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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!"
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.
The fact that it's taking this long to finally reflect its true value... is the only reason this is even news.
What is the true value of bitcoin? If you can actually answer that, you can make a ton of money by buying when it goes below the true value, and selling when it goes above. =
If your answer is that bitcoin is worth $0, you are wrong.....at a minimum it has value as a money laundering and malware ransoming exchange medium.
"First they came for the slanderers and i said nothing."
If you're putting money into an investment every month then you sure as hell shouldn't be going with something as volatile as Bitcoin. Regardless of what you are investing in/gambling with, volatile commodities are something you need to monitor continually and really play the market, ideally buying low and selling high with each and every significant rise and fall. If you're titheing a given amount to your commodity of choice on a regular basis then you want something that's going to have a pretty good chance of a return no matter what - blue chips, government bonds, and so on - and even then, keep an eye on it and be mindful of opportunities to sell of exchange for another commodity.
There's also a lot of desperation amongst the institutional BTC bagholders at this point, especially those who were dumb enough to make significant purchases when it was already over $10k, so there's no way I'm going to be taking the financial advise of this Nigel Green of deVere Group unless he makes it perfectly clear what their BTC position is at the same time. Without that information it's kind of hard to tell whether he genuinely believes it's going to rally or he's just another desperate bagholder hoping to cut his losses.
UNIX? They're not even circumcised! Savages!
The "true" value is probably a lot closer to $4 than $4000. After all, it isn't as if alternate cryptocurrencies couldn't substitute for BTC. For that matter, gift cards and Western Union money transfers remain very popular with criminals. BTC isn't a requirement for anonymous currency transfers.
The drop in BTC is hardly a surprise. BTC only rose in price while more money was flowing into the ecosystem than out of it. When BTC was a "thing", lots of suckers lined up with their money. But now its reputation is in the toilet. The general public sees it as nothing but the domain of criminals and scammers.
BTC simply isn't news anymore. If you think 2018 was a bad year, wait until 2019.
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.
Why do you doubt that Bitcoin will go under $1000? Is there some magical underlying value, or did you just choose a nice round number? I a sure last week you thought it would never drop below $4000.
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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Bitcoin lost 32% of its price, not its value.
Its value is identically zero.
There's zero reason for them to do so. Venezuela launched it's own petro-based cryptocurrency. They can take all the value of a cryptocurrency backed by oil, and all the value of generating the genesis blocks.
You never say if what happens, but pretty much all investments are dollar denominated. If you're worried about massive inflation, you can just buy stock, gold or real estate. Any of those are better options.
Your ad here. Ask me how!
"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.