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Innovators. No one really heard of Bitcoin prior to the $1000 pump.
Reddit heard plenty before 1000$ I was there the week it was released. Lost 100 bitcoins to a hard drive crash and never looked back. They use to literally hand them out like candy. Mt gox happened and I never took it seriously ever again.
Still nowhere near low enough for me to feel okay about ditching back in 2016 ...
To be completely honest, even if I did have money, I wouldn't have bought. The price used to go up and down by 10% like daily. At that point it feels like gambling.
This is good for Bitcoin.
And still, even on HN, the discussion of cryptocurrency is oscillating between totally different axioms? Some of us speak as prophetic market analysts and bring up "nails in coffins" and other crystal ball bull shit, and some of us wonder about the technology itself and understand that the price against the dollar only matters to gamblers.
I keep seeing pie in the sky hypotheticals like "supply chain trust" from people who think farmers are etching their cucumbers with serial numbers, but I've yet to see any use case presented for a blockchain that has real utility and isn't better solved by existing processes or systems.
Since the article states "the trigger for the latest sell-off is unclear" I'm really curious if somebody here could venture a guess about the reasons for the sudden drop. The Bitcoin Cash fork seems suspiciously correlated but is it big enough news to cause such a turmoil? Being a cryptocurrency-skeptic I won't pretend that I don't experience a little bit of schadenfreude when I see CC crash, however if I'm trying to…
This has been obvious to everyone paying attention for a long time, but most people in this market are there because they don't pay attention.
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Still down 78% since December 2017. What's your point?
Just because a bubble pops doesn't mean it's useless or dead. Many bubbles pop in the real world, they always recover.
Also - Tulips.
Everything sells off this time of year. Nasdaq is down 7% on the month. It’s end of year profit-taking for tax purposes. As BTC has become completely mainstream now, this makes sense.
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Still down 78% since December 2017. What's your point?
Just because a bubble pops doesn't mean it's useless or dead. Many bubbles pop in the real world, they always recover.
Stocks normally don't survive, unless there's something of value in the company behind it. Bitcoin doesn't have anything of value behind it, and it's easily replaceable by other currencies. If the value drops to something like 5 cents per Bitcoin, or even just a few dollars, you have to wonder if people won't abandon their wallets over time.
That's what happens when you screw over the general public in a giant pump and dump. There is just no more money left to steal. First time was for the early adopters at $1000, second time was for the late majority at $19,000. You're not going to see that happen again.
I've heard that during the last 4 bear markets. Give it some years it always comes back stronger to absorb fresh money