Bitcoin is down 50 per cent since 2017, and few other cryptocurrencies are much better off

[Cyanara]

Source: http://www.abc.net.au/news/2018-06-18/the-biggest-cryptocurrencies-are-having-a-really-bad-year/9869314

In what is likely schadenfreude for many gamers, ABC News in Australia has produced a graph of the 50 biggest cryptocurrencies and their percentage change in price since December 31, 2017. While the decline of major cryptocurrencies in that time may not by itself be news, the graph provides a devastating visualisation of just how much cryptocurrency bubbled as it hit mainstream attention.

Quote

The combined market capitalisation of the top 50 largest cryptocurrencies has dropped over $387 billion this year, a decline of over 53 per cent.

Today, 90 per cent of these top coins are worth less than they were at the start of the year.

 

And not just worth less, but typically much less. It really drove home for me how many of these cryptocurrencies there must be. Only 4 of the listed currencies have increased in value, all of which I've never heard of. This presumably makes video cards vastly less viable for mining now.

[NMS]

There still was no LinusCoin so we could marvel at its drop in this article... I'm very disappointing in LMG.

[Guest]

Completely understandable. No fad can take off if Apple haven't invested in it first. Just look at all the great Apple technologies; Firewire, Thunderbolt, Poor Worker Conditions, USB-C, Removing the 3.5", Ultrabooks, Tax Evasion, Normal Money, CEOs with Glasses. Patented. 

[asus killer]

a lot of people lost a lot of money betting on this. And a couple of smart people are now a lot richer. That insane rise was pure manipulation.

And i bet we haven't seen the last of this, a lot of people may be waiting for it to tank to a certain level to inflate it again and make a killing of the poor bastards again.

[Kukielka]

"It's a Bubble! It's a bubble!"

You see that in the middle there? That was the Dot-Com crash, look where we are now

[Sakkura]

Bitcoin is up 151% since 1 year ago...

 

Ethereum is "only" up 41% since 1 year ago.

[asus killer]

5 minutes ago, Sakkura said:

Bitcoin is up 151% since 1 year ago...

 

Ethereum is "only" up 41% since 1 year ago.

glass half full

[The Benjamins]

This is the worst article ever. No graphs of price over time, no price information at all. We just have to trust them at their word. lol

[Antistatic12]

It could be a proper market correction, or maybe it is the end. Who knows.

I'm surprised I haven't seen a FortniteCoin, also where is LinusCoin?. Is LTT still working on it??

[mariushm]

The decrease is partially due to a couple of big sells over the last months.

One of the lawyers that were involved with the whole Mt. Gox crap years ago got permission from the Japanese to start selling some of the confiscated bitcoins from that time, back when the bitcoins were worth much less. So he periodically put batches of bitcoins for sale, and naturally every time bitcoins are put on sale, the price drops a bit.

 

See https://www.bloomberg.com/news/articles/2018-03-07/bitcoin-s-tokyo-whale-sold-400-million-and-he-s-not-done-yet

 

Quote

Nobuaki Kobayashi has become a force to be reckoned with in the cryptocurrency world.

 

The Tokyo attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange disclosed on Wednesday that he sold about $400 million of Bitcoin and Bitcoin Cash since late September. Kobayashi, who’s liquidating the tokens on behalf of Mt. Gox creditors, has another $1.9 billion to offload.

 

A New Kind of Bitcoin Whale

 

Mt. Gox's bankruptcy trustee is offloading cryptocurrencies to repay creditors

Once the world’s biggest Bitcoin exchange, Mt. Gox filed for bankruptcy protection four years ago after disclosing that it lost 850,000 Bitcoins, then worth about $500 million. The company, which later said it recovered about 200,000 Bitcoins, blamed hackers for the loss.

 

While Kobayashi didn’t provide details of his strategy for selling the coins, he said he tried to get “as high a price as possible.” Disclosures in his report on the Mt. Gox website suggest his Bitcoin sales since September fetched the equivalent of $10,105 on average. The cryptocurrency was trading at $10,031 as of 6:45 a.m. Hong Kong time on Thursday.

