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Earlier quoted context omitted.
> The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Where on the page? https://www.reddit.com/r/Bitcoin/ Or a different page?
reddit.com/r/cryptocurrency
The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Think about that for a minute. When we really have a bear market people are going to lose their minds.
Naive speculators are buying cryptocurrencies on their credit cards without understanding the volatility https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-b...
The problem with this characterization is when enough people lose their shirts on leveraged crypto purchases, a problem of individual finances becomes one of collective policy. I'd be careful with dismissing the problem as one contained to the stupid.
There was a thread on the front page, earlier, where multiple commentators were equated the odds of a massive and permanent Bitcoin crash with that of a meteor impacting the earth [1]. Multiple people honestly could not imagine how Bitcoin could possibly become absolutely worthless. These are otherwise-reasonable people who, through a combination of misinformation and FOMO, got involved in something over their heads.
Korea may be at the point where a 50% sustained drawdown plunges a significant fraction of the population into hardship. That, in turn, could trigger a recession. In case it needs to be said, now is not a good time for the Seoul to plunge into a financial and political crisis.
I've gone from finding this Bitcoin fascinating, to being cautiously weary, to being outright dismissive, to becoming worried about systemic risks.
If the threat of regulation drops it 25%, that's not a very good store of value or medium of exchange.
If however, governments figured out some standard harmonized regulations and consistently enforced them, then afterwards there would no longer be a threat of regulation. In fact, getting regulation applied might actually reduce volatility, because the uncertainty about the threat of regulation would be taken out of people's pricing estimates.
Earlier quoted context omitted.
Just like with dot com burst, it doesnt mean someone will turn the lights off forever. Just like the internet eventually got mainstream and websites are being bought and sold for billions these days, same way BitCoin will never be at 0,001 cent with nobody touch it with a long stick.
As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm.* It's digital Beanie Babies. * https://blockchain.info/charts/avg-confirmation-time?timespa...
Blockchain size and confirmation times are two entirely different things.
The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Think about that for a minute. When we really have a bear market people are going to lose their minds.
Atlanta massacre: Broker shoots 12 dead as stock market falls (1999)
https://www.independent.co.uk/news/atlanta-massacre-broker-s...
Atlanta Day Trader shooting 10 years later (2009) https://www.youtube.com/watch?v=Ko3l8BuFsVk
The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Think about that for a minute. When we really have a bear market people are going to lose their minds.
Naive speculators are buying cryptocurrencies on their credit cards without understanding the volatility https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-b...