4 ms·

bitcoin falls 99% in one day to 1 cent - 2011 bitcoin falls 56% - 2012 bitcoin falls 83% to $50 - 2013 bitcoin falls 84% to 12k - 2017 bitcoin falls ~50% to

by toolz 4y ago

bitcoin falls 99% in one day to 1 cent - 2011 bitcoin falls 56% - 2012 bitcoin falls 83% to $50 - 2013 bitcoin falls 84% to 12k - 2017 bitcoin falls ~50% to ~30k - 2021 "crypto is not looking good long term" - numerous people on hacker news every single time crypto is down.

spupe 4y ago
Bitcoin at 12k in 2017? Really? You should welcome all the nay saying here if you think Bitcoin is bound to go up again.
- toolz 4y ago
  I hope this is not a revealing comment on who you are, because I read that as "you should hope to speculate on some asset to make money off of other people simply because they were wrong" I'd much rather see a stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty than I would see it be a vehicle to take me from top 1% wealth in the world to a higher tier of top 1% wealth in the world.
  - Clubber 4y ago
  - virgildotcodes 4y ago
    Step 1) Person in Malawi buys Bitcoin. Step 2) ??? Step 3) Person's village experiences famine due to severe draught exacerbated by climate change driven by, among many other things, Bitcoin. Step 4) ??? Help, I can't find the step where they lift themselves out of poverty.
    - nr2x 4y ago
      Step 5) lift themselves out of poverty
  - deleted 4y ago
    [deleted]
  - logifail 4y ago
    > stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty If cryptos were stable, no-one would be making any money "investing" in them. (Genuine) Q: How exactly would that lift anyone out of poverty?
    - BobbyJo 4y ago
      I'm not a fan of crypto, but having a stable currency that the local government can't inflate/manipulate for their own gain would go a long way in many developing countries. Think about it this way, how much trade would the US have if our currency changed every 10-20 years and all of our old debt was effectively thrown out? How would people save to build a business? How secure would they feel investing in their own future?
      - logifail 4y ago
        > having a stable currency The devil's in the detail: "stable" but vs what, exactly? Local prices? Local incomes? Gold? USD? SDRs[0]? [0] https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14...
        BobbyJo 4y ago
        Stable, to some degree, in all of those respects, since they are interdependent. Being stable with respect to any of the above indicates a degree of stability with respect to the rest. You can't be stable against gold without a degree of stability against USD, as USD/Gold is pretty stable, and arbitrage would close the gap. Likewise with local prices and income. I'm not familiar with SDRs.
        logifail 4y ago
        > USD/Gold is pretty stable Umm, I'm not sure I can agree with that[0] To be fair, it was fairly stable until about 2006. However the whole point of "being stable" is also to be stable in times of external stress. USD/Gold fails that one quite spectacularly. [0] https://goldprice.org/charts/gold_30_year_o_x_usd.png https://goldprice.org/charts/gold_30_year_o_x_usd.png
  - Petersipoi 4y ago
    > I hope this is not a revealing comment on who you are Get off your high horse. Literally the entire stock market is based on trying guess better than other people and make money off of other people's poor decisions.
  - gitrog 4y ago
    > see a stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty Would you mind explaining to me, or linking to some resource you find convincing, how crypto would succeed in this goal? (or even which organisation or coin has this as a goal)
- cypress66 4y ago
  I assume he meant drops to 3k - 4k in 2018
  - toolz 4y ago
    no, I didn't - although admittedly I left that data point out to achieve a more shocking progression, if I'm being honest LOL but the point is still very self evident even with that data point.
mattbrewsbytes 4y ago
Do these line up with major markets downtowns? Fwiw, all major markets are down like 3% (so far) today. Crypto behaves more like a stock and typically when there are market downturns the more volatile stocks are impacted much more.
- atlasunshrugged 4y ago
  The irony of course being that for a while the pitch behind some crypto assets (at least Bitcoin) was that it was a hedge against inflation (which I would argue is what is roiling the traditional market now) and not correlated to overall stock market performance
lm28469 4y ago
I mean with that volatility idk what kind of usage it can get besides pure speculation. So either way you're making the same argument as the "crypto is not looking good long term" people
- deleted 4y ago
  [deleted]
bfgoodrich 4y ago
lolsal 4y ago
Volatility isn't a virtue for a currency. It's fine for speculative financial vehicles that involve cryptography in some way, though. That vehicle might be driving to $0, though.
celestialcheese 4y ago
This crash has the sparkle of DeFi, which makes it more toxic. With the amount of leverage we're seeing peek it's head up, and the size of these yield farming ponzis, the fallout could finally breach the barrier into real-world finance.
jjfoooo4 4y ago
The bad look is that major exchanges are freezing up with these drops
BenoitP 4y ago
https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/

by toolz 4y ago

spupe 4y ago

Bitcoin at 12k in 2017? Really? You should welcome all the nay saying here if you think Bitcoin is bound to go up again.

