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A little less than a year later, Bitcoin is now 1/3 of the value it was at its peak in December 2017

Trojita

Trojita

Member
Oct 25, 2017
5,721
Bitcoin is currently sitting at $5,529.24 USD.

Last winter the cryptocurrency was at $17,900 USD on December 15, 2017.


https://arstechnica.com/tech-policy...es-12-percent-reaching-lowest-value-in-a-year

Imminent Bitcoin Cash schism triggers cryptocurrency selloff
Bitcoin's price has fallen more than 12 percent over the last 24 hours to $5,400, the lowest price for the popular cryptocurrency in more than a year.

Bitcoin's plunge is part of a broader cryptocurrency sell-off. Ethereum has fallen more than 15 percent over the last 24 hours, while Bitcoin Cash is down 18 percent.
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Cryptocurrency markets are jittery ahead of a high-stakes "hard fork" of Bitcoin Cash. Rival factions are pushing different, mutually incompatible versions of the spinoff cryptocurrency, and the two versions are scheduled to create separate, competing versions of the blockchain starting on Thursday. The schism could create confusion among users and damage the reputation of the cryptocurrency.
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Sectorseven

Sectorseven

Member
Oct 25, 2017
6,560
What happened to all those GPUs that were bought up for mining, are they still going at it, or are they for sale on the used market?
 
OP
OP
Trojita

Trojita

Member
Oct 25, 2017
5,721
Sectorseven said:
What happened to all those GPUs that were bought up for mining, are they still going at it, or are they for sale on the used market?
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There are a lot of self employed "entrepreneurs" that are really really pissed, but those were mostly for farming other cryptocurrencies that still mined well with gpu's. Places like Best Buy had a lot of returns from what I remember months ago.
 

Deleted member 36578

Dec 21, 2017
26,561
It being worth $5000 is still mind blowing to me. Tbh I find it worthless so the fact it's still valuable will always surprise me.
 
BearPawB

BearPawB

I'm a fan of the erotic thriller genre
Member
Oct 25, 2017
4,004
I "get it" as far as wanting a currency outside of governmental control.
But it still seems most people are into it as gambling more than anything.
 
Daitokuji

Daitokuji

Member
Oct 27, 2017
2,602
99% of people in crypto just want to get rich quick. It has little to no real world usage. The only way it has gotten so expensive is that they keep getting more and more suckers to buy. But this time bitcoin finally reached mass popularity. Not sure where the next group of suckers will come from to hype it up again.
 
chuey

chuey

Member
Oct 28, 2017
1,036
There is this ghetto liquor store near me that has a bitcoin ATM. I'm temped now to buy low.
 
Brandson

Brandson

Member
Oct 26, 2017
2,219
As someone who warned (in the Crypto OT) about the possibility of seeing $6k per Bitcoin again in December 2017, and also warned back in September that 6k was not likely to hold through the end of 2018, I think there is ultimately more downside to come. As it just broke through price supports that have held all year, it's not likely to go on a bull run anytime soon.
 
Jmille99

Jmille99

The Fallen
Oct 25, 2017
2,100
I was a fool and jumped in when it was roughly $12,000 last year.

Still have it.

Whoops!
 
BocoDragon

BocoDragon

Banned
Oct 26, 2017
5,207
Daitokuji said:
99% of people in crypto just want to get rich quick. It has little to no real world usage. The only way it has gotten so expensive is that they keep getting more and more suckers to buy. But this time bitcoin finally reached mass popularity. Not sure where the next group of suckers will come from to hype it up again.
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There is plenty of real world usage in terms of the actual blockchain. It's also a great way for a business to raise money by selling tokens in an ICO. I don't know how much value it has as a currency to buy and sell everyday goods with, though.
 

admiraltaftbar

Self-Requested Ban
Banned
Dec 9, 2017
1,889
I haven't seen any "self proclaimed best market analyst says Bitcoin will reach $100k by 2019" articles in awhile. I can't imagine why.
 
Vivian-Pogo

Vivian-Pogo

Member
Jan 9, 2018
2,044
Crypto is a get poor quick scheme.

I bought $50 in crypto like 5 days ago to buy something online, only to have it get stuck with a 12 day hold and now it's worth $41.
 
Daitokuji

Daitokuji

Member
Oct 27, 2017
2,602
admiraltaftbar said:
I haven't seen any "self proclaimed best market analyst says Bitcoin will reach $100k by 2019" articles in awhile. I can't imagine why.
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Nah, people are still drawing lines on graphs and predicting bitcoin to MOON

chart.png
 
subpar spatula

subpar spatula

Refuses to Wash his Ass
Banned
Oct 26, 2017
22,187
Bitcoin was your standard get rich hype machine. Grand majority never would have made money because that's not how these currencies work. I got exactly 1 bitcoin. It will die with the ship.
 
effingvic

effingvic

Member
Oct 25, 2017
14,548
I lost basically all my crypto money. Should have sold in January. Oh well. At least it was only a few thousand bucks.
 

