Bitcoin has been on a tear this past year with the value of the cryptocurrency jumping from $8,000 to nearly $20,000. Well that run hit an abrupt end today as the price crashed as much as 23 percent on Coinbase. The price briefly dipped below $12,000 on some exchanges at around 7:30 am London time.
The drop — which wiped more than $4,000 from the value of bitcoin at one point — was the highest percentage loss of value that bitcoin has seen this year. The cryptocurrency was valued at just $998 on January 1 2017 and it soared to a record high of nearly $20,000 on some exchanges earlier this week.
It isn’t just bitcoin that has lost significant value. Ethereum (down 20 percent), Bitcoin Cash (down 30 percent), Litecoin (down 21 percent) and nearly every high-profile altcoin lost value over the last 24 hours, according to Coinmarketcap.com. Ripple was up seven percent, and just one of two coins to remain green over the past day.
Bitcoin isn’t the only crypto plunging, all but two of the most valuable 100 coins are down in value over the last 24 hours https://t.co/FfWgyk8F2u pic.twitter.com/ZnnmoUG3xP
— Jon Russell (@jonrussell) December 22, 2017
What’s causing the depreciation is anyone’s guess in the same way that nobody knows exactly why bitcoin’s price has slot up from a touch under $1,000 at the start of the year — although many do attribute that to financial institutions embracing the cryptocurrency.
That’s only likely to increase in 2018. Reports today suggest Goldman is preparing to trade bitcoin and other cryptocurrencies next year.
Goldman is one of a handful of financial organizations to offer Bitcoin Futures for selected clients. CBOE was first to offer the trading option on December 10, and it has since been joined by CME. There has been opposition from some banks who expressed concern at a lack of transparency and regulation around Bitcoin Futures.
Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.
- This article originally appeared on TechCrunch.
https://www.yahoo.com/tech/bitcoin-almost-every-other-cryptocurrency-102517319.html
Thanks for the heads up!
Like buying a steaming turd.
I have to disagree, Mark.
The steaming turd can be used as fertilizer. Bitcoin is only a novelty item. (the turd is worth more)
The steaming turd would be a physical asset, while bitcoin is just made up imaginary cloud currency that can’t be held or trader with common people.
This train has already left the station.
Well that was inevitable.
“….What’s causing the depreciation is anyone’s guess…”
Well then let me have a shot at it:
It was always a “toy currency” that attracted holders who had extra money to play with, but as belts are tightened all over the world, a lot of people cashed out while they could buy something tangible with the asset.
The fact of the matter is that with no official backing of any government, bank, or precious metal, it was always a novelty item that very few people had any real faith in as a currency. People don’t even trust U.S. Dollars anymore. Why would they hold onto virtual money?
All this volatility in crypto and the stupids will be screaming for regulation (or the ‘jew’ owned msm will lie and just tell you they do)…to bring order to all this chaos. Crypto is in its wild-west phase (internet late 90’s) just before the ‘jews’ ruin it….just like they’re doing to the internet and, well, everything else they cast their gaze on.
Same shit different day.
-flek
True……… ALL currencies/ systems are games by frequency traders….. thats where the money is made….. bubble up a currency or other tangible items…… get mad market crazies involved in the scheme, it then bubbles up wildly and then the progenitors of the bubble pop it by going short. they do this many times until the game is realized.
Only up 1500% in 2017 not 2000% – licking my wounds. Bitcoin is exposing the devaluation of the USD as the metals have failed to. They may be able to make paper markets to overcome this or make it illegal, etc, but I really don’t think they can. Many of the other cryptos were just made to attack bitcoin and other more effective attacks will come.
Bitcoin allows one to pull money out of the fractional reserve system and preserve it. Until I have evidence that this is not the case, I will support them. If they turn out to be just another jewish scam, I will not be surprised and I will continue to look for an opportunity to overthrow the strangle hold that they have on us through fractional reserve banking/usury. Save your money in bitcoin and use only cash locally. We must preserve the cash system.