 

There was also a seller this week or last week that put a few thousand bitcoins for sale all of the sudden, dropping the value of bitcoin further.

 

Then you have a lot of ICOs like the most recent being EOS - a lot of people have bought ETH to buy tokens and invest in the ICO and when such an ICO is complete, the people behind the ICO try to sell those ETH or Bitcoin to finance themselves (pay programmers, office spaces etc) so again, the value drops a bit...

 

If you guys can be patient, my opinion is that prices will go up slowly, at least in the case of ETH I trust it as they have lots of companies and organizations using the platform, launching various things on it, and there's lots of future upgrades planned for ETH. There will be some stuff like moving from mining to staking that could lower the price a bit, but all the other upgrades that should happen in the next period (months to 1y or so) should increase the price.

 

[mr moose]

Que in made up reasons and half thought out excuses.   It's time to start pretending we understand economics again...

 

 

 

1 hour ago, Kukielka said:

"It's a Bubble! It's a bubble!"

You see that in the middle there? That was the Dot-Com crash, look where we are now

 

It took 13 years to regain the growth it made/lost in 3 years starting mid 1998 not accounting for inflation and market forces.  If we assume bitcoin will follow the same path then it won't gain the same value again until 2030.  Then you have to consider changes in the market, changes in consumer relevance and most importantly you have to allow for inflation, because contrary to popular opinion, bitcoin is not immune to inflationary forces. 

 

[TetraSky]

43 minutes ago, Kukielka said:

"It's a Bubble! It's a bubble!"

You see that in the middle there? That was the Dot-Com crash, look where we are now

So what do you want us to look at here? What's your point? The Dot-Com bubble bursting and it taking 10+ years to recover to the same levels? Just because it recovered in the long run, doesn't mean it wasn't a bubble that popped when it started.

Bitcoin as it is right now, is a bubble that's currently deflating. It might recover like the NASDAQ did after the dot-com bubble, but it won't be anytime soon.

[Christophe Corazza]

So you’re telling me it’s time to buy?

[Kukielka]

1 hour ago, mr moose said:

Que in made up reasons and half thought out excuses.   It's time to start pretending we understand economics again...

 

 

 

 

It took 13 years to regain the growth it made/lost in 3 years starting mid 1998 not accounting for inflation and market forces.  If we assume bitcoin will follow the same path then it won't gain the same value again until 2030.  Then you have to consider changes in the market, changes in consumer relevance and most importantly you have to allow for inflation, because contrary to popular opinion, bitcoin is not immune to inflationary forces. 

 

 

1 hour ago, TetraSky said:

So what do you want us to look at here? What's your point? The Dot-Com bubble bursting and it taking 10+ years to recover to the same levels? Just because it recovered in the long run, doesn't mean it wasn't a bubble that popped when it started.

Bitcoin as it is right now, is a bubble that's currently deflating. It might recover like the NASDAQ did after the dot-com bubble, but it won't be anytime soon.

Exactly, you can do whatever you want with this information. All I'm saying is that it might be a good idea to throw in a couple of spare dollars into the crypto world

 

[mynameisjuan]

Its peak was in Dec 2017 when it was what, 20k? So down 50% still leaves it quite high. 

 

But it leaves a good click bait title. 

[Brooksie359]

20 minutes ago, Kukielka said:

 

Exactly, you can do whatever you want with this information. All I'm saying is that it might be a good idea to throw in a couple of spare dollars into the crypto world

 

Would be better off investing in a stocks if you are looking to make money in the long term. If you are trying to make a quick buck then crypto probably isn't the best way to do it currently. 

[Kukielka]

2 minutes ago, Brooksie359 said:

Would be better off investing in a stocks if you are looking to make money in the long term. If you are trying to make a quick buck then crypto probably isn't the best way to do it currently. 

