5 ms·

Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go to Zero

66 points by tzury 8y ago

Haydos585x2 8y ago
Hmm, I'm not sure this will end cryptocurrencies but I think it might make some of the less tech-savvy users really think about their investments and who is giving them what advice. I have a small holding that I've held for a while now and I like that but when BTC/ETH was reaching their highs and I had non-tech people buying into it because "it has to go up" had me rolling my eyes. It almost feels like people that are true believers in real estate and think that purchasing a house at any price is a good idea. I'd hate to see this end any long term cryptocurrency development/adoption and I don't think it will.
- api 8y ago
  Never invest in something you don't understand.
  - lsd5you 8y ago
    Which apparently is the psychology of others.
- chx 8y ago
  > really think about their investments you mean their gambling.
- A_Person 8y ago
  My long-time financial advisor has a fantastic saying: "I like to buy low, and sell high!" It's amazing how tempting it is to do the opposite. Wow, thing X has tripled, let's get into that. No!
joe_the_user 8y ago
I have no idea if this will end the madness but I hope it will. Given bitcoin's vast energy consumption, the "production" of bitcoins produces enough pollution to be responsible for a significant number of deaths, amortized. [1] Thus I have zero sympathy with those who may lose money here. [1] https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-energy-consumption-can-power-an-entire-country-but-eos-is-trying-to-fix-that/#38659b301bc8 https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-...
- DougN7 8y ago
  I always wonder about this attitude. How do you feel about the aggregate energy consumption of all Candy Crush games being played (servers, network, phones, PCs, monitors)? What about all the energy used to grow, harvest, produce, transport and distribute alcoholic drinks? For that matter, what about all distributed energy used by Twitter, including all clients, data centers, network routers, corporate offices, etc (where few tweets communicate something worthwhile to an actual human)?
  - joe_the_user 8y ago
    Obviously, modern humans use energy for consumption (and hopefully for enjoyment), to varying degrees of efficiency. Racing muscle cars isn't my thing but I recognize here's an average person spending their gasoline on something they might get something out of. Bitcoin seems especially heinous because it a group of moderately well-off folks burning a truly vast amount of energy essentially for the purpose of getting more wealth than, say, non-bitcoin owners. And given that unbridled energy consumption currently promises local and global disasters on an increasing scale, this particular use of energy especially outrageous. Does that explain things?
- tjr225 8y ago
  I've spit-balled this with some coworkers- but- I think that conceptually, the idea of our world cooking because of block chain is a great idea for a sci fi.
  - deleted 8y ago
    [deleted]
- omeid2 8y ago
  I don't think bitcoin is of much value either, but I think you're going too far, in the grand of scheme of things, any deaths related to bitcoin doesn't even register. On the other hand, there are people making trillions of dollars by literally being engaged in murder-business that is war racketeering. And there is lots of "normal" and "common" people involved, from the politicians, to engineers, and all the way to the top, all the while, military men and women are worshiped as heroes.
aphextron 8y ago
This is really clickbaity. The title implies Bitcoin just rapidly fell in value. It's been slowly declining all year, and is still nearly 10x where it was last year.
- tigershark 8y ago
  Going from 20k to 5k seems like a crash to me...
  - mlindner 8y ago
    So was the crash from 1k to 200...
  - shittyadmin 8y ago
    As did $30 to $2 back in the day. And again at $1k to $300. It's sort of standard practice for Bitcoin at this point. Not saying it's a guaranteed recovery, but at the same time it's not exactly an unprecedented event.
  - donpdonp 8y ago
    Here is another way to look at the price: June 29 2017 BTC $2,480 June 29 2018 BTC $6,414
    - forthefuture 8y ago
      If a stock dropped 60% you wouldn’t consider “it was very recently 10 times lower” a positive.
  - aphextron 8y ago
    A crash implies you came down from somewhere. Bitcoin came from a price of zero. The 20k peak was just price discovery fueled by mindless speculation for a brand new asset. It will keep settling down, but I highly doubt it will ever be worth less than its value a few years ago again.
- tmikaeld 8y ago
for_i_in_range 8y ago
If you bought $25k of BTC the first time an article like this ran in 2011 you’d have $75M right now. Maybe I’ll go ahead buy. Thx.
- ruskerdax 8y ago
  I always have a hearty chuckle when articles like this are published. It was a little amusing when I saw people freak out when it "crashed" back down to a value over 500% of what it was just a short time earlier. Now it's even funnier. I don't know how many times people like this have to watch this happen before they get a clue. There are few things more pathetic than someone who has been screeching arrogantly about the demise of cryptocurrency for over half a decade, laughing and taunting when the price decreases or someone gets scammed, and gnashing their teeth and desperately tweeting or posting when it soars, yet again, in response to market demand. If they'd used one PC to mine BTC in their downtime instead of screaming "LOL libertarians" they'd have paid off their house. If they'd put a few hundred dollars into it at literally any time in 2013, they'd be sitting on at least as much. Please keep doing this stuff. It never gets old to me.
deleted 8y ago
[deleted]
lostmsu 8y ago
Dollar bloodbath nears dot-com level as many shitstocks go to zero.
trishmapow2 8y ago
Clickbait title and actually references 'Dead Coins' website which is completely unreliable - not to mention the fact that I could 'create' a new token worth zero in about 5 minutes.
ganeshkrishnan 8y ago
News of my death have been greatly exaggerated. - Mark Twain
mavdi 8y ago
According to such articles bitcoin has been crashing for nearly 10 years. The problem often being it being compared to other assets. It's a totally new concept and has never followed any previous pattern in human history.
- glorkk 8y ago
  Bloomberg must have some interest against Bitcoin. There has been constant negative coverage from Bloomberg for months if not years. I haven’t seen anything like this from any other publication.
chrisco255 8y ago
Almost immediately after this article was published, the BTC price jumped 8.72% : https://coinmarketcap.com/ https://coinmarketcap.com/ Crypto market caps move rapidly in either direction. They're extremely volatile. And this is nothing new. BTC has had much bigger dips before (% wise) and it will have more peaks and valleys as time goes on.
KasianFranks 8y ago
A long tail of under performers exists for websites, apps, stocks (especially OTCBBs) etc. Crypto is no different. Just as with websites and apps, crypto will have it's own long tail of under performers. It makes perfect sense.
granaldo 8y ago
Price movement with jumps like this See https://www.coingecko.com/en/coins/bitcoin https://www.coingecko.com/en/coins/bitcoin It is always too early to call it dead or alive

