Bitcoin deemed World's Worst Currency in 2014

[BiG StroOnZ]

If you're big into bitcoin, then we certainly hope that you had a good exit strategy in place when the value of the cryptocurrency took a nose dive this year.

 

In fact, bitcoin did so poorly this year, Bloomberg says that it was the world's worst currency for 2014. Just let that sink in a bit: Even with all the political issues plaguing the European and Asian landscape this year, mostly centered on Russia and Ukraine, their currencies' fluctuations were overshadowed by bitcoin's poor performance.

 

As Bloomberg calls out, bitcoin peaked at just around $1,130 or so a year ago. Since then, the currency's value has plummeted to just around $320. That's quite a bit of a loss, though it's not yet fatal for the currency that sprung into existence out of nothing in 2009.

 

 

Source: http://www.pcmag.com/article2/0,2817,2474241,00.asp

 

Never got into the whole mining craze myself, but I'm hoping most of you who did already pulled out months ago. But if you were an early adopter and made a small investment in the beginning, even if you cash in now you can still profit pretty well (like this guy). 

[Luc401]

Its not suppose to be a currency , its just to push the worlds issues with economy.

[Jobbe03]

loool, i think most people saw this coming though.

[Trik'Stari]

Now, if only the world would realize that bitcoin has the exact same actual value as the currencies we currently use.

 

Please note, I said actual value.

[LancerBG]

no shit. 

[SurvivorNVL]

I would've said that the Russian dollar was the worst, given it's.. like.. non-existent in value now  But it makes sense they'd vote crypto currencies.  To be fair, they're decentralized and that's bad for... our freedom!  Yeah.. that's it.  Freedom and the children!  Think of the kids!   If they were to talk about currency plummets, though - they should look at the value of gold and silver of the last few years as compared to now.

[Sidiox]

Now, if only the world would realize that bitcoin has the exact same actual value as the currencies we currently use.

 

Please note, I said actual value.

Please allow me to be nitpickey (for the lulz), paper is worth more then the electrons storing the bitcoins

 

But yeah I agree very much, although the only problem with bitcoin, atleast at the moment is that it is so volatile and unpredictable.  

[GhostWindGamer]

not surprising 

[deVIZtation]

Wow, was it really over a year ago when Bitcoin was worth that much? I remember it was so hard finding 7900 series graphics cards that the nvidia cards were cheaper than the amd cards.

[Aefweard]

  If they were to talk about currency plummets, though - they should look at the value of gold and silver of the last few years as compared to now.

As a guy who makes jewellery, you have no idea how happy I am about the falling price of gold/silver. 

 

that said, I think we all saw bitcoins fall coming, as it was getting way overhyped, like watchdogs level of hype (or maybe AC unity).

[KungPaoChino]

>Actual currency called the ruble crumbles (hurhurhur it rhymes)
>Then states crypto currencu sucks balls

>??? profit

[RuecanOnRails]

[Matu20]

I actually almost bought into the hype in February, but at the last moment decided not to waste money on potentially making a little profit. Best decision this year.

[zacRupnow]

How can it be the worst if its worth 1 bitcoin = $314 USD, even if its dropping, the worst currency is whatever is worth the least. Right now it is the Russian ruble.

[The Benjamins]

its just the hype is gone. but most people don't understand what money really is anyway. I use BTC when ever I can. its easier for me to use BTC then my CC or paypal.

[MoonSpot]

Now, if only the world would realize that bitcoin has the exact same actual value as the currencies we currently use.

 

Please note, I said actual value.

i disagree.  Bitcoin hasn't trained a single doctor, paved a single road, nor does it have any natural resources or assets within its boarders.  It is worth less than any actual currency that is backed by any actual country.  Though I realize you're probably trying to convince people that their countries currencies are worthless, to which I would disagree with you there as well.

[Kyuubixchidori]

and what? was its 2013 best currency from growing from nothing to over a thousand dollars?

[BuckGup]

I toured Miami University and they were talking on how they were going to buy a bunch to stimulate it again.

[The Benjamins]

i disagree.  Bitcoin hasn't trained a single doctor, paved a single road, nor does it have any natural resources or assets within its boarders.  It is worth less than any actual currency that is backed by any actual country.  Though I realize you're probably trying to convince people that their countries currencies are worthless, to which I would disagree with you there as well.

Any money/currency only has the value of the beholder. you should never assume or believe the value someone or something says it is. but what he is saying is that it has no intrinsic value, if the USA falls the value of the USD can become worth nothing over night. money also requires trust, trust that it can't turn to nothing over night, and government fiat currency dose that by it insuring value.

[IdeaStormer]

Its like picking on a baby for not knowing anything, its freaking new, what if we vote on most innovative currency with the potential to F-all the rest up? Who wins?

[Yummychickenblue]

Well who decided to make a tree a qualified economist anyway?

[TopWargamer]

This doesn't surprise me, although I still support the Bitcoin. 

[IdortMasterRace]

i disagree.  Bitcoin hasn't trained a single doctor, paved a single road, nor does it have any natural resources or assets within its boarders.  It is worth less than any actual currency that is backed by any actual country.  Though I realize you're probably trying to convince people that their countries currencies are worthless, to which I would disagree with you there as well.

 

I... don't think you understand how currencies work.

 

Also, you realise a majority of the worlds money doesn't exist in physical form, right?

[Tygron]

Please allow me to be nitpickey (for the lulz), paper is worth more then the electrons storing the bitcoins

But yeah I agree very much, although the only problem with bitcoin, atleast at the moment is that it is so volatile and unpredictable.

But that paper cost an arbitrary amount and on that paper is ink that cost an arbitrary amount and that ink shows a certain value for which we want this particular piece of paper to be worth in the value system. The ink cost you these made up physical objects to show value and so does the paper. We have created a value and put a physical object behind it. The same as bitcoin. We have made bitcoin valuable even though it is nothing more than some bit of data attached to mean that it is a certain number of bitcoin. The hard drives involved, the paper and the electrons the ink.

We don't need money to function in society but society has made it a permanent thing.

People enjoy being scientists or engineers. Science wouldn't be held back by money constraints along with so many other things. There would likely be a system in place of some kind but Much looser one probably. But unfortunately people wanna be king and rule others. Humans are horrible creatures. We lie and steal and control to get what we want even for a noble cause. And because of this money has come into the picture until collectively we wake up. We could be far more advanced than we are right now. But money and control have taken that away from us. It has taken perhaps a more meaningful existence away from us all than these meaningless day to day lives we live.

So... Yea... at least that's my opinion.

[felixbearpig]

because people used it as stock and not currency