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Bitcoin bloodbath nears dot-com crash levels as hundreds of other cryptocurrencies go to zero

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Davaoeno

 

Bitcoin, which has dropped 70 per cent from his December 2017 high, has bounced back from bigger losses before, but it may not be able to repeat that feat now.

Bitcoin’s meteoric rise last year had many observers calling it one of the biggest speculative manias in history. The cryptocurrency’s 2018 crash may help cement its place in the bubble record books.

Down 70 per cent from its December high after sliding for a fourth straight day on Friday, Bitcoin is getting ever-closer to matching the Nasdaq Composite Index’s 78 per cent peak-to-trough plunge after the U.S. dot-com bubble burst. Hundreds of other virtual coins have all but gone to zero — following the same path as Pets.com and other red-hot initial public offerings that flamed out in the early 2000s.

While Bitcoin has bounced back from bigger losses before, it’s far from clear that it can repeat the feat now that much of the world knows about cryptocurrencies and has made up their mind on whether to invest. Bulls point to the Nasdaq’s eventual recovery and say institutional investors represent a massive pool of potential cryptocurrency buyers, but regulatory and security concerns have so far kept most big money managers on the sidelines.

“You’ll have to see the market reverse before you see” institutions pile in, Peter Smith, chief executive officer of Blockchain Ltd., which introduced a crypto trading platform for professional investors on Thursday, said in an interview on Bloomberg Television.

Bitcoin declined as much as 4.2 per cent to US$5,791 on Friday, the lowest level since November, according to Bloomberg composite prices. It traded at US$5,878 as of 10:33 a.m. in New York, down 59 per cent for the year and heading for a second-quarter loss of 14 per cent. Other coins including Ether and Litecoin slumped more, while the combined value of tokens tracked by CoinMarketCap.com declined to US$236 billion. At the peak of crypto-mania, they were worth about US$830 billion.

While it was difficult to find fresh catalysts for Bitcoin’s drop on Friday, hacks at two South Korean exchanges and a regulatory clampdown in Japan have weighed on sentiment in recent weeks. Regulators around the world have stepped up scrutiny of cryptocurrencies on concern that they’re a breeding ground for illicit activity including money laundering, market manipulation and fraud.

Lesser-known tokens have been hit the hardest. Dead Coins lists around 800 that are effectively worth nothing, while Coinopsy puts the tally at more than 1,000. Fewer than 4 per cent of coins with market caps from US$50 million to US$100 million were successful or promising, according to a March analysis from ICO advisory firm Satis Group.

Bitcoin may not go to zero, but it’s “very much” a bubble, Robert Shiller, the Nobel laureate economist whose warnings about dot-com mania proved prescient, said in an interview with Bloomberg Television’s Tom Keene on Tuesday. Last year’s Bitcoin surge was “not a rational response,” he said.

–With assistance from Olga Kharif.

http://theprovince.com/technology/blockchain/bitcoin-bloodbath-nears-dot-com-crash-levels-as-hundreds-of-other-cryptocurrencies-go-to-zero/wcm/32d1cd2f-7275-4860-a986-d5ed3b87ec43

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Headshot

Like I said. It was based on nothing but hope and greed. NOT a good combination.

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savarity

I never bought coins, but accepted them on our site for years now (although we had to stop for a time late last year into this year), and so i also sold them and spent them.

I don't see anything to 'invest' in though, but they are useful. Some websites, in certain industries, online pharm for example (which is not my industry), use coins as their only payment option.

So going forward, i think these things have a place, but they can function just as well if they are priced at $100 or $100,000 per 'coin,' because the product people will be buying with them will really be priced in $, €, £, ¥, etc, not in 'coins.'

I certainly wouldn't invest my hard earned money in these things.

Sent from my SM-G925V using Tapatalk

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DeedleNuts

I made decent gains and got out. No complaints. 

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rep1
On 6/30/2018 at 12:05 PM, Headshot said:

Like I said. It was based on nothing but hope and greed. NOT a good combination.

The whole world is based on hope and greed.

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Salty Dog

dittosmiley.gif

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GwapoGuy

What goes down must come up!

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lopburi3

Are we talking coins or body parts?  🙂

Personally would prefer they fail as there is no accountability and indeed they were primarily used as means to avoid legal tracking (by users - understand many others bought them as investment and often pay the price).

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rep1
1 hour ago, lopburi3 said:

there is no accountability and indeed they were primarily used as means to avoid legal tracking

The governments are free to set up address registration, forcing all legal exchanges and their users to join, and prosecute anyone who do transaction with a non registered address.

Once registered the system would be much more transparent and accountable than anything we have now. And zero privacy left.

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T.S.

Bitcoin Price by year...

July 8, 2018 - $6,730
July 8, 2017 - $2,571
July 8, 2016 - $666
July 8, 2015 - $270

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Oz Jon
Posted (edited)

From the beginning, bitcoin (and the other cryptocurrencies) were just elaborate Ponzi schemes.

There is no real value backing.

Sale price depends only on what someone else is willing to pay, unlike other securities where there is some asset or service backing which can be unemotionally and realistically valued, current value and future value.

If you are a gambler (or maybe a tax-avoider or money launderer?)  then cryptocurrency is a good vehicle.

Edited by Oz Jon
additions

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Davaoeno
37 minutes ago, T.S. said:

Bitcoin Price by year...

July 8, 2018 - $6,730
July 8, 2017 - $2,571
July 8, 2016 - $666
July 8, 2015 - $270

Lets have a more comprehensive list year by year :

July 8, 2018 - $6,730

Dec 17, 2017- $19,086
July 8, 2017 - $2,571
July 8, 2016 - $666
July 8, 2015 - $270

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samatm
Bitcoin Price by year...

July 8, 2018 - $6,730
July 8, 2017 - $2,571
July 8, 2016 - $666
July 8, 2015 - $270
So if i had bought 100 bc in 2015 instead of my car , I'd be up about 600k... Dollars mind you.

Sent from my CPH1613 using Tapatalk

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smokey
49 minutes ago, samatm said:

So if i had bought 100 bc in 2015 instead of my car emoji594.png, I'd be up about 600k... Dollars mind you.

Sent from my CPH1613 using Tapatalk
 

Yes and i bought that lot in hollywood when i got out of army i would be up 12 million could of and would of dont count

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rep1
5 hours ago, Oz Jon said:

There is no real value backing.

Sale price depends only on what someone else is willing to pay, unlike other securities where there is some asset or service backing which can be unemotionally and realistically valued, current value and future value.

How much would you pay for that? What's the real value?

No._6_(Violet,_Green_and_Red).jpg

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