This reminds me so much of the .COM bubble. Same kind of discussions. I think there will be a place for cryptocurrency but before that has been established there will be a lot of people taking a lot of pain. People who have bought them a few years ago will only take paper losses but now there is real money flowing into this.
It can all go to zero
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Re: It can all go to zero
#32If Bitcoin goes to 0, I will buy all of it and display the Trezor that stores it in a museum
Re: It can all go to zero
#33Time for the monthly cryptocurrency panic thread. While I fully agree that most cryptocurrencies are grossly overvalued, these articles always pretend a 20% selloff is the beginning of the end, when, in crypto land, 20% selloffs are a pretty standard bad day for the market.
Re: It can all go to zero
#34Time for the monthly cryptocurrency panic thread. While I fully agree that most cryptocurrencies are grossly overvalued, these articles always pretend a 20% selloff is the beginning of the end, when, in crypto land, 20% selloffs are a pretty standard bad day for the market.
> these articles always pretend a 20% selloff is the beginning of the end
There are individuals in this thread claiming "there will always be buyers" and that the probability of Bitcoin becoming worthless is zero.
The point of the article isn't that Bitcoin is doomed. It's that there is a substantial non-zero probability it ends up worthless. That such an elementary claim about a volatile asset is controversial almost says more than the article.
Re: It can all go to zero
#35[deleted]
Re: It can all go to zero
#36At this point, Bitcoin is not much more than a phantom object. Too overpriced to use for any reasonable purchase, people are literally trading nothing but zeros and ones, no more or less valuable than the bits making up this comment. All that can change, but only if the price drops back down to its 2016 to early 2017 values, and there are too many people invested at this price to let Bitcoin survive as an actual curr…
Too overpriced to use for any reasonable purchase
Could one have a cryptocurrency which is always subdividable? Are there any which already have this feature?
Re: It can all go to zero
#37Earlier quoted context omitted.
> Why would it go to zero? Crisis of faith. There's nothing else behind it.
The thing tho is that people have seen the insane gains it can provide. There will always be buyers. If Bitcoin went to $50 tomorrow, you can bet I would buy a lot. I'm not the only one. It's done magic once, it might again. The point is, there will always be buyers.
To buy Bitcoin, a miner somewhere has to produce a block with your transaction in it. If the value of Bitcoin falls that much, it will no longer be profitable to mine. With no miners, nobody could buy or sell anything.
Re: It can all go to zero
#38Every year for the last four years, bitcoin went down -20%~ or so in the 3rd week of Jan. I don't know why everyone freaks out this week Honestly, the history and trends are there, its just a thing that happens every year, I dunno man
Maybe the credit card bills that people ran up in December have come in, and they're selling their holdings to settle them.
Re: It can all go to zero
#39So many people love to parrot the 'It'll go down to zero!' line, especially if they don't have skin in the game, but there's pretty much no way. Specific cryptocurrencies, sure they could potentially go to zero. I'm watching one right now that's looking pretty darn close. But this entire industry? I don't think so. It's too late for that. Too many players, too much ease of access, too much of the potential has been d…
But that's the point, you're not invested in cryptocurrencies in general as much as most people are invested in 1 or 2 or maybe a small handful. When tech crashed did the tech sector basket go to $0? Of course not and no one contends that it would, but did a lot of people lose their shirts on Pets.com? You bet.
Well that's why it's common knowledge in the stock market to diversify your portfolio, and they call it a portfolio, not a single stock, and why so many people invest in mutuals.
There's not an equivalent to mutuals in the cryptoverse yet, but there will be.
I've made quite a few small bets on various alts. I'm taking the black swan approach to them. Quite a few could drop to zero in a couple years but I'm betting at least one of them will make enough of a profit to eclipse my losses in the others. If one of them had been Raiblocks, that already would have been the case ($0.10 cents to $34 in 3 months...crazy). It missed my radar because the aggregate site I check didn't include it.
Re: It can all go to zero
#40I take all my investment lessons from movies.
I take mine from HN. That's why I didn't mine or bought BTC while it was worthless.