Deleted member 8561

user requested account closure
Banned
Oct 26, 2017
11,284
mmazurkiewicz said:
I wonder how the online drug dealers have made money on it during the past year with the price falling.
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Don't think you understand how BTC works. You can sell BTC to USD, so if someone pays you 50USD in BTC, you can just turn around and sell that BTC for 50USD. It's not like they are forced to hold BTC after a transaction or that the value of that transaction is static.
 
nyttyn

nyttyn

Member
Jan 16, 2018
28
My personal speculation is it'll have one last hurrah spike at some point, most likely a temporary market pump, then people will quickly dump their stockpiles of bitcoin for as much as they can get out of it. It's simply out of potential places to grow from, and the only logical thing left is a pump and dump cash out by the people sitting on it still.
 

mmazurkiewicz

Attempted to circumvent ban with alt account
Banned
Oct 30, 2017
213
TheLostBigBoss said:
Don't think you understand how BTC works. You can sell BTC to USD, so if someone pays you 50USD in BTC, you can just turn around and sell that BTC for 50USD. It's not like they are forced to hold BTC after a transaction or that the value of that transaction is static.
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yeah I guess they must be doing that immediately for each transaction otherwise they're losing money.
 

ISOM

Banned
Nov 6, 2017
2,684
There must be some amazing stories of money lost in this whole crypto coin frenzy.
 
Soda

Soda

Member
Oct 26, 2017
8,968
Dunedin, New Zealand
I put ~$200 in a few alt-coins around October 2017. They went up to a value of around $12,000 at their peak, and now are around $1,000 I believe. I'm just holding and whatever happens, happens. Maybe things will blow-up again some day, maybe not, but $200 isn't the end of the world to me either way, thankfully.

The whole thing is fascinating from quite a few angles, though. Horrible for the environment, at least in the case of mining coins like BTC.
 
TarpitCarnivore

TarpitCarnivore

Member
Oct 25, 2017
20,257
BocoDragon said:
There is plenty of real world usage in terms of the actual blockchain. It's also a great way for a business to raise money by selling tokens in an ICO. I don't know how much value it has as a currency to buy and sell everyday goods with, though.
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Haven't a ton of ICO's been proven to be scams?

I think you''re right in that it needs to be said that outlets need to get better at education on block chain vs bitcoin. That said, I still have not read about an actual great value to something like block chain. As in, it would be easy enough for a business to flip over to relying on block chain to handle data.
 
Ryuelli

Ryuelli

Member
Oct 26, 2017
15,209
I put about $300 into various coins at different points. I'm pretty much right where I started, maybe a little less (never cashed out). If these things never recover, oh well. It was fun while it lasted. If they do, neat.
 
TechnicPuppet

TechnicPuppet

Member
Oct 28, 2017
10,875
Soda said:
I put ~$200 in a few alt-coins around October 2017. They went up to a value of around $12,000 at their peak, and now are around $1,000 I believe. I'm just holding and whatever happens, happens. Maybe things will blow-up again some day, maybe not, but $200 isn't the end of the world to me either way, thankfully.

The whole thing is fascinating from quite a few angles, though. Horrible for the environment, at least in the case of mining coins like BTC.
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I put about 800 in, they got upto 30k odds. Now sitting at 8 or 9k. I'm not touching them they can stay there as I'll see what happens in a few years.
 
Daitokuji

Daitokuji

Member
Oct 27, 2017
2,602
Bitcoin volume has been really low for the last few months so you get long periods of stability, and then someone comes in to sell, and the price crashes and then you get long periods of low volume, stability again.
 
ty_hot

ty_hot

Banned
Dec 14, 2017
7,176
I could have bought 50 bitcoin for 100 dollars when I was a teenager... I always remember this. Anyway, last year I got some in August and sold in Jan/Feb, tripled my investment.
 
BocoDragon

BocoDragon

Banned
Oct 26, 2017
5,207
TarpitCarnivore said:
Haven't a ton of ICO's been proven to be scams?
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Yup, about 80% were scams. Total shitshow.

But now governments are stepping in with regulation, they'll be closely monitored and the scams prosecuted, and forever after ICOs will probably be the best way for an organization to raise money.

TarpitCarnivore said:
I think you''re right in that it needs to be said that outlets need to get better at education on block chain vs bitcoin.
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Definitely. It's as if we're talking about "coal", and everyone knows that you can buy, sell, and trade coal.... but like 1% of people know that coal has an actual industrial purpose beyond just its tradable value.

(Bitcoin less so. Ethereum, with its smart contracts, is a much more promising crypto in this regard.)

TarpitCarnivore said:
That said, I still have not read about an actual great value to something like block chain. As in, it would be easy enough for a business to flip over to relying on block chain to handle data.
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It's definitely a Wild West now. Like a technology in search of a purpose. Some big companies and a million startups are throwing ideas for decentralized utilities against the wall, and some will stick and be the next big thing. If I could tell you what they are, then I'd be a billionaire, but I have no idea.
 
Amory

Amory

Member
Oct 27, 2017
1,161
I'll bet it'll shoot up again at some point.

I'm not going to buy any, mind you, but I think it'll happen
 
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