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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

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 $6,414
  - forthefuture 8y ago
    If a stock dropped 60% you wouldn’t consider “it was very recently 10 times lower” a positive.
- aphextron 8y ago
  A crash implies you came down from somewhere. Bitcoin came from a price of zero. The 20k peak was just price discovery fueled by mindless speculation for a brand new asset. It will keep settling down, but I highly doubt it will ever be worth less than its value a few years ago again.
tmikaeld 8y ago
It's serious for miners, if I remember correctly - bitcoin is only profitable at ~7000$. But it's quite a bit below that now.
- neilwilson 8y ago
  As miners withdraw and go bust the effort declines and the fees adjust until it becomes profitable again. It's a clever aggregate system. Bitcoin is always worth what it costs to get it, which at root is relative to the aggregate effort deployed in the bitcoin system in 10 minutes. 10 minutes is a 'turn' in Bitcoin. Everything is relative to what can be done in that amount of time. Perhaps the inventor was an old school D&D player.
- lhl 8y ago
  The profitability for Bitcoin production largely depends on power pricing. Here's one country-average based breakdown (from Feb 2018) - you can look at the $6000 down level to see where it's still profitable: https://cointelegraph.com/news/mining-margins-and-where-to-make-the-most-money https://cointelegraph.com/news/mining-margins-and-where-to-m... You can also use a mining calculator to do a real time spot-check of whether Bitcoin is profitable to mine or not as well (even if you have pretty average electricity prices, very much so): http://whattomine.com/asic?utf8=%E2%9C%93&sha256f=true http://whattomine.com/asic?utf8=%E2%9C%93&sha256f=true For those interested in the most accurate and in-depth analysis on the economics, power consumption, and other aspects of Bitcoin mining, I can highly recommend @mrb's writeups like http://blog.zorinaq.com/bitcoin-electricity-consumption/ http://blog.zorinaq.com/bitcoin-electricity-consumption/ and http://blog.zorinaq.com/morgan-stanley-bitcoin-research-reports/ http://blog.zorinaq.com/morgan-stanley-bitcoin-research-repo... Note that the original article/title is pretty flawed to begin with since there are no tokens that depend on Bitcoin mining to begin with! (90% of tokens by market-cap are based on Ethereum, mining which is even more profitable than Bitcoin, and the economics of which will be changing drastically w/ Casper V2 soon).
  - tmikaeld 8y ago
    Wow, thanks for the information! With that in mind, it seems that it will be a looong time until the bitcoin craze is over.

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

It's serious for miners, if I remember correctly - bitcoin is only profitable at ~7000$. But it's quite a bit below that now.

neilwilson 8y ago
As miners withdraw and go bust the effort declines and the fees adjust until it becomes profitable again. It's a clever aggregate system. Bitcoin is always worth what it costs to get it, which at root is relative to the aggregate effort deployed in the bitcoin system in 10 minutes. 10 minutes is a 'turn' in Bitcoin. Everything is relative to what can be done in that amount of time. Perhaps the inventor was an old school D&D player.
lhl 8y ago
The profitability for Bitcoin production largely depends on power pricing. Here's one country-average based breakdown (from Feb 2018) - you can look at the $6000 down level to see where it's still profitable: https://cointelegraph.com/news/mining-margins-and-where-to-make-the-most-money https://cointelegraph.com/news/mining-margins-and-where-to-m... You can also use a mining calculator to do a real time spot-check of whether Bitcoin is profitable to mine or not as well (even if you have pretty average electricity prices, very much so): http://whattomine.com/asic?utf8=%E2%9C%93&sha256f=true http://whattomine.com/asic?utf8=%E2%9C%93&sha256f=true For those interested in the most accurate and in-depth analysis on the economics, power consumption, and other aspects of Bitcoin mining, I can highly recommend @mrb's writeups like http://blog.zorinaq.com/bitcoin-electricity-consumption/ http://blog.zorinaq.com/bitcoin-electricity-consumption/ and http://blog.zorinaq.com/morgan-stanley-bitcoin-research-reports/ http://blog.zorinaq.com/morgan-stanley-bitcoin-research-repo... Note that the original article/title is pretty flawed to begin with since there are no tokens that depend on Bitcoin mining to begin with! (90% of tokens by market-cap are based on Ethereum, mining which is even more profitable than Bitcoin, and the economics of which will be changing drastically w/ Casper V2 soon).
- tmikaeld 8y ago
  Wow, thanks for the information! With that in mind, it seems that it will be a looong time until the bitcoin craze is over.