66 points by tzury 8y ago

Hmm, I'm not sure this will end cryptocurrencies but I think it might make some of the less tech-savvy users really think about their investments and who is giving them what advice. I have a small holding that I've held for a while now and I like that but when BTC/ETH was reaching their highs and I had non-tech people buying into it because "it has to go up" had me rolling my eyes. It almost feels like people that are true believers in real estate and think that purchasing a house at any price is a good idea. I'd hate to see this end any long term cryptocurrency development/adoption and I don't think it will.

api 8y ago
Never invest in something you don't understand.
- lsd5you 8y ago
  Which apparently is the psychology of others.
chx 8y ago
> really think about their investments you mean their gambling.
A_Person 8y ago
My long-time financial advisor has a fantastic saying: "I like to buy low, and sell high!" It's amazing how tempting it is to do the opposite. Wow, thing X has tripled, let's get into that. No!

joe_the_user 8y ago

I have no idea if this will end the madness but I hope it will. Given bitcoin's vast energy consumption, the "production" of bitcoins produces enough pollution to be responsible for a significant number of deaths, amortized. [1] Thus I have zero sympathy with those who may lose money here. [1] https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-energy-consumption-can-power-an-entire-country-but-eos-is-trying-to-fix-that/#38659b301bc8 https://www.forbes.com/sites/shermanlee/2018/04/19/bitcoins-...

DougN7 8y ago
I always wonder about this attitude. How do you feel about the aggregate energy consumption of all Candy Crush games being played (servers, network, phones, PCs, monitors)? What about all the energy used to grow, harvest, produce, transport and distribute alcoholic drinks? For that matter, what about all distributed energy used by Twitter, including all clients, data centers, network routers, corporate offices, etc (where few tweets communicate something worthwhile to an actual human)?
- joe_the_user 8y ago
  Obviously, modern humans use energy for consumption (and hopefully for enjoyment), to varying degrees of efficiency. Racing muscle cars isn't my thing but I recognize here's an average person spending their gasoline on something they might get something out of. Bitcoin seems especially heinous because it a group of moderately well-off folks burning a truly vast amount of energy essentially for the purpose of getting more wealth than, say, non-bitcoin owners. And given that unbridled energy consumption currently promises local and global disasters on an increasing scale, this particular use of energy especially outrageous. Does that explain things?
tjr225 8y ago
I've spit-balled this with some coworkers- but- I think that conceptually, the idea of our world cooking because of block chain is a great idea for a sci fi.
- deleted 8y ago
  [deleted]
omeid2 8y ago
I don't think bitcoin is of much value either, but I think you're going too far, in the grand of scheme of things, any deaths related to bitcoin doesn't even register. On the other hand, there are people making trillions of dollars by literally being engaged in murder-business that is war racketeering. And there is lots of "normal" and "common" people involved, from the politicians, to engineers, and all the way to the top, all the while, military men and women are worshiped as heroes.