Anyone else have a better idea? Please do let me know. Bitcoin offers the potential for a peaceful resolution to the problem of jewish control. We all know that outright war when we are so far outgunned will suck, possible to win or not. Take the power to coin money away from these asshats and we can deal with them on a fairer field.
oops- ^^ was talking about all cryptos, but I decided to just focus on bitcoin to keep it simple. I messed up my edits.
I’m not sure it’s as benign as it may appear. Some say it’s a fast-track to cashless society. I just wish I understood it better. No matter how I’ve heard it explained it always has some air of mystery to it.
Not that this is accurate or helpful, but it kinda shows I’m not the only one confused:
https://www.youtube.com/watch?v=kJ4NhaFXox4
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The Cryptos are just tools Galen. We still have to rely on the population to use them properly 🙁 . The good news is that bitcoin was launched and relatively few people knew about it. Those who got into it originally did so for idealistic reasons. These people are the main holders of bitcoin and they aren’t selling. Though the coins are not well distributed, because of the organic roll out, the distribution was generally better than cryptos that followed. They say there are only about a million coins available for trade.
By the time the other cryptos came along, people ascribed value to them already. There were many scams where people premined coins before releasing them to the public, and there were programming mistakes that led creators to roll back some new blockchains, which is something that bitcoin has not done and in theory something that it cannot do. As the recent segwit fork showed, it is very hard to make a change to bitcoin. It took about 2 years to push a needed change through that most people agreed on.
Ripple, Ethereum and Bcash are all put out and/or supported by the corporations, and in the case of the first two, there is no limit to the amount of coins that can be made. With Bcash, some miners had an unfair advantage that they wanted to keep, so they forked to avoid the changes/bug fix that was being introduced to the main bitcoin chain. Now the Bcash guys are promoting themselves as the real bitcoin.
This could be a nefarious plot to move everyone to a cashless society, though right now there are no cryptos that have market share for making purchases. Bill Still the producer of Money Masters promotes using a purely fiat currency like colonial script, and he may be right. In my opinion, people should be able to use whatever they want to as money and governments should be very limited in what they use, if governments are to exist at all. We should be using public banks who produce cash for us to use for private local transactions, and then we can save in bitcoin which is indeed scarce. From what I understand, this scarcity cannot be changed either.
The tangible things that bitcoin appears to have done so far:
1. It cannot be inflated (no printing more/fairer market)
2. It is not affected by borders (extremely portable)
3. It can be made very difficult to confiscate
4. It can be transferred to heirs in tact
5. It can be used privately with great care
6. Anyone can contribute/create tools for the network independently and anonymously
http://fromthetrenchesworldreport.com/money-basics-bitcoin/209976
I hope this helps. I’ll post good negative and positive arguments that I find.
I thank you, Bob. Too much for me to take in. Finances not a strength of mine. But I did find two follow-up articles you may want to consider. They were posted at the same source your article came from. I read them and all I can manage is to just take away bits and pieces that make a little sense. In this arena, my trust is quite low. Anyhow, I won’t be able to dive deep with you on this issue, just accepting my limitations, but here are the links, see what you think.:
11/24/17 — The Cryptocurrency, Bitcoin Scam:
http://www.newnationalist.net/2017/11/24/the-cryptocurrency-bitcoin-scam/
12/11/17 — Latest from the Parabolic World of Bitcoin:
http://www.newnationalist.net/2017/12/11/latest-from-the-parabolic-world-of-bitcoin/
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Yeah – the national socialists don’t trust it at all from what I’ve seen. All these articles are about centralized exchanges being hacked or going out of business. That is like a bank you deposited your gold in getting robbed. This type of article is a bit misleading because of this.
Most of the views against bitcoin make such fallacies which actually causes me to increase the chance in my own mind that it is a good thing developed by people who are really trying to fix the system. We’ll know more as time goes on.
Hey Bob, just came across this:
https://www.rt.com/business/414201-israel-considers-crypto-shekel/#.WkFbAfphomo.twitter
Ha! Who can say where this will go. Maybe crypto is really cryptic.
🙂
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More on Bitcoin, Chinese slave-labor, etc. Can’t say if everything here is true, but…:
https://www.youtube.com/watch?v=azBFItjvREg
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