your site has anything to do with "hackers" and "geeks", because you've amply demonstrated more than once you're just a mouthpiece for your corporate masters.
Thank Thor I sold all of my Bitcoin when it was valued at U$11,000.00. I'm fine now. : )
While I'm not disagreeing that Bitcoin's halo is tarnished... The article says
> hitting its lowest level since September 2007
When Bitcoin's original description was in a whitepaper published in 2009. How lazy does a reporter have to be to not even check a Wikipedia page? How well researched is the rest of the article?
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