aphextron 8y ago

This is really clickbaity. The title implies Bitcoin just rapidly fell in value. It's been slowly declining all year, and is still nearly 10x where it was last year.

tigershark 8y ago
Going from 20k to 5k seems like a crash to me...
- mlindner 8y ago
  So was the crash from 1k to 200...
- shittyadmin 8y ago
  As did $30 to $2 back in the day. And again at $1k to $300. It's sort of standard practice for Bitcoin at this point. Not saying it's a guaranteed recovery, but at the same time it's not exactly an unprecedented event.
- donpdonp 8y ago
  Here is another way to look at the price: June 29 2017 BTC $2,480 June 29 2018 BTC $6,414
  - forthefuture 8y ago
    If a stock dropped 60% you wouldn’t consider “it was very recently 10 times lower” a positive.
- aphextron 8y ago
  A crash implies you came down from somewhere. Bitcoin came from a price of zero. The 20k peak was just price discovery fueled by mindless speculation for a brand new asset. It will keep settling down, but I highly doubt it will ever be worth less than its value a few years ago again.
tmikaeld 8y ago

for_i_in_range 8y ago

If you bought $25k of BTC the first time an article like this ran in 2011 you’d have $75M right now. Maybe I’ll go ahead buy. Thx.

ruskerdax 8y ago
I always have a hearty chuckle when articles like this are published. It was a little amusing when I saw people freak out when it "crashed" back down to a value over 500% of what it was just a short time earlier. Now it's even funnier. I don't know how many times people like this have to watch this happen before they get a clue. There are few things more pathetic than someone who has been screeching arrogantly about the demise of cryptocurrency for over half a decade, laughing and taunting when the price decreases or someone gets scammed, and gnashing their teeth and desperately tweeting or posting when it soars, yet again, in response to market demand. If they'd used one PC to mine BTC in their downtime instead of screaming "LOL libertarians" they'd have paid off their house. If they'd put a few hundred dollars into it at literally any time in 2013, they'd be sitting on at least as much. Please keep doing this stuff. It never gets old to me.

deleted 8y ago

[deleted]

lostmsu 8y ago

Dollar bloodbath nears dot-com level as many shitstocks go to zero.

trishmapow2 8y ago

Clickbait title and actually references 'Dead Coins' website which is completely unreliable - not to mention the fact that I could 'create' a new token worth zero in about 5 minutes.

ganeshkrishnan 8y ago

News of my death have been greatly exaggerated. - Mark Twain

mavdi 8y ago

According to such articles bitcoin has been crashing for nearly 10 years. The problem often being it being compared to other assets. It's a totally new concept and has never followed any previous pattern in human history.

glorkk 8y ago
Bloomberg must have some interest against Bitcoin. There has been constant negative coverage from Bloomberg for months if not years. I haven’t seen anything like this from any other publication.

chrisco255 8y ago

Almost immediately after this article was published, the BTC price jumped 8.72% : https://coinmarketcap.com/ https://coinmarketcap.com/ Crypto market caps move rapidly in either direction. They're extremely volatile. And this is nothing new. BTC has had much bigger dips before (% wise) and it will have more peaks and valleys as time goes on.

KasianFranks 8y ago

A long tail of under performers exists for websites, apps, stocks (especially OTCBBs) etc. Crypto is no different. Just as with websites and apps, crypto will have it's own long tail of under performers. It makes perfect sense.

granaldo 8y ago

Price movement with jumps like this See https://www.coingecko.com/en/coins/bitcoin https://www.coingecko.com/en/coins/bitcoin It is always too early to call it dead or alive