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Bitcoin has lost more than 80% of its value at least four times in its short 10yr existence. It, and all other crypto, are highly volatile. Every time they go
by SkyMarshal 4y ago
Bitcoin has lost more than 80% of its value at least four times in its short 10yr existence. It, and all other crypto, are highly volatile. Every time they go through one of these stages, people publish articles like these, asking if this time is the end.
But the builders just keep building, advancing the tech and extending its capabilities. Largely because cryptocurrencies are a fascinating engineering problem, which combine cryptography and distributed systems in a way never done before, and which also incorporate programming language theory, networking, computer and network security, economics, and law into the mix. It’s one of the most multi-disciplinary technologies there is. Like catnip for engineers, they just can’t stop building this stuff.
- throwoutway 4y agoWell there has always been a supply of victims (err investors*, but after the last two crashes , what if the well has ran dry?
- gota 4y agoRight. The real measure is not % of loss from top-value, rather it should be # of people that both don't understand the technology & have lost money speculating on it (i.e. how many people bought into hype and got burned) There's a finite amount of people to buy-in next cycle
- beernet 4y agoIs this 2018? The comments are the same. Not a crypto head but nay sayers will be nay sayers. Kinda disappointing
- JumpCrisscross 4y ago> Is this 2018? Nope [1]. [1] https://fred.stlouisfed.org/series/FEDFUNDS https://fred.stlouisfed.org/series/FEDFUNDS
- SkyMarshal 4y agoYeah this is the first time cryptocurrency is being tested in an inflationary and potentially very high interest rate environment. It’s clear that it’s all just another risk asset, whose price goes up when credit/money is cheap and plentiful, and down when it’s not. A big question is, can Bitcoin miners (and validators on other blockchains) survive? Going to get some useful empirical evidence on that question over the next few years.
- ayngg 4y agoArticles like this all read the same way. Sure he can frame his student as some kind of expert, but clearly if she is referencing youtube videos about price action in crypto she doesn't really have an understanding worth framing your criticism around. For all of these articles, it feels everyone's idea of crypto does not extend beyond dunking on stuff dumb retail meme traders (who have no idea what is going on) say on twitter instead of the people actually building the technology. I'm not even an expert but even I can see the way everyone approaches it in such poor faith is like building a caricature of what they think crypto is to justify their feelings towards it.
- imtringued 4y agoImagine if the real economy ran on this currency. It wouldn't last very long.