End of Cryptocurrency is near as Bitcoin drops to new lows

[will_pseudonym]

"Neil Wilson, the chief market analyst at Markets.com, called it a "bloodbath."

“Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market,” Wilson told The Guardian."

Disclaimer: I have never owned cryptocurrency.

It's always humorous to me that analysts end up recommending you buy when the prices are at absolute highs, and never recommend buying at relative lows. The fundamentals of BTC haven't changed from a year ago. If you believe in BTC at all, it's a steal right now compared to its potential future value or its previous high from last year.

[sdinsn]

> The fundamentals of BTC haven't changed from a year ago

Arguably, they have, due to hard forks.

[yasp]

I have zero financial interest in cryptocurrency. However, I don’t expect this to be any different than the pop of the dot com bubble. Many people will swear off cryptoassets, but eventually will emerge certain coins that will end up analogous to the current “dot com” stalwarts.

[Yetanfou]

I'd like to propose a currency which value is linked to an intrinsic, unchangeable property of the human race: the amount of water needed daily by an average inhabitant of this planet. Mark that I state 'needed', not 'used' as that number varies enormously depending on where you look and who you look at. To makes things a bit easier we'll set this amount to 5 liters, this being slightly more than needed but still a small enough number to work with. 1 unit of this currency will buy you this amount of water both now as well as in the future. This should make the currency worthless as an investment option but stable as an exchange medium, just what is needed to allow this currency to remain viable in the now and in the future no matter how many very hungry caterpillars [1] try to hoard it. Call the smallest fractional denomination a Drop, 100 Drops are a Thimble, 100 Thimbles a Swig, 100 Swigs a Pail, this being the smallest non-fractional denomination.

Yes, there are problems here, e.g. how to organise emission of this currency into the market without creating the same problems as current fiat currencies. The basic idea of having a currency which by nature can not be used for investment purposes as its relative value is guaranteed to remain stable over time does serve a purpose but it needs some more thought.

[1] https://en.wikipedia.org/wiki/The_Very_Hungry_Caterpillar

[bitxbitxbitcoin]

This isn’t the end anymore than any of the last times were the end.

[electic]

Seems like a clickbait title that is not even the title on the original article on the site.

Either way, this is nothing compared to the 2015 crash and probably the 100th time someone has said it's over when it really isn't.

[moneytide1]

I don't hoard BTC so I can "get rich".

I use BTC to actually purchase goods/services, but this recent roller coaster is starting to spook my vendors away from transactions.

Thanks alot, bitcoin "investors"

[arnvald]

It's the end for a lot of cryptocurrencies (which is good, they've been so hyped and yet most of them didn't provide any value), but not the end of the concept of cryptocurrency.

[deweller]

I remember when Newsweek was a credible news organization. But they lost all of my respect when they published a piece claiming that they had found Satoshi Nakamoto.

[willio58]

No it isn’t. It’s just one more dip as the bubble sheds some volume. There will probably be more dips, but the ideas behind cryptocurrency are being implemented in some businesses as this bubble pops.

[ggm]

end for some.