toolz 4y ago
I hope this is not a revealing comment on who you are, because I read that as "you should hope to speculate on some asset to make money off of other people simply because they were wrong" I'd much rather see a stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty than I would see it be a vehicle to take me from top 1% wealth in the world to a higher tier of top 1% wealth in the world.
- Clubber 4y ago
- virgildotcodes 4y ago
  Step 1) Person in Malawi buys Bitcoin. Step 2) ??? Step 3) Person's village experiences famine due to severe draught exacerbated by climate change driven by, among many other things, Bitcoin. Step 4) ??? Help, I can't find the step where they lift themselves out of poverty.
  - nr2x 4y ago
    Step 5) lift themselves out of poverty
- deleted 4y ago
  [deleted]
- logifail 4y ago
  > stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty If cryptos were stable, no-one would be making any money "investing" in them. (Genuine) Q: How exactly would that lift anyone out of poverty?
  - BobbyJo 4y ago
    I'm not a fan of crypto, but having a stable currency that the local government can't inflate/manipulate for their own gain would go a long way in many developing countries. Think about it this way, how much trade would the US have if our currency changed every 10-20 years and all of our old debt was effectively thrown out? How would people save to build a business? How secure would they feel investing in their own future?
    - logifail 4y ago
      > having a stable currency The devil's in the detail: "stable" but vs what, exactly? Local prices? Local incomes? Gold? USD? SDRs[0]? [0] https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14...
      - BobbyJo 4y ago
        Stable, to some degree, in all of those respects, since they are interdependent. Being stable with respect to any of the above indicates a degree of stability with respect to the rest. You can't be stable against gold without a degree of stability against USD, as USD/Gold is pretty stable, and arbitrage would close the gap. Likewise with local prices and income. I'm not familiar with SDRs.
        logifail 4y ago
        > USD/Gold is pretty stable Umm, I'm not sure I can agree with that[0] To be fair, it was fairly stable until about 2006. However the whole point of "being stable" is also to be stable in times of external stress. USD/Gold fails that one quite spectacularly. [0] https://goldprice.org/charts/gold_30_year_o_x_usd.png https://goldprice.org/charts/gold_30_year_o_x_usd.png
- Petersipoi 4y ago
  > I hope this is not a revealing comment on who you are Get off your high horse. Literally the entire stock market is based on trying guess better than other people and make money off of other people's poor decisions.
- gitrog 4y ago
  > see a stabilized crypto that could act as an amazing tool for people in poor countries to lift themselves out of poverty Would you mind explaining to me, or linking to some resource you find convincing, how crypto would succeed in this goal? (or even which organisation or coin has this as a goal)
cypress66 4y ago
I assume he meant drops to 3k - 4k in 2018
- toolz 4y ago
  no, I didn't - although admittedly I left that data point out to achieve a more shocking progression, if I'm being honest LOL but the point is still very self evident even with that data point.

mattbrewsbytes 4y ago

Do these line up with major markets downtowns? Fwiw, all major markets are down like 3% (so far) today. Crypto behaves more like a stock and typically when there are market downturns the more volatile stocks are impacted much more.

atlasunshrugged 4y ago
The irony of course being that for a while the pitch behind some crypto assets (at least Bitcoin) was that it was a hedge against inflation (which I would argue is what is roiling the traditional market now) and not correlated to overall stock market performance

lm28469 4y ago

I mean with that volatility idk what kind of usage it can get besides pure speculation. So either way you're making the same argument as the "crypto is not looking good long term" people

deleted 4y ago
[deleted]

bfgoodrich 4y ago

lolsal 4y ago

Volatility isn't a virtue for a currency. It's fine for speculative financial vehicles that involve cryptography in some way, though. That vehicle might be driving to $0, though.

celestialcheese 4y ago

This crash has the sparkle of DeFi, which makes it more toxic. With the amount of leverage we're seeing peek it's head up, and the size of these yield farming ponzis, the fallout could finally breach the barrier into real-world finance.

jjfoooo4 4y ago

The bad look is that major exchanges are freezing up with these drops

BenoitP 4y ago

https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/