Oh, im good. Thanks! 

[Brooksie359]

2 minutes ago, Kukielka said:

Oh, im good. Thanks! 

I mean if you would rather invest in the unregulated cluster #### that is cryptocurrency then fine by mean. Just saying it isn't the smartest move when you consider the risk involved. If you invest in a diverse set of stocks you will earn money over the long term because the stock market is always upward trending over the long term just like the graph you showed earlier. 

[The Benjamins]

1 hour ago, mr moose said:

Que in made up reasons and half thought out excuses.   It's time to start pretending we understand economics again...

 

 

 

 

It took 13 years to regain the growth it made/lost in 3 years starting mid 1998 not accounting for inflation and market forces.  If we assume bitcoin will follow the same path then it won't gain the same value again until 2030.  Then you have to consider changes in the market, changes in consumer relevance and most importantly you have to allow for inflation, because contrary to popular opinion, bitcoin is not immune to inflationary forces. 

 

 

1 hour ago, TetraSky said:

So what do you want us to look at here? What's your point? The Dot-Com bubble bursting and it taking 10+ years to recover to the same levels? Just because it recovered in the long run, doesn't mean it wasn't a bubble that popped when it started.

Bitcoin as it is right now, is a bubble that's currently deflating. It might recover like the NASDAQ did after the dot-com bubble, but it won't be anytime soon.

10 years lol, go look at it again, It had a 1 year spike with values of around the same before and after. it didn't even need to recover.

 

Also the title is very miss leading, just look at the growth it had over 2 years, yes it had a spike and correction but over all it is FAR higher then it was 1.5 years before.

 

Its been on a slight decline for the past few months but nothing to be alarmed about. Call me when after a correction it is less then before, because in the history of BTC it has never done that.

 

https://blockchain.info/charts/market-price?timespan=2years

[Kukielka]

12 minutes ago, Brooksie359 said:

I mean if you would rather invest in the unregulated cluster #### that is cryptocurrency then fine by mean. Just saying it isn't the smartest move when you consider the risk involved. If you invest in a diverse set of stocks you will earn money over the long term because the stock market is always upward trending over the long term just like the graph you showed earlier. 

Hey dude, I sincerely thank you, however I'm not in need of financial advices.

[The Benjamins]

27 minutes ago, Brooksie359 said:

I mean if you would rather invest in the unregulated cluster #### that is cryptocurrency then fine by mean. Just saying it isn't the smartest move when you consider the risk involved. If you invest in a diverse set of stocks you will earn money over the long term because the stock market is always upward trending over the long term just like the graph you showed earlier. 

So far with cryptocurrencies they have also grown over time, BTC to be specific has been on a upwarded trend the whole time, despite the spike and corrections that have not slowed it growth which really has only accelerated it.

10 minutes ago, VegetableStu said:

I wonder what does this mean for people just inventing new cryptos to bank in on the obscure-coin-early-adopter market ._.

nothing, if you look at the chart the article has it shows the "new" coins had high returns.

 

This article is super miss leading with click bait titles, with no real info provided.

[Vode]

All of Crypto is up multiple times from 1 year ago...

[suicidalfranco]

> looks at list

> only 1 coin mineable with GPU where it still makes sense

> OP makes it about gamers

 

Yep, i'm in LTT forum alright

[dizmo]

The DOJ recently launched an investigation into Bitcoin for price manipulation. So. Thats something to keep in mind when thinking about why the value went so high. 

[Misanthrope]

2 hours ago, mr moose said:

 Then you have to consider changes in the market, changes in consumer relevance and most importantly you have to allow for inflation, because contrary to popular opinion, bitcoin is not immune to inflationary forces.

You also need to consider than even though right now we're dropping the ball if we scroll 10 or 15 years into the future then very likely energy and environmental regulations will hit cryptos much harder since no matter how efficient miners are the incentive is always to mine more, exponentially more, and to burn energy while doing so.

 

This is diametrically opposed to renewable energy schemes.